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