Blue Zone Realty International, a member of Leading Real Estate Companies of the World, is a full service, boutique real estate agency, located in Costa Rica. Our award-winning firm offers professional real estate services, custom-tailored to each of our discerning clients. Our concierge-style service ensures that each of our property seekers is presented with the options that best fit their needs and their lifestyle. Haute Residence caught up with Blue Zone to discuss what we can expect from Costa Rica's real estate market in 2020.

How was the luxury market in 2019 compared to 2018 in Costa Rica? Did it increase or decrease?

2019 was a strong year for luxury home sales in Costa Rica, with slight gains over 2018 which was a record-breaking year.  The reason for the continued growth in the luxury market includes many factors, such as an increase in direct flights from many North American and European airports, increased awareness of the incredible benefits of owning a luxury property in Costa Rica, and the country's world-wide recognition as a champion for environmentalism.  Costa Rica offers the most discerning buyers an unparalleled opportunity to experience a luxurious lifestyle in a responsible way.  We love the phrase "responsible luxury", which explains the pristine beaches, the large estate lots, and the stunning vistas that exceed the expectations of everyone who visits us for the first time.

What are your projections for the value of properties and market conditions in Costa Rica?

In 2020, we are anticipating a sustainable growth of approximately 4-6%% in the luxury market in the northern region, and a robust 15-20% growth rate in the luxury market in the Southern Pacific region.  The reason for the stong forecast in the south is that unlike the north which developed early, the South Pacific region of Costa Rica is still virtually untouched and underdeveloped, yet it is one of the most biodiverse areas on the entire planet.  Luxury home buyers will be able to experience a lifestyle that is in tune with nature, balanced, and more relaxed than they ever thought possible. Haute life in the Southern Pacific region is like living at a tropical spa, and the topography is breathtaking.  Unlike the flatter lands in the north, the south is where the mountains meet the warm waters of the Pacific, so the added elevation provides perfect temperatures and heart-pounding sunsets.

Are there any new condos or developments in Costa Rica that have gone up recently or will be completed soon?

Unlike other tropical destinations, Costa Rica is the perfect place to unwind and relax. The luxury homes that are in the highest demand are single-family homes, with sprawling botanical grounds, and tons of privacy.

Are there any new restaurants or shopping centers in Costa Rica that have recently opened that you recommend?

The Central Valley and the capital city of San Jose is a booming metropolis,  with shopping centers and several options for entertainment, but the 'real' Costa Rica is walking along an unspoiled beach and buying handmade crafts from local artisans. Costa Rica is not a shopping destination.

What is your take on the current mortgage rates? Do you project these rates to go up or down in 2020 and why do you think this?

Mortgage rates in Costa Rica are staggering, and mortgages are available to citizens only.  The real estate market in Costa Rica, whether it be the residential, vacation home, or luxury market is a cash market, but believe me when I tell you that there is no better way to invest your money than in a luxury home in Costa Rica. The dividends are not measured in dollars but in life-changing experiences and memories.

Is there anything else you would like us to know about Costa Rica for 2020?

2020 may be the last year for the discerning buyer to acquire a privileged home in Costa Rica for the current low prices (ranges from $300-$800 per square foot)!.  As awareness spreads, and Costa Rica becomes more popular, these low prices are sure to skyrocket.  Now is the time for those looking for a second or third home to take advantage of this unmatched lifestyle, and to be the envy of all those who invest later.

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Castillo Del Sol is a mansion estate on a coveted, nearly 10-acre tropical rain forest mountain top, with sunset ocean views of the blue Pacific Ocean. The owners have spared no effort or resources into creating the lavishly designed estate, which exceeds the quality and standards of Costa Rica. Endless thought and creativity are evident in every well-appointed room, and every open-air living space. Explore this home, totally remodeled and renovated in 2016/2017 for truly gracious living. Entertain on an intimate or grand scale and discover meticulous craftsmanship and finishes at every turn. From the high vaulted wooden ceilings, the imported and local stones and tiles, the handcrafted exotic wooden doors and windows, to the 4 pools, music and entertainment room, and even a private helipad, Castillo Del Sol is a one-of-a-kind celebrity home which will captivate your guests from the moment they arrive. Explore the 10,000 sqft of living space, which offers ample room to display grand works of art, and take the time to look out over creation as endless vistas stretch out before you. The great house consists of high open corridors connecting the interior living space to the expansive exterior lounges, kitchen, bars, pools, sun decks, and observation areas. This luxurious and expansive mansion offers privacy like no other, with a grand gated entrance, mature tropical trees and plants, extensive wildlife and exotic birds, this opulent oasis has it all. The grand piano, the billiards table, and all of the hand-selected furnishings complete this posh and exuberant residence.

