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You have come to the right place “TicaChica” – there are a lot of Canadians in Costa Rica and thankfully, I have quite a few Candian investment clients here too… But, you’re asking very broad questions like “all your experiences” and “buying real estate and the pitfalls.”
It’s very difficult to “discuss” very general topics like that in a forum… I wrote an entire book about buying Costa Rica real estate but it could have been twice as big and still not covered that one topic completely.
May I suggest you choose one aspect to dicuss here in the forum
Scott
PS. Have you actually been to Costa Rica?
The answers to your questions could fill a book and I am hoping you are getting professional advice from shippers etc because what you are propsoing sounds like it could be fraught with red tape like problems.
And it sounds like you may be focusing on the wrong end of things…
I would strongly suggest you speak with immigration attorneys first BEFORE you start shipping 48 foot tractor trailers into the country…
Scott
This is actually becoming less common but it’s certainly a good idea to double-check with the people you are dealing with …
Ask them for the measurements of the total house and then ask specifically for the measurements of each area.
Scott
If your rent is in USD he will expect USD unless you both agree (preferably in writing) that you will pay the colones equivalent
Try to keep it simple and arrange an automatic bank transfer into his account monthly. Try to keep personal visits to the bank to a minimum, it can eat up your time.
Scott
You have a very mature attitude apossek – thank you for that …
You should absolutely stay with your budget and your long-term plans and NOT allow yourselves to get carried away with any buying frenzy that might occur.
But please note that there is no “marketing rush” – what we are seeing with One Jaco is simply the forces of “supply and demand” at work.
Josh hasn’t really started marketing properly yet and I haven’t even finished my article about this project for this site and we’re normally way ahead of the crowd.
I can tell you from my personal conversations with the developer Josh ten Brink that the Jaco market has taken everybody by surprise. Developers did not see the demand there is for condominiums and they have all been surprised at the level of sales.
While there is always some speculation of real estate, the vast majority of customers are buying as a second home.
In One Jaco the lowest priced units sold out very quickly and certainly as you go up in floors the price goes up and they in turn, are starting to sell out. That’s what happened to you.
One Jaco has sold over 60 units in 45 days.
Scott Oliver
Founder – WeLoveCostaRica.comPS. The best choice in international schools for your five year old is in & around San José.
Oh! My God!
You gotta’ tell me more about this P-L-E-A-S-E! Lotus…
If you prefer to email me privately, I have just got to hear about this… I left Manhattan in 1996 after eleven years there and loved the first three…
Parking space for US$180K.. I feel faint!
Scott
You are right in part but there are a few things that are not correct and one statement that’s just bloody silly…
1. They are NOT all one bedrooms at all so let’s do some research before we start making those kinds of statements. There are plenty of two bedroom apartments at One Jaco but they obviously do cost more than the one bedrooms.
2. What exactly is “outrageously expensive” in Jaco? Compared to what? Real estate in Jaco is dirt cheap compared to Playa Hermosa and many other areas in Guanacaste, dirt cheap compared to Tamarindo and a pittance compared to Grand Cayman, Bahamas or any other Caribbean real estate. And if you want to compare price per square metre, these projects are very competitive indeed with what’s presently available in Jaco.
3. I don’t honestly think there are many “better” places to buy in Costa Rica as far as quality and price is concerned otherwise I would not recommend it but would be delighted to review your suggestions. I travel up and down this country looking at real estate, meeting with developers and real estate professionals, write books about it and can’t honestly think of developers that I have a higher degree of confidence in …
4. There may be some developments in San Jose with many apartments left for sale but that would NOT apply to the two developments that I am recommending – CONCASA and Riverside (the people behind One Jaco) have sold everything they have built. The people behind Riverside have sold all of their Tambor homes and they haven’t begun construction yet and both of them have already sold a significant number of their Jaco apartments and they have not yet begun construction.
5. I explain that they are selling fast because they are selling fast and if you could have bought one for $90K six weeks ago and see that they are now selling for $120K is that “hype” or is that “fact”? Take a look at the front cover of last months’ Inmobilia magazine and you’ll see the CONCASA Jaco apartments advertised for $90K. This month $120K That is NOT “hype.” And having spent part of my day with the One Jaco people, I can assure you that their prices will be rising soon too…
6. And yes “like any investment, the risks are there.” My goal as you know, is to show our members high probability, low risk real estate investments and that’s exactly what we have here.
