Real Estate Company Closes On Two Firesale Costa Rica Properties

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Costa Rica Real Estate (CRREC) announces the closing of two fire sale properties - one a penthouse condominium overlooking Tamarindo beach and another, steps away from Potrero beach in Guanacaste.

Costa Rica Real Estate dot COM S.A.

Costa Rica Real Estate dot COM S.A.

Costa Rica is a country that relies heavily on the income generated from the tourism sector. As a result of this, another segment - the real estate market - is also affected by fluctuations throughout the trends experienced in tourism.

Naturally as the high season comes to an end, other markets that lean heavily on this segment for positive results begin to slow also.

"For the most part the real estate vertical is heavily dependent on positive tourism numbers - essentially when arrivals are down...so is investment," stated Gary Armbrust, an independant real estate agent in the Manuel Antonio region of the country.

CRREC (Costa Rica Real Estate dot COM) has been the authority in real estate throughout the country for over 16 years and continues to lead the way with their persistent drive to solidify their position as the country's top Costa Rica real estate agency.

While other agencies might be getting ready for slow season, early indications are showing that CRREC might be in for a bit of an Indian summer with two closes last week on a couple extravagant condos.

Trends are showing us that the market is looking for deals - bargains and firesales are all the rave. In fact, when it comes to Costa Rica real estate for sale...the inventory that's moving the most right now is evidently the firesales and short sales (bank foreclosures).

"We've seen a lot of activity within this sector of affordable, low-priced firesales. The reality is, it doesn't look like it's going to change anytime soon," says Jerad Portner of CRREC.

Over the past few years, the focus with real estate investors in Costa Rica has been on low priced firesale properties in the range of $150,000 up to $250,000. The fact is, consumers today are perpetually on the hunt for a bargain.

Short sales are typically a property on offer from a bank or financial institution that has had to foreclose the property and is looking to recoup as much of the initial mortgage value as possible. Although not all that common on high ticket real estate in Costa Rica, there are rare occasions where these become available.

Just last week, CRREC got an accepted offer on a short sale property that was a luxurious penthouse condo until overlooking the majestic Tamarindo beach area. This unit was a whopping 2200 square feet, 2 bedroom, 2 bath unit in a relatively new complex. The original sales price of the unit was $700,000 while the short sale came in at less than half of this price.

The other deal done by CRREC last week was a 2 bedroom condo only steps from the beach. This listing was a prime example of the bargains people are looking for when buying real estate in Costa Rica. Priced at $180,000, this 1152sq/ft, 2 bedroom, 2 bathroom unit had multiple competing offers displaying the product and price point as appealing to the current buyers market.

Another promising segment of the real estate market are affordable ocean view Costa Rica homes for sale - typically within gated communities. A fine example of this is the incredible opportunity available within the prestigious Costa Rica retirement community of Mar Vista.

Perched above the pristine beaches of Costa Rica's Gold Coast, Mar Vista stands testament to the success of incorporating an awareness of the environment and belief in protecting our natural surroundings, while at the same time, offering immense value without sacrificing quality of design. Mar Vista developers are currently putting together ocean view homes - with swimming pool - in the most respected development project in the area, starting at $299,000 turnkey ready.

These and many other deals abound throughout the Costa Rica real estate marketplace, and as the top authority in this industry, CRREC invites you to visit them at http://www.costaricarealestate.com

About Costa Rica Real Estate dot COM (CRREC):

CRREC ignited the real estate revolution in 1996 with its incorporation then reinvented themselves in 2012 with the acquisition by current CEO Brett Elliott who plans to further strengthen the CRREC brand. Costa Rica Real Estate dot COM continues to lead the industry with its trusted service guarantee and dedication to buyer protection which is defining the future of real estate in Costa Rica.

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Don Halbert (CMO)
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