November 30th, 2007

Sound Familiar?

One of today’s threads on the Costa Rica Living Group board was "Lots of for sale signs." The conversation went like this:

Posted by: Marvin
Fri Nov 30, 2007 5:59 am (PST)

I was driving around the other day with a friend and noticed about 50 "for sale/for rent" signs in a period of about 30 minutes.

Some realtor friends of mine say real estate has REALLY slowed down and there is too much inventory and no buyers.

My complex in Escazú is really nice and quite inexpensive, and 3 of the 7 condos are for sale…yet nobody has even come to look at them. A couple blocks away is a brand new complex and not a single condo has sold…not 1.

Does anybody else get the distinct feeling that we are about to have a real estate crash?

Posted by: Gary
Fri Nov 30, 2007 7:31 am (PST)

Same feeling about Jacó Beach. My condo is also up for sale and nary a nibble. Its probably because there is SOOO much inventory, and a lot of it is not finished yet, that serious buyers aren’t ready to make a decision yet. I hope there is no short term crash, but it really wouldn’t surprise me. In Jacó not much thought has been put into upgrading infrastructure, and so thats a big question for folks used to regular Hydro and toilets that really flush.

Posted by: David
Fri Nov 30, 2007 6:12 am (PST)

you can only sell a finite number of 80,000 dollar homes for 350,000 dollars, and then the well runs dry —– and the dollar loses value, and the stock market loses 1000 points, and the sub-prime funds go under —– HELLO ——- welcome to the real world —– just my personal opinion

Posted by: Jack
Fri Nov 30, 2007 6:54 am (PST)

David, Everything is cyclic, if you have a boom eventually the smoke blows away. With all the over building going on something has to give sooner or later. All these builders were counting on the baby boomer’s buying without brains. Well it turns out that getting to retirement age you do become very cautious with your money especially with the fears of SS going broke and all that stuff. I know that I currently changed my way of thinking. I bought in Costa Rica for big reasons, 1 – that I could buy a Tico home for cash, 2 – lower cost of living, 3 – awesome people and 4 – awesome country. That said, I think your personal opinion is right on.


2 comments to Sound Familiar?

  • Salisha

    Earlier this year we decided to sell our vacation home in San Jose. It sat on the market for 2 months without even a showing. In August we were approached by http://www.buysafecostarica.com to list our property on their website. It seemed as though we were able to reach a broader market and we started to have a few nibbles. We finally had our closing after being on the market for 7 months. We definitely were not prepared for this time frame so sellers beware. It’s a buyers market even in the international markets.

  • Hi Salisha, Sorry to hear it took so long, but you are one of the lucky ones. I know people who’ve had their property on the market for a few years now. Thank you for sharing your experience!

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