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Precisely. Scott is allowed to have his opinion…as are we…even if we are sitting up here in the frosty north.
I have a simple compromise that might allow everyone to meet in the middle.
I think we can all agree that the real estate market WORLDWIDE has seen some real problems. Is the market in Costa Rica immune from this contraction and shortage of money to spend… the answer is of course NO.
Is the market in Costa Rica seeing some pain…. YES…. Are there areas that are seeing more downward pricing pressure than others…. OF COURSE! Much like California, Florida and Nevada in the US… those markets that saw the biggest (and most unrealistic) rise are now seeing the fastest decline and foreclosure rate due to the grossly over inflated prices of the last few years. There will be areas and sellers in CR that have the ability and determination to ride out this downward pressure if they have the proper financial backing and a belief that the property (or project) they have is priced correctly. And many of these didn’t see anywhere near the wacky rise that RE saw in the US! These I believe are some of the projects Scott mentions. For now they may very well be able to continue asking the same price that they were prior to this mess. Sales will slow down, buyers will be more elusive, but business will go on. I’d venture a guess that some projects might even welcome a bit of a reality check and time out to get things in prospective. Time will be the true arbiter as to whether or not they are correct in their beliefs.
This is happening in markets all over the world. Look a Dubai and other areas where real estate prices broke their correlation with reality and attracted folks with money to burn and synapses that where misfiring! Guanacaste, the beach areas, and other areas of Costa Rica will no doubt see a similar correction (although not as severe) due to this same crazed pricing. How much…. well that’s where we can debate. For many holders of property and potential buyers this is the time where REAL value is being determined rather than being based on the most recent sales price. This goes for real estate, cars, boats, “toys”, and everything else folks managed to blow their money on during the “party” of the last few years. And this is where I believe (no I’m not in the real estate sales business) Costa Rica has the advantage! Think about it a minute… look at Dubai on Google earth… does it really look like someplace you’d want to live? Yet the RE market was out of control there!!!
REAL value in this world is now undergoing a reassessment and will for the next several years. Much like the reflection that one does after a long night out partying. People are looking at was it worth it, what’s important, and what has real value in life.
Unlike many markets out there I think we can all agree that CR has a REAL advantage in this economy and in this troubled world today… yes there’s nicer places to live, yes there’s less expensive places to spend your money… but on balance CR offers a wonderful balance that attracted us all.
The site is called WELOVECOSTARICA…. and for that reason alone I’d have to hope most of you reading this will agree with at least something I’ve said.
The developers may not have ‘advertised their lower prices’, but from speaking to others, are accepting lower offers. The private asking prices have sure dropped, as well.
But no-one can pretend it is ‘business as usual’ in Costa Rica.Well said… but where in the world is it “business as usual” these days!!! I’m enjoying the change… not that I enjoy seeing folks hurt or struggling… but for those of us looking to buy that have been dragging our feet because of the constantly moving market… this is a good time! The “business” of the last few years was quite unsettling… once true value is established we can go about our lives.
After dealing with the sellers the last few years that felt as if they were doing you a favor selling to you… it will be nice to be in the drivers seat for a while!
Quote: “up to date condo comparison report available from Becky Clower, our Recommended Realtor in Guanacaste. Becky has spent weeks tryingt to get the information up to date”
But only available upon special request: “I am serious about buying a home in your area and would love to see you Guanacaste Condo Price Comparison Report 2009 Becky so please call me on PLEASE INSERT YOUR TELEPHONE NUMBER HERE”
I am not interested in buying, so don’t call me, and let’s keep this “secret” report out of this discussion……..
Good post.
The real estate in CR has been completely blown out of whack over the last ten years.
Property that was 2 to five bucks a meter quadrupled, in some cases far more than that, for no reason other than advertizing hype. There was virtually no infrastructure improvement to make these prices blast upwards.if anything, with the crime increasing at an equal rate to property values, it should have gotten cheaper.
One can still buy land here at $2 to 5 a meter and build something pretty darn nice for $50 or $60 a square foot if you are sharp. Most aren’t.
I see realtors showing junk Tico houses#yes, there are good Tico houses too#…for $175 grand on a couple of acres that are worth a couple bucks a meter.
