Country Article / Postcards
Who Else Wants a $70,000 Home in the Caribbean?
Date: 09/19/2007
With prices so low for a view like this…does it really matter if the lights go out once in a while?
There is no one-place-fits-all paradise, no one destination that is perfect for everyone reading this…but the Dominican Republic comes pretty close.
The beautiful coral-rimmed island of the D.R. has great weather and world-class beaches, not to mention a low cost of living and a stable government, within a short travel time of the U.S.
In fact, the country has so many advantages for a second-home buyer…that you may wonder why property bargains still abound. Here's the answer: A few years ago the Dominican Republic had the fastest-growing economy in Latin America and the Caribbean. But a banking crisis put the economy into a tailspin, causing the D.R. peso to plummet from 16 pesos to the U.S. dollar in 2000, to 54 pesos in early 2004. The peso has now recovered somewhat and recently traded at about 34 to the dollar.
Plus, issues such as persistent electrical power failures have deterred property shoppers. However, the D.R.'s new investors are combating this by seeking buildings and developments with on-site generators. A renovated one-bedroom, one-bathroom apartment overlooking the pool in a popular condominium complex at Sosúa (within walking distance to shops, restaurants, bars, and beaches) comes at a price of $66,500.
The northern coast of the D.R. has long been the country's most popular spot for tourists and property buyers. Some of the finest beaches in the Caribbean are the big attraction, but the North Coast also has fine dining, exciting night life, colorful culture, lots of sports, and friendly residents. Condominium apartments are available on the oceanfront at Cabarete, offering a seaview and a stretch of beach only 100 yards away. Units have granite counter-tops, coral stone wainscoting, imported porcelain tiles, and top grade stoves and refrigerators. Other amenities include a pool, laundry facilities, backup generator, 24-hour security, and parking. Price: $79,245.
Don Ediger
Sun Hound, International Living
Editors Note: For one week only--this week--you get Don's new book, Your Own Second Home in the Sun, for 15% off. Don tells you where and how to buy a second home in the tropics--The Bahamas, Belize, Costa Rica, The Dominican Republic, Guadeloupe and Martinique, Guatemala, Honduras, Mexico, Nicaragua, and Panama--for less than $100,000. He covers everything. Plus, if you order before Sunday, Sept. 23, you also get a free special report, "How to Own Your Own Private Island."
Related articles:
- Forget St. Barts…and Get a Real Caribbean Bargain
- How to Get the French to Subsidize Your Island Adventure
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