Costa Rica Beach Evacuation March 21, 2007
Posted by admin in : Real Estate, Investing, Living, Retirement , trackback
What began a year ago as a trickle, longtime residents leaving Costa Rica’s pacific beach communities, is now a stream. American and foreign residents, are either moving to San Jose, or are leaving Costa Rica entirely. Fed-up with the rampant illegal real estate development, the destruction of not only the environment, but also the destruction of the tranquil beach communities they’ve helped build.
This is a great loss for Costa Rica. Many of these foreign residents, were a part of Costa Rica’s original movement, to protect her environmental treasures. They are foreigners who respect Costa Rica’s land and traditions. Losing these wonderful people makes the effort to preserve Costa Rica more difficult.
There are even some, who have recently purchased Costa Rica beach property, that have become frustrated with lying real estate agents, theiving lawyers, and corrupt municipalities, and have decided to leave after only a short time in Costa Rica.
I will write more about the reasons, and the implications, in future posts.
Ramsay
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Comments»
Wow Ramsay…
Some of this info is good, some of it is total crap. No fish left? Real estate market window closed? Name one time in the history of the US or Costa Rica that real estate investment has ever been “over.” Sorry bud, but everything goes in cycles. Being realistic is one thing, but being overly pessimistic shooting down the dreams of people is just heartless, not to mention ridiculous. Even with the impending decline of the US real estate market, which will undoubtedly affect the rest of the emerging markets, people will still have opportunity for investment. We all know that it’s only the really big guys that get the ground floor, with millions to spend before anyone else, but that doesn’t mean that people who want to invest in a home in CR shouldn’t do it. Even after the bloodbath begins, guys like me will be out there buying up homes and condos for cheap. Check out what homes are going for in Detroit right now, $1500-$20,000 right now…literally..at auction. In another 3 years, it will recover and whoever bought those homes will realize a large profit. Buy low, sell high….it happens all over the world, constantly.
I guess I just don’t agree with the “finality” of your statements on here. I do agree with the fact that you shouldn’t listen to some chick on the phone in Miami with a whiny jewish accent pitching you real estate over the phone, and expect to get good investing advice in CR just because some highway is supposed to be finished next year, but to say that a whole investment frontier in a country is finished is absurd. I know you mentioned “short term” investments as well…but there are still some opportunities left.
Feel free to contact me anytime.
Jeff Sokol
Sokol Properties, LLC
Jeff:
Thanks for taking the time to write your comment. You are absolutely correct that there still are opportunities left in Costa Rica. Even at the beaches. And again, you are absolutely correct that you will be able to scoop up bargains in 3 years.
So why not wait?
If real estate prices in the U.S., and as you say “emerging markets”, are going to correct? And real estate will be at bargain prices in 3 years? Then, by your logic, Costa Rica beach property is a terrible short-term investment.
You didn’t mention the real and troubling problems facing potential Costa Rica beach property owners. Rising crime, crumbling infrastructure, corrupt municipalities, and the assorted liars, thieves and real estate agents.
As far as the “whiny Jewish woman from Miami?” Don’t know her, never mentioned her on the blog, sounds like your personal experience.
The road that’s never going to be built? Jeff, you just gave me a cute idea. Check out the next post.
Ramsay
I have been trying to find an unspoilt place without the fear of development for the past two years. I have been somewhat held up over illness in my family but have managed to view some properties in person. It is so obvious that there is an internet price and a local price being asked all over the world. Nearly everthing being offered on the internet even in the most unattrictive, polluted and wartorn countres around the $200,000 and up range-total fantasy. It is a disaster and cannot help anyone. It is nothing more than a greedy crap game/glamour stock ploy. You are so correct in your comments. Thank you.