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Just to keep our facts straight SB, the people you saw at Wellington were brokers selling high risk currency options, not real estate. They only had one project at the time to sell( I remember when you first posted this experience about 6 months ago) which was Columbus Heights. They had phases one through five and they started by selling 5000M2 for $30k, actualy cheap even then for Playa Hermosa, then in 2 it went up to $35K, then $40k, $60K and now the last 5 or 6 lots are at $140k approx.which is about $30per m2. ScottB I don’t know how familiar you are with Playa Hermosa/Jaco but these prices were very reasonable. I just want to stick with the facts here, show me one piece of land in a gated community in this area(not Parrita)that trades at these prices. Have you been to Jaco or Hermosa recently, or ever? On average a small 500-1000m2 lot will run you about $50-75k. And I have a few Tico friends in the area and even with there help it was hard finding a lot that I wanted. No doubt that Paul I. has had problems in the past, I do not dispute that, but I have met Carlos Hernandez at Facio and he was a terrific gentleman, even sent me home with his driver when he heard I would have to take a taxi back to our hotel. Also sat down and patiently explained all the documents I was signing at our closing, almost two hours of his time. I am a Real Estate broker here in NYC and that would not happen here. And when I had left a document at His office he had is driver track me down, who found me at a little Columbian cafe in Escazu de San Rafael. These have been my experiences and they have been good. I must say considering they have sold approx. 225 lots there have not been to many complaints about them on this board from people who have actually bought from them. The only problem I can see is there time table to finish the infrastructure was delayed because of permits, and if you know C.R., this is to be expected. I’m not suggesting Paul found Jesus, but my experience has been good and they have done what they said would be done. Again do your homework if it’s not for you move on.
I have met Paul and know he is the one who signed docs regarding my Columbus Heights land. I have never heard of Hoffecker or seen his name on any documents I signed.
I bought in Columbus Heights early on and have closed on my property. I was there in December and they had made a lot of progress on the land, having just started building in late October. My experience has been good, what ever time frame they gave me for completion I added 1 year to just from my experience with Costa Rica. You will find questionable information regarding one of there principles. I was interested in there ability to complete the project. And you are right there partners are all reputable; Facio, Corelca and Stewart. This has just been my experience and I will not engage in promoting them neither putting them down. Most importantly you must get down there and look for yourself and do your homework,hire an attorney.
I must say it is a bit confusing. So since these gambleing sites are not breaking Costa Rican law, can the U.S. come down and arrest someone on Costa Rican Soil? Or can they only issue a warrant and arrest them when they show up in the U.S.? Or perhaps ask for them to be extradited back to the U.S. to face charges? I understand they can get them once here(U.S.), but unless they have permission from Costa Rican authorities I don’t understand how they can shut them down? I guess they stop the flow of money? Tell Visa, Citi-Bank etc…don’t allow transfers involving these “ilegal” companys?
Dkt2U: I know you are right there in Esterillo (lucky you!). I was there for December and also checked in on the progress in Columbus Heights and they had gotten a lot done considering they started in late October, then had the Christmas break. I know they had problems getting there final permits as that was the hold up. But if you get a moment why don’t you drive back and give us your take on things. It is pretty cool to have some one there actualy able to check on things. I was told by a freind of one of the owner he was very anxious to get the thing finished, as they have started another project further North and it doesn’t look good to buyers that you have not completed your first project! Be intereted to get a full report from our man on the the ground!
Wow Cindy and Kim: I don’t know where you presently are but do you really feel qualified to draw any conclusions about any project based on what is reported here? Without having an attorney do due dilligence, meet personaly with the developers and see the property, you just don’t have enough information to make an informed report on any project. Don’t blame the developers for people sending them money before setting foot here.Yes I agree this is not a wise thing to do, send no money until you are here and can do all your homework etc.. I think a lot of people are buying land, lets see how many follow through and build homes, I think a lot are buying to speculate and a lot are buying for the future. Columbus Heights, Costa Montana and Costa Esterillo to name a few are selling land with a promise of roads, water and electric. They all offer home building but that is up to the buyer, or you can use your own builder. I was not going to bring this up, but I bought in Columbus Heights when it was nothing more than a cow pasture. As of December they had not only completed the gate but most of the roads were in, water was at almost every lot and there were at least 30 workers on site as well as a lot of heavy equiptment and a portable soda to feed all the workers. I have also closed on my lot and will start building sometime this year. Corelca a well know builder is doing all the work. Here is what a lot of people don’t like, they use a purchase option to secure the land, put all the marketing together, maps, lot divisions etc…then start to “sell”. So far sales seem to be pretty good, as the money roles into an escrow account the developers start the process to close on the property, finish off all the permits etc..this takes at least a year or more to do…thats if they don’t run into any problems! In an ideal situation you would want the builder to have title to the land and all the permits etc..in place. But just like these condo towers in Jaco (or anywhere else) those who buy in first are rewarded with a discount, those who buy when the tower is complete pay full price. Are you a risk taker or do you like to play it safe? I was a risk taker and it paid off, I payed $6M2, now they are at $20-$30 and higher in the area. All that said if you are dealing with a company that is selling land and has no plans to do what they have promised…well your screwed?! To get back on point here lets not all assume everyone who build a fancy gate is running a scam, show us tangible evidence as that will serve us all in making decisions or even point out some “red flags” so we know we better really do our homework that will be very usefull. But just speculating from behind your keyboard is not helping anyone. what the Costa Rican real estate market is going to do as a whole is another story, but as said here before none of us has a crystal ball, so in the meantime “Buyer Beware”.
