Marketing
October 25, 2024 in Life in Costa Rica, Discover Costa Ballena, Discover Costa Ballena, Discover Costa Rica, Tips for Buyers, Real Estate in Costa Rica, Buying Process, Tips for Sellers, Selling Process, Buying Process, Discover Costa Rica, Tips for Buyers
As we review the past quarter’s sales in the Costa Ballena real estate market, the data reveals an interesting landscape that, while not rapidly expanding, highlights certain areas of resilience and opportunity. The effects of global economic uncertainty and the upcoming U.S. election have tempered what has historically been a lively market.Here are some of the trends that realtors have noticed in the North, Central, and Southern regions of Costa Ballena (including Dominical, Uvita, and Ojochal and their surrounding areas) over the last three and a half months.
May 13, 2023 in Real Estate in Costa Rica
Welcome to the breathtaking beauty of Bahia Ballena, a hidden gem nestled along the unspoiled coast of Costa Rica. This is an idyllic destination that will take your breath away with its grandiose mountain vistas and captivating ocean views. This is Bahia Ballena – where the mountains meet the sea and high elevation living among beautiful tropical wilderness is what makes the towns of Dominical, Uvita, and Ojochal so popular with expats and tourists. In this article, we will provide you with a comprehensive market overview of Bahia Ballena, giving you a sneak peek into the rental landscape of this tropical paradise. From stunning coastal properties to lush jungle hideaways, Bahia Ballena offers a wide range of options for those seeking a truly unforgettable experience. Whether you're planning to purchase real estate for partial retirement or full-time vacation rental income, this market overview will equip you with valuable insights and tips to help you make informed decisions and find the perfect rental property that fulfills your dreams of owning a home in Costa Rica. Bahia Ballena, located on the southwestern coast of Costa Rica, is a popular tourist destination known for its pristine beaches, lush rainforests, and abundant wildlife. It offers a range of rental properties, including vacation homes, villas, and condos, catering to tourists and expats seeking a tropical getaway. As per the latest report by AirDNA, a leading provider of short-term rental data analytics, Bahia Ballena is currently witnessing an impressive surge in demand for vacation rentals, with a score of 62 out of 100. This indicates that the region is experiencing an above-average demand for vacation rentals, making it an attractive option for property owners and investors looking to capitalize on this trend. The vacation rental market in this area has an average daily rate of $220, with March being the peak season with the highest rates at $239 per night, and September offering the lowest rates at $190 per night. It's worth noting that rates for vacation rentals can vary depending on the type of accommodation and the specific location within the area. The average occupancy rate for vacation rentals in Bahia Ballena is 67%, with the highest occupancy rate in February at 82% and the lowest in September at 40%. The average monthly revenue for vacation rentals in this region is $2,540. As of now, there are 1,564 active vacation rentals in Bahia Ballena, with 75% being single-family homes. Compared to last quarter, the number of active rentals in the region has grown by 13%, and there has been a 25.6% increase in the first quarter of 2022. Among the active rentals in Bahia Ballena, Airbnb hosts the majority with 75%, while VRBO hosts 16%. The average rental size for properties in this region is 2.5 bedrooms accommodating an average of 6.1 guests. The top amenities for vacation rentals in Bahia Ballena, in order of importance, are internet, parking, kitchen, air conditioning, washer, and pool. The least essential amenities are an electric clothes dryer, cable TV, hot tub, and indoor heating. Please note that actual rental market conditions in Bahia Ballena, Costa Rica may vary, and it's important to consult with local real estate professionals or market research firms for accurate and up-to-date rental market data before making any decisions related to real estate investments or rentals. Bahia Ballena Rental Market Overview
Rental Market Trends
Market Predictions
A Comprehensive Look into Bahia Ballena's Rental Market
May 13, 2023 in Tips for Sellers, Tips for Buyers, Real Estate in Costa Rica
The search for a great realtor in Costa Rica may sometimes seem like a daunting tasks. But there are a few hallmarks of the best realtors that can tell you that this person will go above and beyond in representing you in your Costa Rica real estate transactions. Finding a great realtor in Costa Ballena (the area from North of Dominical to South of Ojochal) is not as easy as it may seem. Some people choose their real estate agent based on global brand recognition. Others may be referred to an agent by friends and acquaintances. Still others will walk into the first local real estate office they come across and ask about what they have available for sale. Where problems may arise can often only be seen after a transaction has been completed; when the property purchaser may learn over time that their realtor has omitted a lot of helpful information that could have landed them a better deal. Good realtors will have a well-managed website with lots of great listings for buyers to peruse on their own time. They largely rely on their website listings to bring them new buyer leads for the properties listed in their internal system. A great realtor will additionally have an arsenal of pocket listings that, for one reason or another, they have chosen not to market to the broader public yet. A pocket listing can be kept from being listed on an MLS service for a variety of reasons. The listing agent may not have had a chance to upload the property details (maybe there are renters in the home and the property has not yet been adequately staged to make the listing presentable). Another reason could be that the seller is a very private type person who does not yet want to share their home with the public. Some people simply don’t want to list their property because it is so unique that they prefer to quietly wait for the “perfect buyer” who wants nothing more than to buy their specific property for whatever the value the two parties deem that it is worth (the wider market may not understand why some sellers value their properties at the prices they choose and they may assume that the real estate market is being overvalued). A great realtor will show their buyers every property that they want to see, including those that are not quite ‘on the market.’ We know people in the local community who have abundant land for sale in Ojochal, Uvita, and Costa Rica and can approach those who we know would consider selling if the right buyer and right offer were to come to them. There is a lot to know about our dynamic real estate market in Costa Rica. Staying informed about is one of the flagstones of a good agent. A great agent will go a step beyond and update their clients on the state of the real estate market and any listing updates on a regular basis (see our latest Costa Rica Rental Market Report and our 2022 Costa Rica Real Estate Market Report for more examples of the kind of data that only Osa Tropical Properties gives their clients). A passionate realtor will show you far beyond what you can see on “MLS” sites like Point2Homes. Our office has our own ‘multiple listing service’ where we gather listing data from all over the Costa Ballena and we work hard to ensure that it is up-to-date with prices, listing status, and share all of this information on a weekly basis with our database. Want to be the most informed about real estate in Costa Ballena? Sign up to our weekly newsletter below to stay in the know about all things related to Costa Rica real estate. Pocket Listings
