76552Re: current state of the real estate market
- Aug 2, 2008Posted by: "ed forlines" waybackyonder@... bulkheadedva
> I'm curious about the current state of the real estate market in CostaThere is this news item from Reuters:
> Rica. I am planning on relocating to CR in a couple of years, first for
> a test year renting a residence, and later possibly building something
> on a view property in the central valley---maybe close to the new road
> to the beach from Santa Ana/Ciudad Colon. I have received conflicting
> reports from friends currently residing in CR as to price
> trends/availability, any thoughts or observations on the subject will
> be appreciated.
Costa Rica vacation homes hit by crisis
By John McPhaul
SAN JOSE, Costa Rica (Reuters) - The U.S. mortgage crisis has hit Costa
Rica's once booming vacation home market, with sales plummeting as
Americans who dream of buying a tropical getaway struggle to find financing.
U.S. retirees and vacationers often pay for beach homes along Costa
Rica's jungle-fringed beaches by taking out mortgages on their homes in
the United States, but trouble in the banking sector has made that more
difficult, realtors say.
Prices for some vacation houses and condominiums in the Central American
country have dropped as much as 40 percent from their peak a few years
ago and sales have slumped at least 30 percent over the past six months,
Real estate agent Sabastian Pecher said sales are particularly slow for
less expensive condos in the $100,000 to $200,000 range, which typically
have two bedrooms and are within strolling distance to a beach.
"On the lower end we're down at least 50 percent to 60 percent," said
Pecher, who sells second-hand homes as well as new condominiums...
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