Costa Rica vacation homes hit by crisis

The U.S. mortgage crisis has hit Costa Rica's once booming vacation home market, with sales plummeting as Americans who dream of buying a tropical getaway struggle to find financing.

Friday, August 1, 2008

U.S. retirees and vacationers often pay for beach homes along Costa Rica's jungle-fringed beaches by taking out mortgages on their homes in the United States, but trouble in the banking sector has made that more difficult, realtors say.

Prices for some vacation houses and condominiums in the Central American country have dropped as much as 40 percent from their peak a few years ago and sales have slumped at least 30 percent over the past six months, they say.

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Mega Resort Auction Postponed

November 2012

Scheduled for Nov. 15, the auction of the 1,800 hectares making up the Hacienda Pinilla has been postponed until May 15, 2013.

Country Auction Services, the agent in charge of the auction, said "the marketing webpage created for the project, www.HaciendaPinillaAuction.com, has been seen by nearly 10,000 visitors from 102 countries.

Tourism Project Up for Auction

September 2012

In an event exclusively for qualified investors, the Hacienda Pinilla resort complex in Costa Rica, which measures 1,800 acres and has hotels, a golf course and residential communities, will be auctioned.

The U.S. company United Country Real Estate, in partnership with Colliers International, will perform the live auction on Nov.

Real Estate Hints to Revival in Costa Rica

December 2009

Demand for Real Estate, frozen by the economic crisis, is starting to rise due to lower prices.

In the first 10 months of 2009, Costa Rica's real estate market was severely hit by the economic crisis and investor fear due to the burst of the U.S. real estate bubble.

However, as the year comes to an end, there are recovery signs in the market, driven mostly by a sharp reduction in property prices.

Merrill Lynch attracted by Central American mortgages

October 2008

The Merrill Lynch Investment Bank is interested in buying mortgage portfolios in Central America and has made $200 available for this.

Salvadoran vice minister of Housing, Mabel de Soundy, reported interest has increased in response to the strengthen of mortgages throughout Latin America because these were granted in the local market on solid bases and have a low level of default.

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