The company Agroganadera Pinilla SA has decided to keep control of the company and waive the auction for the sale of the 1,800 hectares of Hacienda Pinilla in Guanacaste, Costa Rica.
In order to do this, the board of the company named Bree McClure Pattillo as successor to his grandfather HG (Pat) Pattillo, founder of the project. 'Pattillo is a director and holds executive positions at Pattillo Construction Corporation and various real estate companies in the United States and has been engaged with the project for more than two decades," noted an article in Elfinancierocr.com.
The high prices of properties being recorded in parts of the country are scaring away foreign investment and limiting the recovery of those most affected by the 2008 crisis.
The question posed by foreign investors to Realtors: "'Why invest in Costa Rica when the price of the property is the same or higher as in New York but with less quality services?", is proof that the real estate bubble remains as active as before the crisis of 2008.
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. Via the site and other marketing methods, more than 325 potential investors, developers and brokers have been identified and registered for the sale process. From the largest group of potential investors, we have approved highly qualified groups to participate in next stage of private sales. "
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. 15 in Dallas, Texas. The event will be for qualified investors who have been invited to participate.
The property crisis in Guanacaste, Costa Rica’s main tourist center, reads like two sides of the same coin.
Three years after the U.S. financial crisis resulted in collapse of real estate prices in Guanacaste, the calm after the storm seems not to have reached all areas of the province alike.
The northern region of Costa Rica, historically a magnet for tourists and investors, has been divided into two different areas.
Despite the economic crisis, they are going ahead with the decision to build 3 hospitals in the province of Guanacaste.
Cima Hospital plans to start building its Guanacaste headquarters in early 2010 and finish it in the second quarter of 2011. Documentation has already been submitted to SETENA for this project.
For its part, Clínica Bíblica is also planning to build a hospital that will require an estimated investment of $18 million in Guanacaste in early 2010. It will be located at the Integrated Medical Plaza, Pacific Plaza, which in addition to the hospital "will have hotels, shops, restaurants and homes for post-op patient care," according Elfinancierocr.com.
Affiliates of Global Hyatt Corporation and Aldesa Inmobiliaria have announced the signing of a management agreement for Park Hyatt Monte
del Barco in Guanacaste, Costa Rica, due to open in 2012.
The 140-room resort will be located in the bay of Culebra, within the province of Guanacaste on the Pacific coast of Costa Rica, where Aldesa together with US-based resort designing company Winding Road, are developing Monte del Barco, a premier luxury lifestyle estate.
Affiliates of Global Hyatt Corporation and Aldesa Inmobiliaria have announced the signing of a management agreement for Park Hyatt Monte
del Barco in Guanacaste, Costa Rica, due to open in 2012.
The 140-room resort will be located in the bay of Culebra, within the province of Guanacaste on the Pacific coast of Costa Rica, where Aldesa together with US-based resort designing company Winding Road, are developing Monte del Barco, a premier luxury lifestyle estate.
Three construction projects were halted and more than 50 land-strips illegally divided into building plots were uncovered when Costa Rican environmental inspectors launched a second raid in the popular tourist zone of Guanacaste.
Inspectors found that land was being moved and trees burned down to make way for hotels and golf courses. Several construction projects failed to meet environmental standards, and protected zones were being invaded.
Although construction of residences and hotels has been the leader in real estate growth in Guanacaste, commercial buildings that spring up as a complement to the residential development are not far behind.
In 2007 building permits for 347,184 square meters were solicited, almost 80 per cent more than in 2006. This increase is a response to the large quantity of hotel infrastructure and homes that has been developing in the area in recent years.
"This demand for services requires foreign investors as well as locals," said Enrique Egloff, Vice Chairman of the Real Estate Development Board. "For example, there's demand for food and medical services, and like the construction sector, these have increased significantly."
On a quiet night in February, when winter temperatures plummeted below zero in North America, leatherback sea turtles the size of golf carts lumbered onto this tropical beach to lay their eggs.
Yet just a sandy stroll away, in the booming surf town of Tamarindo, runaway tourism development is turning the sea into an open sewer.
Water quality tests conducted by the country's Water and Sewer Institute (AyA) over the past year found fecal contamination far above levels considered safe by the United States Environmental Protection Agency (EPA).
A new Presidential Decree was signed by President Oscar Arias with the intention of regulating real estate development in Guanacaste by limiting the height of buildings constructed in zones that are located near to the beach.
Beach front land will be broken into four zones: public (first 50 meters of beach), restricted (up to 150 meters from the first limit), intermediate (the next 800 meters after the restricted zone), and the internal zone (up to 3km after the intermediate line).