Costa Rica Real Estate – New York Post Article. 7th February 2004

The divorce started him thinking about it, but it was the blizzard of ’96 that finally drove Scott Oliver out of his home and job in New York and down toward the equator.

For three years Oliver worked in finance in the Cayman Islands, while scouting for the perfect place to live. Finally, in 1999, he found it in what the guidebooks describe as “the jewel of Central America,” Costa Rica.

“I was looking for new business opportunities, less taxes, a lower cost of living, a better climate, more freedom and a relaxed way of life,” Oliver says. “And I’m thrilled to say that I’ve found exactly that.”

An estimated 30,000 other North Americans have made the decision to pack up and move to the endless 80-degree days of Costa Rica. A good number are retirees who want to stretch pensions and savings while savoring the exotic, but many have moved to open businesses or simply lose themselves in the jungles, empty beaches and world-class surf that the country offers.

Add in a favorable exchange rate, largely drinkable tap water and plate-sized tuna steaks cooked to perfection for $6, and it’s hard to imagine why more of us aren’t heading in the same direction.

Yet, when Americans try to buy property, there can be unexpected disparities with life back home. “Uneducated Costa Rican sellers of property – usually campesinos [farmers] – will rarely sign documents,” says Harvey Haber in Escazu, near the capital of San Jose. “They mistrust them, and they usually want to be paid only in cash – in smaller notes. I’ve had North American buyers pay campesino sellers with large paper bags full of Costa Rican bills.”

Haber, 66, left Santa Barbara, Calif., over 20 years ago. “I’ve lived in or visited dozens of countries and do know that there is no perfect place on this planet,” he says. “But it seemed, then and now, that Costa Rica is about as good as it gets.”

Haber initially came to the country to write the country’s first comprehensive guidebook, “Insight Guide: Costa Rica.” In the process, he says he got to know the eccentricities of the country well, experience he constantly applies to real estate deals. “Costa Ricans will never tell you anything that is bad news,” he says. “It’s not in their nature. So, you have to translate anything accordingly.”

Although Haber has estates available for upwards of $6 million, he’s also selling houses for $40,000 and land for far less.

In general, he explains: “Areas that are popular with the international community tend to be comparable in price level to much of Florida, and around one-fifth the price of comparable properties in California. Costa Rica is not cheap in these popular areas.

“But, if you’re willing to do with fewer amenities, and live somewhat away from other international people, and, instead, among Costa Ricans, then prices are very, very low.”

Tips on Buying Costa Rica Real Estate

1. Consult a professional before buying anything labeled “beachfront,” says Harvey Haber. Houses within 200 meters of the ocean have many special restrictions on ownership.
2. Do some research to make sure a broker is legitimate. You’ll want to work with an established agent, says Scott Oliver, founder of the Web site, www.welovecostarica.com, because there are no formal licensing requirements for realtors in Costa Rica.
3. Never assume that asking price is a reliable indicator of market value. Check out comparable properties before you buy.
4. Research how your property handles rain and drought. The dry season, which runs from November until April, can result in water shortages in some areas. The wet season, during the rest of the year, can cause flooding – or loss of access.
5. Work with a reputable attorney. The legal system in Costa Rica isn’t quite the same as in the U.S., so spending a little on a lawyer can save you a lot of trouble.
6. Rent first. It will save you a lot of grief, Oliver says, if you rent for at least six months before buying.

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Andrew Makarik

to@welovecostarica.com

Andrew Makarik is the main editor of WeLoveCostaRica, a fan of this sunny country. He is also a loving husband and a has a lovely daughter. By being a devoted family man and the biggest Costa Rica fan, he wants to make more people feel at home there. WeLoveCostaRica unites people and helps them find new home or a new travel destination. This website is a friendly community where everyone can find not only information, but also new friends and travel pals. Andrew is also passionate about IT and programming, so he himself maintains a friendly atmosphere in this cozy environment of WeLoveCostaRica.com.