Costa Rica - Allen Lungo

Presenter:
Allen Lungo
President:
Costa Rica Global Association of Realtors (CRGAR)
The Costa Rica MLS (CRMLS)
Founder/Partner:
The Summerland Group
Vacation Rentals of Tamarindo
Costa Rica Real Estate Store
Summerland Property Management
Costa Rica Welcome Centers
Executive Vice President:
Proxio, Inc.

Do Your Dreams Fit?

Amy Seeks: Smith & Associates
(Platinum Level Sponsor)
Ginger McQuigg: Prudential Tropical
(Platinum Level Sponsor)
Charles Richardson, Elizabeth Vasti, Sabrina
Cullen Coldwell Banker Residential Real Estate
(Gold Level Sponsor)
Kelly Kepler: Engel & Volkers Clearwater
Downtown
(Bronze Level Sponsor)
Frank Hurley Real Estate
(Bronze Level Sponsor)
Peggy Naruns: Northstar Realty
(Reception Sponsor)

Florida Gulf Coast Tour
Thank You Sponsors!

Costa Rica/Ready For You!
Overview
Today, Future
Guanacaste Province
Real Estate, Realtors, Referrals
Invitation

Do Your Dreams Fit?

Central America
Costa Rica
Latitude: 9-10 N
(Hawaii: 20N)
Longitude: 84-85 W
(Chicago: 87W)
Weather from the East
No Hurricanes
No Tornadoes
Active Volcanoes
Seismic Zone
50 Year Quake in Sept

Costa Rica Today: Location
Florida Gulf Coast Tour – Nov 2012

Nicaragua Costa Rica
Size of W. Virginia
Pop – 5 million

Costa Rica

Panama

Costa Rica Today: Points of Interest

Nicaragua Costa Rica
Size of W. Virginia
Pop – 5 million
Liberia (LIR)
2nd Int’l Airport
Arenal Volcano
Top Tourist Attraction
Tamarindo
Guanacaste Gold Coast
Limon
Caribbean Coast
San Jose (SJO)
Capital,1.5 million
Costa Rica Manuel Antonio
Top National Park(Visits)
Osa Peninsula
Top Natural Experience

Panama

Costa Rica Today: Points of Interest

History:

Costa Rica Today: History

History:
No Ancient Empires
Independence from Spain by Letter
Sept 15, 1821
Democracy Since 1820’s
“Paternalistic” Early History
Civil War – 1948
Military Abolished
Continuous Period of Peace Since
Reputation for Promoting:
Human Rights
Environmental Awareness
Disarmament
A Tradition of Welcoming Everyone

Costa Rica Today: History

1st World Country

Costa Rica Today: Current Assessment

1st World Country
Economy: +3.5% growth rate,
low inflation, diversifying, no
mortgage crisis, free trade
Energy: 80% renewable: wind,
solar, hydroelectric
Education: 97% literacy
Health: national health with
private pay options, top 4 in
lifespan, “happiest place on Earth”
Communication: fiber optic
internet speeds, 3G cell service
! Tourism: #1/#2 dest, last 2 years
g! ing new records, airport improvements
vin elp
pr
o
in aH Stable Government
Im Ch
2nd/3rd World Infrastructure: Roads, Rail, Ports, Marinas

Costa Rica Today: Current Assessment

Costa Rica/Ready For You!
Overview
Directions for the Future
Guanacaste Province
Real Estate, Realtors, Referrals
Invitation

Costa Rica: Green
Carbon Neutral by 2021
No More Shark Finning
or Exporting of Fins

Ongoing Passion!
- 27% Park/Protected
- Farmers paid to watch
trees (not cows) grow
- Fastest way to get a
cop: start cutting a tree

Costa Rica Today: Priorities in Nature

Costa Rica: Global Integration

Push 1st World Services, Global Trade
- New $40 Million Liberia Airport
- Free Trade Agreements
- Intel: largest microchip plant
in the world, #1 export earner Expanded
- Baxter medical equipment
- IBM Software Research Center
- Plasma rocket engine
- Call center country
- Jet maintenance/upgrades

Costa Rica Today: Priorities in Trade, Hi-Tech

Costa Rica: Blue
Promote Medical Tourism - High
quality services and care at
low prices relative to the US

Dental, Vision, Cosmetic Surgery,
Rehabilitation, Holistic Health

Work synergistically with travel
industry, related personal and business
services to offer “medical tourism
packages”