7. Costa Rica real estate investors that have followed my advice over the past couple of years have done very, very well indeed and seeing apartments being sold for $120K that they paid $90K for six weeks earlier makes them feel pretty damned good.
8. And finally, your statement that “it won’t make sense for property in Costa Rica to cost more than property in the USA for God’s sake.” That’s just bloody silly and incredibly narrow minded. You honestly believe that only the USA deserves to have real estate that sells for high prices? Have you never been to London, Tokyo or any of the exotic beach locations around the world. Do you think we should ask them to lower their prices because they are higher than the USA?
Scott Oliver – Founder
WeLoveCostaRica.com and author of ‘How To Buy Costa Rica Real Estate WIthout Losing Your Camisa.’David is right, it does depend exactly what is included in those “closing fees…”
In the first printing of my book the “average” closing costs (page 119) work out to about 3.7% which are normally SHARED by the buyer and the seller.
Attorney Roger Petersen wrote ‘The Legal Guide To Costa Rica’ and you might want to see attorney Roger Petersen’s article at
In his article he states that:
“4. Notary Fees.
For all acts and contracts that are authorized by a Costa Rican Notary Public the fee schedule is based upon the actual value of the transaction involved according to the following minimum schedule. (This schedule would be the one that applies to real estate closing transactions)
Up to 10 million Colones = 2%
On the excess of 10 million Colones and up to 15 Million Colones = 1.5%
On the excess of 15 million Colones and up to 30 million Colones = 1.25%
On the excess of 30 million Colones = 1%The law also states that for acts or contracts that are complex in nature may result in a 50% surcharge from the above.
Furthermore, the sliding Notary Fee schedule is set as the minimum which may be charged. The Notary may charge more than the fee schedule so long as the client agrees.”
Scott Oliver – Founder
WeLoveCostaRica.comThe legal intricacies of the Costa Rican telecommunications monopoly is not my area of expertize but it’s my understanding that unless you are working with a Costa Rican government approved telecommunications provider for satellite internet, that you would be breaking the law by using another system.
You may wish to take a look at the following article which does have some very useful information:
Costa Rica Internet Access – ADSL at
Scott Oliver – Founder
WeLoveCostaRica.comThe ARCR is a private association that has made mistakes like any other group of people…
Were they not the association that recommended to their retirees to invest their pensionado monies with Elca Bank which then went out of business?
Did they not have seminars where one of their speakers recommended setting up offshore structures with Marc Harris who was later convicted and sent to prison for 17 years “… for masterminding schemes to help two groups evade millions of dollars in U.S. taxes.”
Did they not have seminars where one of their speakers recommended investing in the “Brothers” which later imploded losing hundreds of millions of dollars?
Take recommendations from anyone by all means but, check, re-check and verify the facts for your self!
Scott
I have full faith in these people and recommend their Escazu project here on my site.
Having said that, I would also encourage you to visit their project in Escazu which would give you the confidence you need to make a sensible decision.
The last people I took there on Friday bought two apartments in Jaco and they are pretty sophisticated real estate investors from the US.
Let me know if you would like me to arrange for someone to pick you up and take you over there.
Scott
I will be writing about this specific project next week. I was in Jaco this week and actually slept on the property that they will be building on…
It’s gorgeous and only about 1KM from the beach. Second floor apartments will not have an ocean view but the apartments from the fifth floor up should have a good ocean view.
I can tell you that the apartments they have built in Escazu are now being resold for about 40% more than they were bought for about one year ago… There is no doubt in my mind that this unique “luxury condo RESORT” project will be a good investment which may be one of the reasons they have already sold 53 of them
Unlike most developers, Josh (the developer) has a PROVEN rental program in place with a full-time person to handle it. Their project in Jaco will also have a convention centre which will attract a lot of people that will “have to have” somewhere to stay.
There are also plans to have a casino on the project. If this was in Las Vegas, you would be paying $600K+ for that $165K apartment
Scott
I have not visited this project. It’s my understanding that nothing has actually happened yet anyway.
As you know my primary goal is to show you “blue chip” real estate investments from EXPERIENCED real estate developers with PROVEN experience in delivering a high QUALITY product in Costa Rica.
This project may eventually be superb – I have no idea – but they are going to have a LOT of very stiff competition over the next couple of years.
Scott
