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.
Scheduled for Nov. 15, the auction of the 1,800 hectares making up the Hacienda Pinilla has been postponed until May 15, 2013.
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.
9 Bedroom residence in beachfront community, Hermosa Palms, only 14 minutes away from Jaco beach, Central Pacific.
The Merrill Lynch Investment Bank is interested in buying mortgage portfolios in Central America and has made $200 available for this.
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