Many of my clients seem to ask "Where is the Best Place to Live in the Central Valley?"
Like any other destination in the world, the answer depends greatly on your personal lifestyle criteria. Without a doubt, the area that has become the focal point for most foriegn and local residents alike are the suburbs of Escazu and Santa Ana. The reasons are quite simple.
Like many cities around the world, in today's society of fast pace work, busy schedules and less free time, people are looking for the most convenient location, eliminating extensive driving, and maximizing either work or pleasure. Escazu and Santa Ana fall directly into that category. Both areas have become the hub for the most affluent residential sectors, Class A Office Space, bilingual schools, banking district, finest shopping and international restaurants. The geographical backdrop in the area has only added to the draw, with striking mountains just beyond the commercial growth on the lower levels, providing hillside residences with striking evening views of the skyline, yet just minutes away from all of the conveniences of our daily lives.
These two areas host the best hotels, both current and those under construction or in the planning stages including the Hotel Real Intercontinental, Marriott Courtyard, Marriott Residence Inn (opening 2009), and several others on the way. Additionally, the most recognized shopping icon in the area, Multiplaza, which is currently undergoing its 5th and final addition. This shopping mall is surrounded by two of the most sought after office parks in the area, Plaza Roble as well as the Meridiano. Down the road, you will find the newly inaugurated Multipark, and heading over the hillside and into Santa Ana, there are several new commercial complexes such as Momemtum Lindora, as well as the innovative office parks Forum and Forum II which host multinationals such as HP, Proctor & Gamble, Walmart amongts others.
Choosing which area is best for you is likely to be a matter of personal taste, and coming down and actually getting to know each area. The most sought after gated communities are Cerro Alto, Villa Real, Cerro Real, Bosques del Lindora and Valle del Sol. Each offers the highest level of security, some offer views, others golf, but all share the common denominator of offering a secure environment and community for the member families to enjoy for the coming years. Other clients prefer the lifestyle of vertical living for increased security, ease of maintenance (or lack thereof), and the highest profile options in this category would be MontePlata, Valle de Tamarindo, Central Park, Acropolis, and dozens of others currently under construction both in the area of Escazu, as well as the area of La Sabana, which is quickly become a "third" destination, and alternative for those who wish to be closer to the city's downtown area.
At the end of the day, the most important thing is that your agent on the ground understands clearly your criteria in order to assist you. There are excellent options here in this area, and our agents have the experience in listening to your needs, to better assist in the search for the right property for you, your family, and/or your investment.
Monday, January 12, 2009
Thursday, January 8, 2009
Free Trade Agreement....The waiting game
Well, after I don't remember how many years, and how many street blockades, angry media seeking politicians and taxi driver protests, the Free Trade Agreement in Costa Rica is finally moving into effect.
I am no politician, and try only to follow what is going on, without getting too opiniated. I do know a few things in my short life experience. It would be nice not to have wait one year to get a phone line. It would be nice to be able to walk into a store, buy a cell phone, and walk out talking on that phone. It would be nice to be able to call the phone company (of my choice) and complain about a current problem, and actually have someone provide a solution. Well, my friends, this is called competition and I can tell you that I may or may not understand the intricacies of a free trade agreement and their short and long term effects, but from an egotistical standpoint, I can tell you that I am looking forward to.
I always laugh when my clients ask me: Todd, where can I pick up a cell phone when I am down there. They see my smile and ask what is so funny....I explain that now only is there a long waiting list to get a line, but also, that as a foreigner, they cannot get a phone....Of course, we do not like to dissapoint our clients therefore, I follow that intro with the explanation of how we can assist them, and we are able to get them a phone and a line through some of our sympathetic local connections....
Also quite comical when a client asks, who do you recommend that I contact about insuring my house, or car, etc....The answer, in the past, has always been easy. Does not matter, price is the same anywhere you go....Monopolies...it was always much more fun when you were playing with fake money as a kid, and all you had to do was pass GO and COLLECT $200. Now, it feels like you are being sent to the local prison, without your GET OUT OF JAIL FREE CARD.
So, ladies and gentlemen, get prepared...Those who have never had to compete in Costa Rica are being forced to do so. The effects are already being felt although the competition is not yet here. WIFI services are increasing, BLACKBERRY service is finally here for the addicts, and an amazing concept in communications is actually starting to be felt like a shockwave across the country: service. Special business centers are being set up by the previous monopoly (ICE) to tend to businesses, and business people to provide them with attention, service, and even a warm cup of coffee served by a smiling young latina, as opposed to a disgruntled, heavyset, bearded lady named Olga, who sends you to end of the line b/c your passport is blurry.
