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Scott, your comments regarding the Tico way of “negotiating” is relevant and doubtless true. It reminds me very much of when I used to live in Asia and how the locals would rather see their property rot away rather than lower the price as, I can only surmise, they would have lost “face”. Saying that, I have to say that in Hong Kong at least, after enjoying huge runups in prices and rents, owners and landlords were forced to make huge price adjustments, even if this may have been most difficult emotionally. Are there similar motivations for the Ticos?
I have noticed that individuals in developing nations tend to indulge more in “flawed logic” when selling real estate. Perhaps they have closer ties to the land rather than our commoditization of it. But in the end, without making any judgements about it, the land gets sold. And then market comparables and other market hocus pocus become relevant rather than the supposed connection to the land. Perhaps, any usage of the word “logic” in the same sentence as negotiation for a developing nation is not a helpful concept.
Anyway, right now, my interest lies more in the land and residences that have already been built and serviced to a developed nation standard and I suspect that means North Americans/Europeans as the owners. That is a different segment of the market than what prompted your last response. Or is it?
Jarrett, many thanks for the constructive input. Your suggestion for a plan is exactly what we are doing. Last week, we firmed up plans to rent for six months a seemingly very nice unit at the same development we own our half acre. To hear, totally unbidden, the same plan from someone else helps to lessen our unease. And yes, it is to be our residence first, investment second.
Your comment on the flawed logic running rampant through CR seems sensible to me. I would like to have my suspicions proved wrong, but we have some time to go before the whole picture comes into focus.
Sounds like you are going through the sort of process that we will be starting in the New Year. It would be interesting to compare notes. Is there any way we could compare notes by trading email addresses through Scott?
Lotus, we bought in Nativa close to Tarcoles. Wanted nature, a view and security. It is somewhat closer to San Jose as well. Anybody have any input about this project?
You said: “Lastly, my comments about this disconnect was not with regards to the “world economy” it was specifically with regards to the world’s current financial crisis and when CAFTA (the Central American Free Trade Agreement) is finally implemented then no doubt Costa Rica’s disconnect will – unfortunately – no longer apply.”
To me, this seems to be attempting to draw a distinction between the two. You even lament the coming passing of the disconnection. But then again, I easily get confused. Please excuse me.
Scott, I would also like to hear along with Jarrett how the world financial meltdown is somehow not connected to the world economy. Both Australia and Canada have been affected by the financial meltdown with the same strong bank situation that Scott trumpets for Costa Rica, but they are under no illusion that the world economy will affect their domestic economies.
With respect Scott, but attempting to make a distinction between the world’s financial crisis and the world economy seem to be splitting hairs.
Our personal situation is simple. We have a piece of land near the Pacific coast and had planned to build. Some people seem to be of the opinion that prices for condos/ houses will be coming down. Perhaps we would be better served by waiting for some price corrections on the central Pacific coast? Or not? Opinions anyone?
I would like to thank grb1063 for his details on the Nicoya Peninsula. I suspect he is not the only one who has been keeping tabs on the prices around Costa Rica and I can’t think of a better place to share these findings than here on “We Love Costa Rica”. Perhaps a better handle than grb1063 though… maybe 45grabs.
Scott, thanks for the reply. George Monbiot? I am impressed, especially considering you were a marine. I find it very hard to disagree with his writings and am greatly heartened to read that you would mention him. It is a mad world and we face truly frightening consequences for our profligacy and quest for inconsequential “things”. You have already found your bolt hole. We will be joining you there very soon. However, I do worry about the Costa Rican government being tempted to encourage the very behaviour that Monbiot would agree is fatally self-destructive.
Guess we’ll have to sort it out over a pint or two.
Now, even though I had not even mentioned banks or the ‘suffering’ of the economy, (I mentioned only that there will be repercussions) your two questions deserve serious consideration and this late at night I can only offer the idea that no economy is an island.
Kudos to Costa Rica for diversifying the economy so that it is not dependent on the USA however the downdraft is being felt in all economies in the world. Costa Rica will not be an exception. Believe it or not, I am glad to hear that you sincerely believe that the economy is being minimally affected considering I already own a property on the Central Pacific Coast. Your comments about mortgages being paid on time is all very well and good but I suspect that this is in a market segment that has very little bearing on the relatively high-end ‘gringo’ property market and, because of sheer self-interest, that is what I am interested in.
Let me ask you a question. If Costa Rica is so disconnected from the rest of the world’s economy, why has it been so busy trying to attract it with some degree of success, and doesn’t this make the disconnect from the rest of the world that you claim untrue?
Costa Rica walks a fine line between allowing unrestricted industry, which most developing nations allow to their environmental misery or clamping down and losing some short term profit for more sustainable, medium to long term returns for the country. In Costa Rica’s specific case, the more these facts come to light, the more the carefully hewn image of an eco-paradise will be lost.
