Friday, September 6, 2013

Costa Rica Real Estate Development - Positive Conditions Returning?

Costa Rica Resort Trend - Demand for Moderately-Priced Condos Meeting Lower Land Cost and Competition in Construction to Create Opportunity!

It has been a number of years since the incentives to develop resort area property in Costa Rica have looked as positive as they are today. The first niche of opportunity is for moderately-priced, ocean view condos - and that goal may not be as impossible as most would expect.

Demand is strong.... for a basic 2 bedroom, 2 bath, furnished condo, priced under $250,000 (up to $200,000, if unfurnished), that offers attractive features for vacation rental clients. A wave of buying at that price point, since the end of 2012 has virtually cleared some markets. In global vacation destinations like Tamarindo, there are almost none available near beaches, except those that would face challenges attracting vacation rental business because of one or more negative elements.

Some sort of ocean view or walking proximity to beaches is a must.

Land prices are lower.... than they have ever been since the financial crisis began. Many investors in land, who may have held it for the last 5 years, are losing their patience, and are offering great deals. And, holding costs like property taxes are minimal. In the vast majority of Costa Rica, the property tax rate is 1/4 of 1% which translates to just $250.00 per year on a $100,000 real estate investment.

Construction pricing in resort areas can be competitive.... especially since real estate development has not been a driving force for several years. At the same time, reliability and performance of the contractor are crucial in any project, and using the best in Costa Rica would be worth a premium.

The property featured below represents the kind of opportunity outlined above. The per unit land cost could be less than $9,000 for condos with 1) an ocean view setting, 2) adjacencies to attractive beaches, and 3) a location in an emerging exclusive area near to a very desirable mega-project being marketed globally. The potential is definately there to take advantage of the demand for moderately-priced condos, which has been evident for the past year.

If you have been among those who have assumed the time is not right for development in Costa Rica, you may want to give this property, and others like it, a closer look.

Above: Eagles Nest from Pacific Heights
Eagles Nest Ocean View Lot........
Ready for Townhome or Condo Development
Sunset Hills Overlooking Playa Prieta

Today, we are re-introducing: Eagles Nest Ocean View Lot, with an incentive price for condo and townhome developers. The market needs moderately priced, ocean view, residential units, and this property is ready to support such a project. It combines an incentive price and a high percentage of buildable area, with a location overlooking Playa Prieta, Potrero Bay, and Flamingo, and between Playa Penca, Pacific Heights, and Las Catalinas. Eagles Nest Ocean View Lot sits in the middle of one of the most desirable new areas of the Guanacaste Province of Costa Rica.

This 2777 square meter property also enjoys mountain, sunset, and beach views in a sweep of the coast from Sunset Hills all the way around to near Sugar Beach. The paved, public road to Las Catalinas offers easy access and regular bus service to area beaches, and sports and entertainment centers like Playa Flamingo and Playa Danta. It wraps around the elevated pad of the property on the east and south, leaving options for the location of a gated entry for automobiles. Water and electricity are available. It is owned in a corporation.

Eagles Nest is available for $189,000.00 (USD).  Offers are encouraged.

Recent area news includes paving the Potrero road from Flamingo to Potrero Square. When complete, it will be possible to take paved roads from Eagles Nest to most Guanacaste destinations.

You may see the detailed listing on the Costa Rica MLS at Eagles Nest Ocean View Lot
The embedded, unbranded flyer (below) is available as a PDF by clicking this link: Download PDF.

We look forward to working with you!
Allen Lungo
Costa Rica Real Estate Store
Tamarindo - Langosta - Flamingo
C: 8888-8123     O: 2654-5460     F: 2654-5405


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