Off-Market Properties
Staying Informed
May 13, 2023 in Buying Process, Real Estate in Costa Rica, Tips for Buyers
Why Is There No Zillow In Costa Rica? If you thought you could find real estate in Costa Rica on Zillow, this article is for you. Costa Rica is a country famous for its lush, plentiful jungles and the local real estate market is often viewed as one of them! People from the United States who come to Costa Rica looking to buy property are used to operating in one of the most transparent real estate markets in the world. Websites like Zillow and Trulia are universally used in the U.S. to find out the important details about a property before even contacting an agent. But this is not the case in Costa Rica and new buyers can feel confused and overwhelmed by the lack of a central MLS system for the country. If you are one of those new buyers feeling confused or overwhelmed without the handy Zillow app you’re used to, here is a guide explaining how Costa Rica real estate works and why choosing the right broker is key to finding the best property for you. On Multiple Listing Services (MLS) in the U.S., Canada, and other parts of the world, you can only promote properties through a licensed real estate agent. You must register with your license number and the brokerage firm you work for. There is no official MLS in Costa Rica, although there have been many attempts made and there are currently a few websites that claim to be an MLS here. Websites claiming to be an MLS are misleading as it is nearly impossible to have such a system in this country. There are currently very few properties with official addresses and most properties are designated by description and plano number. Costa Rica’s best property web portals are locally managed by individual brokerages, which strive to share their exclusive listings with other brokerages and to include listings from other offices in their website. Our office website has a curated list of most of the properties for sale in our Costa Ballena communities, with the rare exception of properties that we have determined are not worth listing because of major issues such as a lack of access to utilities or improper title. Websites like Zillow would not likely account for these details and may misrepresent the true market situation. When it is time to contact a real estate agent in Costa Rica, foreigners often come with the expectation of working with a licensed realtor like they would be in the U.S. or Canada. This is not a guarantee in Costa Rica, nor is it mandated by law. However, if you can get past the idea that Costa Rica should operate like the U.S., we would like to explain why an app like Zillow is not the best option for learning about properties in Costa Rica and why you should spend the time to find a great realtor to help you in your search. Good market comparables are how people decide if a property is priced appropriately. But properties in Costa Rica are typically very unique with people often designing their dream homes with the expectation that someone else will one day enjoy their dream when they sell. It takes an experienced eye with years of practice to know what the market will value a property when it goes on the market. Our office has listed thousands of properties since we opened in 2006 and we have seen all manner of construction and condition. We have also witnessed what hundreds of buyers and potential buyers have valued different homes and lots for sale in Costa Rica. There is no algorithm that could replicate the knowledge base of a good local agent. In the U.S., you must be licensed to be a realtor. This requires a certain amount of time and effort to study and pass the real estate agent exam. Realtors must also work for an existing brokerage firm and cannot start their own company. Not following the rules can get you in trouble with the real estate commission and this gives buyers confidence that their realtor will work with integrity. Costa Rica has something of a real estate chamber called “Camara de Corredores de BienesRaíces”. Realtors in Costa Rica can choose to participate in their course to become a member of the chamber. In this course, realtors learn about the legal types of properties in Costa Rica, as well as basic sales training and how to close a property. This is an optional course and not a requirement for practicing real estate in Costa Rica, however the majority of realtors in our region do opt to take the course and have been licensed in the U.S. or Canada prior to moving here. Being licensed in Costa Rica does not guarantee that a realtor will be honest and do their job to the best of their abilities. But this is also the case outside of Costa Rica. Our Osa Tropical Properties agents have all opted into the chamber in Costa Rica and we practice real estate with integrity because it is what we believe is right, not because we are mandated to act as such. Our dozens of client testimonials are posted on our website and attest to our abilities as agent and our trustworthiness in this role. Because we live in such small communities, we know that word gets around and we do our very best to make sure that message is glowingly positive. Sales prices in the U.S. are recorded in various databases like Zillow that users can reference for free. This makes the real market value of a property transparent. Zillow has a wide range of market data with their market analysis tool “Zestimate” which has average sales prices, price ranges, price forecasts, and average market rent. There is no formal organization or company that records sales prices in Costa Rica. At the closing of a property in Costa Rica, the current tax value of the property is recorded with the national registry. This value is typically much below the actual sales price. But a good realtor in Costa Rica will have a record of this information in a private database that we are happy to share with clients. We do this because properties are very unique in Costa Rica and to understand cost differences can often require a more detailed explanation than figures can represent on their own. Our office also puts out a quarterly market report where we offer salient data and descriptions of what is happening in our local real estate market that our clients find helpful. If you find a good realtor in Costa Rica, they will act as your personal Zillow app, providing you with personalized information that helps you find the right property for you. Contact our team to get your free market report for mid year 2021. Why is there no MLS in Costa Rica?