Oh, yes, times they are a changing down here....
I am no politician, and try only to follow what is going on, without getting too opiniated. I do know a few things in my short life experience. It would be nice not to have wait one year to get a phone line. It would be nice to be able to walk into a store, buy a cell phone, and walk out talking on that phone. It would be nice to be able to call the phone company (of my choice) and complain about a current problem, and actually have someone provide a solution. Well, my friends, this is called competition and I can tell you that I may or may not understand the intricacies of a free trade agreement and their short and long term effects, but from an egotistical standpoint, I can tell you that I am looking forward to.
I always laugh when my clients ask me: Todd, where can I pick up a cell phone when I am down there. They see my smile and ask what is so funny....I explain that now only is there a long waiting list to get a line, but also, that as a foreigner, they cannot get a phone....Of course, we do not like to dissapoint our clients therefore, I follow that intro with the explanation of how we can assist them, and we are able to get them a phone and a line through some of our sympathetic local connections....
Also quite comical when a client asks, who do you recommend that I contact about insuring my house, or car, etc....The answer, in the past, has always been easy. Does not matter, price is the same anywhere you go....Monopolies...it was always much more fun when you were playing with fake money as a kid, and all you had to do was pass GO and COLLECT $200. Now, it feels like you are being sent to the local prison, without your GET OUT OF JAIL FREE CARD.
So, ladies and gentlemen, get prepared...Those who have never had to compete in Costa Rica are being forced to do so. The effects are already being felt although the competition is not yet here. WIFI services are increasing, BLACKBERRY service is finally here for the addicts, and an amazing concept in communications is actually starting to be felt like a shockwave across the country: service. Special business centers are being set up by the previous monopoly (ICE) to tend to businesses, and business people to provide them with attention, service, and even a warm cup of coffee served by a smiling young latina, as opposed to a disgruntled, heavyset, bearded lady named Olga, who sends you to end of the line b/c your passport is blurry.
Oh, yes, times they are a changing down here....
Monday, January 5, 2009
Hotel Opportunities, Costa Rica
Many of my clients have been asking me about where I think their money is best spent in the current real estate market. Certainly where to spend your hard earned money/savings, is a personal decision that will depend greatly upon the type of use/investment/returns you are looking for.
We have clients who are speculative by nature, therefore, now is a great time to shop for bargains from specifically motivated sellers. There are currently some opportunities both in land deals, as well as residential homes and condos, whose sellers are either motivated due to ties to the US economy, or perhaps already achieved their profit margins and are willing to sell at very attractive prices. Other clients, who are looking for a more conservative investment, with solid cash flow, are more often seeking turn key, cash cows, with a solid history such as vacation homes for rent, or hotels.
These opportunities provide real estate investors with a "real" gaurantee, even in the worst of times, in addition to the IMMEDIATE ROI the day that the transaction is closed. Investors here are not looking for 200% returns, but rather a solid 10% cap rate, in addition to the opportunity to improve the current operation either via expansion, efficiency, higher occupancy rates, etc... There are dozens of these opportunities currently on the market, and a handful which are truly difficult to pass up, which provide strong revenues, turn key management and staff, high occupancy rates, excellent historic reputation and the opportunity to improve.
If you are interested in more, feel free to contact me for more information....
We have clients who are speculative by nature, therefore, now is a great time to shop for bargains from specifically motivated sellers. There are currently some opportunities both in land deals, as well as residential homes and condos, whose sellers are either motivated due to ties to the US economy, or perhaps already achieved their profit margins and are willing to sell at very attractive prices. Other clients, who are looking for a more conservative investment, with solid cash flow, are more often seeking turn key, cash cows, with a solid history such as vacation homes for rent, or hotels.
These opportunities provide real estate investors with a "real" gaurantee, even in the worst of times, in addition to the IMMEDIATE ROI the day that the transaction is closed. Investors here are not looking for 200% returns, but rather a solid 10% cap rate, in addition to the opportunity to improve the current operation either via expansion, efficiency, higher occupancy rates, etc... There are dozens of these opportunities currently on the market, and a handful which are truly difficult to pass up, which provide strong revenues, turn key management and staff, high occupancy rates, excellent historic reputation and the opportunity to improve.
If you are interested in more, feel free to contact me for more information....
