US$18,000 is this possible?

[Robert]

Yep, that's how much the auction property has dropped in the past few months!

Starting to look like a steal....

Plus on top of that, you can get up to a 5% cash back on closing.

You do the math!!!

[POP Bad Boy]

..........they have a "stop limit" on the reductions.............

.........cause if the US economy, Real Estate market and bank lending has any bearing on property here, it's heading south.

4 of us just bought condos in Orlando, FL that sold for
$236K-300K 3 years ago for varying amounts from 39K to
55K.........and there are HUNDREDS of them around........and they are beautiful.....true gated / guarded communities.........

[pkaide1]

Originally Posted by POP Bad Boy

..........they have a "stop limit" on the reductions.............

.........cause if the US economy, Real Estate market and bank lending has any bearing on property here, it's heading south.

4 of us just bought condos in Orlando, FL that sold for
$236K-300K 3 years ago for varying amounts from 39K to
55K.........and there are HUNDREDS of them around........and they are beautiful.....true gated / guarded communities.........

To me is insane to understand why some people pay the amount of money that they pay for real state in DR. It does not make any sense. It makes more sense to buy property in country where they have a good infrastructure such as good public school, Finish Street, drinkable water and full time electricity.

I think that rum and heat have interfered with some people reasoning when it comes to real state prices in DR.

[AlaninDR]

Originally Posted by pkaide1

To me is insane to understand why some people pay the amount of money that they pay for real state in DR. It does not make any sense. It makes more sense to buy property in country where they have a good infrastructure such as good public school, Finish Street, drinkable water and full time electricity.

I think that rum and heat have interfered with some people reasoning when it comes to real state prices in DR.

I suppose you would think of me as insane then. My choice was to trade the so called comforts (good schools which without kids mean nothing to me, good streets would be a plus but my truck is well suited for most anything, drinkable tap water means nothing since I buy bottled water, dependable electric also means nothing because better condos and homes have inverters and/or back up generators) for something much more important to me, namely, good weather, freedom and not be taxed to death.

I'm from Texas originally (too wet, too dry, too cold, too hot). The annual property tax on a value of 120k would be well over $2500. The annual property tax on this value in DR is zero because it's under the 5 million peso minimum to be taxed.

Besides, if I moved away from the north coast, I would miss the annual emails warning me of hurricane season even though we've never been exposed to one. I'll make a note to warn my friends in the US about hurricane season approaching this year. Other friends in the US should be aware that tornado season is just around the corner. My friends in Canada are still too busy shoveling snow.

[Celt202]

Originally Posted by AlaninDR

I suppose you would think of me as insane then. My choice was to trade the so called comforts (good schools which without kids mean nothing to me, good streets would be a plus but my truck is well suited for most anything, drinkable tap water means nothing since I buy bottled water, dependable electric also means nothing because better condos and homes have inverters and/or back up generators) for something much more important to me, namely, good weather, freedom and not be taxed to death....
My friends in Canada are still too busy shoveling snow.

Another idiot here.....

I sold a condo in Boston in the sunmmer of 2006, paid off the mortgage, bought a condo here with a water view, furnished it and put what was left over in a savings account. The condo cost me 12% of what I sold the Boston condo for.

I paid a one time tax on the title transfer. I think it was 3%. Since the condo's value is less than 5 million pesos there is NO ongoing real estate tax.

My heating bill...wait a minute...let me open my PC's calculator.....

OK my heating bill for 2008 was $0 US. At an average exchange rate of, let's say 35/1 that works out to $0 RD.

In Boston in the home I grew up in we had 7 different types of shovels for snow removal and one serious iron bar for cracking ice.

Here I have my sandals so I can walk to the colmado to buy a beer.

Gas is more expensive here so I drive when I really need to. I keep fixing my 17 year old Honda Civic because parts and labor are cheap. When it dies I'll sell it for parts....or fix what died.

For me the advantages outweigh the disadvantages and I own my own home free and clear.

[b.batista]

Originally Posted by Celt202

Another idiot here......

Call it uninformed. He does not know that tropical life and property is supposed to be more expensive than the United states because it is better, warmer and more relaxed and there is a price to be paid. Dominican Republic is the exception to the rule where it is even cheaper than North America but some people will find anything to complain about.

[Malibook]

Originally Posted by POP Bad Boy

..........they have a "stop limit" on the reductions............

I'm quite sure I read that this is not the case.
I would expect them to live up to their word or what is the point in doing this?

[pkaide1]

Originally Posted by AlaninDR

I suppose you would think of me as insane then. My choice was to trade the so called comforts (good schools which without kids mean nothing to me, good streets would be a plus but my truck is well suited for most anything, drinkable tap water means nothing since I buy bottled water, dependable electric also means nothing because better condos and homes have inverters and/or back up generators) for something much more important to me, namely, good weather, freedom and not be taxed to death.

I'm from Texas originally (too wet, too dry, too cold, too hot). The annual property tax on a value of 120k would be well over $2500. The annual property tax on this value in DR is zero because it's under the 5 million peso minimum to be taxed.

Besides, if I moved away from the north coast, I would miss the annual emails warning me of hurricane season even though we've never been exposed to one. I'll make a note to warn my friends in the US about hurricane season approaching this year. Other friends in the US should be aware that tornado season is just around the corner. My friends in Canada are still too busy shoveling snow.

Not at all, I do not think that you are insane. I would be insane if I buy a house at this moment with the housing bubble that is going on over there.
I have two houses in DR, One in Jarabacoa and another one in La Romana. I bought them more than ten years ago and it was reasonable to buy, but now are you kidding me.

[AlaninDR]

Originally Posted by pkaide1

Not at all, I do not think that you are insane. I would be insane if I buy a house at this moment with the housing bubble that is going on over there.
I have two houses in DR, One in Jarabacoa and another one in La Romana. I bought them more than ten years ago and it was reasonable to buy, but now are you kidding me.

That's what I love about living here, I get good news daily. Today's news is that i'm not insane.

If you bought ten years ago, that would be in 1999. The housing market here became depressed in the period of 2002 through about 2004. If we are in a bubble, wouldn't it make sense to maximize profits/returns by selling your property now instead of going through another depressed market?

I certainly wished I had bought more in that early 2000's period but I bought all that I could at the time with my limited resources. I have no need of buying at the bottom or selling at the top. I just want a deal i'm comfortable with. Were I currently in the market for another condo, I would be looking very hard at this one especially factoring in this new deal of 5% cash back whatever that means.

[pkaide1]

Originally Posted by AlaninDR

That's what I love about living here, I get good news daily. Today's news is that i'm not insane.

If you bought ten years ago, that would be in 1999. The housing market here became depressed in the period of 2002 through about 2004. If we are in a bubble, wouldn't it make sense to maximize profits/returns by selling your property now instead of going through another depressed market?

I certainly wished I had bought more in that early 2000's period but I bought all that I could at the time with my limited resources. I have no need of buying at the bottom or selling at the top. I just want a deal i'm comfortable with. Were I currently in the market for another condo, I would be looking very hard at this one especially factoring in this new deal of 5% cash back whatever that means.

There is not way I am selling. Those are for my children. If they want to sell after I die, it will be their problem.