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windborn

Los Delfines

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Hi:

 

My wife and I have just returned from a whirlwind 5 day car trip from Liberia to Portrero Bay and Flamingo beach down through the Nicoya peninsula to Tambor. Then by ferry across to Punterenas and finishing up in San Jose.

 

Our experience after investigating a number of pre and post construction developments was that the speculators are driving the prices through the roof up to New York levels. Many undeveloped plots in planned gated communities are starting in the high 100's and rapidly heading to the mid 300's plus. Some are already being offed for resale without so much as a shovel of dirt turned over.

 

Finished developments like Los Suenos start in the low 500's and vanish out of sight from there. The one exception appeared to be Los Delfines next to the Barcelo resort in Tambor beach. Prices for 2 bdr. duplex resales started in the mid 100's and 3bdr. mid to 200's. We found an example of each which look like attractive investments to us as mainly rentals with some occasional vacation use.

 

Does anyone have any personal or anecdotal information on this property?

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I have stayed there on occassion, and find it to be a great property. (I believe) all units are 2 bedroom with kitchen, and it is a great family getaway, HOWEVER I have known a few owners, and before buying look at your purpose. In the past anyhow it seemed they first sent everyone to the Tambor to be filled before they would even try to rent out Delfines, and further rented out the units they owned first! Typical of many 'managed' developments I have seen (and my background is the hotel industry...)

 

I think it would be good if you want it for personal use, and don't expect to earn big dollars. Still check out the financials and ask for references...

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Dear Windborn,

What's your hurry? A five day buzz through the tourist traps and you're seriously considering buying property already? WOAH!!!!

Yes, speculators in that area are making a bundle and driving the prices out of all proportion. Back in 1999, for example, we were shown a pip-squeak house on a postage stamp lot with the neighbour's house a metre from the back door for $180,000 US (HAH!). This is because North Americans arrive with North American real estate prices in mind and somehow feel they must buy in right away before they get to know anything about the situation.

Why was that one property being 'flipped' before any work had been done? Did the vendor have true title to that land? Was the owner unable to acquire services for that property? What was the problem?

Did you know that water is an issue in Guanacaste during the dry season? Some people have to truck it in but in the 'green season' they seem to be up to their armpits in water.

Are you aware of the Maritime Zone laws with regard to beach front properties?

When you return to CR and travel about for a much longer time, you'll discover that true property values are a lot less than in North America....especially away from the tourist areas. The cost of building a house is MUCH less because labour costs are lower, and construction costs are minimal (no basement to dig, no insulation to be installed, fewer rooms to construct). With the climate and casual lifestyle there, most of your living is done outside on the porch.

The mantra for prospective property purchasers in Costa Rica should be; 'Travel about, take your time, and rent before you buy.' B)

 

Barbara :rolleyes:

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Nice post. I'm buying property in Sam Ramon de Alajuela however I've been there many times for extended periods. And, I'm NOT paying big bucks either!

 

Drew

 

Concerning house construction, no heating or duct work is required either!

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I have stayed there on occassion, and find it to be a great property.  (I believe) all units are 2 bedroom with kitchen, and it is a great family getaway, HOWEVER I have known a few owners, and before buying look at your purpose.  In the past anyhow it seemed they first sent everyone to the Tambor to be filled before they would even try to rent out Delfines, and further rented out the units they owned first!  Typical of many 'managed' developments I have seen (and my background is the hotel industry...)

 

I think it would be good if you want it for personal use, and don't expect to earn big dollars.  Still check out the financials and ask for references...

Well actually our purpose is to rent out the unit to defray the cost of ownership. We don't intend to live there.

Los Delfines was sold by Barcelo and is under new management which will be breathing new life into the property. They are breaking ground in January on new modern ocean front condominiums which will form a community unto themselves with stores, services and recreation. Prices to start around $180's. Additionally permits are in the works for a marina on the other side of Tambor bay which in the case of Los Suenos made all the difference in the property values. Once enough new owners have been drawn in they have already reserved land for an additional 18 hole golf course to complement the existing 9 hole course. With all this in mind I believe that the appreciation potential for this property to be above average even if only half of the expansion takes place over the next 5 years.

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