Sunday, January 4, 2009
How to Find the Best Opportunities in Costa Rica
In today's market, there is only one way to find the best deals...Talk to your agent in Costa Rica. As discussed in a prior post, once you have confidence and trust in your local agent/broker, educate him/her as to your investment criteria. Let him know clear data about price, location, property type and overall investment goals.
There are excellent opportunities right now in Costa Rica from coastal properties, Escazu homes and condos, as well as raw land and commercial properties. Tireless internet searches will often run you in circles, and again, tell you nothing about the sellers of each property, their current condition, any flexibility, etc...At our office, www.2costaricarealestate.com, both in Escazu and Manuel Antonio, we are constantly in touch with our seller clients to ensure accurate pricing and up to date status on their current position. We survey them to understand their timelines and expectations, and this information can be vital to making the perfect match between buyer and seller. Often times, we will have buyers call and explain in detail the criteria for which they are willing to committ and invest. At the time of the call, we might not have exactly what they are looking for, however, with this vital communication between our office and our sellers, our buyers are truly the first ones to know about a particular deal. When it hits, our buyers are made aware immediately of the reasoning, and current offering to be able to jump on this opportunity.
Certainly, today we are more involved in a buyer's market than a seller's, however, now more than ever, the best deals move very quickly as an astute buyer recognizes them and moves quick. Contact one of our agents, at info@2costaricarealestate.com or call toll free at 1-866-374-7798 and ask about our incredible opportunity at the marina, commercial development opportunity, and reduced price on prime vacation homes on the Pacific Coast!
There are excellent opportunities right now in Costa Rica from coastal properties, Escazu homes and condos, as well as raw land and commercial properties. Tireless internet searches will often run you in circles, and again, tell you nothing about the sellers of each property, their current condition, any flexibility, etc...At our office, www.2costaricarealestate.com, both in Escazu and Manuel Antonio, we are constantly in touch with our seller clients to ensure accurate pricing and up to date status on their current position. We survey them to understand their timelines and expectations, and this information can be vital to making the perfect match between buyer and seller. Often times, we will have buyers call and explain in detail the criteria for which they are willing to committ and invest. At the time of the call, we might not have exactly what they are looking for, however, with this vital communication between our office and our sellers, our buyers are truly the first ones to know about a particular deal. When it hits, our buyers are made aware immediately of the reasoning, and current offering to be able to jump on this opportunity.
Certainly, today we are more involved in a buyer's market than a seller's, however, now more than ever, the best deals move very quickly as an astute buyer recognizes them and moves quick. Contact one of our agents, at info@2costaricarealestate.com or call toll free at 1-866-374-7798 and ask about our incredible opportunity at the marina, commercial development opportunity, and reduced price on prime vacation homes on the Pacific Coast!
The Morning Cup
When I lived in the States (now almost 11 years ago), the taste and smell of coffee was so unappealing. Maybe it was the direct correlation of the morning cup of coffee with the work force, something that perhaps subconsciously I wanted to avoid. I can't really say it was the taste that turned me off, as I could never really bring myself to do so...
Who knows....As they say, when in Rome. Costa Rica has become famous for it's world class coffee and it did not take long before this became part of my routine. When I lived on the coast, the coffee generally had to have a little milk, to take away the bitterness. Now, serve it black with 2 splendas and I can start my day. Funny how life is a matter of habits, as without my coffee, my day is missing something. Not sure if it is the caffeine which I have grown accustomed to, or just a nice morning ritual. My daughter who is now 4, wakes me up to eat an early breakfast, and as she eats and watching cartoons, I sit on the terrace of my home overlooking the city, and surrounding mountains. It is a breathtaking site, and although I am not sure the steam from the coffee enhances the feeling, but it sure feels like it. Perhaps as I get older, the coffee simply makes me feel more mature....All I need now is a pair of reading glasses, and a set of dentures :)
If you are looking for a recommendation for coffee, you truly can't go wrong with Cafe britt....I think that they simply have the best quality and best overall variety....www.cafebritt.com
If you like a lightly flavoured blend, try Vanilla Nut from Cafe Leyenda....Great
Who knows....As they say, when in Rome. Costa Rica has become famous for it's world class coffee and it did not take long before this became part of my routine. When I lived on the coast, the coffee generally had to have a little milk, to take away the bitterness. Now, serve it black with 2 splendas and I can start my day. Funny how life is a matter of habits, as without my coffee, my day is missing something. Not sure if it is the caffeine which I have grown accustomed to, or just a nice morning ritual. My daughter who is now 4, wakes me up to eat an early breakfast, and as she eats and watching cartoons, I sit on the terrace of my home overlooking the city, and surrounding mountains. It is a breathtaking site, and although I am not sure the steam from the coffee enhances the feeling, but it sure feels like it. Perhaps as I get older, the coffee simply makes me feel more mature....All I need now is a pair of reading glasses, and a set of dentures :)
If you are looking for a recommendation for coffee, you truly can't go wrong with Cafe britt....I think that they simply have the best quality and best overall variety....www.cafebritt.com
If you like a lightly flavoured blend, try Vanilla Nut from Cafe Leyenda....Great
Saturday, January 3, 2009
How Do Find the right Property for me?
