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HELLO PEOPLE COSTA RICA IS NOT AN ISLAND!

Hello Everyone:

My name is Mitchell Cohen. I'm a licensed Realtor with Century 21 in South Florida. Yes this is my first blog with Active Rain. I may be new to this community, but when it comes to Costa Rica I have paid my dues.

First of all, I have lived in this beautiful country in the past for nearly four years. I travel to Costa Rica about once a month to work on my project that I will discuss with you in a moment.

I find it very funny that most people that I run into think Costa Rica is an island! (I guess they all failed geography in high school.) The next thing I normally hear "Can the government take away my land in Costa Rica or can the army take control?" The last time I checked Costa Rica has not had a army in fifty years.

The fact is that Costa Rica is the safest country in all of Central and South America to invest in real estate. One of the main reasons is you as an American has the same right to own property as a Costa Rican. Another important point is most property in Costa Rica is titled. Which means once you buy it yours forever.

Getting back to my project in Puntarenas. About one year ago I purchased sixty acres of Ocean/Gulf view property just Northwest of the city of Puntarenas. The town is called Chomes which is right down the road from Miramar. I believe this part of Costa Rica has tremendous growth potential. As beautiful Costa Rica is, there is one serious problem. Land prices have gone through the roof in most parts of the country. For most folks it is becoming out of reach to buy anything. What I have done is sub-divide my property into twenty estate home sites that range from 2-4 acres each.

The standard lot in Costa Rica today is half a hec, or in English 1.25 acres. The name of my project is Rancho Pacifico Estates.

My website should be up in the next week www.pacificlandsales.com.

The views are really spectacular. I'm ten minutes from a white sand beach called Playa Blanca. No gringos yet! I bought this land directly from the family that owned it for generations. My good friend Carl who lives in Costa Rica and speaks fluent Spanish helped me with this deal.

A word to the wise. Do not buy land from any local broker in Costa Rica! There is a good chance he is tacking on a couple of points on the deal (IF YOU'RE LUCKY!)

So, what is happening in this area? A lot! The Hilton Hotel is opening shop twenty five minutes away. A new marina in Puntarenas is going in. Some South American company invested a bunch of money. Several condo projects are slated to go as well. A new Golf/Villa project I'm told is starting as well.

If your looking to invest in farms with great views and reasonable prices maybe I can help you. My lots start around $8m2 not $80 m2.

I promise my next blog will be shorter. I will be going down to Costa Rica after the first of the year. If you need to reach me call my U.S line: 954-328-3073. Hope to see you there!

Posted by Mitchell Cohen on 12/14/2007 09:38 PM

Comments (9)

costa rica, international real estate, century 21, puntarenas

9 Comments on HELLO PEOPLE COSTA RICA IS NOT AN ISLAND!

MItchell,

I found this post interesting. Can you tell me something? Is $8m2 $8000? I'm not familiar with the term.

Also, do you have photos? I'd be interested to see what the land looks like.

By the way, welcome to Active Rain.

12/14/2007 09:56 PM

by Andrew Trevino Wilkes-Barre Homes For Sale (TradeMark Realtors Group)

LOL I just entered my message and now I see there are photos. Those are some nice views.

12/14/2007 09:57 PM

by Andrew Trevino Wilkes-Barre Homes For Sale (TradeMark Realtors Group)

Welcome to Active Rain - I am glad you are sharing! The pictures look great!

12/14/2007 10:26 PM

by Courtney Cooper, Owner/Broker, Realtor- Seattle Real Estate (Cooper Jacobs Real Estate Services )

i have some friends who own a little spot on the beach. they surf and really love ot there.

12/14/2007 10:26 PM

by Trevor Ainsworth- Rhode Island Ocean Front Real Estate (Randall Realtors, GMAC)

very scenic

I know there are some lenders I deal with that actually lend to US Citizens buying in Costa Rica..

12/14/2007 10:55 PM

by Boca Raton Florida & Boynton Beach Florida Mortgage Loans

Hello David

I have been speaking with Stewart Title in San Jose,Costa Rica. They will lend to foreigners looking to buy land,condos or homes. For land they will lend up to 65% LTV and homes 75%. In some cases they require the borrower to take out a term life insurance policy against the loan amount. I would be open for other options that you may have. Thanks for the interest!

12/15/2007 08:04 AM

by Mitchell Cohen (HWP Realty)

Hello Andrew

Land in Costa Rica is sold by sqaure meters. Let me give you an example. 10,000 sqa meters equals

2.47 acres. A lot selling for $8m2 would cost $80,000. My website will be up this coming week. I have a converison table on one of the links. www.pacificlandsales.com

12/15/2007 11:44 AM

by Mitchell Cohen (HWP Realty)

Hi Courtney

This area of Costa Rica is very beautiful. I also think it is under valued as well.

12/15/2007 11:46 AM

by Mitchell Cohen (HWP Realty)

Hello Trevor

There is no doubt Costa Rica is known for it's surfing. My property is near one of the best surf waves in the

country. It's called Boca Barranca.

12/15/2007 11:49 AM

by Mitchell Cohen (HWP Realty)

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