Sosua Dominican Republic Real Estate
Andy G (Gadget)
Commercial Real Estate in Sosua, Dominican Republic looks bleak as of February 2010. Here are three photos of building all within three block of the core business center of Sosua.
Vacant, or mostly... Number 1 on Sosua Map.
Note: The Coyote Bar mysteriously burned down a couple of week ago, I think the Russian owner had insurance...
Sosua, Dominican Republic --- Saturday, February 13, 2010
By Andy Graham of HoboTraveler.com
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Map of the Core Business Areas of Sosua, Dominican Republic, residential bleeds away from this these areas by Condo, Apartments and Houses. This core area provides the restaurants, super markets, hardware and other stores needed for general living.
Number 3 on the Map, a couple of shops have tenants.
Number 2 on the Map of Sosua
Buying Homes in Dominican Republic
People go on vacation, have fun, get laid, and think they are in paradise, in this intoxicated state of delirium, they purchase Real Estate, called Bienes Raices in Spanish, more or less meaning good roots. (For sure, the roots are deeper outside the USA than inside.)
There appears to be an overbuild situation here in Sosua, the luster has been lost, the thrill is gone, the wanna follow crowd is moving down the road to the next trendy place. The peak value of tourist trap Real Estate is difficult to know, but there is a time when everything touched turns to gold, that is not today in Sosua.
Real Estate Sales to Expatriates
There is a cycle of purchase and sales of Real Estate to Expatriates initially purchased because they got laid, and eventually they feel like they were screwed.
1. Excitement of the place.
2. Purchase Home, Land, etc.
3. Own for 2-7 years.
4. Acceptance they paid too much.
5. Try to sell in normal methods.
6. Realize, the only one foolish enough to purchase are:
--- Tourist who are intoxicated in Sosua, who just got laid.
--- People on the Internet, too stupid to realize value of Real Estate compared to the USA is not good logic.
7. On the Market for 1-5 years.
8. Sell the property and leave town, never admitting to their friend the price.
Generally, in my experience, very few people who come from highly developed countries live more than about seven years; they get the seven-year itch; know they must return to sanity and move home. They live the rest of their live wishing they could have somehow seized that great feeling they had when they first purchased Real Estate overseas.
It is Possible
It is often possible to rent a 500,000 home in tourist area for 700-1000 dollars per month. If you can do the math, you realize the cost of renting is the better deal.
Then when you are bored with the local action, you can move onto the next trendy tourist area that is emerging somewhere on the planet and do it again.
Sadly, I have realized in my 12 years of travel, every time I return to my favorite Expat location, half my friend are gone, often none of my former friends are around, it is not the same place I left.
Real Estates owns the person, the person does not own the Real Estates, there are roots put down that are hard to sell. Internet sites for Expats are always full of Real Estate deals being offered by other Expats or foreigners; everyone is always trying to find the next chump, the down stream chump method of Real Estate sales.
Expatriated men in foreign countries want to buy women, and buy homes, in reality, it is always a leasehold right to ownership, and not a freehold.
Sosua Dominican Republic Real Estate
Now that is a damn good article. I see it happening in Lago de Atitlan, Guatemala (San Pedro.) Now that the lake is having the Algae bloom problem and tourism has taken a dive. Maybe a little anti-gringo sentiment from the locals. The dream is now a nightmare for foreign property owners. They want out and there is no way out, except by selling for a big loss.
But it is the foreign mentality that I must own the property to feel secure. In actuality it is more secure to rent. If the situation gets bad you just go down the road to the new and greatest and rent.
In a buyers market or real estate crash like the one now in the US, you can rent more house than you can buy. Very good for the ones who saved money, didn't refinance their property holdings and didn't run up credit. Cash is king!
john 93 comments. 21 cities.
I am pretty much done with the idea of owning a home. If the market was better I would sell my home and go back to renting, but that isn't happening. So what I am going to have to do is just finish paying off the house I own and go from there.
Best to rent in any 3rd world country. Depending on the Dictator/Prime minister dejour. You have little legal protection and have to depend on a bigger fool to get you out of the house payments. You can get some serious bargins renting and live the high life on a beer budget. You just have to move occasionally with little notice.
Used to have a 1 bedroom rooftop 17th floor apartment that had a rooftop pool and garden just steps from my door. Beach less than 100 meters a ocean front view from the apartment to Jomtien beach Thailand. Many restarunts just outside the 1st floor door.
Owner just wanted a American in the apartment while he was gone. I just had the inconvenince of finding a room for the 2 weeks x 2 times a year when the owner visited. Cost : $ 150 a month + electric and water $30 Place cost approx $220,000 fully funished. So much better than owning and the chicks think your rich mak mak.
i'm pretty sure picture no.1 used to be a bank..
have you been to the non-tourist side of Sosua at the other end of the beach for a nose around?
Asiabill 260 comments. 40 cities.
It's the same with so many geographically beautiful locations in the world which attract tourism and the real estate developers and agents which follow such popularity. It makes better sense renting in any foreign country as I've always advised the foreigners coming to the Philippines for at least the first year or two until they get exposed to the more realistic local .cost of real estate ( often distressed, family emergency situations etc. ) A large number of people do get sold and persuaded while "falling in love" with such locations ( and like you said getting laid more than they ever did at "home". ) Some these real estate projects are in the "10" business, collecting deposits from tourists who will change their minds once they ho home and are required to send additional funds every 3 to one year to complete the purchase. of course such deposits are NON-refundable!! THAT said if someone hooks up with a wise local resident considerable profits and appreciation can be made by making the right real estate investments following the "location, location location" 3 rules of real estate in foreign countries. It can be compared to a "time machine" investment wise like buying coast front property in California in the 50s. Back in 84 my wife and I had long discussions over buying a place in California with a mortgage or using what would be a small down payment in the States to buy a prime location for cash without a mortgagewe chose the latter.
The idea of throwing away the mortgage here in Australia and renting in a place as wonderful as the Dominican Republic is something that is really appealing right now!