jacobeachcondorental
jacobeachcondorental
- Central America Commercial Real Estate
- Central Pacific Coast of Costa Rica
- Real Estate Financing
- Real Estate in Costa Rica
- CR Land for Sale
- CR Property
The traditional condo development in Costa Rica is similar to any other that you see worldwide.A multi-level building (2-20 levels), with multiple units on each floor, much like an apartment building.There is nothing wrong with type of architecture and in fact, it is very appealing and familiar to the typical condo buyer.
However, some people prefer the privacy advantages of living in a single-family home but are reluctant to give up the low maintenance and common area facilities associated with condo living.
Now, with the Private Residences concept that we are introducing in Costa Rica, it is possible to have the best to both worlds.
In a nutshell, the Private Residences concept is a single-family home in a subdivision where the land and landscaping outside the boundaries of the home are maintained by the homeowners association.You own the building and the land the house sits on, and have an ownership interest in the common areas outside your home boundaries.This is similar to traditional condo ownership where you own the interior space of a unit and a shared ownership interest in the common areas.This creates a very appealing ownership situation because it totally eliminates the issue of how do I take care of the land and landscaping when Im not here?Essentially, you can just lock your doors and walk away without any worry.
The developers at Jaco Blu Private Residences are introducing this style of condo development in Costa Rica for the first time, on a modest scale.The initial subdivision is on a 17 acre parcel, tucked away and surrounded by lush tropical forest in a private setting with paved roads and 24/7 security.A secure, gated, planned condominium project with 45 single-family homes with about 30 feet spacing between homes (roughly¼ acre spacing).
I dont get it ... why is it called a condominium development when in fact you are buying a 2-4 bedroom single-family home?
The answer to this question has to do with how land is subdivided in Costa Rica. In other words, the term - condominium - in Costa Rica can refer to an individual unit in a building or it can refer to the land that a building is constructed on. The technical aspects of land development will be discussed in a separate article (for those who are interested!).For now, just grasp the concept that some raw land (fincas or farms) can be subdivided into condominium lots and then developed with either traditional condo buildings or single-family homes on these smaller lots.
Note that there are very specific criteria that must be met in order for a piece of raw land to be eligible for condominium development.One cannot just go out and buy any piece of land, subdivide it into smaller lots and start selling them. In fact, many parcels of land are not, can not and never will be eligible for a condominium development.
A word of caution is in order regarding the general concept of condominium developments in Costa Rica.This type of land development and ownership is relatively new and is experiencing certain growing pains as issues are sorted out.Remember, condominium law in Costa Rica was only introduced in late 1999 with the publication of the - Ley Reguladora de Propiedad en Condominio.
There are certain - red flags - that should pop up in your mind when considering a condominium development:
Is the underlying land titled (fee simple) or is it leased land in the Maritime concession zone?Concession land must be leased and held 50% by Costa Ricans which may complicate the development and ownership/management - Are you being offered a 99 year lease or rental contract on a condo, instead of fee simple ownership?Run, do not walk out the door!First, any contract over 10 years is generally considered by Costa Rica courts to be abusive.Secondly, because you would not actually own the property in this scenario, you could not protect yourself with mortgage or title insurance.
- Are you being offered - cooperative ownership - instead of fee simple ownership?In this case, you own stock or shares in the corporation that owns the building but you do not own the individual condo unit.Beware, because you will have no legal ownership of the actual property.
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