COSTA RICA REAL ESTATE NEWSLETTER    MARCH 2008

Featuring- LEORA PACIFICO RESIDENCES, Tamarindo, Costa Rica

Have you ever dreamed of living, investing, or retiring in a warm tropical paradise? If you have been to Costa Rica you know what I am talking about! If you have not been to Costa Rica you should spend a little time to explore and research the country as a place to visit, purchase a second home, make an income generating investment, or buy a lot and hold onto it for capital appreciation. Costa Rica has long been touted as, The Switzerland of the West. It is a very stable democratic country. Costa Rica prides itself as being one of the only countries in the world without an army. Costa Rica has long been a favorite place to invest for the international business community. Intel built a large computer chip manufacturing plant that transposed the economy of Costa Rica from an agriculture based economy to being diversified. The entry of Intel into Costa Rica 10 years ago began a transition that has changed the business landscape forever. The country is more diverse and prosperous today than anytime in its previous history.

With many large international corporations discovering Costa Rica ,as an attractive place to carry out business due to a very high educated labor pool, relatively inexpensive wages, and incredible tax advantages compared to other countries of the world,  the word has leaked and the country virtually has a real estate gold rush on its hands. The area getting the most attention is the region along the Pacific Coast. The 2 areas where most of the activity is focused are –The Central Pacific region with the town of  Jaco being the hub and –The Northwest Pacific in the province of Guanacaste  with the town of Tamarindo being the hub. Costa Rica with a stable attractive business environment, friendly people, unprecedented natural beauty, and some of the most incredible beaches in the world has been discovered by both the international tourist,and the real estate community. The North Pacific region is having the most attention due to a new international airport that opened 3 years ago in Liberia. Opening this airport virtually opened the flood gates to tourism in the area. Prior to the airport being operational it was extremely difficult for the international traveler to get to Guanacaste. It required flying to San Jose in the central valley and driving a car over questionable roads for 6 hours each way as well as staying 2 nights in San Jose. Now, the region has over 50 direct flights to Liberia from North America weekly which makes the area readily accessible. With the convenient access, have come the tourists as never seen before, and with the influx of tourists has come unprecedented real estate activity. In fact, no less than 14 large international resort hotels are at various stages of development in the area. The Four Seasons and Hilton are operating, the J W Marriott is under construction and is scheduled to open next year, with the Ritz Carlton and Hyatt not far behind ,(just to mention a few). History has taught us that whenever these large international resorts establish themselves in a beautiful tropical beach region, the residual effect for the medium and smaller real estate player is positive. The North Pacific Region of Costa Rica will be no different. The reason the focus of this article is on the Guanacaste region is because all of the large international resort hotels have focused on this region of Costa Rica. With the network of research analysts of each company doing their due diligence before investing, it makes sense to piggyback on their expertise.

Tamarindo, the center of activity on the coast that makes up the North Pacific region is located less than an hours drive from the Liberia international airport. Tamarindo, once a sleepy surfer town is in a major transitional period to be able to serve the new influx of tourists and people from abroad relocating in the town. Tamarindo could be best described today as a construction zone. Development is in progress in every sector including commercial shopping centers, an office park, residential single family housing and condominiums, hotels, industrial support facilities, and car rental outlets. The transition is necessary to accommodate the volume of people flocking to the town. Tamarindo is the most popular beach destination in Costa Rica. The town has a special ambience not found anywhere else in the country. Activities in the area and surrounding area include, golf, world class sport fishing, surfing, swimming, scuba diving, snorkeling, ATV tours, horseback riding, river rafting, canopy tours, hiking, sunbathing, turtle watching and much more. Amenities and services include, shopping, restaurants, banks, medical services, lawyers, accountants, beauty salons, a state of the art new supermarket, casinos, bars, and clubs. In fact, Tamarindo is the only place in the Guanacaste region that has these things to offer.

