Costa Rica Developer Land
So,
the idea of buying a nice ocean view farm overlooking
a popular beach, subdividing and selling lots
is intriguing?
It
could be a great option, because with the right
combination of carefully selected land coupled
with local knowledge, the sharp developer can
make a healthy return on investment.
However,
we've seen many would-be developers come down
and fail miserably. Sometimes the reason is
lack of capital...they run out of money before
the project gets on the market. Other reasons
include poor location, lack of infrastructure,
and poor marketing.
Want
to know the secret to success?
The
key ingredient to a successful investment in
a Costa Rican real estate development project
is local knowledge. Not knowledge
of the local real estate market...you can get
that information from any real estate broker.
We’re
referring to knowledge of the language, local
politicians, government officials, local contractors,
real estate law, permitting procedures, timelines,
sourcing of materials and labor, etc.
It
doesn't matter how successful you are at development
in the U.S or anywhere else...without a team
of local experts, your chances are not good.
With
some serious time and effort, you can assemble
your own team. This would include several attorneys
with different areas of expertise, surveyors
and topographers, water drilling contractors,
road construction contractors, architects and
of course, real estate brokers.
Another
approach would be to joint venture with a successful
developer already operating in Costa Rica. There
are many scenarios within this category that
could be a good match. It just depends on the
specifics of the deal and the needs of the parties
involved.
If
you are seriously interested in developing,
and have access to US $2-$15+ million in readily
available capital, contact Kevin Myers at: sales@catalinacove.net
If
you do choose to venture out and explore other
properties on your own, be wary of price variances.
With Costa Rica not having an MLS system,
many properties have a different selling
price depending on the agent that you speak
to. Make sure that you do your research
to find out the fair price for your property
and other comparable properties that have recently
sold.
Whenever
buying raw land in Costa Rica, you need to be
sure that the land has a clear title, access
to water, electricity and serviceable roadways.
Uncommon in North America or Europe but
sadly all too common here are properties that
have no available water supply. To
the untrained eye the property may appear to
be a great deal. However. in reality it
may have no functioning wells for water and
the option to obtain permits to drill additional
wells may not be available. In some beach
areas in particular, getting new permits to
drill water wells is virtually impossible, unless
you know how to play the game on the local level.
If
you are not interested in developing but want
to take advantage of the opportunity for dramatic
price appreciation in Costa Rica land, purchasing
a home site lot at Catalina Cove is an excellent
alternative.
One
of the many benefits of owning a lot at Catalina
Cove is that we have already prepared for all
of the necessities. All of the planned amenities
are following their timeline for completion,
regardless of any additional lot sales. This
is because of the financial strength of the
developers.
For
example, 500 phone lines allotted for the development
have been installed as well as electricity and
water for all of the lots. For anyone
here in Costa Rica that has waited years to get a phone line installed, the ready to
go phone lines are an amazing achievement. |
