Someday, I will write a book about my adventures in real estate, the stories, the people, the horror stories, and all the dreams we play a small part in making realities. That, however, is for a time with more red wine and patience. For now, as I read through some emails from clients seeking investment opportunities in Costa Rica, I want to dedicate a few moments of time to the market for Condos For Sale in Costa Rica. CONDOMinium, to the surprise of some of my more adventuresome and sarcastic clients, has nothing to do with havens for safe sex and responsible family planning. The actual origin of the word is Latin Com “with or together” and Dominum which is “right of ownership or property” The concept of several people sharing ownership of a property broken into smaller parcels has been around for quite some time in other forms, but is actually a relatively new form of ownership which was created in the 1960’s in New York City by the cousin of now famous presidential candidate Mitt Romeny, Mr. Keith Romney. Keith Romney was an attorney working for a client who wanted to sell ownership in a large estate, and they began looking at long-standing Co-op laws existing for more than a century as well as European models for shared ownership. Long story short, the client liked the idea, Utah liked the idea so much they created the first condo law in the USA, and now more than 1 in 5 Americans call a Condo HOME!
That said, in the Costa Rican real estate market, the word condo, perhaps in large part due to the wild popularity of the concept in North America, has become to many a bit of a negative, and that is what I want to address in this short... well, somewhat short ramble. The market for condos in Costa Rica has seen a tremendous amount of growth in the relatively young history of development on the coasts, and there is undoubtedly a very bright future for this kind of development. Rather than writing the first few chapters of a book here, I thought it more prudent to just delineate some of the positive elements of condos in general and especially here in Costa Rica, as while most would dream of owning their own home in paradise, there are some very real upsides of condo ownership in Costa Rica.
Upsides.
1. EASY. For most of our clients, their purchases in Costa Rica are for vacation homes and represent second or third properties in their lives. Owning a property in paradise is a dream, about lifestyle, about relaxing and reaping the fruits of your primary job. With a condo, you enjoy security, common areas that are fully maintained, and administration that allows your property to be simple and easy to own. Most condos are just lock and leave, as the economies of scale usually translate to rental management, housekeeping, maintenance, etc., that you simply can’t replace in a single-family residence.
2. Location, location, location. Let's face it. When developers can build 5, 10, or 50 residences on one parcel of land, they oftentimes pick the absolute best locations, as clients are sacrificing more personal space and property in exchange for the convenience outlined above for views, accessibility, etc. Perhaps this is one of the reasons condo “haters” can be so adamant, as this form of development tends to take place in the absolute best parts of any given community.
3. Community: While I MUST say that one of the most rewarding elements of my life in Costa Rica has been a full integration into the communities that make Costa Rica so special, we are also acutely aware that investors who do not seek the language or who will only have shorter periods of time here, might not be able to seamlessly become part of a larger community with ease. Condos, whether they be vertical or horizontal, provide neighbors, community, and social opportunities, which can and should be a part of any real experience in Costa Rica. We have a few options in vertical in Sabana condos for sale.
4. Value: The efficiencies of condo building allow investors to get views, finishes, design, amenities, and lifestyle components which would be impossible to replace without having a MUCH more substantial budget. Want a huge view, want an insanely designed infinity edge pool, want a bar and restaurant that delivers to your chair, perfectly landscaped gardens....yeah.. me too, but until my lottery ticket gets called, condos allow many to live with 5-star amenities at much more affordable pricing.
5. Security: Condos offer multiple layers of security, as from a legal standpoint, the condo laws in Costa Rica are very strong, and to be able to build and create the legal condo structure, it takes a significant investment. End users benefit from this as you ensure the legal integrity of the property and have clear bylaws and rules that govern the project. While Costa Rica is a very safe destination in general, condos also offer physical security, which for many is incredibly important when considering investing anywhere, especially outside of the USA.
All in all, for clients looking for any or all of the aforementioned elements, considering a condo purchase in Costa Rica might be worth a discussion with a realtor you can trust. If you can’t find one, let me know. I can recommend a few!