Globally speaking, high end estate style properties have recovered quickly over the past few years. When the world wide real estate markets began to recover after the economic downturn in 2007-2008, luxury properties were leading the way for the market’s recovery.
Are there pocket locations which are the exception to this rule? Naturally. However, taking advantage of an ‘exception’ can lead to big gains in the future, especially in a country like Costa Rica, where a capital gains tax does not exist.
Take this beautiful estate property, located less than 10 minutes from the center of Atenas as an example:
The AARP Ranks Atenas as…
One of “The Best Places to Retire Abroad.”
This beautifully maintained estate home offers all the features a discerning buyer would desire. This three story home with 840 m2 (9,000 s.f.) of construction, set on a flat and usable 9,400 m2 (2.5 acres) lot, that is completely fenced and gated.
As you enter the home, you are welcomed by a large, butterfly staircase. As you turn to the right, you will find an office, half bath, and formal living areas. To the left, a formal dining room and large, eat-in kitchen with commercial grade European appliances, walk-in pantry, and breakfast nook.
From the kitchen and living room there is access to a large outdoor terrace that overlooks the swimming pool, tropical fruit orchard, the town of Atenas, and mountains beyond.
From the main level you descend the stairs which leads you to a HUGE entertainment space, complete with a full bathroom, bedroom, utility room, safe room, as well as mechanical and storage closets. From either end of this area you can exit the home, directly onto the pool area.
The entire home features beautiful, gleaming, exotic hardwood floors, granite and tumbled marble tile work, and custom built-ins throughout. There are too many features in this property to list!
The grounds feature a wide variety of tropical fruit trees, raised bed garden space that is framed and can be completely enclosed, and irrigation system. There is a tennis court, as well as caretakers home on site. The property is complete with its own well.
All this for only $995,000
If we look at the replacement cost to replicate this property, it would be impossible to build new for under $1,000,000 Below, I have used conservative numbers in calculating the cost of building this property from scratch.
Atenas Land For Sale:
In Atenas today, it is not easy to find a flat, 2.5 acre parcel of land offering good views, ready to build with access to electricity and water. If you find such a property, you can expect to see prices that range from $250,000 to $400,000.00. Using an average, the land value would be $325,000
The House For Sale:
The quality and infrastructure that has gone into this particular property is impressive. From the amount of square footage, to the quality finish work, and amenities, the sky is the limit on what one can expect to spend. With 9,000 square feet of construction at $125.00 per square foot, you could expect construction costs to start somewhere around $1,125,000.00.
- Pool/Deck – The swimming pool with its surrounding deck is large, but proportional to the home. Construction cost will easily set you back $60,000
- Tennis court – Private tennis courts are not common in our area, but come at a premium. $20,000
- Raised gardens – Take being health conscious to a whole new level and grow your own organic produce. $15,000
- Entryway and perimeter wall – Enclosing 2.5 acres with concrete and fencing is not an easy or inexpensive task. $70,000
- Well – With a large property, having your own water source is invaluable. $20,000
- Caretaker’s home – It goes without questions, an on-site caretaker is a must. $20,000
As you can see, building a property of this magnitude from scratch, you can conservatively expect to spend $1,655,000 I would not be surprised to actually see that number closer to $2,000,000
That conservative estimate is a whopping $660,000.00 more than the $995,000.00 asking price. That’s 40% in equity in your pocket from day one. Why such a bargain you may ask? The home was taken back by a private lender who has no interest in owning real estate. Come make this beautiful estate your dream investment property in paradise today!
Spacious Estate Home For Sale in Atenas, Costa Rica on 2.5 Acres US$995,000.
Article/Property ID Number 5815
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