Who?
Who its Investing In Costa Rica?
Below you will find information on the coastal real estate activity with proximity to Liberia airport, located in the Pacific North West of Guanacaste. This area is also known as the Gold Coast. Our coastal area has become the hot spot in Guanacaste, because both developers and investors from all over the world have recognized this area as a spectacular resort destination. We have the demand, but not enough supply of lots, condos, homes or hotels.
5 Star Hotel Projects
The boom can be traced back to the 2300 acre $400 million dollar Peninsula Papagayo Project. This area soon became home to the new “Four Season Hotel”, bringing the high end buyer -spending from $400,000 to over $3 million on a lot and/or fractional condo homes on the “Papagayo Peninsula” leased land. In the past few years we have seen the 1820 acre “Hacienda Pinilla” project with their newly announced 5 star 310 room “JW Marriott Hotel Flag”. Their private golf course and residential development has become a huge success. The hotel is expected to be completed by the end of 2007 with a price tag of $45 million.Recently president-elect Oscar Arias confirmed the long held belief that a “Hyatt Resort” would be built in Brasilito. A New Jersey-based, Global Financial Group announced that they would spend $100 million on phase one of a Hyatt Resort and a Greg Norman golf course. This signals a major transformation for a town, which until now has boasted a couple of restaurants, a few small hotels and a single-lane bridge. For realtors and developers with land interests anywhere near Brasilito, the announcement of the Hyatt Regency Azulera Resort and Spa to be built on 557 acres, virtually guarantees huge increases in both developed and un-developed property. The entire project, built over five to seven years, will include the resort, 100 condominiums, up to 240 villas around the golf course, an unspecified number of single dwelling homes, a spa, gymnasium, six restaurants, a banquet room seating 350, various salt and fresh water swimming pools and a commercial centre. One of the worst kept secrets in Costa Rica is the impending presence of a “Rosewood Hotel”, on a 60-hectare (150-hectare) property on Playa Guachipelin. The deal has been on the table for more than six years, but is now understood to be signed by Roger Hall, of Hallmark Properties. In the past 12 months developers have reportedly, and unsuccessfully, tried to introduce both the “Ritz-Carlton Hotel” Company and “Aman Resorts International” to the Peninsula. Aman Resorts International is said to be still looking, while the Ritz-Carlton is reported to have turned to Steve Case, Chairman of Exclusive Resorts, Co-Founder of America Online. Regent International Hotels are confirmed to be speaking to developers about a plot of ocean-view land within a stone’s throw of Ecodesarrollo Papagayo. Carlson Hospitality Worldwide acquired Regent International Hotels from Four Seasons Hotels in November 1997.
High End Development Project
Countless developers have come across the Gulf of Papagayo to purchase other properties on titled land within the many gated communities currently available. These smaller beach communities are quickly being sold out and doing very little to relief the lack of rooms here. Mr Case is just one example of how our area is growing. Mr. Steven Case former president of AOL purchased in 2005 a 200+ hectare property titled to the 50 meters line and known as “Cacique Del Mar” for a reported 40 million. His intention is to develop it into a world class health spa and wellness center. He also purchased Punto del Cacique from a Canadian developer Michael Ryan across the main road to complete an 18-hole golf course. Mr. Case’s Exclusive Resort Properties is also reported to have an option on three of the four completed houses within Ecodesarrollo Papagayo, worth $4 million each. Exclusive Resorts has also paid up to $1.5 million for each of six additional building lots in the same area. Just south of Mr. Case’s Punto del Cacique is a 600 acre lot, recently purchased by the Baltimore, Maryland-based Union Box company for a reported $11 million.
Other Exmples Of Large Development Lots
On “Playa Matapalo” a 330 hectare ocean front property sold for over $3 million and the American owners are starting their development.
The neighboring ocean front 400 hectare property sold for around $4 million, and it is back on the market for over $22 million.
And now the neighboring 600+ hectare property known as “Las Palmitas” is being marketed along with a 400 hectare property for upwards of $55 million for the package.
The 3 kilometer property titled to the 50 meter line known as “Guacamaya” sold for around $8 million which includes approximately 200+ hectares of prime ocean front property.