With the internet power of the twentieth century, comes the positive and negative of mass marketing. Certainly, the positive is that it is truly easy to publish your message and reach the public. The negative is that anyone can do so. This makes a real estate investor seeking information about properties in a foreign country, a little challenging. Who to trust? Whose information is up to date, helpful, and truly accurate? How can I tell? There are literally thousands of real estate sites for Costa Rica, all claiming to be "honest, professionals, working for you!"
In my experience (although I am a broker, I have purchased real estate and dealt with brokers/agents in many countries), there is no better way than picking up the phone. The phone is not a crystal ball, but engaging in a free conversation, with no predicted responses that can be easily manipulated in an email, is the best way to get to know your professionals. Ask tough questions. A good broker will not only know how to answer, but as opposed to getting frustrated as many novices would, he/she will respect that they are dealing with a serious client, who knows what he wants, and what is important to them with regards to their investment.
Make sure that the professional that are talking to understands the market...not just a specific property that you are inquiring about, but market trends, history, pricing, values, etc to ensure that the experience that they bring to the table is going to be an added value for you. A professional broker/agent understands that your investment is not only important in the short term, but that your long term success is vital not only to you, but to the success of their business. Look for a professional with a long term mentality, who wants to build relationships, as opposed to the short term profit. Sure, we are all here to make money, but building relationships with our clients is the key to long term success.
Once you have found that agent, let them do the work for you. Your job is to know what your criteria is (and of course, write the check :))....Other than that, your agent should be able to translate your criteria into 1) the right area 2) the right type of property 3) the right property
Be sure to work from this macro mentality to micro...If you are not familiar with the country, or the specific, don't jump ahead to look at a specific property (especially if this is more than an investment). You can find the dream property, but if you are not going to be happy spending time there, the investment will be about as good as your patience...Let your agent get to know you...The more he knows, the more he will be able to understand your profile and best fit you into the perfect property.
Just a few tips, but keep them in mind, and feel free to give us a call in Costa Rica and we can assist, www.2costaricarealestate.com, or if you are interested in other opportunities, stay tuned for opportunities in Panama, and Medellin, Colombia as well!
In my experience (although I am a broker, I have purchased real estate and dealt with brokers/agents in many countries), there is no better way than picking up the phone. The phone is not a crystal ball, but engaging in a free conversation, with no predicted responses that can be easily manipulated in an email, is the best way to get to know your professionals. Ask tough questions. A good broker will not only know how to answer, but as opposed to getting frustrated as many novices would, he/she will respect that they are dealing with a serious client, who knows what he wants, and what is important to them with regards to their investment.
Make sure that the professional that are talking to understands the market...not just a specific property that you are inquiring about, but market trends, history, pricing, values, etc to ensure that the experience that they bring to the table is going to be an added value for you. A professional broker/agent understands that your investment is not only important in the short term, but that your long term success is vital not only to you, but to the success of their business. Look for a professional with a long term mentality, who wants to build relationships, as opposed to the short term profit. Sure, we are all here to make money, but building relationships with our clients is the key to long term success.
Once you have found that agent, let them do the work for you. Your job is to know what your criteria is (and of course, write the check :))....Other than that, your agent should be able to translate your criteria into 1) the right area 2) the right type of property 3) the right property
Be sure to work from this macro mentality to micro...If you are not familiar with the country, or the specific, don't jump ahead to look at a specific property (especially if this is more than an investment). You can find the dream property, but if you are not going to be happy spending time there, the investment will be about as good as your patience...Let your agent get to know you...The more he knows, the more he will be able to understand your profile and best fit you into the perfect property.
Just a few tips, but keep them in mind, and feel free to give us a call in Costa Rica and we can assist, www.2costaricarealestate.com, or if you are interested in other opportunities, stay tuned for opportunities in Panama, and Medellin, Colombia as well!
