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I agree with you Scott. Although most of you know my position on CR RE and its future…real estate is a relatively good hedge against inflation…and on that front…put your helmets on folks.
Thanks for the replies so far. I look forward to more of your thoughts. How about from a weather perspective…is the rain so prevalent in the “low season”?
The surf is certainly much better in CR as from my knowledge it is pretty much non-existent. Obviously they target a different set of water sports…i.e. scuba diving.
Soldier, Becky “mediatica” is a great source of information and great to deal with. On the topic of location, I prefer the Flamingo or Cochal areas. Becky knows those areas very well. The beaches are very nice and the setting is a little more relaxed than either Coco or Tamarindo.
Edited on Jul 12, 2009 08:14
DavidCMurray, aren’t all “Realtors” in CR “self-annointed”? And my experience has been that the lack of a governing body and any sort of MLS serivice, along with legal loopholes makes CR real estate more difficult to deal in than more traditional markets.
Denise, Check with this group, they may be a more cost effective option. http://www.ticabus.com/ingles.html
Also, read the following http://www.tripadvisor.in/ShowTopic-g528745-i10031-k1213725-Travel_on_bus_from_liberia_to_san_juan_del_sur-San_Juan_del_Sur.html
Lotus, you forgot to address a couple items…what was the inflation rate in CR last year? What is the indexed value of the USD today? Do you not feel that this may pose a potential problem for people using foreign (USD) income?
Lastly, when it comes to allocating investment capital, in times of distress, historically stable markets will more often than not remain the default destination…
No…why would anyone be concerned about being in a third world country during economic collapse…just less distance to fall.
There are two schools of thought on the whole issue…one being CR has performed better than most nations…the other that views CR as a net exporter…in a world where imports have fallen off a cliff.
As a net exporter (the majority to the world’s largest consumer, the US) I would guess it will not be business as usual…although they will fare better than most.
The last time I was in the area, I saw a bunch of nothing happening at the Hyatt site…but that was some time ago.
I toured the JW in October on site and from the air and it was very nice from both perspectives. Not a big fan of the Pinilla property but it does have momentum.
Rosewood property was offered for sale at over $31MM. Were there any takers?
Canyon Ranch never really started did they? I never saw any action there whatsoever.
Bella Colina started but in October 2008 it looked essentially the same as it did in October 2007. Multi family lots were cleared, one home had been started…nothing more. Any idea where its at today?
Riu project is a monstrosity…not all that appealing to me but obviously is to some. From the helicopter it looked like an environmental disaster…but it was October and there was a TON of rain at that time.
What has happened to the Ritz land? Is it for sale?
Imxploring, I agree with what you said for the most part. And don’t get me wrong…I am not just simply looking to make money in CR (although it is an incentive), I also enjoy the country and all it has to offer.
Nevertheless, where I think I am less bullish is in the recovery of sales of assets like a Benz or a Beemer. I think that there will be a MAJOR shift in America in values that could last 10 to 15 years (perhaps beyond) to more realistic, economical types of products. Of course there will always be wealthy but I think we’ll find the less guys making $50,000 a year and driving a high end car or purchasing a vacation condo.
The last thing I want to address is that just because people with cash have it doesn’t always mean they’ll spend it. My thoughts are that the savings rate will push up for at least the next 8 years, consequently demand for discretionary goods (across the board) will slump. If an individual with cash even has a remote idea that they may take a loss on a purchase of a vacation home, why would they not just rent their way to market stabilization? You can enjoy all the wonderful things that CR has to offer while not exposing yourself to any downside risk.
Just two different perspectives I guess…
Bill, fair comment (although I thought it was the developer that said work would resume in June)…however, that’s yet to be seen…and its the developer…I’ve heard many things from many developers. Nevertheless, I hope it does happen.
The other part is all the stalled or cancelled projects. Haven’t checked recently but the last contact I had was when i was approached to buy the Rosewood parcel. That deal to the best of my knowledge has been cancelled. Feel free to correct me if I am wrong.
Furthermore, I think this supports my theory…SALES PRICES are falling in Guanacaste and I expect them to continue that way. Liste prices may be the same as they were last year but the transacted price is substantially less. 20 to 30% less so they say.
As far as wall street investment advisors go…I guess you’re doing better than most these days eh Scott…
