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SYNDICATIONBy Ivo Henfling for the Easy Times
The American European Real Estate Group has hundreds of clients every year who buy land in Costa Rica and they are the reason for this blog.
No matter where that land is located, on a main road, on a country road or on a city road, eventually you will want to build a new home or other type of buildings and you will need power and water as well as building permits.
Before you purchase a building lot in Costa Rica, you need to know a few facts before you commit, let us help with it. You might think you are safe when purchasing a lot in a subdivision or from a developer, please read on.
Hail to Heredia
By Jack Obrean, a long time client of Xinia Salazar
As a guest blogger for the Easy Times, I'd like to give hail to Heredia, the city I love so much. I own a house in Heredia and I enjoy living here tremendously. I'd like to take the oportunity to tell you all how happy I am and why .
Development-wise, Escazu and Santa Ana have already had their day in the sun, driving up prices, of land of building and rentals and therefore of everything else required for living, so that by now investment in those areas is largely by those who figure to buy now and sell later at a thumping profit. But thats a pretty risky assumption, requiring nerves of steel and loads of time, more suitable for gamblers than retirees.
By Barry Ashworth in Escazu for the Easy Times
Have you heard this? The new highway now makes places in the countryside be closer in driving time to Escazu. Doesn't this imply you will want to go to the Multiplaza shopping mall!!!!! Why not live nearby as many do. Most expats cant be wrong as the Escazu and Santa Ana area still remains the most popular place to live in Costa Rica. This is considered 2nd world and you only have to visit to see why.
The Multiplaza shopping mall can compete with any shoping mall in the US or Europe and offers all teh shopping you might need, from a quality supermarket to department stores, pharmacies, appliance stores, boutiques, food court, movie theatre, bars, restaurants and plenty of outdoor and indoor parking.
By Lee Rodgers in Dominical for the Easy Times
The setting is incredible: beautiful beaches, great surfing and swimming, ocean views and sunsets you only see in movies. You have arrived in Dominical in the South Pacific of Costa Rica. Welcome to Dominical! Among the very many things to do in Dominical, on Friday nights, between December and April, its time for Movies in the Jungle!
Avid movie lovers, Toby and Kim Toberman, host some of the worlds best movies from the last 100 years in their semi outdoor theater in the jungle and mountains of Escaleras, just a hop, skip and jump from Dominical.
The films vary, ranging from black-and-white favorites like Laurel & Hardy, cult films such as Roger Rabbit, fantasy flicks including Fantastic Voyage, and even concert films by artists like Bruce Springsteen. There are also selected showings of films in Spanish every other Saturday night.
by Ivo Henfling for the Easy Times
When you are looking to purchase Costa Rica real estate in a development, no matter if it is in pre-construction or while construction is going on, do yourself a favor and make sure you do your due diligence on the development.
After the real estate boom in Costa Rica, many investors and developers went on their face and lost their money, just like anywhere in the world. Costa Rica is no different and with a different culture and a different language, someone who speaks our language we automatically trust. Therefore we have decided to give you a tool that will help you decide if you should purchase a property from a developer or walk away.
By Ivo Henfling for the Easy Times
Have you ever put money down on a Costa Rica real estate project that did not happen? Learn from others’ mistakes, so it won’t happen to you. On the 30th of May, I wrote a blog about developers in Costa Rica and the promises some make to their clients
I’m a real estate agent in Costa Rica and don’t want to sound holier than the Pope, but I bought a condo in Jaco beach from the Sonesta One Jaco developer and now the whole building has been in court, there is a lien on my property and I haven’t been able to use my condo for two years now.
Of course some developers don't like what I am writing but my testimonials show I always try to make my buyer's investment to be safe one.
By Ivo Henfling for the Easy Times
As a buyer of a condo in Sonesta One Jaco, I received an email from the Developer, Joshua ten Brink of Riverside Developers during Eastern Week 2010, saying that he is suing the bank who lent them the money to build the project of One Jaco Place in Jaco, later Sonesta Jaco Resort.
The reason, he alleges in his email to those who bought a unit or put earnest money down against an option to purchase/sale agreement is that the bank who lent him the money (BCIE) because they are changing the rules on them and they can not afford to finish the condo buildings.
Meanwhile, some of us closed on the purchase and some others have paid the earnest money but will not close or cannot close for one reason or the other and the whole project will be tied up in court for who knows how long.
By Ivo Henfling for the Easy Times
Home inspections in Costa Rica, find an inspector who knows what he is doing
You fell in love with that beautiful 2 bedroom ranch home for sale that offers these fabulous ocean views. The home has a pool and though the kitchen looks simple, you just fell in love with it. This is the home you have wanted to retire to or have as a vacation home. You have made an offer on this costa rica real estate through your American European Real Estate Groups' agent and your offer was accepted. What is the next step?
You have no idea if this home was built right, if the septic system was correctly installed and if the electrical wiring was done correctly. You don't know if this building lot was cut out of the mountain or if it was fill and if your swimming pool is secure or not. It might end up down the mountain one day.
Costa Rica Riverside condominium is one of the finest condos in Escazu for under $500K. NOW you can get this incredible 3-bedroom / 2.5 bath plus office condo for sale of over 2,500 sq.ft. for under $300K and the owner is even throwing in almost $40K of fine furniture, appliances and window treatments.
For those who enjoy Costa Rica condo living, because of the security and the amenities, you HAVE to jump on this incredible offer of $289,000.
The most incredible about this bargain for sale is that smaller apartments than this are offered in building 2 for much higher prices. We have a 2-bedroom condo on the 4th floor at $280K and a 3-bedroom condo on the 1st floor at $350K. And Riverside is one of the finest apartment buildings in Escazu.
Before you buy any Costa Rica beach front real estate, you should know there are certain restrictions for a Costa Rica real estate concession held by foreigners and the maritime zoning laws of Costa Rica.
If personally held, the foreigner must first have five years of legal residence in Costa Rica. For this reason, many foreigners purchase the rights to beach real estate or ocean front property by first forming a Costa Rican corporation, a simple process that takes about 30 days and can cost from $150 to $1,000, depending on the attorney that constitutes it, the type of corporation or if you use a typical shelf corporation.
Your Costa Rican corporation must have at least fifty percent of its shares held by a Costa Rican resident or citizen. Most people are not comfortable with this so at the time of closing the sale, the "token" Costa Rican shareholder, simply endorses the shares to the foreigner so that the foreigner is holding 100% of the shares.
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