The boom on Costa Rica real estate, and the good life help to make the country like one of the best places for retirees

During the first decade of this century many opportunistic realtors appeared on the scene in Costa Rica. In part this was due to the country’s burgeoning real estate market which was driven by the county’s unblemished reputation as a retirement haven for Baby Boomers and tourism mecca. Because real estate brokers are not regulated here some bad apples found their way to Costa Rica. Unfortunately, due to a few realtors without scruples and others who were outright incompetent some foreigners were taken advantage of. A lot of good real estate people have paid the price for this. Now there are a few self-righteous retirement gurus who recently appeared on the scene who are making a habit of bashing almost all realtors and the idea of buying a home here. Basically these guys don’t have the resources or guts to buy a nice home so they are playing god and trying to dissuade others from purchasing the home or property of their dreams. These people are neophytes and do not know what they are talking about. What they really want is attention and a forum to lure people to their websites.

About a year ago I published a 550-page guidebook (“Christopher Howard’s Guide to Real Estate in Costa Rica”) about the real estate scene in Costa Rica. Four years of research including hundreds of interviews went into writing this book. Virtually everything is covered including how to find a broker. I am not selling anything but just giving advice. Really buying property here is as safe as purchasing in the States provided you take the time to do your homework, do your due diligence, have your lawyer check the title in the registry and use a broker who is a “buyers agent.” All of these measures will ensure the odds of you making a seamless purchase.

Granted not everyone is a buyer. Renters abound here. By no means am I trying to talk people into becoming property owners. However, consider this: a property purchased in a good area and in the path of progress will appreciate in coming years because of Costa Rica’s popularity, unblemished international reputation and fame as a warm-weather destination like Hawaii. The Baby Boomer influx will also continue to drive the real estate market in the future.

By the end of 2010 there will be a new type of map for properties in all of Costa Rica’s 32 cantones (regiones). People will be able to use maps much like those that Google Earth offers to view aerial photos of properties. The photos will show the features of the property, measurements and type of dwelling on it. In addition, you will be able to find out the value per square meter, area of farms (fincas) and if there is water and electricity nearby. You’ll also be able to know if there is a plan regulador or restrictions which can affect the purchase of property. This system will prove to be a valuable tool for the country’s burgeoning real estate market.

With this new system another layer of protection will be added for retirees and investors to ensure the safe purchase of property in Costa Rica.

Westward expansion in the Central Valley only refers to good things that are happening now The completion of the long-awaited Caldera Highway linking the Costa Rica’s Central Valley to the Pacific Coast is now reality. With it has come the expected westward growth along and near this new thoroughfare. Land values have risen in areas adjacent to the highway. There is a ripple effect from this which influences other nearby places like Puriscal and Atenas both of which are in the path of growth. Atenas has already been discover by foreigners and prices have risen sharply. On the other hand, Puriscal is just starting to happening and value can be found.

Once place I am really excited about is Orchid Point Estates in San Antonio de Puriscal. This unique project is right in the path of growth and offers a whole slew of amenities. The owners had the foresight to know that the Puriscal was the next logical place in the line of western development and spent months searching the area for the ideal spot to do a project. What they have now is truly unique to the area and Central Valley — spectacular drop-dead panoramic views at reasonable prices smack in the middle of the wave of progress and only short drive from the bustling Lindora and Escazú areas and the U.S.-affiliated Cima Hospital.

Orchid Point has over 30 view-lots that will only appreciate as the area grows. Costa Rica is a brand name because of its great weather, enduring democracy, friendly people, state-of-the-art affordable health care, housing options and most of all great lifestyle. The country also offers excellent real estate opportunities for savvy investors. Costa Rica is a warm-weather destination like Hawaii and will always attract tourists, celebrities and retirees who will in turn fuel the foreign real estate market.

This is a no-brainer and the perfect opportunity to get in before the crowd.

See www.orchid-point-estates.com for more inforamtion

When I come across good information I like to share it with potential retirees.

If you are planning to live or retire near San José there is an exciting new alternative in the housing scene. Part of this phenomenon is due to an effort to lure people from the suburbs back into the downtown San José area. Lighting is being placed underground, many of the city’s main streets are being repaved, bus stops are eventually going to be moved from the center of the city, traffic is being restricted and rerouted on certain weekdays, there is more police presence to keep away more undesirable elements and in general the city is being made more user friendly.

If you walk around the San José’s Sabana Park you can’t help but notice the changing skyline. Besides the country’s new state-of-the-art soccer stadium, high-rise condos are beginning to spring-up all over. This tendency has now spread to Paseo Colón, the main western entrance to San José.

The most exciting new development is a huge 28-story twin tower condominium complex which will be built soon. It will feature, space for business on the lower floors, 70 offices and 106 apartments, many of which will feature spectacular views. The complex will also feature, a swimming pool, a running track, a spa, a movie theater, a playground for children and parking space for 500 vehicles. The development will also have good security, a sprinkler system in each units for fires, will meet all seismic codes and offer its own private transportation system to major shopping centers. It will be perfect for retirees who want to live in an urban area.

Condos will range in price from $120,000 to $270,000 depending on their location. I am thinking of purchasing one for an investment.

The boom on Costa Rica real estate, and the good life help to make the country like one of the best places for retirees

Last year I released the first edition of my book about real estate in Costa Rica —”Christopher Howard’s Guide to Costa Rica Real Estate.” Prior to writing and publishing this new guide I had only authored books about retirement in different countries in the region and Spanish language guides.

The other day I received a call from a realtor friend and we got talking about the modus operandi of some of the less than scrupulous real estate developers who prey on naïve foreigners. After talking we decided that there are major warning signs and red flags to look out for. If you pay attention to most of them you will run less of a risk of being manipulated into buying property here.

Beware of :
(1) Seminars that hype one development. The ARCR seminar is the only seminar to attend because it is impartial.
(2) Companies that pick you up at the airport and basically kidnap you and then take you to their development without seeing anything else.
(3) Boiler room operations who try to sell you property at rock bottom prices site unseen.
(4) Companies recommend by global retirement magazines who slant their information about countries where they sell real estate.
(5) Fast-talking guru-like salesman a la Tony Robbins style. Most don’t even live in Costa Rica and only have enough knowledge to pressure people into buying. Don’t be bullied by them!
(6) Most of these properties are found in the Central and South Pacific where everything is sold from denuded slopes that have been illegally cleared to worthless former cow pastures that have been turned into over-hyped and over-priced developments.
(7) Don’t assume that just because the agent or developer speak English they are trustworthy. English speakers have been involved a lot of shady land deals over the years.

I probably forgot a couple warning signs, but the ones above should help you.

Further advise:
(1) Ask the developers to let you contact at least 10 people who have bought in their project to get feedback. You should be allowed to choose them randomly.
(2) Talk to people who live in the area to get their opinion of the development. One project below Uvita is an ecological disaster. By talking to the people in the area you will get the real scoop and not what the developer tells you.
(3) Check the Costa Rican registry of Properties call El Registro Nacional to see if the development has any legal issues and if the people who are selling it are really the owners.
(4) Tell the people you want to see other properties in the area to make a comparison.

Hopefully as many people as possible read this blog. I really can’t stand the developers and their henchman who basically kidnap perspective buyer by funneling them into their overpriced properties without giving buyers whole picture. You don’t want your retirement dreams spoiled by making an unintelligent purchase.