confused condo buyers.

[jcoro]

Hey all,
The wife and I, are looking to buy a 1 or 2 br. condo on the north coast. One realtor told us about a place called Hotel Playa Naco. This place seems to be nice however we can only use it 9 weeks a year. How does this work? The other place we saw was Orillas del mar Condo in Cabarete. This place looks good but, I am concerned about the management and no one could give me details on condo fees.

I need help.

[jruane44]

What do you mean only 9 weeks a year? Do you mean like a time share? If it is stay away from it.

[DavidZ]

The 9 weeks a year deal is usually tied to a guaranteed return (6-8%) on the purchase price. You have full title and do not have to pay maintenance fees. It's kind of like a timeshare, but you own the whole condo, meaning its value will likely go up, not down like a timeshare...and you get an annual return on your investment as long as you own it...or as long as they offer the program. Most places that offer this also offer outright ownership, just like any other condo, where you pay your monthly maintenance fees and use it whenever you want... and they will add it to their rental pool if you'd like and take a management fee for the service.

Rillas de mar is a beautiful; property in a great location that is triuly booming with new developpments on either side... Ive seen the grounds and the units, but dont know anything about the management or maintenance fees. If they are good, Id say it would be a great investment.

[jcoro]

I was told, we can use it 9 weeks per year and pay no maint. The rest of the time the hotel rents it out and we get a small %. Thanks, all I need now is to hammer out the details from the hotel and do the math.

[gary short]

Originally Posted by jcoro

I was told, we can use it 9 weeks per year and pay no maint. The rest of the time the hotel rents it out and we get a small %. Thanks, all I need now is to hammer out the details from the hotel and do the math.

How muchy?????????

[jcoro]

No Muchy, 90k US and up.

[DavidZ]

jcoro... the going rate of return is 6-8%, if they offer less, Id question the deal.

[HOWMAR]

When you figure the numbers, don't rely too much on what they promise. Remember this hotel probably has an annual occupancy of around 50%. Last year they closed large sections of the hotel because occupancy was down to 23%. If you were to use your 9 weeks of usage during prime periods, chances are they won't generate much income from the slower periods.
For some background info see: Playa Naco - Playa Dorada

[Ken]

I live in El Neptuno in Sosua. Have you looked into buying there? Super administrator-Ramona Valdez, 809-571-2664. She speaks excellent English. There are condos for sale. I think it is the best location in Sosua.