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03-18-2007, 01:57 AM
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Gold
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Join Date: Aug 2005
Posts: 1,127
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Have any of you people who believe Cabarete's bubble is about to burst heard of George Coutu? Ocean Dream, Ocean One, Harmony, and Millenium are all beautiful projects, all marketed to International Clientele and mostly sold out...
Cabarete East sold out
The Victorian by Juan Perdomo...close to sold out
Novus Mare...just talked to someone from NY who flew here just to look at the project...and buy a condo...
Have you not heard about the US Baby Boomers who are just now, and for the next 30 years, starting to retire? They're not moving to Florida like they used to, and I doubt the Northeasterners are going to retire in the Northeast...Costa Rica is still going strong after 10 years of steady growth...through good economies and bad...and they're running out of beachfront...
Try buying a nice beachfront condo in the rest of the Caribbean for under $500K... you'd be hard-pressed to find one...
The prices in Cabarete...and Sosua have risen dramatically over the last few years, and tourism has slowed down this year (in conjunction with the new passport requirements), but the majority of those interested in retiring or snowbirding here are probably smart enough to have their passports ready...and can still afford the North Coast...unlike Cap Cana, Roko Ki, Punta Perla, etc...
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03-18-2007, 06:46 AM
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Gold
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Join Date: Jun 2003
Posts: 2,226
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ni buyer or seller
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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No-didnt drink very much at all as I am leaving for the airport in a few hours on my way to S.D.. So you see,my dear, it's possible, if one doesn't read carefully they can be misled. My posting did not support buying or selling-it was mearly my thoughts (don't know if correct or not) about one man's way of dealing, searching, negotiating, etc.Couldn't care a rat's arse less about prices of properties in Cabarete.
Good luck with your property/investments etc.
Ta ta, need to pack now
john
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03-18-2007, 11:19 AM
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Gold
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Join Date: Dec 2003
Posts: 1,304
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Quote:
Originally Posted by BlueLodge
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Very well thank you I invested in a few properties here AT THE RIGHT TIME and all is going spendidly
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03-18-2007, 12:06 PM
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Silver
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Join Date: Jul 2006
Posts: 351
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FWIW... I don't think Cabarete will be hit hard (ie 'bubble bursting) partly for the reasons David mentioned, partly because Cabarete has a 'unique selling point', in that kite surfing can't move easily away from the town. Kite surfing is a sport that is quite expensive, so many of the people who travel there are actually younger and better off. The knock on effect is a 'vibrant, attractive' town.
However, I do think the forthcoming property crash in the US will result in a cooling of the Cabarete market, so anyone expecting a rapid growth on their investment is going to be disappointed and that they should be content with a much slower growth for the next two or three years.
That's what I'm working on anyway...
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03-18-2007, 03:36 PM
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Silver
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Join Date: May 2006
Posts: 117
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Lifestyle vs real estate investment
DavidZ is correct more than 60% of recent real estate purchases,condos &villas are lifestyle choices of baby boomers not flippers trying to turn around real estate profit. The real estate bubble bursting in the US is not the same subject as real estate in the DR. The old apples and orange comparison does not compute.
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03-18-2007, 03:51 PM
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Silver
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Join Date: Jul 2006
Posts: 351
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Quote:
Originally Posted by Abuela
DavidZ is correct more than 60% of recent real estate purchases,condos &villas are lifestyle choices of baby boomers not flippers trying to turn around real estate profit. The real estate bubble bursting in the US is not the same subject as real estate in the DR. The old apples and orange comparison does not compute.
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Although, as I've mentioned in another thread, if the baby boomers are buying with capital raised against their existing property. If the price of property in the US (or UK for that matter) drops, many people may find themselves with negative equity and therefore sell the 'holiday home' or other boomers may not have the same level of borrowing available to them. That would have a knock on effect in the Dom Rep IMO.
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03-18-2007, 04:06 PM
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Bronze
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Join Date: Mar 2007
Posts: 12
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To all the real estate brokers, why don`t anyone anser my question what`s wrong with my 1. commend ? I tell you why, nothing! Anyone how understands a little bit of markets and economy can see there are really signs of a bubble.
DavidZ
[quote=DavidZ;500931]Have any of you people who believe Cabarete's bubble is about to burst heard of George Coutu? Ocean Dream, Ocean One, Harmony, and Millenium are all beautiful projects, all marketed to International Clientele and mostly sold out...
Cabarete East sold out
The Victorian by Juan Perdomo...close to sold out
DavidZ, Ocean Dream. Ocean one, Cabarete Palace are one of the reason why lesser tourists comes. I know many tourists which were coming every year and so I met them on the beach. After building all these blocks the talk to me "oh my god what happens here, they cover all with concrete!" Since then I`ve never seen them again. Cabarete looses his Caribbean feeling more and more, because blocks like these have nothing to do with a real Caribbean feeling!!
DavidZ, most of spoken projects are long enough in the selling process. And another thing is that insider or good informed people the tricks of the sellers know. When a project is starting to sell 1/3 - 1/2 is called sold and when the rest is really sold, then these 1/3 - 1/2 are starting really to sell.
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03-18-2007, 04:36 PM
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Bronze
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Join Date: Mar 2007
Posts: 12
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The main thing is the build to much Condos the last 2 years!
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03-18-2007, 04:58 PM
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Gold
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Join Date: Mar 2003
Posts: 529
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My 2 pesos worth.
I've been coming to the North Coast for over 12 years and have some experience in Real Estate. I studied, if you will, Sosua and Play Chiquita and thought that it would become a multi national retirement community. Started buying 10 years ago. Ocean front @ $20. M2 US; 2nd/3rd lots back at $12. Intown commercial "all most free".
Same land is now +-$200. M2 ocean front, $120 2nd/3rd and commercial is 3 to 4 times the price. However, I do not see the land or the villas moving as quickly.
US home sales prices have dropped and has to be considered. The other is, as pointed out before, an almost(?) OVER DEVOLPMENT that the infrastruction can not support. It's a problem just driving down a street, find parking? Stores of all sorts have raised prices (supply and demand) but not expanded goods or service. Carry this over to all basic wants of retiring people from all over that expect the same services and service that they are use to from back where they came from.
In Sosua, the All Inclusives do well with the inexpensive 2 week holiday that bring in the inexpensive tourist looking for... not investing other then booze, girls and drugs (supply and demand). Investors and new home owners look at the whole situation and socio economics of an area and try to figure where there is a balance of what is exceptable.
Would I buy more on the North Coast? NO. I'm selling now. Do I think prices will go up? YES; but only after some things are cleaned up, and others expanded.
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