Physicians in alliance with the
government

Competition – SE Asia, India

Costa Rica Today: Medical Tourism

Costa Rica: Blue s !
ure
ed
Sample Procedures: - $CR / $US oc
Dental Pr
e
s iv
Teeth Whitening - $250/$700
t en
Root Canal - $315/$800 In
e
Implant - $1000/$3000 or RE !
M A
Veneers - $350/$1250 to IC US
g ED th e
Porcelain Crowns - $350/$1050 v in M
Bariatric o w of
M
lo e
Gastric Band - $10,500/$30,000 Al sid
Plastic/Reconstructive Surgery to ut
s O
e s rs e
Facelift - $4,700/$12,000 gr u
n b
Rhinoplasty - $2,500/$8,000
l Co im
Breast Augmentation - $2,700/$7,500 el Re
T to
Breast Lift - $3,800/$9,000
Liposuction - $3,900/$8,000
Tummy Tuck - $4,500/$10,000

Costa Rica Today: Medical Tourism

Costa Rica: Retirement National Policy:
- Encourage 80 million
baby boomers to come
– Each one adds 4
permanent jobs to CR
Immigration:
Streamlined rules of
residency: 6 Months
Health: public health
system coverage $22
per month, drop
Medicare Part B
Cost of Living:
taxes, prop insurance,
clothing, phone, local
food, no heat for home,
caretakers/aides
Low Stress!

Costa Rica Today: Retirement

Costa Rica: Education
Family/Childhood Experience
K-12 (1-3 years)
Public/Private Schools
Bilingual
Private Tuition - $2,500-$10,000/year
Intense Language Instruction
1- 24 weeks
Multiple Locations
Professional Focus
New – CRGAR Realtor Institutes
CIPS – February 11-15, 2013

Costa Rica Today: Educational Priorities

Guanacaste Province
- Northwest Pacific Coast Papagayo
Hermosa Liberi
a
Las Catalinas
Potrero
Flamingo

Nosara

Samara

Tambor

New Liberia Airport Terminal

Costa Rica Today: Guanacaste Overview

Guanacaste Province
- Becoming an economic Hermosa Liberi
driver thanks to international a
airport, inbound visitor volume Las Catalinas
Potrero
- Shifting from rural to Flamingo

resort, retirement, development,
“California” of CR
- Bi-lingual province resort
areas dominated by English Nosara
- 2 new private hospitals Samara
- New Global Destination -

Tambor

New Liberia Airport Terminal


Guanacaste Province Beaches
CR’s Best Sunset Beaches Hermosa Liberi
a
Las Catalinas
Potrero
Flamingo

Nosara

Samara

Tambor

Wide, World Class Surfing


a
Las Catalinas
Potrero
Flamingo

Nosara

Samara

Tambor

Intimate, Tidal Pools, Surf


a
Las Catalinas
Potrero
Flamingo

Nosara

Samara

Tambor

Possibly, Most Beautiful….


a
Las Catalinas
Potrero
Flamingo

Nosara

Samara

Tambor

2nd Place, after Conchal….


a
Las Catalinas
Potrero
Flamingo

Nosara

Samara

Tambor

Potrero - Best Kept Secret


Guanacaste Province Real Estate

Papagayo
Hermosa
Condominiums Near (Surfing) Beach – Tamarindo
Las Catalinas
Potrero
Flamingo
Mid-Market Asking Prices: (furn)
1 bed/1 bath, 700SF, $95K-$175K
2 bed/2 bath, 1100SF $150K-$275K
3 bed/2 bath, 1600SF $245K-$400K
Nosara

Samara

Tambor

Costa Rica Today: Guanacaste Real Estate


Ocean View Custom Homes – Flamingo
Papagayo
Hermosa

Las Catalinas Asking Prices: (furn)
Potrero
Flamingo 3 bed/3 bath
small - $600,000
average - $950,000
photo - $2,975,000
Nosara

Samara

Tambor



Custom Estate Compounds – Tempate
Papagayo
Hermosa

Las Catalinas
Potrero Asking Price:
Flamingo (furn, 15 mins to beach)
3 bed/3 bath
Designer pool
200 Acres of land
Nosara Registered well
Samara Other buildings
$995,000

Tambor



Papagayo
Low-Rise Condos 3 Min to Beach–
Hermosa
Potrero
Las Catalinas
Potrero
Flamingo

Nosara

Samara

Tambor

1 bed/1 bath, 700SF, $120K-$175K
2 bed/2 bath, 1100SF $189K-$265K
3 bed/2 bath, 1600SF $209K-$295K



High-Rise Ocean View Luxury Condos – Langosta
Papagayo
Hermosa

Las Catalinas
Potrero
Flamingo
1 bed/1 bath, 900SF, $199K-$240K
2 bed/2 bath, 1400SF $250K-$395K
3 bed/3 bath, 2200SF $440K-$660K

