Buying a Costa Rica Condo can be a very positive experience. People who live in condos enjoy the lifestyle associated with condo living . They offer amenities such as pools, gym, tennis and other activities.  Travel is made much easy by just the “ lock and go ” style of living and returning knowing all is well and secure.  Many condos are within walking distance to shopping, restaurants , movies and other entertainment areas.

Another important consideration is that most condo developments have a rental plan that can be a source of income when not occupied by owners . Living  in comfort but not having to take care of anything is a definite advantage .

Often people fall into a deal on their own by searching ads and web pages.  That is fine as long as you know the pitfalls that can affect your future in the condo. Many times the Condo has it’s own contract, accepts deposits payments to their account directly,.
Also, they have corporations all ready to go, often build closing costs into the price and you are feeling that this is very slick and simple.  In some instances this can be the mechanism  to have the closing completed quickly and on their terms.

We at Costa Rica Retirement Vacation Properties insist on the use of an outside attorney to review the contract even though it will cost extra. We do not allow money to go to any Devloper or Escrow they have set up until this contract is reviewed and approved.

Other considerations  when buying a condo :
Are monthly maintenance fees and listed items the fees cover. Is the developer still managing or is there a homeowners association in place. Very important is the insurance and is there a blanket policy for the buildings . Is there a reserve fund that will cover expenses such as painting ,roof repair and building maintenance. If not then you can expect a special assessment to cover such items . Condo documents should be reviewed also . How often are meetings held to discuss issues.  Is there a system of checks and balances on expenditures.

The above items are normal and if done properly insures  the condo project will be efficient and successful.

Important in any decisions made for the project is the following objective   ” Any decision made should be in the best interest of ALL the owners “. keeping this focus will eliminate individual agendas and will enhance the decision making process.

Rudy Matthews is an marketing associate of Costa Rica Retirement Vacation Properties with many years of Condo sales experience as wellas being an owner of a blockof Condos inthe USA.. He will be glad to assist you in any property interest you have in Costa Rica . Rudy has been a member of  a condo board of directors and served as subsequent president for five years .His knowledge of condominium living covers all parameters.

Rudy recently sold an Ocean front Jaco Beach Condo and secured his clientsome nice perks. He got Eighteen months of maintenance fees paid by the seller plus having the condo totally repainted at the sellers expense Result – a satisfied and happy client with a very good Condo.

The tourism boom in Costa Rica began in 1987, with the number of visitors up from 329,000 in 1988, through 1 million in 1999, to 2 million foreign visitors in 2008.

Costa Rica stands as the most visited nation in the Central American region, with 1.974 million foreign visitors in 2007, thus reaching in 2007 a rate of foreign tourists per capita of 422 visitors per thousand inhabitants, one of the highest within the Caribbean Basin countries, and above other popular travel destinations such as Mexico, Dominican Republic and Brazil.

Costa Rica has been affected like most Countries through this economic downturn but not with the severity we have seen in the USA and some of Europe.  As a result, we have been a little slow to react in lowering prices.

Our Company Tours have seen many people since December 1st.  Many of thse people are gripped with fear for the future and are hard pressed to make a buying decision.  One of the common fears was that Costa Rica had not hit bottom yet and they didn’t want to participate in anymore losses like  their IRA.

I am the listing manager of Costa Rica Retirement Vacation Properties and recently sent mass mailing to over 2000 listings in our database. The response was very encouraging as we updated many listings with lower prices and some owner financing. If this is an indication of what is happening all over, this will bolster things for us dramatically.

We have seen a huge decrease in the prices of the properties. For example, this Costa Rica property in Sierpe is  $200,000, and owner recently reduced price to $95,000.

This Tres Rios residential building lot is beautifully located in San Jose, close to 5 different private schools and 10 minutes to commercial centers and much more, is now priced at only $45,000. This has been dramativcally reduced and owner is also available of $25,000.

There are many more very good deals appearing.

It seems people are now adjusting to the new economy we are facing and are offering properties at very interesting prices and in some cases owner financing.

Since Costa Rica is the most visited nation in the Central American region, there’s no doubt that Costa Rica Real Estate Market is stable and this is a good time to make a safe and good investment.