Monday, May 25, 2009
Dear 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 tourist radar—and 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 tenfold in locations in the north of the country like Tamarindo. Today this area of Costa Rica is known worldwide as 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, up from the current 250 cruise ships per year.
Moin has a Caribbean charm, but not much in the way of amenities. That’s about to change, with the first major development on this Caribbean coastline: a project called Isla Moin. This $40 million marina development includes a 500-slip marina, two breakwaters, a shopping center, 800 homes, a yacht repair area, and a luxury hotel.
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 cafes, 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 today. Buy here 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 gently 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 kept his pricing competitive. Today, you can buy a lot from $40,000.
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
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Costa Rica’s New Airport Could Make some of us Rich
Posted Under:
costa rica, chill weekends, appreciation potential
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