Real Estate Prices Finally Dropping in Manuel Antonio!

Real Estate Prices Finally Dropping in Manuel Antonio!

Costa Rica Realtor Kent Thompson in Manuel Antonio

Anyone who has purchased or been involved in real estate in Manuel Antonio knows that it is has historically been an expensive destination.

This is primarily because of the supply-demand dynamic here: As the closest Pacific 'rainforest' destination to San Jose -- and with nearly every attraction most buyers look for in a destination - it has enjoyed a high demand.

Manuel Antonio has some of the most spectacular views in Costa Rica

At the same time, with such a limited amount of land--and therefore homes, condos, and businesses--there has always been a short supply of real estate.

In the past, we have commonly been approached by clients who would like to see 'all the ocean view homes under $500,000'. Our response has always been:

"Great! We'll show you both of them!"

At last, we're seeing prices drop in the area, and creating opportunities at price points that haven't existed for 8-10 years. As a result, the market is once again moving, and we've had the fortune of negotiating some great deals for clients in the past several months.

Right now we're at a perfect point where some sellers are reaching the end of their rope after waiting for the market to 'bounce back', and a market that has finally started to improve.

For the first couple of years after the economic collapse, there was too much uncertainty in the market.

What's going to happen?

Has it hit bottom yet?

Will it recover?

... and some great beaches.

Understandably, many potential buyers were holding out. At the same time, Costa Rica was not affected as gravely as areas in the U.S. like Florida, Arizona or Nevada. There were disparate expectations on behalf of potential buyers, who thought they would find many options for properties priced at 40-50% below their 'peak of the market' prices.

This was NEVER the case in Manuel Antonio, at least in part because we've been 'insulated' against the collapse by the very supply-demand dynamic that created the stagnation.

Now, while the entire market has not dropped evenly across the board, we are regularly negotiating deals at 25-30% below yesterday's prices.

Furthermore, Manuel Antonio and Quepos have enjoyed many 'bigger picture' projects in the recent past which add value to real estate: a new highway from San Jose to the coast, new bridges, new parks, the paving of the highway between Quepos and Dominical, and the opening of the new Pez Vela Marina. Even tourism has recovered so far in 2011 compared to 2009 and 2010.

Is it the right time to buy? I believe all the signs are there...

Costa Rica Realtor Kent Thompson... On the left!

If you are in the market to buy real estate near the beach on the Central Pacific coast of Costa Rica and would like to discuss your goals with Recommended Costa Rica Realtors Scott Cutter, or Kent Thompson or Scott Williams in Manuel Antonio, please use the simple form below: