The Costa Rica Real Estate Expert

Even with the real estate market slowdown in many countries - the US, Canada, UK, and Costa Rica as well - major players in the tourism industry are still confident in Costa Rica as a world class destination.  A number of tourist mega-projects are in the works, or currently underway. Three Spanish hotel projects will begin in Costa Rica, totaling more than $1 billion. Others like the first luxury megacomplex in the Osa Peninsula, in the province of Puntarenas, will begin construction shortly.

So why do major tourism investors continue to feel comfortable in Costa Rica? They say that it is thanks to its legal system, its hardworking and skilled labor force, as well as its peaceful climate - an ideal country for vacationers.  There is definitely validity in this statement, which we should explore further.

Many people are often concerned about their safety when traveling to another country.  Typically, this fear is due more to the unknown and media hype.  But the good news is that we KNOW that Costa Rica is a safe country.  Recently, FTI Ibero-America Consulting rated Costa Rica as THE safest country in Costa Rica for businessmen and multinational companies.  CINDE also states on their website that Costa Rica is the most politically stable country in Latin America.

Regarding Costa Rica’s skilled and hardworking labor force, that is due in large part to their excellent public education system, where all children are required to attend school.  Numerous international companies - like Intel, Glaxo Smith Kline, and Bayer, to name a few - recognize this and have invested millions in Costa Rica.  This of course serves the tourism industry well too, resulting in memorable experiences for tourists.

The bottom line is that Costa Rica is extremely foreign investor friendly has resulted in a tourist-friendly environment - making many major tourism companies very happy.

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Best valued development in the Central Pacific Reserve your lot today - send a reservation inquiry below.

From $30,000 Certified Green Worldwide

Project Updates May 3, 2008 - The Phase 1 Master Plan map was just released and is now available for download (see below).  Finalized price list to follow within the next month.  Reservations being accepted.  Fill out the inquiry form below for more details on reservations. May 18, 3008 - The file for the Phase 1 Master Plan map was minimized to make downloading easier.   Location 10 minutes from the city of Puntarenas in the Central Pacific region   Pictures/Slideshow Local Sights/Activities Minutes from the historic city of Puntarenas, port for major cruise lines Close to numerous surf spots About 25 minutes from the popular tourist town of Jaco Beach Take a catamaran cruist to Isla Tortuga from Puntarenas The maritime museum, Museo Historico Maritimo, in Puntarenas Parque Marina Del Pacifico aquarium in Puntarenas   Master Plan Download the Phase 1 Master Plan Map for Las Colinas de Miramar (right-click, and select “Save Target As”).  Current as of May 18, 2008.   Related Resources Costa Rica Real Estate FAQ Costa Rica Real Estate Financing Options   Real Estate Professionals Real estate agents, investors, and other real estate professionals can earn up to 5% co-broke fee.  Please inquire below for more information.   Inquire About This Property Las Colinas de Miramar Inquiry Your Name (required) Email (valid email required) Phone How would you prefer we contact you? PhoneEmail What's the best time to contact you? MorningAfternoon EveningOther Would you like information on reserving a lot? Yes No Message cforms contact form by delicious:days

Description Imagine yourself and your loved ones standing atop your own private paradise.Imagine yourself and your loved ones among the verdant fields and colorful flowers of your own special Garden of Eden. Imagine being lost in the tranquility, romance and splendor of endless sunsets aglow with the brilliant light of nature’s prism. Imagine The Hills of Miramar. Nestled among the foothills of the Cordillera de Tilaran near the Central Pacific coast of beautiful Costa Rica, the Hills of Miramar is a “Certified Green” Master Planned Community of 185 custom, fully improved home sites. Set among 1,200 green acres, the Hills of Miramar (Las Colinas de Miramar) will feature over 100 home sites of 1.25 acres each. All home sites will be fully improved with roads, water, electric, cable and sewer. All will have direct access to the Pan American Highway near the quaint, historic town of Puntarenas. The entrance to the Hills of Miramar is only minutes to the new Caldera Highway - a direct 45 minute drive from the Pacific Coast to the bustling capital city of San Jose. Most of our home sites offer sweeping, panoramic views of the Pacific Ocean, the Gulf of Nicoya and the Nicoya Peninsula. All of our home sites feature magnificent pastoral views of rolling green pastures and forests. All home sites are fully titled - fee simple. You own it! What’s more title insurance is available from Stewart Title - one of the world’s largest title insurance companies. The Hills of Miramar has been awarded the coveted “Certified Green Worldwide” designation. This honor is given to those communities that conform to the twelve point environmental protocol of the Certified Green initiative ensuring environmentally safe development. The Hills of Miramar features - Outstanding, panoramic ocean views; Over 100 Custom Home Sites of 1.25 acres each; Fully improved home sites complete with roads, water, electric, cable and sewer; All home sites have direct access to the Pan American Highway and are only minutes to the new Caldera Highway to San Jose; The Hills of Miramar is located in one of the most emerging areas of Costa Rica; The Hills of Miramar has received the Certified Green Worldwide designation for responsible development; All home sites are priced competitively for maximum future appreciation. Home sites start at only $30,000. You can build right away or whenever you’d like.   Community Amenities Pools Basketball court Commercial/retail center Equestrian stables Gated front entrances   Preferred Builders TBD, though you can choose your own!   Home Plans/Floor Plans Coming soon…  You do have a choice of building a home using your own plans or homebuilder (some restrictions may apply).   Price/Pricing Phase 1:1.25 acre lots starting at $30,000. Same sized, ocean view lots starting at $60,000   Financing Financing available.  Please fill out the inquiry form on this page for more information.   Rent/Property Management Property management will be made available as the community becomes more developed.  For more information please fill out the inquiry form on this page.

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Did you know that there is no MLS in Costa Rica? So finding your dreamhome there (or any other Latin American country for that matter) is not just a matter of contacting any real estate agent in Costa Rica and getting access to the country’s available real estate - that doesn’t happen and won’t for a very long time.Instead, you need to be working with someone who has contacts with real estate agents, property management companies, and developers all over the country!  That happens to be what I can offer my clients.  With my involvement with Compass Properties, I can offer properties in new developments that we have reviewed as being a safe purchase.  Also, my growing network of English-speaking, hardworking, service-oriented real estate agents throughout the country allow me to help you find specific Costa Rica property.

And if you are looking to buy a vacation/investment property, you’ll definitely want to use a reliable property management company that can fill and take care of your property as efficiently as possible.  I can help you there too.

By the way, this goes for commercial property and developers as well.  My contacts deal with strip malls, apartment buildings, office buildings, hotels, and other commercial properties.  We can also help developers find and obtain raw land, as well as assist them with commercial lending.

So if you are looking for any real estate in Costa Rica - from $100K to several million - then myself and my network would be more than happy to assist you!

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Colinas Del Coyolar is one of my investment picks, and it doesn’t disappoint!  I recently received some preliminary rental rates and Colinas appears to have a lot of great investment potential, as well as being in an excellent location (6 minutes from the beach, 40 minutes from the international airport at Liberia, as well as close to a variety of national parks and other popular sites).

You can download my investment analysis (see below) and play around with it using your own preferences (lot, home plan, financing, etc.) to evaluate how Colinas Del Coyolar works for you as an investment.

And one final note:  this spreadsheet does try to use accurate and reliable information, but it is subject to change at any time.  In some cases, assumptions have also been made (typically noted in the comments).  Please use this spreadsheet as just one of the tools you would use to help you make a decision as to whether you wish to buy a lot and build at Colinas Del Coyolar.

Find out more about Colinas Del Coyolar.

Inquire about Colinas Del Coyolar.

DOWNLOAD Colinas Del Coyolar Rental Analysis NOW!

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Being a real estate investor, I am always curious as to the investment potential that each property holds.  A property can sound amazing, have an abundance of amenities, be in a great location, but I won’t feel comfortable parting with any money until I have some actual numbers in front of me, allowing me to evaluate the income potential.  And of course, I wouldn’t expect my clients to want any less.

So, I finally was able to assemble the information that I needed to perform my analysis on the fantastic Naturalia condo development near Tamarindo in the coastal Guanacate region - rental rates, management fees, property taxes, and unit prices.

Do be aware that some numbers are averaged, like property taxes and HOA fees (condo fees).  I have included comments within the spreadsheet which you should be sure to read, as they often provide information as to how I came up with certain numbers.  But if you do have questions about these number, please feel free to contact me.

And one final note:  this spreadsheet does try to use accurate and reliable information, but it is subject to change at any time.  In some cases, assumptions have also been made (typically noted in the comments).  Please use this spreadsheet as just one of the tools you would use to help you make a decision as to whether you wish to buy a unit at Naturalia.

Find out more about Naturalia.

Inquire about Naturalia.

DOWNLOAD Naturalia Rental Analysis NOW!

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Let me start by saying that just about ANY real estate you buy in Costa Rica would be a good investment, as appreciation rates are high - especially in the coastal areas.  But being a real estate investor myself, I understand that each investor has different goals and investment techniques.  What might be perfect for one investor, may not be so for another.

Now THAT being said, I also have to admit that some properties are more conducive to an investment than others.  In this review, I will point out the features of each property that I think make it suitable for an investment.

Remember though - you make the final call.  I am only offering my opinion and knowledge of several Costa Rican real estate opportunities - you need to decide if that investment is a fit for you.

I won’t explain each property in great detail - you can click the links to each property listing to learn more.

House at Costa Del Sol (Lot 34)

2 bedroom, 2.5 bathroom single family home in a gated community at Playa Bejuco, 20 minutes south of the popular tourist town of Jaco.   Priced at $199,000, recently reduced from $265,000.

Key Investment Features for Costa Del Sol:

• Great rental - property management (very soon - within a few weeks) available, desirable community features, close proximity to the beach.
• Built in equity - Over $60,000 in equity!
• Great location - not only is it close to the beach, but it is also close to the popular tourist town of Jaco, as well as shops and restaurants walking distance away.
• Appreciation - Highest in the coastal areas, where this house is located.

The Costa Rica Real Estate Expert’s Investment Grade for the House at Lot 34 at Costa Del Sol:  A+

Colinas Del Coyolar

Buildable lots in a gated community in the Guanacaste region, about 40 minutes from Liberia’s international airport, 6 minutes to Potrero, and a short drive to other popular tourist spots like Playa Conchal, Playa Flamingo, and Tamarindo.

Key Investment Features for Colinas Del Coyolar:

• Low purchase prices - Lots priced at $35,000 to under $99,000 with sizes ranging from just under a 1/2 acre to over 2 1/2 acres.
• Great location - Close to the airport, beaches, tourist town of Tamarindo, and a variety of other tourist hot spots.  A great place for tourists to come and enjoy.
• Developer discounts - The developer is offering a variety of discounts when you use them to build a home on your lot, using one of their available home plans.  Based on estimates, it is possible to have a new house for under $200,000 - that’s for the lot and the house!
• Property management - When the development is more built up, property management will be provided.  In the meantime, other property management companies can be recommended.
• Appreciation - Highest in the coastal areas.  This development is close enough to the coastal areas to see some high appreciation rates.

The Costa Rica Real Estate Expert’s Investment Grade for the lots at Colinas Del Coyolar:  A for the lot alone, A+ if you build.

Diamonte Del Sol

Diamonte Del Sol is a beachfront, resort-style, condo-tel in the heart of popular Jaco.  It will consist of 5 towers right on Playa Jaco, have a day spa, restaurants, and a casino managed by Caesars.  A variety of unit sizes are available, ranging in price from the $400s to just under a million for a 4 bedroom penthouse.

Key Investment Features for Diamonte Del Sol:

• Great location - Jaco is the tourist spot in the Central Pacific, and Diamonte Del Sol is in THE prime location in Jaco - right on the beach in downtown Jaco, surrounded by restaurants, shops, tour operators, banks, pharmacies, grocery stores.
• Under construction - With the developer financing, you don’t need to come up with the entire downpayment immediately, and your loan payments won’t start until the property is move-in ready.  You can get full ownership-control with as little as 30% of the property price and let the value appreciate during its build time.
• Property management - Property management is already in place and will be able to start filling the finished buildings as soon as they open.  Rents in the area are high, ranging from $240 to over $300/night for 2 bedroom units.
• Appreciation - Highest in the coastal areas.  This development is right on the beach in a very popular tourist town.

The Costa Rica Real Estate Expert’s Investment Grade for condos at Diamonte Del Sol:  B+ to A+ Have to wait a bit to see some income from your investment, as the properties are currently under construction, but the potential is extraordinary.

The Pacific

The Pacific is a beachfront condominium with a commercial center on the 2 bottom floors which will house restaurants, shops, and a fitness center.  Like Diamonte Del Sol, The Pacific is perfectly situated in Jaco in a prime downtown area along the beach.

Pricing has not yet been released for The Pacific, but it is expected in the 2nd quarter of this year.  It is however possible to get on the reservation list for a fully refundable payment of $10,000.

