Puerto Plata is preparing for the second version of the Tourist Fair Discover Puerto Plata Market Place

Puerto Plata is preparing for the second version of the Tourist Fair Discover Puerto Plata Market Place, an initiative organized by the Tourism Cluster of this destination with the support of the hotel industry and tourism of the Northern Dominican. The event will be held from October 16 to 18 at the Hotel Be Live Grand Marien of the Costa Dorada, which will bring together professionals from more than twenty countries, which will meet on 49 stands the wide range of this destination in Dominican Republic.

Discover Puerto Plata MarketPlace 2013

More information: http://www.discoverpuertoplata.com/newsmarketplace

Andre Agassi to play in the Dominican Republic

Andre-Agassi2

Former super tennis stars, Andre Agassi, Jim Courier, Ashley Harkleroad and will be in the Dominican Republic to participate in the Encounter of Great Tennis Masters – General Insurance Cup. Participating for the DR will be top women tennis player, Francesca Segarelli. The exhibition matches will take place on 19 October at the Parque del Este tennis installations.
The exhibition has already been staged in different countries in Latin America and Europe. The event is promoted by Eventos A.L.P and Kaeco. It is sponsored in the Dominican Republic by General de Seguros, Tricom and the Dominican Tennis Federation (Fedotenis).

Article taken from http://dr1.com/calendar/events/index.php?com=detail&eID=7654

Cabarete affordable beachfront condo for sale

From your sofa to the ocean in 60 seconds flat. This nice second floor condo boasts beach views and luxury living at an amazing low price. The unit features granite kitchen counter-top and backsplash, imported Italian porcelain tiles, and natural stone in the bath. The complex includes pool, jacuzzi, security and generator. There are few comparable at this price point. Apartment comes full furnished. Price is negotiable.

Check the virtual tour of The Victorian residential or the full listing with details here.

Well decorated villa for sale in Sosua

This house is located in a country-styled gated community, only a few minutes from the town and the beach. It is beautifully decorated and maintained. Comfortable design, big patio, extra kitchen outdoor poolside kitchen. Manicured garden. Great view of the hills. The community offers stability, a tennis court, and 24 hr security. Completely furnished and equipped. A Century 21 exclusivity.

More about this property here.

Wyclef Jean & The Ilegales in concert in Puerto Plata

Wyclef Jean Puerto Plata

To increase its entertainment offer, the Puerto Plata Lifestyle Holidays Vacation Club facilities will host a concert featuring the internationally renowned singer Wyclef Jean and the group The Ilegales, representing local talent, on Saturday October 12 at the Center Court area of this enclave, located in Cofresi, Puerto Plata.

The presentation will be hosted by the Vacation Club hotel, Lifestyle Holidays Vacation Club, dedicated to the members and guests who are staying at the resort, who will be able can enjoy the show for free.
 
Wyclef Jean, who recorded with Shakira “Hips don’t lie”, has also worked with artists such as Pitbull, Santana, Eric Clapton, Queen, and others group like Aventura, has promised to present a sensational concert in Puerto Plata for the Dominican public. He will be pllaying the biggest hits of his discography.

Welcome to the Dominican Republic

This is the first post on the Century 21 Juan Perdomo blog. In the coming weeks and months, we’ll be presenting you nice articles about the culture of the Dominican Republic, as well as real estate news and offers.

In the meantime, you can have a look at the video we have selected for you. It’s about Puerto Plata, the main city in the province with the same name.

Effect of recession on tourist properties

Many countries enjoyed a real estate boom between 2003 and 2007. And as such, after the storm comes peace: in 2008, one of the biggest recessions of the century was kick-started. Property prices dropped in many cities, especially those located in tourist areas. In the case of the Puerto Plata province, many of these apartments and houses are secondary houses for foreigners, making them the first to be put up for sale when their owners lose their jobs or are in need of cash flow.

As a consequence of a recession, the sale volume decreases, sometimes down to 80% of what is was before the recession, and the inventory of properties on the market for sale increases. In part, prices are determined by supply and demand, and since there is a surplus of properties on the market which is not selling, the owners in bigger need are forced to lower their prices. This lowering of prices drags those who did not want to sell with such urgency too, for if they would wish to sell they would have to hope for less, because there are more attractive prices available.

Tourist properties in the Puerto Plata, Sosua, and Cabarete areas were affected by the recession that started to show in 2009. Poor real estate activity during the 2008-2011, and as a consequence, also big opportunities for buyers seeking the same properties as before, but now being able to pay prices lowered by an average of 20%. In many cases, these owners were willing to sell at a price 30% to 40% under the original price, accepting a great loss.

The majority of tourist property sales made in 2012, which were relatively few, were done under big discounts. This is still happening in 2013, but less frequently because such underpriced inventory is being sold. Therefore, we are seeing a return to prior market values.

It should be noted that some of the new projects developed over the last few years did not suffer such a harsh drop in sales prices for they were new products and the developer often had no urgent need to sell. Plus, some of these products already had competitive prices.

Now is a good time to buy properties that have been up for re-sale for some years. A big part of these properties sold between late 2012 and the first month of this year, but some good offers still remain. In addition, many of the owners who are motivated to sell offer financing options for several years under low interest rates.

Market Opportunities

This scaled effect is not applicable to properties outside tourist areas, due to the fact those properties are usually occupied by their owners or renters, and do not remain vacant most of the year, as is the case with tourist properties, which are used by their owners only on vacations.

This effect only took place in the south of the United States, for because of its warm weather, many North Americans have a second property.