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2013 Atenas Real Estate Market Update

2013 Atenas Real Estate Market Update....

By the end of 2011 the Atenas real estate market began to see a strong up swing in home sales.  This was especially true of homes priced from $350,000.00 to $500,000.00, which has always been the most active part of our market.  By the end of 2012 our inventory was depleted to almost pre-crisis levels (I am referring to the economic crisis that had a huge impact on the United States and Europe), a time when properties were seemingly being sold by the dozen. 

 

In the first half of 2013, that trend has continued, with high demand and short supply of quality homes in the $350,000.00 to $500,000.00 price range.  By the end of 2012 local developers and builders began breaking ground on several homes throughout Atenas but are struggling to keep up with demand.  Many of these homes have sold before construction was completed.  

This demand is also true of homes priced under $250,000.00.  We continue to have daily inquires and requests for quality properties under $250,000.00 but that end of our market is almost nonexistent.  Due to the decrease in property values in North America, most buyers expectations of what you can purchase in Costa Rica for under $250,000.00 are often unrealistic. 

Another positive change 2013 has brought to the Atenas real estate market is the movement of higher end homes ranging from $750,000.00 to over $1,000,000.00.  Investors are also looking at large tracts of land for residential and commercial development especially at the edge of town and near Highway 27.  One such client is looking to develop a small boutique community of 12-18 homes with a small hotel and full 5 star amenities package to be shared by both.  Some of the amenities include private club house, restaurant, pool, gym, spa, yoga studio and concierge service.

One trend that continues is the need for owner financing.  We have many clients who are qualified buyers but are in need of financing.  Often times, these clients have 30-50% to put down but are asking for 2-5 years to pay off the balance.  Some sellers are offering financing and in the past year we have closed several deals with owners holding paper.  Most sellers who will consider financing are asking for a 30-50% down payment, annual interest rates ranging from 5-8% and 2-10 year terms, sometimes with a balloon payment in 5 years. 

One of the things we love most about living in Atenas is that there is something for everyone.  In life there are always trade-offs so you must decide what is most important for you on an individual basis.  Living in a community like Atenas is a real privilege with it's location, climate, established expat community and warm welcoming locals.  These things are very hard to duplicate and have been keystones to Atenas' popularity as a world renowned retirement destination, receiving a much deserved nod by AARP in 2010 and more recently by The Wall Street Journals Market Watch.  Come see for yourself why Atenas has captured the heart of so many.  We will be waiting for you with open arms!

 

 

 

 

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Tours in Costa Rica


Pure Life Development of Atenas is a full service tour company. We feature full vacation packages and day trips for the family. Our tour director Nelson Conejo is very experienced and provides a personal service and attention to detail second to none in Costa Rica. Please write Nelson or give him a call to arrange your next Costa Rican vacation at (506)2446-0447 or

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Retirement Living in Atenas

Interview with Pure Life Development co-founder and certified realtor Dennis Easters, about Costa Rica ranked by AARP as "one of the best places to retire abroad".

 

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