10000M x $2 is 20 grand and a 1000 sf house….cheap built campesino style, is worth maybe 5 grand.ON SALE TODAY for the smoking deal in paradise of only $169,954 !!!Since it seems every gringo with a calculator becomes a real estate pro here it’s buyer beware.
First. Learn the language.
Second. Make friends with some Ticos while you rent.RENT
Third. Put the word out that you might maybe, kinda , sorta, be interested in land to build a place on but only have a little money.
OR……………… Hit the developments and get yourself a $40K house for $300KBecky is not playing – She’s working and not about to spend her time giving away valuable information that took weeks to obtain to anyone that could be her competition …
Becky did this with the same report last year so this is not new….
SUMASAL has admitted he’s in the real estate business and refused to identify himself and there’s not much I can see about grifz77 online apart from some sort of obsession with women that squirt.
If you don’t like the way this site works or the way I work, please do feel free to unsubscribe at any time.
Scott Oliver – Founder
WeLoveCostaRica.comI actually had no idea what you were talking about until I did a google search.
You forgot to mention my desire to meet a 9 foot 9 inch Cambodian with fire engine red hair taking a dump while running at full speed. I’d like to meet a person like that too.What about meeting a guy that claims to work 15 hours a day and runs a website but is so rattled by one of his website members that he goes perusing MySpace and uses against him, off the cuff remarks made in jest by that member years ago…and then makes a defamatory remark on his own website implying that the member’s comments on Myspace from years ago are in fact an “obsession”.
You also never mentioned my desire to meet any guy that runs a website promoting a certain country and yet calls himself an unbiased investment advisor…with a straight face.
That’s a pretty wild comment Scott given the subject…but I guess if you make the rules…you can break the rules. May I remind you of your own rules:
Slander and defamation are criminal offenses in Costa Rica and not civil offenses which means that people can be locked up for saying things that are considered slanderous or defamatory so please remember this if you see that a comment has been deleted and aren’t sure why.Scotty, are you rattled? You seem to be out of sorts. I’ve never seen you grasping at straws like this. Shame, shame Scotty.
Edited on Apr 09, 2009 14:52
Shhhhhhhhhhhhhhhh! Doug, are you out of your mind? Comments like that will get you a foot fetish or something…
We do not know who you are grifz77 but I am tired of reading your posts, Scott is right, they are pissy and you are very immature. Scott Oliver certainly knows more about Costa Rica real estate than most people living in Canada whoever you are and wherever you are. He knows more than most realtors and real estate attorneys we meet and my husband and I we have bought and sold dozens of properties in the last 15 years./You have shown us nothing to prove your comments so don’t you have anythign better to do? I’m guessing Scott does.
My name is Norma
Norma, I am merely trying to provide another side to the real estate story in CR. I do not post anything against the rules…unlike the moderator. Nonetheless if you wish to deem my comments as pissy or immature by all means…you are free to do so.
Norma, just for your information, I have traded over $800 million in real estate across the western world thoughout my career. I have worked for some of Canada’s largest real estate companies and have been what I would consider…somewhat successful at what I do.
Unfortunately, neither Scott nor I can prove what is happening to sales prices due to a lack of MLS system in CR. But don’t discount my opinion just because Scott says that prices have not dropped in the central valley…I have nothing to gain by my comments. I have no motive…unlike Scott, I am sharing my experienced opinions without motive. Nevertheless…time will tell.
And if you recall…I never said buying CR real estate was a bad idea…I just think there are better returns to be had elsewhere.
Edited on Apr 09, 2009 14:55
Kimball…I’m sure that if you have a bunch of money burning a hole in your pocket, you’re smart enough that you wouldn’t need my advice. But I hear the central valley is a great spot to put some money.
“And if you recall…I never said buying CR real estate was a bad idea…I just think there are better returns to be had elsewhere.”
Grifz77… this is the second time you’ve made a similar statement in one of your postings in the last couple of weeks about there being better returns to be had elsewhere… please stop teasing us… where might this place be? It’s time to place a little substance behind your words… be it an opinion or a fact.
I out and out asked you last time… perhaps you might elaborate this time.
Edited on Apr 10, 2009 20:24
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