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July Market Report: Five of Our Most Recent Closings of Costa Rica Real Estate

This month’s Costa Rica real estate market report for the Costa Ballena region is a detailing five of our most recent home closings. For privacy reasons, we won’t disclose any names or specifics about the property, but we will give you enough information to understand what type of people are buying real estate in Costa Rica today. We’ll also be telling you a bit of a story about each listing so that sellers can understand what makes for a good real estate transaction

Of our ten most recent closings, all were for homes. Only 7 of our 29 in office closings on Costa Ballena, Costa Rica real estate in 2019 have been for lots. Suffice it to say that most of the buyers we meet these days are looking for homes.

Below is a list of our five most recent house closings and a bit about each deal:

Two off-grid homes in Uvita, between $400,000 – $500,000

Rebecca Rowntree recently sold a unique two home listing in the hills of Uvita. Each small casita has its own remarkable views — one of the iconic Whale’s Tail natural cola at Marino Ballena National Park; the other of the towering mountain view of the Talamanca range, high above Uvita. The buyers absolutely fell in love with these views, as well as the unique modern (but not too modern) architecture and decor.

This pre-retired couple from Belgium became excited about Costa Rica when visiting the country over the years. They traveled all over and fell in love with the natural beauty and tranquility of the Southern Zone. They plan to rent the homes primarily and alternate their personal enjoyment between the two, during their own extended vacations. They are likely to rent the ocean view home, which will get a much higher return on investment with vacation renters. The off-grid feature also makes this an economical purchase in the long run, saving on the electricity costs of hosting renters

Modern homes, especially those with remarkable views, are quick to go off the market. This listing was on the market for less than a year and received a few showings in that time. Each recent showing presented great feedback about the property after the price came down to the right spot between the seller’s wants and the market value. Rebecca believes that her clients paid close to or below replacement cost, which she says made it a great deal for her buyers

Great Ojochal mountain view home, between $200,000 – $300,000

Rebecca Rowntree’s sellers have had this expansive mountain view home on the hillsides of Ojochal on the market for around three months. In that time, it was an extremely popular showing with the growing market for under $300,000 homes. These under-3 buyers are coming mainly from the US, looking for a holiday home that will make a good real estate investment. Mainly retirees or people wanting to live a simpler life, these buyers are expecting to stretch their US dollars (and sometimes Euros, too) on the peaceful, tropical Pacific Coast.

Since our local Costa Rica real estate economy has been growing in the Southern Zone for about two years strong, many of our ocean view listings in places like Ojochal went from around $300,000 two years ago to well over $400,000. That’s not to say that there are not ocean view homes under-4, but there are often reasons why those listings are on the market still today.

What there are, though, are great mountain view homes in the Costa Ballena that buyers are falling in love with! The majesty of the green carpeted megaliths coming out of the landscape right near the coast, with their fresh air and abundance of water and wildlife. Imagine waterfalls in your backyard, or a stream burbling close to your home. That is tranquility and so many buyers are yearning for that feeling to be their everyday.

These buyers came from Esterillos in the central pacific coast of Costa Rica. They were looking for a milder climate, away from the heat of the beaches and coast. Ojochal’s mountains provide that sweet relief that this retired American couple is looking for.

Over four acres of prime development land in Ojochal, between $800,000 – $900,000

This property was listed with Osa Tropical Properties’ broker, Kevin Champagne, for a number of years. Although it sold with a home, the buyer was more interested in this spectacular ocean view land in a prime Ojochal location. Sitting right near the infamous luxury hotel, El Castillo, this property can potentially be subdivided and developed into a number of ocean view lots with that same Garza Island view as can be seen from the hotel. This buyer believes that the view might actually be better

Although this property will make a great investment for this buyer, that is strictly because she is a visionary. Many people have viewed this home for sale in Costa Rica over the years and yet it remained on the market. The age of the home may have been a big factor in their decision to say no, because this view never failed to impress. What it took for this property to sell was this vision of this brilliant woman from the US, and her agent, Marcia Oro, to see the land for what it’s worth and to imagine a new way to use it and increase its value. We have no doubt that it will be a project worth investing in!

Ocean view home in Ojochal, between $300,000 – $400,000

One of the last ocean view homes in Ojochal under $400,000, this home sold to a lovely mid-40s Austrian couple. They began traveling to Costa Rica regularly when flights became more direct from their home. Austria is one of a few new European posts that fly direct to Juan Santamaria Airport in San Jose, Costa Rica.

In spite of direct flights, this couple is not yet ready to retire, so aside from personal enjoyment for their holidays, they plan to upgrade the home and rent it to vacationers. Thanks to the great location close to beaches and village amenities, as well as the beautiful ocean views, this will likely make a good return on investment

Ocean view home in Ojochal, between $300,000 – $400,00

Another older home in Ojochal’s first phase of development, this property was formerly used for a popular exotic cuisine restaurant. Long one of the fan favorites in the culinary community of Ojochal, these sellers were ready to try another type of lifestyle after almost 20 years of living and working on the property. In recent years, they built a rental cabin that supplemented their income well during the high season.

With all of these bonus factors, it was a wonder why this property was sitting on the market for almost a year and a half. After taking the listing in 2018, Marcia Oro worked to position this property in its best light, showing the strong potential of the location, views, and the bones of the home.

This great property was not getting the attention that it deserved sitting in the $500,000 – $600,000 price range, which is a high price point for an older home in our current Ojochal real estate market. Marcia suggested to split the property into two, dividing the property between the older home/restaurant/hotel and the rental cabin. This split led to the quick sale of this wonderful ocean view home. Priced at just under $400k, it fit perfectly into the current buyer’s market and was scooped up right away!

Want to know more about recent property closings in our local Costa Rica real estate market, let us know and we’ll be happy to answer your questions. Contact us at sales@osatropicalproperties.com

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