Finding a realtor in Costa Rica
Costa Rica real estate practices
Market analysis tools like Zillow in Costa Rica
May 12, 2023 in Tips for Sellers, Tips for Buyers, Real Estate in Costa Rica
The Costa Ballena real estate market is seeing a lot of attention from international investors. People are continuing to dream about living their best life as an expat in Costa Rica. And as the world begins to discuss reopening businesses and borders, more and more people are visiting our website and social media channels and contacting our office with questions about how they, too, can make a change for the better. We have been seeing the same amount of website traffic as last year since the start of the pandemic and a growth in the last two weeks. Our team at Osa Tropical Properties attributes the growth in interest in Costa Rica real estate to a number of factors, the first of which is Costa Rica’s low numbers for coronavirus cases and deaths. Not only was the national response swift and robust but the natural geography of the region allows for a strong separation between regions, as well as within communities. Those who are currently thinking about moving abroad are looking for an escape hatch and a place with minimal safety issues. After three months of tough restrictions, Osa is now free of active COVID-19 cases and much of the country’s case load is in decline. As a result, Costa Rica is planning a very gradual reopening for international tourists over the course of the next year. It may be months before international tourists can freely book flights to Costa Rica and there will be many guidelines for tourism businesses in the meantime. The Costa Rican Tourism Board (ICT) is promoting domestic tourism during the coronavirus crisis, though outbreaks in the Northern Zone have led to reapplied measures. In 2019, Costa Rica welcomed 3.1 million foreign visitors, 4.1% more than in 2018. The United States is the country from which the most tourists visit Costa Rica — almost 1.3 million people last year. The 2020 end of year figures are likely to see a sharp decline; however, we are excited by the number of new inquiries, offers, and property closings for the year to date. May of last year was one of the slowest months for real estate closings in Costa Ballena, with three reported closings. Compared to May 2020, we have seen 7 property closings totaling over $2.5 million USD. June was one of the busiest months for closings last year, with around 20 closings grossing around $7.25 million USD. This figure was so high because of the Capital Gains Tax being implemented on July 1st of that year. But in the first 2 weeks of June this year, the market has grossed around $3.5 million USD over 6 property deals so far. Our office has had two closings this month and is expecting a third before the end of June. A number of closings have been delayed due to escrow companies and banks closing, as well as slow real estate markets around the world. However, with banks and businesses reopening, we are seeing deals move forward again. The majority of our office’s recent inquiries have been for large acreages, especially those with the best views and for the best price. The most typical requests for property viewings, both virtually and in person, have been for houses with over 10 acres, an ocean or mountain view, somewhere near a river, and at a budget of around $500k. Cool altitude and privacy are two big features being highlighted by recent property seekers. These typically pre-retirement buyers want to be more sustainable and have access to their own food and water. Families are also preferring the large acreage to provide more space for their children to run around. A growing desire to work remotely is also invigorating interest in tropical properties. According to the U.S. Census Bureau, nearly one-third of the U.S. workforce, and half of all “information workers”, are able to work from home. Though the number of people working partially or fully remote has been on the rise for years now, the COVID-19 pandemic may have pressed the fast-forward button on this trend. It’s no secret that people value freedom of choice. The vast majority of people recently polled would like to have the option to work remotely for the rest of their careers. "A lot of people have gotten comfortable that they don’t have to squeeze a nine-day vacation into six. They can take the extra days and maybe work a couple half-days remotely,” said vacation-rental company Vrbo president Jeff Hurst. "I do think we’re going to start to see people be more creative on how they think about working from any house, as opposed to just their own house, or any destination as opposed [to] from just their office.” Real estate investors are taking advantage of this slightly quieter market, having more opportunities to preview new listings before the rest of the world. Even with less buyers currently in the country, great listings that are well-positioned are receiving fast and full price offers. Investors are getting the sense that now is a good time to buy great rental properties because as soon as the borders open, those properties are likely to be booked to capacity. The desire to travel has not gone away with COVID. In a recent survey by Skift Research, the research arm of the travel trade publication, one-third of Americans said they hope to travel within three months after restrictions are lifted. People will instead be looking for getaways that sense of freedom with personal control. Road trips, private vacation home stays, and prime nature destinations are all forecasting as the most popular near-future travel plans. More than half of American travelers say they plan to avoid crowded destinations when they resume traveling. The pandemic has created a greater demand for experiences away from crowds. Until a coronavirus vaccine is found, that preference for private travel will probably continue. And Costa Rica’s Southern Zone, with its many national parks, nature reserves, and private preserves, will continue to be a destination that is favored by those who want to “get away from it all.” In April, Airbnb added a new feature on its homepage advertising “monthly stays” to accommodate the growing interest of long-term travel. At the peak of the pandemic shutdowns, about 40 percent of Airbnb’s bookings were long-term. The long-term travel trend will be more beneficial for home rentals than hotels, as they offer travelers a more comfortable stay at a more affordable price. An Airbnb with a kitchen and a garage is more approachable for day-to-day living than a 400-room hotel where a traveler is bound to room service and outside restaurants. The Effects of COVID-19 on Costa Ballena Real Estate
Comparing Costa Ballena Real Estate Figures to Last Year
Who is Dreaming About Moving to Costa Rica?