There are ongoing negotiations for “Playa Zapital”, which is another 400+ hectare ocean front development property, with asking prices going up monthly from the original price of $7.9 million as of 2005 to over $40 million 2006.
The adjoining “Las Catalinas” 475 hectare titled to the 50 meter ocean front property, has seen offers from $16 million to $26 million so far this year.
In Playas del Coco, the “Jack Parker Group” purchased a 30+ hectare ocean view property known as “Pacifico”, for over $3 million that they are now in the process of developing. And the other hills of Playas del Coco are all selling for between $5 M2 to over $15 m2.
The developers, who have access to both Guacamaya and Zapotal Beaches, have an option on a further 405 hectares (1000 acres) in the Zapotal Valley.
Residential Investors
In the Ocotal area we have seen view lots sell for over $500,000, non-view properties are selling for over $100,000. These are generally lots of 1/2 to 1 acre size. Houses in Ocotal are listing for $450,000 to $1,500,000. In “Los Almendros de Ocotal” we are seeing re-sales on condos that were purchased for $90,000 in 2005 now selling between $275,000 and $500,000. In “Pez Vela”, just south of Ocotal, a condominium project with price ranges of $200,000 to $350,000, sold out within 6 months with re-sales from $425,000 to $625,000. Another creative enterprise the “Mapache Group” has successfully sold over 600 condominiums for prices between $35,000 and $85,000. These are very basic four-plex condo buildings, but the market has been there for them as much as it has been for the high end units. They are now reselling for $60,000 to $120,000. An Italian developers group called “Las Palmas” has established itself as the alternative to Mapache and since then has demonstrated even better increases in market value. Higher end condos in Playas del Coco, such as the “Coco Joya” projects are seeing sales of $169,000 to $199,000. The “Coco Joya” developers have begun phase two – Las Toucanes. Lots have sold on the main road and side roads of Playas del Coco ranging from $50,000 to $500,000. These prices are sure to increase as other properties in the area have demonstrated. On the Eastside of Playas del Coco, approximately 2 kilometers from the beach we have several projects, “Vista Marina” being one of them, that are selling lots from $200,000, and quickly working their way up to $400,000. There is a new housing project in “Vista Marina” that have just listed and sold homes starting at $399,000. In the Playa Hermosa area we have multiple new projects, “Mar Vista”, “Hermosa Heights”, “Palo Alto” and “Alta Vista” to name a few that is close to sold out or have reservations holding them until title can be issued. These lots were selling from $225,000 to over $400,000 and are now being resold for the second or third time for up to $750,000. The “Costa Blanca Hotel” concession property has been sold to the “Purdy Motors Group” for around $12 million. In the outskirts of Playa Hermosa, the “Mapache Group” has begun another condominium project that should see almost 200 units built. Average cost for pre-construction was around $80,000. Re-sales are being marketed and sold for $120,000 and up. View lots in Playa Panama in the “Vistas del Pacifico” and “Vista Estates” projects, have, and still are reselling for $200,000 to $300,000 up from less than $100,000. Non-view lots are selling for $60,000 to $100,000 – when you can find a resale. Panama beach is home to the “Occidental Grand Papagayo” and “Fiesta Premier Hotels”, as well as “Nakuti” and “Giardini Hotels”. All these hotels have been entertaining offer for sale in 2006. Moving a little farther north on to “Penninsula Papagayo” we have the “Occidental Alegre Papagayo and the “Four Seasons Resort Hotel”. The marina is scheduled to be completed near the Occidental hotel in 2007. Property values will surely skyrocket upon ground breaking. The “Rancho Manzanillo” property of 210 hectare property located near the “Four Seasons Hotel”, was sold this year for approximately $12 million. And the “Monte del Barco” property of 320+ hectares was sold in the vicinity of $26 million.
As one can imagine there are many more properties which are under negotiations at this time. The bottom line is that demand far exceeds supply and there just isn’t enough developed product to sell. Absorption rates for gated condominiums of 15-40 units are currently less than six months. Even with the larger tracts that have recently sold, not enough of them will be developed in a timely fashion to keep pace with the demand we currently have. If you have any questions or require further information on the above, please feel free to contact me directly.
Real Estate Listings
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