3. 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?
4. 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!
5. Costa Rica/Ready For You!
Overview
Today, Future
Guanacaste Province
Real Estate, Realtors, Referrals
Invitation
Do Your Dreams Fit?
6. 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
7. Nicaragua Costa Rica
Size of W. Virginia
Pop – 5 million
Costa Rica
Panama
Costa Rica Today: Points of Interest
Florida Gulf Coast Tour – Nov 2012
8. 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
Florida Gulf Coast Tour – Nov 2012
10. 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
Florida Gulf Coast Tour – Nov 2012
12. 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
Florida Gulf Coast Tour – Nov 2012
13. Costa Rica/Ready For You!
Overview
Directions for the Future
Guanacaste Province
Real Estate, Realtors, Referrals
Invitation
14. 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
Florida Gulf Coast Tour – Nov 2012
15. 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
Florida Gulf Coast Tour – Nov 2012
16. 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
Florida Gulf Coast Tour – Nov 2012
17. 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
Florida Gulf Coast Tour – Nov 2012
18. 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
Florida Gulf Coast Tour – Nov 2012
19. 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
Florida Gulf Coast Tour – Nov 2012
20. Costa Rica/Ready For You!
Overview
Directions for the Future
Guanacaste Province
Real Estate, Realtors, Referrals
Invitation
21. 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
Florida Gulf Coast Tour – Nov 2012
22. Guanacaste Province
- Northwest Pacific Coast Papagayo
- 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
Costa Rica Today: Guanacaste Overview
Florida Gulf Coast Tour – Nov 2012
23. Guanacaste Province Beaches
- Northwest Pacific Coast Papagayo
CR’s Best Sunset Beaches Hermosa Liberi
a
Las Catalinas
Potrero
Flamingo
Nosara
Samara
Tambor
Wide, World Class Surfing
Costa Rica Today: Guanacaste Overview
Florida Gulf Coast Tour – Nov 2012
24. Guanacaste Province Beaches
- Northwest Pacific Coast Papagayo
CR’s Best Sunset Beaches Hermosa Liberi
a
Las Catalinas
Potrero
Flamingo
Nosara
Samara
Tambor
Intimate, Tidal Pools, Surf
Costa Rica Today: Guanacaste Overview
Florida Gulf Coast Tour – Nov 2012
25. Guanacaste Province Beaches
- Northwest Pacific Coast Papagayo
CR’s Best Sunset Beaches Hermosa Liberi
a
Las Catalinas
Potrero
Flamingo
Nosara
Samara
Tambor
Wide, World Class Surfing
Costa Rica Today: Guanacaste Overview
Florida Gulf Coast Tour – Nov 2012
26. Guanacaste Province Beaches
- Northwest Pacific Coast Papagayo
CR’s Best Sunset Beaches Hermosa Liberi
a
Las Catalinas
Potrero
Flamingo
Nosara
Samara
Tambor
Possibly, Most Beautiful….
Costa Rica Today: Guanacaste Overview
Florida Gulf Coast Tour – Nov 2012
27. Guanacaste Province Beaches
- Northwest Pacific Coast Papagayo
CR’s Best Sunset Beaches Hermosa Liberi
a
Las Catalinas
Potrero
Flamingo
Nosara
Samara
Tambor
2nd Place, after Conchal….
Costa Rica Today: Guanacaste Overview
Florida Gulf Coast Tour – Nov 2012
28. Guanacaste Province Beaches
- Northwest Pacific Coast Papagayo
CR’s Best Sunset Beaches Hermosa Liberi
a
Las Catalinas
Potrero
Flamingo
Nosara
Samara
Tambor
Potrero - Best Kept Secret
Costa Rica Today: Guanacaste Overview
Florida Gulf Coast Tour – Nov 2012
29. 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
Florida Gulf Coast Tour – Nov 2012
30. Guanacaste Province 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
Costa Rica Today: Guanacaste Real Estate
Florida Gulf Coast Tour – Nov 2012
31. Guanacaste Province Real Estate
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
Costa Rica Today: Guanacaste Real Estate
Florida Gulf Coast Tour – Nov 2012
32. Guanacaste Province Real Estate
Papagayo
Low-Rise Condos 3 Min to Beach–
Hermosa
Potrero
Las Catalinas
Potrero
Flamingo
Nosara
Samara
Mid-Market Asking Prices: (furn)
Tambor
1 bed/1 bath, 700SF, $120K-$175K
2 bed/2 bath, 1100SF $189K-$265K
3 bed/2 bath, 1600SF $209K-$295K
Costa Rica Today: Guanacaste Real Estate
Florida Gulf Coast Tour – Nov 2012
33. Guanacaste Province Real Estate
High-Rise Ocean View Luxury Condos – Langosta
Papagayo
Hermosa
Mid-Market Asking Prices: (furn)
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
Costa Rica Today: Guanacaste Real Estate
Florida Gulf Coast Tour – Nov 2012
34. Guanacaste Province Real Estate
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
Costa Rica Today: Guanacaste Real Estate
Florida Gulf Coast Tour – Nov 2012
35. Costa Rica/Ready For You!
Overview
Directions for the Future
Guanacaste Province
Real Estate, Realtors, Referrals
Invitation
36. 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
Florida Gulf Coast Tour – Nov 2012
37. 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
Costa Rica Today: Aspects of Ownership
Florida Gulf Coast Tour – Nov 2012
38. 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 Today: Aspects of Ownership
Florida Gulf Coast Tour – Nov 2012
39. 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
Florida Gulf Coast Tour – Nov 2012
40. 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
Florida Gulf Coast Tour – Nov 2012
41. 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
Florida Gulf Coast Tour – Nov 2012
42. 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
Florida Gulf Coast Tour – Nov 2012
43. 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
Florida Gulf Coast Tour – Nov 2012