I am not sure if this applies to them but one thing to ask about is do they have final approval from SETENA(sp?). With out this they can only build out there front gate more or less. They can not start infrastructure with out the final approval and permit from SETENA. And this is not easy to get, as I was told that they have 3 or 4 inspectors for the whole country!! Some builders will roll the dice and build once they have preliminary approval as it is a long shot the inspectors will be back before they finish. If they are caught building with out the final permit it can stop things for up to a year! The local permits are a cake walk compared to the one issued by SETENA,so ask the million dollar question as this is normaly the hold up, be specific make sure it has been issued, not just that it looks good.
I was just there in December and saw there signs up everywhere but did not tour any of the properties. That said the property nearest Jaco has quite a bit of building going on, houses, some paved roads and a very ornate entrance. I also saw a big sign in front that says “sold out”. I am not endorceing this project in anyway, just reporting what I have seen. To help eliminate some of the risk involved having your own attorney look into things would be very wise. Some of these companies doing these projects have principles involved with checkered pasts. So even if they are going to do what they say you have to decide if you want to deal with them. I bought land at the begining of a project in Playa Hermosa, then read some disturbing things on this site, after doing some research I decided to go forward. I am happy to say things have all worked out. Based on what I have learned about Scott here, he would not endorse a project where partners have been involved with any sort of monkey business in the past and I absolutely respect and understand that. If you buy property from one of His prefered sellers you have an added level of security right from the start. Mostly it seems these are men who have had problems with the various securitys regulatory agencies in the U.S. or Canada. I will not mention where I bought, but Scott it could make an interesting article on how a “red flagged” project did indeed clear all the hurtles of taking a large finca through the long process of conversion into a gated developement. My guess is you are busy enough with the people you have “cleared” to do this but it still would be interesting to many of the readers on this site.
Diego, What? You don’t like the “Tico Farmer” cut. Come to think of it all I got was a #2 all the way around with a square back…no white walls.
I have said this before, it is to bad more Americans are not more open to the idea of alternative retirement locations. Most are just not flexable enough and think anywhere outside the U.S. borders is “3rd world” especialy places like Costa Rica. Many live just a few notches above poverty in trailer parks etc on S.S. funds when they would have a much higher standard of living in Costa Rica. As the big Multi national chains keep building they will continue to market heavily to U.S., Canadian and European markets attracting more people. A soft U.S. market may actually be good for C.R. as more people take cover and diversify into other markets. And certainly as more become aware of C.R. as a place to safely retire as well as an enjoyable place more and more boomers will come…they have to go somewhere. Costa Rica and the areas that will appeal to most ex pats(in C.R.) is relatively small and will not take a lot of buyers to keep it viable, keep that in mind. If just 30 to 50 thousand ex pats were to want to settle say in the central pacific well that would be a lot for such a relatively small area. And this is a small number of people based on the potential of retirees, thrill seekers and drop outs through out the world. Time will tell of course, but for those who want to live there, specialy boomers in there 50’s or 60’s don’t let real estate cycles determine when, where and how because life is to short and you can’t take it with you as they say.
I had a nice hair cut in Aluejala, just an old fashioned kind of barber shop. I’m sure if you go there you can just ask, thats what I did.
um I have and you have your amendments a bit mixed up…Also does the FIRST amendment right apply to a privately run Costa Rican website? I must say I really could careless how and why people are venting here anyway.
Rent or buy..it’s not that simple in my opinion,everyone will have a different agenda, mine was long term. If you have been there one time and have made the decision to live there, sell your home in the U.S. etc..perhaps renting for a year is a wise choice. If you have the discretionary funds, have been visiting the country for a few years and have grown to love it; you may want to invest in a piece of real estate. Lets speak about the central pacific; I believe this area will continue to grow and the fact that the Marriot corporation, Ramada corp and the St.Regis have invested in the area long term continued growth looks good. Not to mention all the other major developers who are building, and quite frankly this is the very begining of this cycle. But if i’m right the average joe or joane wont be buying a house anywhere near Jaco in 10 years. Think Cancun, Aruba the Bahamas these were not always booming vacation spots, and I think Costa Rica has a lot more to offer in the way of recreation and natural beauty. This country is especialy appealing to boomers who do not have big retirement funds and will rely primarily on S.S. income, where do you live in the U.S. on S.S. income with the beauty of Costa Rica. Some of my friends parents are living in trailer parks in South Jersey, growing up they appeared to be living comfortable lives until there pay checks stopped. These are the type of folks who fought for the country, had a flag out front etc… I wish I could convince them to go to C.R. instead of riding the bus to Atlantic City for the 20 dollar voucher you get…and there are tens of millions like them. So I bought some land and am building a small house and in 10 or 15 years when i’m ready to “retire” I have my little place in “paradise” all paid for…and if all I have is S.S. income I’ll be alright. And in the meantime I’ll spend my six weeks a year there or perhaps more in my own house. One size does not fit all when buying real estate anywhere and that applys to Costa Rica but it does depend on what your goals are and personal situation is.
