T
The Great Gatsby
New Member
Just so yo know I am an agent, but am new to the game so am trying to get feedback about the areas im selling. I thought about the exit strategy issue. But as long as you buy a good unit in the teen floors and realize that you have to sell well before the ten year rental ends or well after you should be o.kWill the problem with Caracola not be selling it???
If there ends up being 1200 units as planned - then there aren´t going to be any resales for a very long time and once there are resales, surely oversupply of the same types of apartment in the same complex is going to dilute the prices as everyone tries to exit????
That would be my major worry.
So far as crime figures etc - same as most holiday locations. Every day in every resort there is crime.
I lived and worked in Caracas for 2 years - I was security conscious of course - but had no problems at all and its apparently a lot more dangerous there.
Dont go anywhere lonely - alone. Dont wander around covered in Bling! Use your common sense like you would if you were in any foreign country.
I visit Margarita regularly as well as many other places in the region and have family in the peninsula.
Personally I think the best investments there are resale apartments. Off-plan projects are looking a little over priced now, although there are still some excellent opportunities. The problem with is they are marketed and priced for Europeans who have Euros.
This is not only obvious to those that know the local market but I have heard this from the horses mouth - last time I was there I had a meeting with more than one agent/developer who would not give me bolivar prices for their properties because they were for expats.
When I compared the Euro prices with the bolivar prices (easily obtained from the promotion booths in Sambil Mall) there was quite a mark-up.
The best deals come from researching the island, getting out there and getting to know the place. If you can get someone (preferably a Venezuelan) to put your offers in on properties then you will achieve realistic prices.
Money exchange generally isnt a problem - I´ve moved money in and out on the black market for years with no problems. I have a trusted lawyer who does this for me and a broker in Caracas who I have used in the past.
Is it a good location though as I am aware that there are cheaper products marketed to the local non-gringo market so is it worth paying the premium? Build quality should be good. What is the build quality like at the mo. I personally would go for the similar project Punta Perla on the Dom Republic as this is a more unique desirable end product especially on Star Island.