Nosara

Samara

Tambor



Papagayo
Ocean View Lots – Pacific Heights
Hermosa

Las Catalinas
Mid-Market Asking Prices:
Potrero (with water, electricity available)
Flamingo
1-1/4 to 1-3/4 acres, $110K-$235K

Nosara

Samara

Tambor


Priced in US Dollars
Costa Rica Real Estate 90% Sales Are Cash
Foreign Investors may
own 100% of assets – real
estate, corporations (except
some coastal property)
Just One Signature!
National Public
Registry Unique ID for
Every Property all legal
conditions, titles, surveys,
documents, meetings, etc. If
not recorded in Spanish, it
didn’t happen. All records
online, except surveys.
Due Diligence research
contingencies, must be
included in every offer, and
Villas Casa Loma – Flamingo checked by your attorney.

Costa Rica Today: Aspects of Ownership

Costa Rica Real Estate Assets Are Owned
with Corporations –
limits future liability to the
value of the asset, lower
transfer taxes at sale
New vs. Existing
Corporations – hidden
liabilities, claims, suits
Transfer Taxes – Sell
the shares vs. sell the
asset – affects tax rate and
value for property taxes
Escrow – SUGEF,
Stewart Title, Chicago Title
Title Insurance – not
required, unless lender
involved, but can be wise
Casa del Suenos – Potrero investment


Property Taxes – 1/4
Costa Rica Real Estate of 1% per year! In
concession areas –
negotiated fees
Property Insurance
Sold by gov’t, all risks
including earthquake, $600
per $100,000, no need for
full value coverage
Condos Are Special!
Separate Condominium
Law – strict, effective
By-laws must be available
and recorded before
closing. History of all prior
association meetings
should be available, as well
USE A REALTOR!
Crystal Sands Beachfront Condo – Langosta
USE A LAWYER!


Costa Rica Realtors
No Legal Licensing of Realtors
Boom – Taxi Drivers, Waiters,
Surfers..
80% of listings are open/non-exclusive
Crash – Cleaned up situation, but…..
Licensing Law Unlikely Now
Now – Rely on the Associations
Members accept/pay for rules, training
NAR Relationships - Work
together more willingly
13% Professional Services Tax
To Work Legally:
Must Be a Resident – Retired,
Start a Business, Buy a
Property Worth $200,000
Register to Pay Taxes
Use Immigration Consultant!
Costa Rica Today: Realtors

Costa Rica Realtors www.CRGAR.com
Formed in 2001 in Guanacaste
Becoming National Organization –
initial focus in Guanacaste, now bilingual
Only Association Requiring All:
NAR Membership
ICREA Membership
Costa Rica MLS Participation
Training Classes after Acceptance
Award Peer Credential:
“CRGAR-Licensed Realtor”
Support Community Education
Fundraising Events:
Golf Tournament and Party Weekend
with Sponsor Support
Raising Global Profile

Costa Rica Today: GRGAR Association

Costa Rica Realtors The Costa Rica MLS
www.CostaRicaRealEstateMLS.com

Proxio Global Database
Costa Rica favored by global investors
Only CRMLS With All Being True:
– All listings are 1) on Public Registry,
2) entered by only seller-authorized agent,
3) posted originally by a CRMLS user
- All agent/users are 1) members of
CRGAR, NAR, ICREA or linked to them,
2) agree to pay referrals – backed by
CRGAR
- The service is offered 1) on a non-
profit basis by CRGAR, 2) without outside
investors seeking profits from real estate
sales or unrelated business activity

Costa Rica Today: Costa Rica MLS

Costa Rica Referrals
Global Fee Practices - Typical
Negotiable from 25%-50% depending
on your involvement, # of participants
Get Details in Writing
CRGAR – standard form for Costa Rica,
or use your own
If you are having trouble getting
paid CRGAR can do the most good for
you with one of our own members
You will have to pay taxes to CR
15% is withheld on foreign (referral)
payments. Unless you have another tax
basis in Costa Rica, 15% must be
withheld, and you need to send a proper
invoice to the person/entity paying the
referral fee.

Costa Rica Today: Realtor Referrals

Tamarindo, Costa Rica, February 11-15, 2013

Langosta

Site of Classes
Walk from Tamarindo
Accommodations

Main Surf Break
Beach
Tamarindo

Instructor:
David Wyant Playa Grande

Costa Rica Today: Invitation to Visit

Costa Rica…..
Welcoming You!

Costa Rica - Allen Lungo

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