Quote:
Originally Posted by Ladybird
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.
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So, all the false prophets of the past 3 years - the bubble has not burst as you predicted (ladybird is already out by three years) and condos have doubled in the past two years. You people, like so many, do not understand demograhics. You do not know or do not understand the implications, 87 MILLION baby boomers will retire in the next 20 years starting NOW. These people do not like Florida and want the Caribbean. 20 million of them can afford to move south and many of them will. The DR is still, in 2008, half the price of other islands, for average villas and condos.
DUH.
Go figure. The prices will rise until we match other islands. The demand will come from the 87 million plus the new money in the former USSR. All you the sky is falling types have been wrong for three years in a row. People who ignored you 3-4 years ago have already doubled their money.
And guess what. I knew, and so did many others, 5 and 10 years ago that oil would go from $30 a barrel to $135 and $200. How?
Simple. Demographics. The same way I know prices will go up and the condos will sell. We knew oil was going up because the new middle class in India and China want the same oil we want and are bidding for it. Demographics. It is all so boringly predictable. The DR will see prices go up until they are the same as lesser islands....about double 2008 prices. Then they will still go up but at the same pace as other islands.