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Originally Posted by Escott
What would your explanation for the rise in prices on the North Coast then? I bought a lot for 15k which the seller paid 36k from the developer. Now all the lots have sold for 2$ a meter more than the 36k paid by the seller. That is almost a triple in value from Mar. 03 to July 04. Now all of the original lots in the immediate area have been sold and are being built on.
Possibly because it is a resort area helps this market because it doesn't go with the Dominican economy because of all the foreign money coming in?
I paint no pictures. I am not a seller but a buyer and have nothing to gain. I have real experience and speak to many people every day that come to this town (Sosua/Cabarete) looking to purchase.
I am curious to hear what your qualifications along with Harmony's are. Without knowing it is hard to put a value judgement on your opinions so perhaps you can share your background with us. We get a new doom and gloomer every couple of months on here. Remember Lurker? He was telling everyone including me that I was going to lose more on that 15k lot than the guy I bought it from who paid 36k which was a hoot.
I wouldn't take business advice from someone who goes Bankrupt and blames it on all the others just like I wouldnt take real estate advice from someone who has no experience or on sight knowledge regarding this area.
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There will always be a fresh batch of people looking to move/retire here. That is the natural of living on a tropical island. Some of those people will obviously not adjust to life in a new culture. You are in effect, buying those properties and selling them to the next batch. Nothing wrong with that. You are in an excellent position to take advantage of the turn over. I'm not suggesting that you will loose money. Your track record speaks for itself.
You are dealing with property that is mostly bought by foreignors. Of course that sector will not be depressed, as is the rest of the country. For the country as a whole, rock bottom is still a long way off. Inflation, devaluation of the peso will continue. Leonel knows he is in for some bad times. He has already stated that he will not pay the interest on the central bank cd's. He is also considering TAXING those cd's. Hard tactics for hard times.