Investors Continuing to Think About Costa Ballena Real Estate
Costa Ballena is the Perfect Post-COVID Travel Destination
May 12, 2023 in Buying Process, Selling Process, Real Estate in Costa Rica, Discover Costa Ballena
Our Osa Tropical Properties office is taking this time of social distancing to adapt our business to meet the needs of today’s Costa Ballena real estate clients.
May 11, 2023 in Tips for Sellers, Selling Process, Real Estate in Costa Rica
Since we have recently achieved a balanced market in Costa Ballena real estate--where sellers and buyers are now fairly equally numbered--we want to share with our sellers what it is that we’re doing to bring buyers to their property listing in Costa Rica. We’ve been having much success with selling our office's listings in recent months. For instance, we have had five accepted offers in the last 4 days! Even so, we do regularly show the listings of other agents. And buyers are more regularly walking into our office, bypassing a multitude of our competitors in Costa Ballena real estate. What we think is bringing buyers directly to our office is our growing ability to communicate a 'local expat lifestyle' to them and a good business ethic from us. Let me explain... At Osa Tropical Properties, we are a team who are dedicated to selling our own and each others’ listings within our office. We are selective about the listings that we take as an office, knowing full well what we can and cannot sell. We preview listings daily and we discuss listings every week in our team meetings. Our goal is to make sure that the listings we do take fit the criteria that we know buyers want. As a team, we practice honesty and integrity with our clients. We share with buyers all of the real details that we know about life here, and give them council about which properties we expertly believe will suit them best. And we show our sellers integrity by communicating all feedback about their property and providing regular, expert council about how to manage the listing. When it comes to things like pricing, we approach our sellers with the data to support how and why we have determined that a price is correct for the current market, or for the time frame that our sellers dictate. We regularly share with sellers and buyers what is happening in the market. We write monthly market reports, share developments in the community, and regularly communicate with our clients directly about issues that are valuable to them and their investment. Our weekly updated blog is a great resource for buyers and sellers alike who want to know about what’s happening in Costa Ballena real estate. The Costa Ballena is a special market and updates from other markets in Costa Rica don't always apply--and you won't find another local real estate market report as regular and thorough. Real estate agents must be organized and consistent to be successful. We have a stacked marketing plan that includes calendars, due dates, and regularly schedules programming that keeps us busy every week. Our goal is to communicate the needs of our clients, which are primarily our sellers. When we have a roster of properties for sale that are priced and positioned well by us, we tend to find quick success with finding buyers for them because of our great marketing abilities. Buyers are being regularly updated with new properties for sale via our weekly newsletter to our database, daily posts on social media, lifestyle stories, interviews with local expats, digital flyers, magazine ads, agent walk-through videos, professionally produced listing videos, and lifestyle videos selling the area, which regularly feature our listings in them. As real estate agents, we don't earn a steady pay check. We earn our income as a commission based on our services. Like any good small business owner, we are tending to our existing clients and going out looking for new clients every day. Our team is driven. Take a look at our recently sold page and you will see how many of your neighbors bought or sold through us. It is our business to council and help sellers reap the full benefit of their Costa Rica investment. And we make it our business to find the buyers who we know will love their lives in this region. We spend time, money and effort every day finding these buyers and learning how to speak to them in human and technological ways. Our SEO for real estate in the South Pacific of Costa Rica is growing fast. Want to know more about the real estate market in this region and what our team can do for you? Contact our office by phone or email any time. We will cater a listing presentation at your leisure detailing all of the specific services that we offer our clients. We will work out a marketing plan that is right for your listing using all of the tools listed above, and more.A bit about our office
Our team's ethics
In-depth market knowledge
Keeping an organized office
The business of real estate
May 11, 2023 in Real Estate in Costa Rica, Tips for Sellers, Selling Process
Choosing the right listing agent just got easier with this great guide based on one from HGTV and applied to our practice in Costa Rica. The world is full of people who sell real estate. Some of them are smart, efficient, focused, versatile and willing to go the extra mile. And some of them aren’t. This doesn’t change, no matter if it’s Costa Rica or Canada. And in a small but fast-growing community like ours in the Costa Ballena, everyone is friends with at least one realtor in Costa Rica. Finding an agent who will sell your home using a range of marketing tools; who will get you the best deal possible in a reasonable amount of time, all while charging a fair rate, takes some effort. As a seller, it is your goal to interview at least three candidates before you sign a contract. Your best friend may not be your best choice for representing your most valuable asset in Costa Rica. Here are 10 questions you really want to ask so you can identify the best real estate agent to sell your property: Ask potential agents how much they think they can sell your home for. If two agents say $600,000 and the third says $700,000, think hard: it’s likely the high bid is an exaggeration to attract your business. In the trade it’s known as buying a listing. In the end, it’s you, the seller, who pays because the high price will scare away potential buyers before you inevitably drop the price. We often see this happen to unsuspecting sellers as we are touring new listings. Consider how the agents arrived at the suggested list price. Did they present a current market assessment, showing you recent sales of comparable properties? Did they show you the current properties on the market that will be your homes' competition that prospective buyers will be comparing your home against? If you are a serious seller, the best policy is to price your property reasonably competitively in the current market. You want to attract serious offers instead of having buyers perceive your property overpriced and present low-ball offers. It is our job as realtors to lead you through the negotiation and we at Osa Tropical Properties