State of the Market June 09

The e-mail copied below is representative of several such that we have recently received asking about the condition of the Costa Rica real estate market. This one was sent to me, Ben, and I decided to write my own answers to Deb’s questions, I have asked Rod to do the same, without discussing it between us, to see what we came up with from our own respective points of view.

Hi Ben and Rod!!
Summer has arrived in the northlands, vacations are beginning. Would love to hear from you with impressions on the season past and the coming summer–generally your impressions of the market in Costa Rica and what activity levels you might be anticipating for the summer season and following high season. (Besides I am dying to get something other than spam at this email address!!)

tablecrystalball
Thanks, in advance, for taking the time to fill me in on your thoughts.
Deb A


It is time for another episode of the Guys In the Zone Costa Rica Real Estate “State of the Market” report.

Impressions on the past season?
Rod Says: Initially, I wanted to write, “the past season has been slow.” However, this is only true with regard to the number of buyers, offers, and deals closed. Those numbers have been down; however, due to the economy, there have been a record number of sellers who have approached us to list their property. I estimate prices have come down between 25-50% across the board and generally speaking only those properties that are priced to sell (i.e.- “firesale” meaning 40% decrease or more) have been moving. Unless they need the money, I would encourage most sellers to hold their property for at least a year…. even if sellers have a rare and unique piece of property (a nice ocean view or creek nearby doesn’t qualify as unique).
Ben Says: I’d characterize the past season as being busy with sellers – working more cooperatively with other real estate agencies – and a smattering of buyers coming through.

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Guys In the Zone Talk Show – Episode 3

Build or Buy in Costa Rica Episode 3 features a discussion on the Pros and Cons of buying a house or building a house in Costa Rica’s southern Pacific zone.  Featured listings in the episode include– Casa by The Pond – #319; a lovely house located in central Ojochal with a pond, swimming pool and … Read more