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rward

Please help - Morgage Loans 2011

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rward I'm sure some banks out there are still loaning money, but what can you for collateral, as a 'newbie/possible non-resident' in Costa Rica? They may ask for a large, possibly 50-60% down.

 

Without getting into peronal finances suffice it to say I have "collateral". It makes no difference. I had one of the most respected Realtors in CR confirm this. It is really affecting his business. It is an awful lending situation. If you don't have all cash you can't buy in CR. Go to Panama no problem.

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I guess on the bright side, if you do have cash then there should be some great deals to be had. Am I correct in assuming this? Can someone in country confirm this? Are home prices possibly dropping?

Edited by SB3

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On the other hand the price for raw property has definitely risen since November, 2010 !!

A friend of mine just toured many of the properties that we looked at in that year and I have the original prices for four properties that he viewed. Two were up 20%, one is up 29%, and one very unrealistic one is up 131%.

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Not true ........ we bought ours and six more acreages have sold in our area. The ones that are for sale for the 131% increase are now 50% sold and hence the increase. I did not look at the others personally but my friend did buy a lot that had a 20% increase from when we looked at them.

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These were all developments, so I kept the original pricing sheet that we were given for each one. There was one development near Arenal that has gone down but at the time we were looking they were asking $210,000 for a two acre lot. They were still using their original brochure from five years before when land prices were extremely high. They needed to come down!!!

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I've seen that a lot - people putting houses or property on the market at ridiculously high prices and then refusing to lower the price. A guy from Florida who had a 3-hectare parcel here priced his property 2.5 times the price I put on mine for the same size property and similar stuff. Mine sold about 3 months after putting it on the market - his is still for sale.... at the same price.

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