Well, I was absolutely amazed by what I saw in Tamarindo over the last week. Not only were more roads paved, but prices for condos and houses have absolutely skyrocketed from my last visit in 2004.
Want examples? How about condos for $700K, $800K, even $1.5 million … yes, U.S. dollars. It’s ironic … the roads leading to some of these places are still dirt with mud-filled holes … but I guess it’s the age-old “build it and they will come” philosophy.
One of my favorite images, which I didn’t get to photograph, was a flatbed truck loaded with Sub Zero fridges (the $5K-10K variety) rambling up the muddy path in front of our house.
I’ll have more on what I saw in CR over the next few days, including in my Money & Markets column tomorrow.
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{ 3 comments… read them below or add one }
Hi Nilus, I see…it’s sort of like when I had a couple grand tied up in Mutual funds, mostly partial shares in tech stocks back in 1999 when tech stocks were hot due to start-ups. My broker kept telling me to keep dumping money
into this no matter what, the market always comes back. So, are you saying that I should keep investing and don’t sweat it so much because the market will come back and think long term investing? Thanks Nilus. Teddy2x
Nylus,
With those prices in Costa Rica, where do the locals live? I know some locals acquire property through squating, but realistically the salaries in Costa Rica do not allow the locals to buy properties with those kind of prices.
Nilus Mattive Reply:
February 11th, 2009 at 12:58 PM
Many were there before the fairly recent boom. Many more live outside of the little ex-pat enclaves, where prices are still reasonable and no gringo would ever want to be. Others are the ones selling off their long-held land and cashing out. Some squat, as you noted.
Either way, you’re right. Many U.S. citizens can’t afford these new luxury units. Your average Costa Rican has zero chance of buying one. I suppose they are benefiting from the job creation somewhat.
We are looking for an Ocean front protery as a second home in PR,Costa Rica or Belize, Which one do you think is the most reseaonable ?
Nilus Mattive Reply:
May 5th, 2009 at 11:02 AM
Well, I’ve never been to Belize, Amy. But I have been to CR a few times, and just went to PR a few months ago.
Obviously I can’t speak to your particular needs, but I will say that PR and CR are different in many ways.
I felt as though the infrastructure was much better in PR, and you can find U.S. stores such as Wal-Mart in main areas. Whether that is a pro or a con is really up to you.
On the other hand, it will be much easier to find off-the-beaten-path towns in CR. Land is likely cheaper. The risk of squatters is probably greater. But if you want “off the grid” with at least some semblance of health care and amenities, CR is better.
Pricewise, you can probably get deals in either area right now …