John I think you have celebrated a little too much as this is evident from your response. I have been dealing in property for 25 years and I predicted about 1 year ago that we would see a collapse in the market in general. Its happening with a slow bang. Cabarete is overloaded with new projects and so is Sosua. The market cannot sustain this growth. There are less buyers than 2 years ago and yet idiot constructors carry on. We have already begun signs of recession with more and more people out of work. Those developers that followed my advice have not been hit too hard, but the others will learn. Already we have many owners trying to sell their properties
without success. Look at the amount of properties up for sale.
A contact at the airport said this season they had 600 less flights from Canada alone coming in. And we all know that the housing market in the USA has hit big problems, this follows on, so the snowbirds arent coming in.
Ask the restaurant owners and look at the bars/clubs in Sosua. Cabarete has the young crowd to support the social scene but most of these rent short term. There wont be the clientele to rent all these properties being constructed and the owners will be hit hard financially - Wallop!
Prices have already increased on The Cap since wind of 'The Trump' coming in to construct was released, so a lot of new investment is not going to come to the North Coast.
|