Property Center – Dominican Republic Real Estate

It pretty much says it all…for sale by owner Dominican Republic.

FSBO Dominican Republic

Our neighbors, the Wild Coyote Bar, got burned down last week…no-one knows why, some pictures…

Sosua Restaurant Burned Down

Wild Coyote Burns Down

BRITAIN is finally OUT of recession — ending the longest economic slump on record.

Official figures showed that GDP — or output — rose by 0.1 per cent between October and December.

The growth follows 18 MONTHS of misery.

Cayman was shaken by a 5.8 Earthquake at 9:23 am according to the USGS.  News 27 will bring you the latest as soon as they come in.

According to Hazard Management the earthquake was:

32 miles ESE of Bodden Town

40 miles ESE of George Town

45 ESE of West Bay.

The earthquake occurred at a depth of 6.2 miles.

There have been no reports of damage or injuries received by 911.

There is no threat of a tsunami from this event.

Our friends in Cayman emailed us this image of a sink hole, the only visible change after the tremor…

sink hole cayman islands

The ultimate privacy concept.

Villa Ultima Casa Linda

The developers of Casa Linda spent more than a year designing Villa Ultima and the result indeed exceeded everyone’s expectations.

Designed exclusively for privacy, here no-one has to know you are here unless you want them to.

The great room opens to the extensive covered terraces with just one step leading down to the pool, sundeck and lounge chairs.

Luxurious seating and large open areas make Villa Ultima a perfect setting for entertaining groups, weddings and family reunions as well as the intimate exclusive setting for honeymoons etc.

Villa Ultima comes with a large open kitchen and dining area which also includes a breakfast bar and easy access to the outdoor wet bar/BBQ area.

All four bedrooms have individually controlled air-conditioning and separate fans.

For a short time only, the developers are offering a guaranteed minimum 10% net rental return (less pool chemicals and electricity). For more information on this offer contact us today.

You need to take out a mortgage loan if you don’t have the required cash to purchase a property. It is advisable that you know about mortgage terms and basic concepts of a home loan before you take out one. It will help you to choose a home loan that suits you the best in the long run. Read on to gather knowledge about mortgage basics.

How to obtain a mortgage

You can take out a mortgage loan from banks, mortgage companies, credit unions and portfolio lenders. You can also complete an online form and provide the necessary documents in order to apply for a mortgage.

Types of mortgage loans

There are mainly 2 types of mortgage loans, which are given below.

ARM (Adjustable Rate Mortgage) – It is a type of home loan with variable rate of interest. The interest rate remains fixed for a certain period after which it changes periodically.

FRM (Fixed Rate Mortgage) – In this type of mortgage loan, the interest rate remains fixed throughout the loan term.

Required documents

You need to provide certain documents to obtain a home loan. They are paystubs for the past 2 years, the borrower’s Social Security Number, income and address proofs along with the recent statements of deposit amounts, stocks and bonds.

Importance of credit repair

Apart from getting acquainted with various mortgage terms, it is quite important to check your credit score before you apply for a mortgage loan. If required, repair your bad credit record before applying for a home loan. You can get better interest rate on your home loan if you have a good score.

Some recent photos of the Malecon in Puerto Plata, including the monument made to the victims of the German plane crash in Sosua in 1996.

40% down payment

3-5 year term

interest rate negotiable

In the last couple of weeks we have seen quite a few properties have their status changed from, For Sale, to Sold…

The buyer demographic has also been quite ample, from people aiming to re-locate to the DR to investors buying up large expanses of farm land to the traditional vacation property buyer.  Several nationalities have been represented, however US citizens are the strongest buyer contingent.

Does this mean things have started to get better in the states?

According to the Florida Real Estate Journal, there was a 76% increase of existing single-family home sales in May 2009 compared to May 2008 in Miami, according to the latest report by the Realtor Association of Greater Miami and the Beaches.

Miami was the strongest single-family market in Florida, showing a substantial increase compared to only 16% statewide. The sales of existing condominiums in Miami-Dade increased by 36% compared to the same period last year – and to the 21% statewide increase. The Miami real estate market has experienced a surge in sales each of the last 10 months.

According to National Association of Realtors Chief Economist Lawrence Yun, the South Florida real estate market may have hit bottom. “We’re certainly near the bottom if not at the bottom already,” said Yun at the recent International Real Estate Congress and Expo in Miami.

As there are no official statistics kept for real estate sales in the Dominican Republic, it’s hard for us to make such claims, however we are certainly starting to see increases in sales volumes compared to previous months.

There are still some great deals out there, so as a potential buyer, our advice is to get out there, take a look and start making offers.

A further selection of properties offering owner finance with as little as 20% down.

House in the countryside
50% down, 2 year mortgage, 9% yearly interest.

Affordable ocean and mountain view villa
30% down, 30 year mortgage, 3-5 year balloon payment, 7.5% yearly interest.

2 Bedroom villa close to the beach
40% down, 30 year mortgage, 3 year balloon payment, 7-8% yearly interest.

2 Bedroom 2 bathroom villa Sosua
40% down, 30 year mortgage, 3 year balloon payment, 7-8% yearly interest.

Apartment complex Cabarete
US$350,000 down, balance over 5 years with 8% yearly interest.