consider it an art form. We may love your home and want to show it to our buyers. But if it has been over-priced by another agency, it will be obvious to our buyers, who we educate in the local market. Over-priced properties stand out to our buyers and make them question the integrity of the local market, which is not helpful for anyone. The best policy is for agents to price properties correctly, using the available market data. In this case, both sellers and buyers win….and that is the desired outcome in the art of the deal. Listing your property on the Internet shouldn’t be the only answer that your realtor has for this question. A realtor should be able to talk about what kinds of people are likely to buy your property and how he/she will reach out to these specific people. Our agents show potential sellers a tailored listing presentation that includes the quality of our marketing in comparison to our competition. Our Osa Tropical Properties office offers in house professional photography, videos, virtual tours, 360 videos, and so much more to market our listings. We have a dedicated team that works to advertise our clients’ properties, and Costa Rica in general, to the right channels all over the world. We show our potential listing clients recent comparable properties that have sold in the region and the final sales prices. We also share the comparable properties currently for sale that will be the listing's direct competition. If an agent doesn’t talk about website tours, smartphones and SEO, chances are this is not a highly wired agent. Tech-savvy realtors sell more properties because they are more connected! Our team uses every tool, new and old, to capture new leads from all over the world. And we use a variety of methods to keep our leads engaged and interested. Our team goals are client retention and staying in close contact with our client buyers. As a seller with Osa Tropical Properties, you will benefit from receiving numerous touches or “nudges” about your property and its’ various appealing features. Costa Rica is predominantly a vacation destination and we know that buyers are quick to come and go. Our marketing strategy is all about grabbing opportunities as they arise. Every agent has a success story, but this question will give you a much better feel for what this realtor is like as a salesperson. In a land where buyers and sellers may be in or out of the country at various points throughout the deals, there are a lot of surprises that can and do happen regularly in our transactions. What counts is how an agent deals with obstacles. Are they timely? Organized? Patient? Willing to help? If you’re selling a starter home in a community full of young families, hiring an agent who specializes in seniors is probably a bad idea. The same goes for real estate in Costa Ballena. Each of our local communities have niche areas that sing to some clients and repulse others. Our strategy is to understand our buyers and those we meet in collaborative transactions with other brokerages. We make notes at our showings and keep track of different buyers' responses to the listings we view together. No matter the feedback, we keep track so that we can learn and grow alongside the clients we represent. Every market is changing and growing and ours is no exception. What we can do is to keep our finger on the pulse of what is going on around us at all times. It may not be a bad thing that a highly-successful agent is juggling 15 homes. Ask yourself: do you feel like you can trust them to give you dedicated, personal service with their current listing roster? How many comparable properties do they have that have been on the market for a long time? On the other hand, be wary of an agent with few other clients because they may lack experience and contacts. Our agents take on the listings that we know that we can sell. Our client testimonials are our best advertisements for getting new listings because our clients are confident that we represented them to the fullest potential. A good salesperson will have expectations of their clients, as strange as this may sound at first. They may want their sellers to leave and take the dog when the house is shown, or to paint the bodega, move some furniture around and scrub the tile in the bathroom. It shows that your agent can think like a buyer and that’s a good thing. We have so many showings every week that our finger is on the pulse of what buyers are looking for today. We are able to give advice that has afforded sellers the ability to list at a higher value. It may be as simple change like spending a few hundred dollars on landscaping or fresh paint and selling for something like $10,000 more. It wasn’t very long ago when our answer might have sounded like "turn around and run the other way." These days, buyers are asking more often about financing. Although it is difficult for buyers to get a loan in Costa Rica (banks and private lenders both have extremely high interest rates and restrictions). As a result, sellers are offering personal financing to sweeten their deal when buyers are struggling to respond to their listing. Good real estate agents should be able to help you understand the seller-financing process and offer advice about if it is right for your situation. A realtor should engage with the closing attorney to ensure the documentation is correct, protecting all parties in accordance with Costa Rican laws. Our office and most brokerages in the Costa Ballena generally operate by the industry standards set and agreed upon by the Cámara de Corredores de Bienes Raices (Chamber of Real Estate Brokers) in Costa Rica. This means that sellers are expected to pay an 8% commission to realtors for a home and 10% for a vacant lot, plus 13% service tax. For this fee, we guarantee our full attention to your listing, to deliver on the various marketing and sales initiatives as promised in our listing presentation. Ultimately, we aim to bring our clients the successful closure of the sale of their property. It’s often best to hear about us directly from those who have worked with us in the past. You are most welcome to contact our team with any questions you may have for our previous clients. We will strive to put you in touch with someone relevant in the community with whom we've worked in the past. In the meantime, please visit our website to read dozens of testimonials from our past clients and present neighbors. When you work and live in such a small, tight-knit Costa Rica community, the best business card is word-of-mouth: http://osatropicalproperties.com/client-testimonials/How much is my property worth?
How will you market my property?
How has your business changed in the last five years?
Tell me how your last two deals surprised you?
What’s your specialty as a realtor in Costa Rica?
How many people are you selling homes for right now and what are you doing for them?
What do you expect of me as a client?
What advice would you have for me if I get an offer from a buyer who wants financing?
What fees do you charge for your service?
Can I talk to one of your previous clients?