Leora Pacifico Residence is a high end luxury condominium project located in Tamarindo. The developers of this one of a kind complex researched the area for 2 years before they decided on the location to build this residential community. The site chosen is a two and a half acre site that is within easy walking distance to the beach and to the central business area of  Tamarindo, but far enough away, to maintain an atmosphere of a laid back, quiet, and relaxing lifestyle. Having listened to countless complaints by people who had bought in some of the larger gated communities that surround Tamarindo, the developer is sure the decision to build a little off the busy strip in the center of Tamarindo was the right one. All of the larger developments that surround Tamarindo have no amenities or services, therefore, those who live there feel completely isolated. Although these services will eventually be provided, in the meantime the residents of these communities have to drive for 30 minutes to Tamarindo to participate in a little social interaction, or, enjoy services and amenities their communities do not offer.

Leora Pacifico Residences is a low density community comprising of 4 buildings, secure parking, spacious common areas, and 24 hour a day security. The North American developers of Leora Pacifico have more than 45 years experience in construction and development in Costa Rica The project has been built to satisfy all the comforts the typical North American expects, so they can enjoy the Costa Rica experience but return to a place that does not lack anything. This gives one the best of both worlds. The complex has 3 bedroom corner, 3 bedroom center, and 4 bedroom lock off units.(lock off units are units that can be split into 2 separate units , each with an independent outside access door. This is very attractive for rentals.  All units are high quality construction with the finest detail in finishes. Some of the features in each unit include, high detailed ceilings with direct and indirect lighting and dimmers, over sized solid wood doors, PVC tinted windows, all wood cabinets, granite counter tops, under mounted sinks, Kohler satin finished faucets, Jacuzzi tub, tempered glass shower enclosures, central air conditioning, stainless steel appliance package, stacking washer and dryer, and a large outside living area. The complex is enhanced with colonial style architecture, accented by lush tropical landscaping. The common area park includes a swimming pool with an outdoor hot tub, a rancho, mini gym and barbeque area.

Leora Pacifico Residences is truly the leader of the new generation of construction in Tamarindo. Never before available, this outstanding complex provides everything that the out of country purchaser is looking for. Prices start at $289,500 for a three bedroom unit, with two full bathrooms. Scotia Bank (a large international bank) has pre-qualified the units for mortgages for 70%. The purchaser must also qualify to make the deal move forward. Phase 1 is now complete. Those who purchase can now enjoy their unit.  A Fly and Buy option is now available. Also, one of the show homes is available to stay in for a maximum of two nights, at no charge, so one can get a feel for the unit and the project.

Leora Pacifico Residences is selling pre-construction Phase 2 that will take a year to build out .The pre-construction purchase program is structured to be very attractive to the purchaser. Traditionally in Costa Rica the developer uses the purchaser’s money to build out the project, whereby the purchaser puts up large chunks of money throughout construction and has only a small amount left to pay on closing. This is not a good position to be in if the developer does not finish the project or there is a huge punch list of deficiencies. This project requires the buyer to pay a 30% deposit and the buyer will not have to pay anything else until the completion of the unit, when the buyer can obtain a mortgage through Scotia bank or the bank of their choosing.

A few other pieces of information that add to the attraction of buying at the Leora Pacifico Residences are; property taxes are one quarter of one percent of the municipal appraised value, insurance is one quarter of one percent of the insured amount, and, all units are in an independent corporation to save the purchaser significant property transfer fees. According to a study done by Banco National (one of Costa Rica’s leading banks), Tamarindo hotels have a 79% occupancy rate on a year around basis. Putting the unit in the rental pool is an attractive option. Leora Pacifico Residences will obtain a Property Management Company to operate all aspects of management and rentals.

With the real estate market in the United States in dire straits and the Costa Rica real estate market starting a major boom cycle, does it not make sense to invest ahead of the curve? Leora Pacifico Residences is a solid real investment that will only appreciate in value over time. In fact, due to the world demand on commodities and building materials, costs continue to rise.  For more information, check out our web site at www.leorapacifico.com, or,  call toll free to 1-866-268-8132 or in Costa Rica, call 8392-8947