Paradise Found, Again!
Paradise Found, Again!
Well, Its been over five years after the new millenia’s “Great Depression” devastated the world economy with a serious blow to the local economy and real estate market after the crash. Things are finally starting to rebound here in our little piece of paradise we call the “Gold Coast”. As many who live here know we were hit very hard by the US economy crash of 2008. The effects were harsh and far reaching to every part of the Costa Rica “expat” lifestyle. Many good people and families were forced to give up their dreams and return to the USA to find work. Those of us who survived were battered and bruised but thankful to still be living the dream here in Costa Rica.
Now things have bounced off the bottom and begun rebound we are all looking forward to a full recovery in the coming years. Meanwhile, like in any time of crisis, there are opportunities to be taken advantage of if you do your homework, shop around and find a reputable agent. We are now finding a new group of buyers returning to our little corner of the world and they are taking advantage of the market and learning the “Pura Vida Lifestyle” from a new post-depression perspective.
Some of the best deals are condo and homes that have been thru banks foreclosures. The banks aren’t in the real estate business and are selling these units to recover their investments. In some cases even at a substantial loss in order to get the assets off the books. There are also some great deals on lots and farms that are located in the area. The prices for this type of land is lower than beachfront or beachside but you still have to pay development costs which will vary depending on location.
Overall, the cost of living has gone down relative to 5 years ago. There are many great deals to be had in the real estate rental and sales market. The cost of building has corrected and is now a very affordable range starting at $75 ft2 for a fully modern high quality home. It’s definitely a buyers market! An excellence time to get back in the game. If you’ve been on the fence about buying in Costa Rica, now is the time to take a look around. You may be surprised at the amazing deals you can find and finally secure you little piece of paradise we are all hoping to find!
In the end, it’s a lifestyle choice you have to make to live here. Tico Time is something you have to get used to and learn to embrace. Costa Rica is a literally and geographically a half world away from North America and Europe. Its a way of life that once you fall into the groove, you’ll never be the same person!