Costa Rica Opens Again
Well....For those of us who live and work in Costa Rica, the yearly "closure" of the country is almost up. Starting December 1st, the yearning for the holiday season is felt throughout the country. The workplaces are filled with busybodys rushing around, trying to get their work done before the end of the year. As the days pass towards the middle of the month, although the work force is physically present, they have already gone on mental vacation.
On the 19th of December, government offices are closed, no more lawyers, no more architects, no real estate transactions with the absence of the National registry, etc...
Being a workaholic, I always play stubborn and assume that the biggest deals are going to take place when the rest of the world is asleep. I take a one week vacation, this year to Colombia with my wife and daughter, only to come back to the office on the 29th...As I arrived at the office on the 29th, I felt like I was the last man standing. A strange aura surrounded the generally packed office complex...After working from teh 29th - 31st, and getting some organizational work done, one slowly starts to see the return of the life to the city of San Jose. A mass exodus of the beach travelers head back to the city...the grovcery stores start to fill back up, restaurants start to open, and of course, the shopping centers and movie theaters are back to capacity...
Well, 2009 is finally among us, and time to get back to work. From the balcony of my home, I watch the traffic pass along the highway, heading through the main thoroughfare of Escazu...Time to get back to work. So, pack your bags, come to Costa Rica, and seek out the best opportunities that 2009 has to offer
On the 19th of December, government offices are closed, no more lawyers, no more architects, no real estate transactions with the absence of the National registry, etc...
Being a workaholic, I always play stubborn and assume that the biggest deals are going to take place when the rest of the world is asleep. I take a one week vacation, this year to Colombia with my wife and daughter, only to come back to the office on the 29th...As I arrived at the office on the 29th, I felt like I was the last man standing. A strange aura surrounded the generally packed office complex...After working from teh 29th - 31st, and getting some organizational work done, one slowly starts to see the return of the life to the city of San Jose. A mass exodus of the beach travelers head back to the city...the grovcery stores start to fill back up, restaurants start to open, and of course, the shopping centers and movie theaters are back to capacity...
Well, 2009 is finally among us, and time to get back to work. From the balcony of my home, I watch the traffic pass along the highway, heading through the main thoroughfare of Escazu...Time to get back to work. So, pack your bags, come to Costa Rica, and seek out the best opportunities that 2009 has to offer
Friday, January 2, 2009
Latest Real Estate Trends, Costa Rica
Well, with the news cameras focused on the spiraling market in the US, there is not a client who does not ask the question. So what is the real status of the Costa Rican real estate market?
I think for this conversation, it is important to separate the discussion in two parts: 1) Coastal real estate and 2) Central Valley real estate (San Jose/Escazu). Simply put, the coastal market is and has always been a destination for second home buyers, investors looking for cash flow properties, vacation homes and of course, those looking for retirement in such a tropical paradise. With the market in the US in the current condition, it is expected that this market would take a hard hit as buyers with money are watching their investments much closer. Additionally, with credits limited both in the US and Costa Rica, those who do not have the liquidity are currently out of the market, and those who have, and do not want to spend it, are likewise, looking for alternatives. However, on the coast, the buyers that are active, and competitive in the market place, are those who are looking for strong deals. These buyers are looking for sellers who are somehow tied to the US market, perhaps drowing on a second mortgage, or just needing liquidity to get out. There are sellers in this position, however, important to note, this is not the United States. At times when people criticized the CR banks for being very conservative both with interest rates, and strict lending requirements, this conservative mentality is paying off. Costa Rica does not suffer from a high default rate as low interest mortgages were never offered, and historically, this market has always been a cash market. Therefore, although we can assist in finding excellent opportunities on the market due to individual seller's needs (www.2costaricarealestate.com), this is not a global condition.
Certainly times on the coast are slow now, as buyers are smarter, looking for solid deals, and are weary of preconstruction projects full of promises. Strong sales are taking place at higher rates in projects that are finished, whose developers are offering incentives to close, or incentives to purchase. Owner financing, extended down payments and vacation clubs are trends that are being seen in today's market on the coast. With many of the previously announced 5 star, branded hotels on the fence now, buyers intelligently are asking the right questions to ensure their investment as the market settles. Myself, I look at this as a positive, as educating sellers to the realities of the market is a positive. Will Costa Rica see a blanket price drop like other areas...not likely, however, certainly, prices will become more buyer friendly, and the market for now, is a buyer's market. Therefore, get in touch with a real professional as now is a great time to acquire at strong buyer conditions...