Located in a safe and established community of Tres Rios, this estate has easy access to the largest town in the area, with a new hospital, shopping, hotels, and government services. Tres Rios is also close to amazing local beaches. Playa Tortuga and Playa Ventanas are the closest beaches, and the world-famous Marino Ballena National Park is a very short drive where you can discover the majestic visitors, the humpback whales, who visit twice a year. This area has an abundance of natural waterfalls, vast rivers, and mangroves. Wildlife is so abundant that you are as likely to see a monkey or a toucan, as you are another human. Lose yourself in this natural and exotic oasis, or enjoy many of the exciting tours or excursions at your fingertips.

Enjoy palatial opulence and exotic surroundings.

Address: Costa Rica

Price: $2,900,000

For more information please contact Blue Zone Realty International at (506) 8446-0275 or tim@bluezonerealty.com

Blue Zone Realty International is the exclusive agent representing the Costa Rica real estate market as a member of the Haute Residence Real Estate Network. View all of their listings here.

Photos courtesy of Blue Zone Realty International

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The reality of the current market is that luxury properties are worth what buyers are willing to pay for them. It is a market where the appraisal is no longer a starting point to define a realistic price for the property, where a good location is not so crucial to determine its value, where the sentimental value that the owner has for the property is no longer relevant for the future buyer, nor does it matter as much that the price has been significantly lowered. It is a market where the buyer will always want to get the biggest discount and, when presented with a very low offer, the seller will have to ask himself if he will take the opportunity or leave it. To take it will make it possible to move on to the next stage; to leave it could mean the property continues on the market more months or even years without any certainty of obtaining a better price.  Sadly, our experience in some cases has been that buyers who have rejected an offer end up selling for less a few years later.

Because the reality of the high-end real estate market in Costa Rica is that we cannot estimate how long will it take for a property to sell, we cannot estimate with certainty what is the best price to attract a potential buyer and whether sellers should wait or continue offering the property. In short, it is a market of uncertainty. To give assurance in this market is to guide the owner to erroneous conclusions.

How can this situation be addressed when a buyer has a serious motivation to sell in the shortest possible time? The main way to do this is to provide credibility. Credibility is defined as the feeling of trust and respect that the seller inspires to a prospective buyer.

By providing credibility the owner is telling the potential buyer that the price is right, that the property has not been overpriced due to sentimental value or for any other reason, that the it is priced to sell and not to be parked indefinitely. The owner conveys to the buyer a sense of respect and trust. Respect is manifested by defining a price that is in line with reality. The buyer perceives confidence when a seller presents an excellent quality property at a price that is in line with demand.

In this market, overpriced properties are considered an insult to the intelligence of the buyer. The high-level buyer is an educated buyer who carefully studies supply and demand; these buyers easily identify the properties that are overpriced, compared to those that are priced in line with current reality.

Those who bought properties or built their luxury homes on the highest point of the market, just before the housing crisis, quite possibly will never recover the replacement value on their investment, and may not even hope to get a return on their investment. Unfortunately, these are properties that are now classified as “properties highly overpriced,” because their current value does not correspond to the present trends of the market.

So the task for homeowners who want to sell their property this year or next year is to build credibility around their intention to sell, to study the comparable properties in the area, preferably not similar properties for sale, but properties that have been sold and their selling price.  Since in Costa Rica there isn’t a data base of sold properties, the task of getting the final sale prices becomes a Herculean effort. If sellers do not have a direct and trusting relationship with someone who has managed to sell their property, they will often end up getting information second-hand from acquaintances or others who may be aware of the sale price, in order to obtain reliable data.

Credibility is built when developing a relationship of trust and respect with everyone involved in the process of selling the property, including potential buyers and the real estate broker. The property owner has to see the process as a team effort, where all participants have the same goal and in one way or another, will benefit when the process is concluded.

Credibility is also built when selecting a successful, trustworthy, and experienced real estate professional, because in the high-end market, the potential buyer will not feel comfortable putting financial information, personal information, and the whole negotiation process in the hands of someone who does not have the experience to take responsibility of the process in a safe and reliable way.

Finally, credibility is built by being trustworthy and authentic. A trustworthy owner will act properly throughout the sales process and will generate confidence in the buyer to disclose all information necessary so that the sales process is safe and transparent. The seller will not commit to what he cannot deliver and will do whatever he can to comply with everything that has been agreed during the negotiation process. The seller will be authentic by fulfilling his word and will act at all times with the best intentions.

At the same time, the professional luxury real estate specialist will have to commit to the same principles of credibility, authenticity, integrity, respect, and trust described above, because these values will determine that the whole sales process is carried out in a successful and transparent way, for the benefit of all those involved.

Casa Alta Vista is a good example of a property very well priced and below market value

Photos courtesy of Costa Rica Luxury 

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