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Originally Posted by Harmony
You may be right Escott. I certainly don't know all the answers. Being a contrarian in the past has helped me a lot and I can't find too many people who are bearish on real estate. The rate increases of late have been supersonic; helped in the U.S. by artifically low interest rates. In the DR I assume most purchases are made in cash so may be quite different situation.
My thoughts on DR prices is based solely on the economy. If people have to sell its usually a buyer's market.
Harmony
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What is your history in the DR Harmony? How much do you know about this country? What is your experience in Real Estate? Have you been involved in R.E. in the DR or other places?
I was going to buy a condo in 1970 in FT. Lee NJ in a complex built on Palisades amusement park property just incase anyone is as old as I am and remembers the place. Cost was 42k for a 2b/2bath river view condo with 4.25 % financing with 10% down. I also considered renting at the Colony which was the most lux building in the entire state at the time.
My mother said rent at the colony, real estate prices were going to crash. I listened to my chagrin. Needless to say the condo was selling for 500k 10 years later and I have been buying all the real estate I can afford since then. Matter of fact I retired a few years ago in the states and live very comfortably in the DR and still have about a bunch left in the States to sell.
I always take Naysayers with a grain of salt ever since I listened to my mother. I did kill her and bury her in the back yard after it hit 400k in value and I missed the boat.