In the Central Valley, the conditions are different. The market in the Central Valley, comprosing the suburbs of Escazu, Santa Ana and Ciudad Colon (the most popular areas both for foreigners and middle/upper class locals, bears very few speculative buyers and is truly driven by economic factors at a local level. The population has seen tremendous growth over the past few years due to a rapidly growing commercial sector, and with the passing of the free trade agreement, this growth is likely to continue at a rapid pace. People are choosing to live in these suburbs as they combine the conveniences of the best residential area, most affluent commercial office complexes, as well as the finest restaurants, shopping, bilingual schools, hospitals, etc... The only temporary crutch in this market has been the more recent tightening of residential finance programs, whose interest rates are currently over standard rates, haulting many buyers...Most insiders believe that early 09 will bring those rates back to a normal level, and the existing demand in the market, who are awaiting these news, will bring the market back into a much more competitive situation.
Likewise, with the release of these credits, the players in the high end commercial development market are likely to get involved, as most are waiting on the sidelines for some of the high profile land opportunities for construction of hotels, commercial centers, malls, etc...
Stay tuned, as I will be keeping you posted on some of the latest updates, trends, as well as my lifestyle down here in paradise....
I think for this conversation, it is important to separate the discussion in two parts: 1) Coastal real estate and 2) Central Valley real estate (San Jose/Escazu). Simply put, the coastal market is and has always been a destination for second home buyers, investors looking for cash flow properties, vacation homes and of course, those looking for retirement in such a tropical paradise. With the market in the US in the current condition, it is expected that this market would take a hard hit as buyers with money are watching their investments much closer. Additionally, with credits limited both in the US and Costa Rica, those who do not have the liquidity are currently out of the market, and those who have, and do not want to spend it, are likewise, looking for alternatives. However, on the coast, the buyers that are active, and competitive in the market place, are those who are looking for strong deals. These buyers are looking for sellers who are somehow tied to the US market, perhaps drowing on a second mortgage, or just needing liquidity to get out. There are sellers in this position, however, important to note, this is not the United States. At times when people criticized the CR banks for being very conservative both with interest rates, and strict lending requirements, this conservative mentality is paying off. Costa Rica does not suffer from a high default rate as low interest mortgages were never offered, and historically, this market has always been a cash market. Therefore, although we can assist in finding excellent opportunities on the market due to individual seller's needs (www.2costaricarealestate.com), this is not a global condition.
Certainly times on the coast are slow now, as buyers are smarter, looking for solid deals, and are weary of preconstruction projects full of promises. Strong sales are taking place at higher rates in projects that are finished, whose developers are offering incentives to close, or incentives to purchase. Owner financing, extended down payments and vacation clubs are trends that are being seen in today's market on the coast. With many of the previously announced 5 star, branded hotels on the fence now, buyers intelligently are asking the right questions to ensure their investment as the market settles. Myself, I look at this as a positive, as educating sellers to the realities of the market is a positive. Will Costa Rica see a blanket price drop like other areas...not likely, however, certainly, prices will become more buyer friendly, and the market for now, is a buyer's market. Therefore, get in touch with a real professional as now is a great time to acquire at strong buyer conditions...
In the Central Valley, the conditions are different. The market in the Central Valley, comprosing the suburbs of Escazu, Santa Ana and Ciudad Colon (the most popular areas both for foreigners and middle/upper class locals, bears very few speculative buyers and is truly driven by economic factors at a local level. The population has seen tremendous growth over the past few years due to a rapidly growing commercial sector, and with the passing of the free trade agreement, this growth is likely to continue at a rapid pace. People are choosing to live in these suburbs as they combine the conveniences of the best residential area, most affluent commercial office complexes, as well as the finest restaurants, shopping, bilingual schools, hospitals, etc... The only temporary crutch in this market has been the more recent tightening of residential finance programs, whose interest rates are currently over standard rates, haulting many buyers...Most insiders believe that early 09 will bring those rates back to a normal level, and the existing demand in the market, who are awaiting these news, will bring the market back into a much more competitive situation.
Likewise, with the release of these credits, the players in the high end commercial development market are likely to get involved, as most are waiting on the sidelines for some of the high profile land opportunities for construction of hotels, commercial centers, malls, etc...
Stay tuned, as I will be keeping you posted on some of the latest updates, trends, as well as my lifestyle down here in paradise....
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