South Pacific Real Estate – Construction is Booming on Ballena Coast – 19th September 2006
Visitors to the Southern Pacific Zone’s Ballena Coast – from Playa Dominical to Ojochal – are amazed at the stylish new villas, condos and hotels springing up in this jungle-covered paradise by the sea.
No doubt about it, construction is booming on the Ballena Coast.
For the first time, there is a variety of already-built housing units for sale. The current development activity offers investors more options than just raw land. While they shop for properties, investors can stay in luxurious new hotels and vacation rentals.
“These new properties mark the next phase of the real estate boom here,” says Sean McGraw, COO of Coldwell Banker. “The villas, condos and hotels are satisfying a pent-up demand for housing. They offer an important alternative for investors who don’t want to or cannot take the time to design and build their own houses from scratch.
“This trend is so new that no data are readily available,” McGraw says. “There is considerably more construction this year than in previous years.” He estimates that the population of North American property owners has grown from about 100 to about 500 in the past five years.
Real estate values have risen accordingly – about 20 percent to 30 percent per year for the past five years, and in some cases, even higher.
The Ballena Coast is attracting experienced developers who are bringing their successful ideas and designs to the area and building a variety of upscale projects, McGraw says.
His company’s agents have years of extensive experience in the area, allowing them to analyze what would be best for the potential buyer’s unique personal circumstances. “Our agents can show buyers any of these new properties and help them find one that fulfills their expectations for vacation or retirement,” McGraw says.
A new resort hotel in Playa Dominical is building 26 beachfront villas expected to be ready for occupancy in Spring 2007. The villas are fully-serviced vacation residences for investors and hotel guests.
Each villa is about 1,500 square feet, with two bedrooms and two baths. Prices range from $399,000 to $520,000. This project enables investors to participate in the rental revenue pool that the hotel offers.
The beach resort will include four pools, a small gym, a spa, a gourmet restaurant and comprehensive resort services such as a surfing instructor, travel assistance, in-room dining, daily housekeeping, security, gardening, and maintenance. Babysitting service, personal chef, and excursion guides will be available.
A rental management program will assist owners with vacation bookings to provide rental income.
Another project nestled in the mountains a few kilometers south of Playa Dominical is building 38 two-bedroom villas overlooking a scenic point above the ocean. Seven units remain to be sold, at prices ranging from $335,000 to $449,000.
All villas come fully-furnished in a tropical theme with a variety of choices in furniture and fabrics. Some villas come with an option for a private pool. These homes may also be incorporated in a property-management program.
High in the Escaleras mountains just south of Playa Dominical, construction is underway on seven luxury, ocean-view villas for long-term rentals. The complex has a large common use area with a swimming pool, barbeque area, full kitchen, bar and TV.
This project has three one-bedroom villas (including one with handicap access) for $900 to $1,500 per week; three two-bedroom villas ($1,250 to $1,450 per week) and one three-bedroom villa with a separate studio ($1,750 per week). All offer air conditioning, DirecTV and laundry facilities.
While they are shopping for properties, buyers can stay at the plush new Cuna del Angel Hotel in Puertocito, about nine kilometers south of Playa Dominical. The hotel opened last December with 16 guest rooms, an international gourmet restaurant, a spa and cultural nights featuring musical and dance performances.
Owner Tom Nagel, leader of the Ballena Coast marketing initiative, is adding four new ocean-view villas at the hotel – a large stone house with a pool, ready for occupancy in November, and three made-in-Bali villas that will be ready for rental in February. Prices will range from $1,200 to $2,400 per week.
Nagel says he came to the Ballena Coast just as it picked up in popularity. “The area is just now starting to be discovered. It is beautiful here every day, even in the rainy season. The Ballena Coast is the last paradise,” he says.
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Article ID Number 1144
Andrew Makarik
to@welovecostarica.comAndrew 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.
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