May 11, 2023 in Real Estate in Costa Rica, Tips for Buyers, Buying Process
If there’s one thing to be said about life in the tropics, it is that the pace of progress lags well behind the “modern world.” Costa Rica is no exception to this informal rule of the tropics. It may be one of the fastest growing developing economies in Latin America with a highly-literate, high percentage English-speaking population, but the infrastructure of Costa Rica has still been slow to develop. In the last 10 years, South Pacific Costa Rica has benefited immensely from the extension of a paved coastal highway from San Jose, and the expansion of telephone and internet service from only in small, local internet cafes to high-speed service in nearly every community. Most recently, fiber optic cable internet is making its way down the Pacific Coast and into our small communities, too. In fact, there is hardly a technology that you cannot find in Costa Rica if you look hard enough. And so, in the deep end of the digital age, do you really need an agent when buying property in Costa Rica? Searching for properties in Costa Rica used to involve flying down and traveling around, listening to stories from fellow travelers, and seeking the council of the established expats and locals. This may still a big part of the process for some, but today's Costa Rica property hunter has moved on to the digital age and is choosing to begin their search online, reading a litany of blog posts and watching numerous hand held videos of varying quality about life in the different parts of Costa Rica and what anyone can expect to experience. Aly Yale of Forbes Magazine suggests that although it’s no secret that buyers are doing most of the home search process on their own using apps, websites and digital platforms, when they find that potential dream home, their power ends there. Even in the most developed parts of the world, buyers need to call in an agent to open the door and show them the home—as well as craft and submit their offer. This cannot be truer in Costa Rica, where agencies each have our own platforms for listings and marketing. You will find very little to do with Costa Rica on the usual MLS platforms like Zillow or Trulia, and nearly every agency is relying on their own marketing powers to attract buyers and sell them on the quality of their region. This means that although you may find your dream property on your own by scanning the various websites, you will need to trust someone to tell you if your property choice is a good one. Typical housing data that first world citizens have come to take for granted, like instant access to price trends, comparables and estimates, are not available on any listing service in South Pacific Costa Rica. Because there is no central MLS platform, data is not shared between real estate brokerages and so common data is not aggregated and presented in the way Zillow or Trulia do in other parts of the world. What’s important in Costa Rica real estate is that you find an agent who can still provide you with the salient sales information for any home or neighborhood. Even if it’s not their listing, a good Costa Rica real estate agent will go out of their way to get the data about any listing in their region and put it together for their clients in a manner that shows that the agent knows the property, knows the history of the area, and knows the comparable properties currently on market, or about to emerge. Buyers today are doing the research to learn about the areas and the school systems they want their kids to go to, but someone has to go out and create that information. A good Costa Rica real estate agent will be able and willing to share information about any aspect of their communities of service that may interest their clients. Skilled agents know how to negotiate a fair price for their clients based on all market variables, and they also know about the school systems and what the different schools have on offer; the healthcare system and roughly how much it will cost you per month; and where to go and what to do in any common situation that may come up. Ideally, your agent is like you and cares about where they live. Not only do they enjoy being there every day, but they earn their commission by supplying valuable information to buyers and sellers of real estate. Choosing properties that fit your wishlist is only a small portion of the overall home buying process. Consumers already have access to mountains of data on the internet. What they need is access to see properties and then help analyzing the data and negotiating through a potentially complex process, with inspections, co-op boards, and so on. A good Costa Rica agent will have good working relationships with their local real estate colleagues, tradespeople, builders, architects, lawyers, government personnel, community leaders, and they should generally be confident to contend with any person or situation that’s common in their field. "It's clear that while homebuyers are embracing technology, most still require the guidance of an agent to help save them time, keep them organized, and successfully take them through the closing process to get the best deal," said Daniel Maloney, head of sales at Owners.com. "Technology will continue to revolutionize the real estate market, but consumers still value and rely on their real estate agent." Having knowledgeable buyers can make the process easier because buyer opinions and preferences are more sophisticated and true to the market. They are realistic about what their budget will allow and sellers are more attuned to what their properties are worth. But Costa Rica real estate can be a dearth of information unless you find a good agency in your area of interest that caters to providing their market with accurate and helpful information. Justin Fox of Forbes Real Estate Council insists that as you seek out your real estate professional, consider the following: • Do ask a trusted friend or family member for a referral. • Do online research: Review the agent's website for information about their experience and qualifications, review online testimonials, Google their name and explore the results page. • Do ask them questions about some of the topics in this article, brokerage support, and any tech tools that might be helpful to you. • Don't search by price alone. The cheapest option isn't always the best. • Don't hire an agent out of a sense of obligation. Choose your agent based on their qualifications. Osa Tropical Properties Real Estate Services is located in South Pacific Costa Rica. We are a team of agents who are well-integrated in our Costa Ballena communities, serving the region that includes Dominical, Uvita, Ojochal, and Tres Rios de Coronado. Check out our digital platforms for marketing property in Costa Rica: www.luxurypropertycostarica.com www.youtube.com/osatropicalproperties We love to sell real estate in our adopted home country of Costa Rica, where each of us has lived for many years. We know the ins and outs of the local real estate process and we have helped hundreds of clients buy and sell many homes. We know the neighborhoods, the prices, and the real estate trends for our region. We invite you to check out our website to learn more about us, and about the part of the world that we love the most--South Pacific Costa Rica. What do Costa Rica real estate agencies offer their clients?
