This is one of the most popular email responses I get when I ask what a person is looking for in real estate. “I want a good deal, a fire-sale, a divorce situation, motivated sellers, etc…” Don’t all of us want a good deal?

The US economy does not dictate everything that goes on in a small country like Costa Rica, not everyone is a motivated seller however, the ones that are motivated or in dire situations are lowering prices, our office continues to sell more properties this year than we did last year.

I think our success is due in large part to going the extra mile to find properties that make sense for our buyers and their goals. The properties we show to our clients who are investing and need rental income will obviously differ for those who don’t need the rental income.

A glimpse of what has been sold in the last few months by our office:

1. Three ocean view lots 300 yards to Playa Penca: $460,000
2. Smaller ocean view lot 1km from Playa Conchal: $70,000
3. Reserva Conchal 3 BR condo: $590,000
4. Condo 5 minute drive from the beach: $94,500
5. Tamarindo furnished home 3BR, pool on double lot 1km from beach: $330,000
6. Newer 3 BR home 10 minute drive from beach: $225,000
7. Ocean view Villa, 3BR, near Playa Hermosa: $299,000
8. Ocean View furnished penthouse in Tamarindo: $360,000
9. Ocean View lot, 5000m2 (1 1/4 acre) ocean view: $105,000
10. Valley View lot, 5000m2 (1 1/4 acre): $105,000

And onto some properties for sale that I consider a ‘good deal’ that will not last through the next high season. These sellers are motivated to sell for personal and/or financial reasons. My idea of a good deal are those properties that are 20-50% less than other comparable properties:

1. Penthouse in Tamarindo, full ocean views, furnished, in resort $395,000
2. Oceanfront six BR Home in Playa Flamingo, fully titled: $1,800,000 (drastically reduced)
3. Smaller lots less than a mile from Playa Conchal from $40,000
4. 2 BR condo 5 minutes from the beach: $94,500
5. Larger valley and ocean view lot: $129,000
6. Fully furnished 2BR/2BA condo 100 yards to the beach: $209,000
7. 1 Hectare development (2.5 acres) of ocean view land: $190,000
8. Ocean view lot in Tamarindo: $133,000
9. 3BR/2BA furnished condo across the street from the beach: $269,000
10. 2 BR/2BA condo 200 yards from beach with owner financing available: $269,000

Like most financial institutions, the banks in Costa Rica have also become very strict with lending due to the lack of liquidity stemming from the economic crisis in the USA.

In many cases the Loan-to-Value (LTV) has been been reduced from 70% to 50% for homes and condos near the beach and interest rates have spiked up to as high as 13% for bank loans. The debt to income ratios have all been tightened as well so less funds are available for buyers.

The good news is that more developers are offering owner financing and private owners are also offering a short term loan (one to three years) based on 25-30 amortization rates, to get buyers past this hard time. There are alternatives for those who cannot obtain bank financing or who do not want to pay absurd interest rates.

The property management division at our office continues to see steady rentals, which is a good sign. There are also many more projects going forth than being put on hold. Some good examples are the JW Marriott, which opens up December 1st and the Rosewood project and large RIU project, which are moving forward.

Obviously the properties that are truly ‘good deals’ do not last. If you see something that looks too good to be true, make sure you verify that it is what it seems with a trusted Realtor.

Written by Rebecca L. Clower who was born in Chicago, grew up in Buffalo, NY and graduated from Arizona State University. Rebecca is fluent in Spanish, thanks to her mother who is “Tica.”

Costa Rica Realtor Video Interviews – Becky Clower:

• You can see a video interview with Becky Clower about investing in Costa Rica real estate here.
• You can also see a video interview with Becky Clower about living in Costa Rica here.

Rebecca started investing in real estate at 22 years of age and it became a passion, she is also a Realtor® and after rehabbing 40 homes and selling millions in real estate in Tampa, she relocated to Costa Rica to continue practicing her love for real estate, investing and to be closer to her family.

If you would like to communicate with Rebecca Clower, our preferred Costa Rica Realtor about good deals in her area, please help us to help you by contacting her using the form below:

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Andrew Makarik

to@welovecostarica.com

Andrew Makarik is the main editor of WeLoveCostaRica, a fan of this sunny country. He is also a loving husband and a has a lovely daughter. By being a devoted family man and the biggest Costa Rica fan, he wants to make more people feel at home there. WeLoveCostaRica unites people and helps them find new home or a new travel destination. This website is a friendly community where everyone can find not only information, but also new friends and travel pals. Andrew is also passionate about IT and programming, so he himself maintains a friendly atmosphere in this cozy environment of WeLoveCostaRica.com.