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76552Re: current state of the real estate market

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  • Scott Bidstrup
    Aug 2, 2008
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      Posted by: "ed forlines" waybackyonder@... bulkheadedva
      > I'm curious about the current state of the real estate market in Costa
      > 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.

      There is this news item from Reuters:

      Costa Rica vacation homes hit by crisis

      http://tinyurl.com/5nezcz

      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,
      they say...

      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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