IL Postcard

IL Readers Get 10% off Bargain Real Estate

Date: 10/18/2008 Author: Ronan McMahon

Saturday, Oct. 18, 2008

Read more about investing in foreign real estate in International Living Postcards—your daily escape

Dear International Living Reader,

Limon, Costa Rica’s “forgotten province,” stretches the length of the Caribbean coast. Bad roads and lack of infrastructure meant that this area stayed under the radar. Developers focused entirely on the Pacific coast.

But these are exactly the conditions I look for when scouting for a good real estate opportunity. This area won’t remain “forgotten” for long because of the $600 million facelift it will receive over the coming years.

Those of you who followed International Living’s recommendation to buy Costa Rica in the 1980s will have done well...really well, in fact. Prices have appreciated 10-fold in areas in the north of the country, like Tamarindo. Today, this area of Costa Rica is known worldwide, and is a playground for the rich and famous. By contrast, Limon isn’t...but I think this is set to change.

The World Bank agreed to extend a $72.5 million loan in late 2007. This will be used to revitalize Limon. The government plans a $600 million modernization of the ports of Moin and Limon. Moin is a stopping point for cruise ships. By 2013, the government expects 500 cruise ships per year. Moin currently gets 250 cruise ships per year.

Moin has a Caribbean charm, but not much in the way of amenities. The $40 million marina development includes a 500-slip marina, two breakwaters, a shopping center, 800 homes, a yacht repair area, and a luxury hotel. Construction has just started.

The marina will change this sleepy Caribbean outpost. How much? Consider Los Suenos, on the Pacific side of the country. This was Costa Rica’s only private marina. When it was developed, the area boomed. That will happen on the Caribbean side. Expect to see cafés, restaurants, bars, and boutiques springing up in Moin and its surrounding areas. Expect to see prices rise, reflecting the pricing of the marina residences.

Grand View Estates is the most successful project in this area. Buy here today and you can still get in at “forgotten” Limon prices. This will all change when the marina set arrives.

Grand View Estates is a 640-acre project nestled deep in the Talamanca Mountains. You get magnificent views of the Caribbean and the surrounding mountains and valleys. The 1,300-foot elevation allows for fresh ocean breezes. The site is diverse, with virgin rainforest, five rivers, two waterfalls, and rolling hills. The wildlife is abundant, with hundreds of bird and animal species.

Grand View Estates is located just 1.5 hours east of San José. And it's only 30 minutes from the beautiful white-sand beaches and the sparkling waters of the Caribbean. Since the airport is only two hours from Miami, you can arrive on site in just over half a day from Florida. Now that’s what I call placing yourself along the Path of Progress.

Despite this accessibility and beauty, lots here are still less than one-fifth of what you would pay up north. The developer William Ogen has just released Phase Three, and he has kept his pricing competitive. Today, you can buy a Phase Three lot, just under 1.5 acres, for $78,000. William has agreed to offer the first 10 International Living readers who buy a Phase Three lot a 10% discount. Factoring in this discount means that you can buy this lot for $70,200.

I always advise visiting a project before making a purchase. William will facilitate you in this regard. Simply pay 10% down on the lot of your choice and you then have 45 days to tour Grand View Estates. If you decide this isn’t the deal for you after all, your deposit will be refunded in full. Speak with William to lock down your lot today.

Ronan McMahon

Editor’s Note: In the interest of full disclosure, please note that Grand View Estates is a client of Pathfinder Ltd. Learn more here.