October 25, 2024 in Life in Costa Rica, Discover Costa Ballena, Discover Costa Ballena, Discover Costa Rica, Tips for Buyers, Real Estate in Costa Rica, Buying Process, Tips for Sellers, Selling Process, Buying Process, Discover Costa Rica, Tips for Buyers
As we review the past quarter’s sales in the Costa Ballena real estate market, the data reveals an interesting landscape that, while not rapidly expanding, highlights certain areas of resilience and opportunity. The effects of global economic uncertainty and the upcoming U.S. election have tempered what has historically been a lively market.Here are some of the trends that realtors have noticed in the North, Central, and Southern regions of Costa Ballena (including Dominical, Uvita, and Ojochal and their surrounding areas) over the last three and a half months.
May 13, 2023 in Real Estate in Costa Rica
Welcome to the breathtaking beauty of Bahia Ballena, a hidden gem nestled along the unspoiled coast of Costa Rica. This is an idyllic destination that will take your breath away with its grandiose mountain vistas and captivating ocean views. This is Bahia Ballena – where the mountains meet the sea and high elevation living among beautiful tropical wilderness is what makes the towns of Dominical, Uvita, and Ojochal so popular with expats and tourists. In this article, we will provide you with a comprehensive market overview of Bahia Ballena, giving you a sneak peek into the rental landscape of this tropical paradise. From stunning coastal properties to lush jungle hideaways, Bahia Ballena offers a wide range of options for those seeking a truly unforgettable experience. Whether you're planning to purchase real estate for partial retirement or full-time vacation rental income, this market overview will equip you with valuable insights and tips to help you make informed decisions and find the perfect rental property that fulfills your dreams of owning a home in Costa Rica. Bahia Ballena, located on the southwestern coast of Costa Rica, is a popular tourist destination known for its pristine beaches, lush rainforests, and abundant wildlife. It offers a range of rental properties, including vacation homes, villas, and condos, catering to tourists and expats seeking a tropical getaway. As per the latest report by AirDNA, a leading provider of short-term rental data analytics, Bahia Ballena is currently witnessing an impressive surge in demand for vacation rentals, with a score of 62 out of 100. This indicates that the region is experiencing an above-average demand for vacation rentals, making it an attractive option for property owners and investors looking to capitalize on this trend. The vacation rental market in this area has an average daily rate of $220, with March being the peak season with the highest rates at $239 per night, and September offering the lowest rates at $190 per night. It's worth noting that rates for vacation rentals can vary depending on the type of accommodation and the specific location within the area. The average occupancy rate for vacation rentals in Bahia Ballena is 67%, with the highest occupancy rate in February at 82% and the lowest in September at 40%. The average monthly revenue for vacation rentals in this region is $2,540. As of now, there are 1,564 active vacation rentals in Bahia Ballena, with 75% being single-family homes. Compared to last quarter, the number of active rentals in the region has grown by 13%, and there has been a 25.6% increase in the first quarter of 2022. Among the active rentals in Bahia Ballena, Airbnb hosts the majority with 75%, while VRBO hosts 16%. The average rental size for properties in this region is 2.5 bedrooms accommodating an average of 6.1 guests. The top amenities for vacation rentals in Bahia Ballena, in order of importance, are internet, parking, kitchen, air conditioning, washer, and pool. The least essential amenities are an electric clothes dryer, cable TV, hot tub, and indoor heating. Please note that actual rental market conditions in Bahia Ballena, Costa Rica may vary, and it's important to consult with local real estate professionals or market research firms for accurate and up-to-date rental market data before making any decisions related to real estate investments or rentals. Bahia Ballena Rental Market Overview
Rental Market Trends
Market Predictions
A Comprehensive Look into Bahia Ballena's Rental Market
May 13, 2023 in Tips for Sellers, Tips for Buyers, Real Estate in Costa Rica
The search for a great realtor in Costa Rica may sometimes seem like a daunting tasks. But there are a few hallmarks of the best realtors that can tell you that this person will go above and beyond in representing you in your Costa Rica real estate transactions. Finding a great realtor in Costa Ballena (the area from North of Dominical to South of Ojochal) is not as easy as it may seem. Some people choose their real estate agent based on global brand recognition. Others may be referred to an agent by friends and acquaintances. Still others will walk into the first local real estate office they come across and ask about what they have available for sale. Where problems may arise can often only be seen after a transaction has been completed; when the property purchaser may learn over time that their realtor has omitted a lot of helpful information that could have landed them a better deal. Good realtors will have a well-managed website with lots of great listings for buyers to peruse on their own time. They largely rely on their website listings to bring them new buyer leads for the properties listed in their internal system. A great realtor will additionally have an arsenal of pocket listings that, for one reason or another, they have chosen not to market to the broader public yet. A pocket listing can be kept from being listed on an MLS service for a variety of reasons. The listing agent may not have had a chance to upload the property details (maybe there are renters in the home and the property has not yet been adequately staged to make the listing presentable). Another reason could be that the seller is a very private type person who does not yet want to share their home with the public. Some people simply don’t want to list their property because it is so unique that they prefer to quietly wait for the “perfect buyer” who wants nothing more than to buy their specific property for whatever the value the two parties deem that it is worth (the wider market may not understand why some sellers value their properties at the prices they choose and they may assume that the real estate market is being overvalued). A great realtor will show their buyers every property that they want to see, including those that are not quite ‘on the market.’ We know people in the local community who have abundant land for sale in Ojochal, Uvita, and Costa Rica and can approach those who we know would consider selling if the right buyer and right offer were to come to them. There is a lot to know about our dynamic real estate market in Costa Rica. Staying informed about is one of the flagstones of a good agent. A great agent will go a step beyond and update their clients on the state of the real estate market and any listing updates on a regular basis (see our latest Costa Rica Rental Market Report and our 2022 Costa Rica Real Estate Market Report for more examples of the kind of data that only Osa Tropical Properties gives their clients). A passionate realtor will show you far beyond what you can see on “MLS” sites like Point2Homes. Our office has our own ‘multiple listing service’ where we gather listing data from all over the Costa Ballena and we work hard to ensure that it is up-to-date with prices, listing status, and share all of this information on a weekly basis with our database. Want to be the most informed about real estate in Costa Ballena? Sign up to our weekly newsletter below to stay in the know about all things related to Costa Rica real estate. Pocket Listings