Key Investment Features for The Pacific:

• Great location - Jaco is the tourist spot in the Central Pacific, and The Pacific is in THE prime location in Jaco - right on the beach in downtown Jaco, surrounded by restaurants, shops, tour operators, banks, pharmacies, grocery stores.
• Construction not yet begun - When construction does begin, with the developer financing, you don’t need to come up with the entire downpayment immediately, and your loan payments won’t start until the property is move-in ready.  You can get full ownership-control with as little as 30% of the property price and let the value appreciate during its build time.
• Property management - Property management is already in place and will be able to start filling the finished buildings as soon as they open.  Rents in the area are high, ranging from $240 to over $300/night for 2 bedroom units.
• Appreciation - Highest in the coastal areas.  This development is right on the beach in a very popular tourist town.

The Costa Rica Real Estate Expert’s Investment Grade for condos at The Pacific:  B Hard to evaluate an investment when there is not pricing.  But with everything else that it has going for it, I suspect the potential to be extraordinary.

There are other properties that are available which are also great investments, but these I believe to be in the stellar category.  If you want my opinion on any of the other properties as an investment, please feel free to contact me regarding such.

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Through our travel professionals, we have to offer a 7 day “Taste of Costa Rica” land-only tour originating from the Daniel Oduber International airport in Liberia, Guanacaste, Costa Rica.  Pricing for this tour starts at $769 CAD (similar to US funds), per person.  Airfare is extra.

Arenal

From Liberia, you will head to intimate Arenal Lodge which offers up some fantastic views of Arenal Volcano.  During your 3 day stay you will have a chance to reconnect with nature, as lush landscaping will surround you.

Discover your wild side as you fly through the treetops on an Arenal Paraiso Canopy Tour.  In addition to the thrilling ride you’ll get riding along cables from treetop platforms, the views will be unsurpassed.

On the Wildlife River Cruise, you’ll get to see unique and splendid wildlife that until then had only been seen by you on the television.

Pacific Coast

The remainder of your stay will be at your choice of one of the following hotels along the Pacific coast of Costa Rica:

1. Tamarindo Diria Beach & Golf Resort
2. Barcelo Langosta Beach
3. Flamingo Beach Resort

While here, grab your sunscreen and a beach towel and bask in the warm, golden sun!  Or grab a round of golf before lunch on the patio of a local restaurant.  How about a little shopping?  The point is, take it easy and let Costa Rica take care of you!

And while you are in the area, falling in love with Costa Rica, why not take a moment to visit some fantastic properties in the area.  Minutes from Tamarindo you’ll find Naturalia, a luxury condo that’s just a short walk to the beach.

Not much further away you’ll also find Colinas Del Coyolar, a gated community of lots where you can buy and build for under $200,000!  Colinas Del Coyolar is perfect for any type of buyer - investor, second home owner, or a retiree. 

Your stay comes to an end as you return to Daniel Oduber International airport in Liberia for your flight back home.

Make Your Plans Today!

Are you ready for your break from winter?  Are you ready to find your Costa Rican vacation home?  Then contact us today for a quote to get your Taste of Costa Rica!

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Even though Costa Rica is a small country - about the size of West Virginia, or 1/10 the size of Alberta - it is still quite diverse offering up a variety of landscape and climates.  There are beaches, rainforests, mountains, and 2 coasts very different from each other.  This makes the number of different options for places to live quite numerous.

Though the majority of foreigners who are looking to buy real estate in Costa Rica are interested in Pacific beachfront or “beach-close” (my own term, indicating that a property is a short walk to the beach), there are others who would like something in the mountain areas or even on the Caribbean side of the country.  Some people are looking for an investment or vacation/investment, while others don’t wish to rent out their property and instead plan on retiring there full or part time.  Whatever you are looking for in Costa Rica, there are definitely certain properties that lend themselves better to certain uses or situations.

For those of you that are concerned about the value of your Costa Rican home - more specifically about appreciation - there is no need for concern.  With annual appreciation rates of foreign-owned homes, in the range of 10-30%+ (highest in the coastal areas), you can rest assured that your Costa Rica real estate purchase will experience healthy appreciation, wherever or whatever you buy.

