● Published News. Billion Dollar invest in Costa Rica.
● By Robert Goodier The Tico Times .
● Steve Case Steve Case formally announced plans for an $800 million luxury resort complex on Cacique Point, between Cocos and Hermosa beaches, in the Northwest province of Guanacaste.
● Published :
●Costa Rican newspapers for information on local issues, politics, events, celebrations, people and business.
Looking for accommodation, shopping, bargains and weather then this is the place to start. Information about holidays, vacations, resorts, real estate and property together with finance, stock market and investments reports; also look for theater, movies, culture, entertainment, activities and events all covered in Costa Rican newspapers.
● In a Corner of Costa Rica, a Beachhead for Luxury.
THE Liberia airport, Costa Rica's new international hub, is not precisely a beacon of modern transportation.
All up and down the coast, bulldozers are at work. Three major developments, including a project anchored by a Four Seasons hotel, are already selling luxury condominiums for $500,000 and up, and hundreds of smaller, more speculative endeavors are also breaking ground. The airport in Liberia, the capital of Guanacaste, is at the center of the transformation. Three years ago, when the first direct flights from the United States landed, only 50,000 people a year arrived there. In 2005, 300,000 did.
In the airport lines, Americans talk in urgent tones about the money to be made, about "Wild West" opportunities. Never mind that Guanacaste
is still a region of cattle ranchers and rutted roads. The new homesteaders envision a beach, golf and spa destination equal to the
Costa Rica has the advantages of an active tourism board and a reputation as peaceful and environmentally friendly. It also has the longest tradition of democracy in Latin America.
Bill Royster, the developer behind the luxurious Sueños resort south of Guanacaste on the Pacific near the town of Jacó, said that because foreigners are allowed to own land directly, rather than through the bank-trust leases required in some Mexican property deals. "No one is going to expropriate your property," he said.
And what about that property? In Guanacaste, the jungle runs straight from the volcanoes to the sea, where it overlooks a warm azure ocean from 200-foot bluffs. Armadillos, howler monkeys, small raccoon-like pizote, parrots and the occasional jaguar mTHE Liberia airport, Costa Rica's new international hub, is not precisely a beacon of modern transportation.
All up and down the coast, bulldozers are at work. Three major developments, including a project anchored by a Four Seasons hotel, are already selling luxury condominiums for $500,000 and up, and hundreds of smaller, more speculative endeavors are also breaking ground. The airport in Liberia, the capital of Guanacaste, is at the center of the transformation. Three years ago, when the first direct flights from the United States landed, only 50,000 people a year arrived there. In 2005, 300,000 did.
In the airport lines, Americans talk in urgent tones about the money to be made, about "Wild West" opportunities. Never mind that Guanacaste
is still a region of cattle ranchers and rutted roads. The new homesteaders envision a beach, golf and spa destination equal to the
Costa Rica has the advantages of an active tourism board and a reputation as peaceful and environmentally friendly. It also has the longest tradition of democracy in Latin America.
Bill Royster, the developer behind the luxurious Sueños resort south of Guanacaste on the Pacific near the town of Jacó, said that because foreigners are allowed to own land directly, rather than through the bank-trust leases required in some Mexican property deals. "No one is going to expropriate your property," he said.
And what about that property? In Guanacaste, the jungle runs straight from the volcanoes to the sea, where it overlooks a warm azure ocean from 200-foot bluffs. Armadillos, howler monkeys, small raccoon-like pizote, parrots and the occasional jaguar make their homes underneath the broad leaves of the mango and palm trees. The foliage grows up to 10 feet a year, though in the "gold season" — a flattering term for the dry months of December through April — most trees lose their leaves, leaving the landscape barren.
Until the developers began arriving with suitcases of cash, Guanacaste was mostly the domain of cowboys called sabaneros, whose legacy lingers at local rodeos. Roads must be shared with herds of ambling cattle and are often so potholed that local people drive on the ground along the side. Yet strung all along them are signs, all in English, advertising million-dollar villas. ake their homes underneath the broad leaves of the mango and palm trees. The foliage grows up to 10 feet a year, though in the "gold season"
By JANELLE BROWN Published: February , New York Times
● The Tico Times. Real Estate Prices
. .
The country is in the midst of a real estate boom and experiencing the effects of a maturing influx of construction projects and foreign investment. Though real figures are hard to come by in each region, a spot check with realtors revealed prices have risen around the country over the past year by as much as 20% or more, and buying trends are shifting to previously less sought-after regions, both because of a simple lack of availability in some areas and as a reaction to soaring prices. Guanacaste
There is a movement away from the beachfront in the northwestern province of Guanacaste because most of the land has been bought and is not for sale. What is available is astronomically priced compared to nearby lots several street blocks from the beach.
Ron Douglas, owner of Surfside Properties (www.surfsidepropertiescostarica.com, 654-5567) near Playa Flamingo, on the northern Pacific coast, estimated the average price for a lot at $100 per square meter.
“ There's a major difference between title property and concession property,” Douglas said. “Your average lot value is $550,000 (for 1,000 square meters) if you can find one that's titled.”
Property titles and concessions are amongst the greatest issues plaguing real estate purchases, especially in the rural and coastal areas away from the seat of national government. Zoning plans have not been made for much of the country, and the strip of coastal land 50-200 meters inland from the high-tide mark cannot be owned; it must be “borrowed” in a sense, through a concession. Without zoning plans, however, neither titles nor concessions are granted. The titling and concessions process is slow and bungled by bureaucracy and a lack of government funds, which sometimes leads prospective owners to pay for the zoning plans themselves.Lots in Tamarindo, south of Flamingo, go for $950,000, Douglas said, “if you can find one.”
That “if” is his caveat for most beach front properties.“ Flamingo has no beachfront lots available, just condos at the back end,” he said. This, combined wit the scarcity in the midst of such high demand, has led to major subdivisions, such as hillside ocean-view lots, springing up to fill the void.
“ It concerns me, the number of subdivisions coming in,” Douglas said. “That might undermine the value of the existing ocean-view lots. I would recommend not investing in an ocean-view lot,” unless the purchase is not an investment, but something for the buyer to enjoy, he added.
Lately, he said, more buyers are in this category, meaning fewer buyers are speculators. He estimates the shift has been from 75% speculation a year and a half ago to 50% now. This clientele is bolstered by retiring U.S. citizens who shy away from the high prices in Hawaii and hurricane danger in the Caribbean.
“ People are looking to invest now and relocate when they sell out of where they are in North America,” he said, “There is a big demand fro condos – There are zero available in surfside, for example (because they are sold out).”
Off-the-beach two-bedroom condominiums cost about $175,000-250,000, and beachfront condos run from $475,000.
Buyers are primarily from the United States, predominately from California and Florida, judging by who looks at Douglas' offerings online. He estimates the demand is 85-90% North America.