Off-Market Properties
Staying Informed
May 13, 2023 in Buying Process, Real Estate in Costa Rica, Tips for Buyers
Why Is There No Zillow In Costa Rica? If you thought you could find real estate in Costa Rica on Zillow, this article is for you. Costa Rica is a country famous for its lush, plentiful jungles and the local real estate market is often viewed as one of them! People from the United States who come to Costa Rica looking to buy property are used to operating in one of the most transparent real estate markets in the world. Websites like Zillow and Trulia are universally used in the U.S. to find out the important details about a property before even contacting an agent. But this is not the case in Costa Rica and new buyers can feel confused and overwhelmed by the lack of a central MLS system for the country. If you are one of those new buyers feeling confused or overwhelmed without the handy Zillow app you’re used to, here is a guide explaining how Costa Rica real estate works and why choosing the right broker is key to finding the best property for you. On Multiple Listing Services (MLS) in the U.S., Canada, and other parts of the world, you can only promote properties through a licensed real estate agent. You must register with your license number and the brokerage firm you work for. There is no official MLS in Costa Rica, although there have been many attempts made and there are currently a few websites that claim to be an MLS here. Websites claiming to be an MLS are misleading as it is nearly impossible to have such a system in this country. There are currently very few properties with official addresses and most properties are designated by description and plano number. Costa Rica’s best property web portals are locally managed by individual brokerages, which strive to share their exclusive listings with other brokerages and to include listings from other offices in their website. Our office website has a curated list of most of the properties for sale in our Costa Ballena communities, with the rare exception of properties that we have determined are not worth listing because of major issues such as a lack of access to utilities or improper title. Websites like Zillow would not likely account for these details and may misrepresent the true market situation. When it is time to contact a real estate agent in Costa Rica, foreigners often come with the expectation of working with a licensed realtor like they would be in the U.S. or Canada. This is not a guarantee in Costa Rica, nor is it mandated by law. However, if you can get past the idea that Costa Rica should operate like the U.S., we would like to explain why an app like Zillow is not the best option for learning about properties in Costa Rica and why you should spend the time to find a great realtor to help you in your search. Good market comparables are how people decide if a property is priced appropriately. But properties in Costa Rica are typically very unique with people often designing their dream homes with the expectation that someone else will one day enjoy their dream when they sell. It takes an experienced eye with years of practice to know what the market will value a property when it goes on the market. Our office has listed thousands of properties since we opened in 2006 and we have seen all manner of construction and condition. We have also witnessed what hundreds of buyers and potential buyers have valued different homes and lots for sale in Costa Rica. There is no algorithm that could replicate the knowledge base of a good local agent. In the U.S., you must be licensed to be a realtor. This requires a certain amount of time and effort to study and pass the real estate agent exam. Realtors must also work for an existing brokerage firm and cannot start their own company. Not following the rules can get you in trouble with the real estate commission and this gives buyers confidence that their realtor will work with integrity. Costa Rica has something of a real estate chamber called “Camara de Corredores de BienesRaíces”. Realtors in Costa Rica can choose to participate in their course to become a member of the chamber. In this course, realtors learn about the legal types of properties in Costa Rica, as well as basic sales training and how to close a property. This is an optional course and not a requirement for practicing real estate in Costa Rica, however the majority of realtors in our region do opt to take the course and have been licensed in the U.S. or Canada prior to moving here. Being licensed in Costa Rica does not guarantee that a realtor will be honest and do their job to the best of their abilities. But this is also the case outside of Costa Rica. Our Osa Tropical Properties agents have all opted into the chamber in Costa Rica and we practice real estate with integrity because it is what we believe is right, not because we are mandated to act as such. Our dozens of client testimonials are posted on our website and attest to our abilities as agent and our trustworthiness in this role. Because we live in such small communities, we know that word gets around and we do our very best to make sure that message is glowingly positive. Sales prices in the U.S. are recorded in various databases like Zillow that users can reference for free. This makes the real market value of a property transparent. Zillow has a wide range of market data with their market analysis tool “Zestimate” which has average sales prices, price ranges, price forecasts, and average market rent. There is no formal organization or company that records sales prices in Costa Rica. At the closing of a property in Costa Rica, the current tax value of the property is recorded with the national registry. This value is typically much below the actual sales price. But a good realtor in Costa Rica will have a record of this information in a private database that we are happy to share with clients. We do this because properties are very unique in Costa Rica and to understand cost differences can often require a more detailed explanation than figures can represent on their own. Our office also puts out a quarterly market report where we offer salient data and descriptions of what is happening in our local real estate market that our clients find helpful. If you find a good realtor in Costa Rica, they will act as your personal Zillow app, providing you with personalized information that helps you find the right property for you. Contact our team to get your free market report for mid year 2021. Why is there no MLS in Costa Rica?
Finding a realtor in Costa Rica
Costa Rica real estate practices
Market analysis tools like Zillow in Costa Rica