So, the first step in starting your property search is to sit down with any other decision makers (spouse, investment partner, etc.) and make a list of the following things:

1. Location - do you want beachfront, “beach-close”, mountain property?  Is there a specific city, town, or region you are interested in?
2. Usage - how do you intend on using your Costa Rica property?  Investment?  Vacation?  Retirement?  A combination of any of these?  Or maybe you even want to move to Costa Rica full time?  Are you okay with renting the property when you aren’t there?
3. Budget - Just like anywhere, property values vary from region to region.  Get a good idea in your mind of what your budget will be.
4. Conveniences & activities - How close do you want to be to all the conveniences like shopping, grocery stores, restaurants, etc?  How about proximity to activities or sights like golf, surfing, fishing, or national parks?  Do you want to be in the heart of the activity or in a more private location?
5. Property type - You might be able to get a good deal by building.  Or maybe you prefer a condo?  Looking for a lot to invest in?  Consider your options carefully, but remain as open as possible to as many possibilities.  Of course, if you cringe at the thought of building in another country, or don’t want to be directly next to your neighbors in a condo, just cross that off the list.
6. Property details - How many bedrooms and bathrooms do you need?  What sort of amenities would you like?

Now that you have put together your Costa Rica property “wish list”, fill out our Personalized Property Search form for a specialized property recommendation from one of our Costa Rica real estate specialists.  We’ll review your wish list and recommend a selection of properties that are a best fit for your needs.  And if for some reason we do not have a property that we can recommend (it’s rare, but it happens), we can refer you to one of our affiliates who may have something that would be a fit for you.

One last note - the final step is to go down to Costa Rica and see the properties for yourself.  It is recommended that you not only check out the properties that were recommended to you, but to look at others.  You may be surprised to find that a particular property didn’t appear to be a fit for you on paper, but in reality is perfect when you see it in person.  Give each property a chance, or you might miss out on a gem!

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Negative movements in the exchange rate can drastically increase the cost of property to Canadians 

If you are a Canadian looking to buy property in Costa Rica, you will inevitably need to transfer your currency to US dollars to buy the property or arrange financing.  Canadian buyers should pay close attention to the USD/CAD exchange rate, as volatility in the currency markets can have drastic repercussions on the final Canadian dollar (CAD) cost of an American property priced in US dollars (USD).

For example, a Canadian buyer wants to purchase a property in Costa Rica priced at $300,000 USD.  In the first week of November 2007, it would have cost approximately $271,500 CAD (USD/CAD = .9050).  One month later in December 2007 the same property would have increased in cost due to the exchange rate to $306,000 CAD (USD/CAD = 1.0214).  In other words, the property in one month became $34,500 CAD (over 12%) more expensive to a Canadian!

Currency exchange specialists like HiFX can help you protect against currency fluctuations that would increase the cost of your property by locking in an exchange rate for up to two years with a ‘forward contract’.  This service can be useful if you have a lengthy closing period or future property payments.  With a ‘forward contract’ you will have locked in the cost of the property in CAD and will be unaffected by any volatility in the currency market.  HiFX provides ‘forward contracts’ free of cost and requires only a 10% deposit.

Canadians have amazing purchasing power today

Fortunately for Canadians, now is an attractive time to look for a property in Costa Rica as CAD has strengthened heavily against the USD over the last few years, making property in Costa Rica even less expensive.  On September 20^th, 2007, the Canadian dollar reached parity against the US dollar for the first time since 1976.  This means that Canadians have more purchasing power now than they have in the last 31 years!

If a Canadian buyer was looking to buy a $300,000 USD property in Costa Rica in January 2008 it would cost approximately $300,000 CAD.  If five years ago the Canadian had been looking to buy the same $300,000 USD property, it would have cost them a staggering $485,000 CAD.  In other words, the same property is now $185,000 CAD (almost 40%) cheaper than it was five years ago!

Use a currency specialist to pay for your property

Working with a currency exchange specialist to make property payments can not only save you time and hassle, it can also save you money. The fact is that many individuals will simply use the exchange rate offered by their personal bank. Currency specialists can typically offer more competitive rates of exchange than personal banks, to save you on the cost of your property. The bank may also charge wire transfer fees, commissions, and bank receiving fees. Many individuals don’t realize there are better alternatives available to them.

HiFX has seen an average savings of 1%-4% of the transaction amount for its clients, and in addition will transfer funds free of charge.  On larger transfers the savings can turn into thousands of dollars.  HiFX does not speculate with funds and all funds are held in a secure private client trust account at the Bank of Montreal in Canada.  It may be worth speaking with a consultant at HiFX to register for no cost or obligation.

If you have any questions about the currency exchange rates, or would like to learn more about HiFX fee-free currency exchange services, please contact Thomas Wight.

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