Buying new development in cap cana

Well me too the forums.

As a newmposter you are not allowed to post links. But with the info posted anyone can google this. 

A rulemof thum is if it seems to good to be true it is.  However, the next wuestions is, compared to what?  For here this may be expensive. Compared to south beach it's a deal.

I will say developments are only as good as the developers.  So do your dilligence on them. 

Many projects here fail.  Many developers fail.  And then we have amazing successes.   

I will suggest you look at other projects past and present.  Get a feel for things first.  And never ever sign anything without fully understanding how things work!    Realtors here and lawyers here do not have the same conflict of interest rules so it's buyer beware.

Obviously you want to come see for yourself, Cap Cana is lovely and w a number of new hotels and condos seems to be booming. Right outside is a large residential area called Las Canas w nice apts. and new homes. Part of the best university  and a bilingual school are also located there. So, they are neighbors but CCana is way more exclusive. Not quite sure where your project is located, sure you can Google map the area.

Thank you for your reply!

The development that I am looking at is located in Las Canas and it is called Cana Alta. Looks to be a brand new development with several detached villas.

The perks mentioned in the details are access to cap Cana amenities and membership at the yet to be built las iguanas golf club.

Sounds amazing.. I haven't yet been able to discuss with the developer or an agent. I am more just curious if anyone has some insight on the project or any other developments that I should consider within cap Cana or surrounding area.

Thank you!

There really are a number of  developments near there.  You should come down when you can and  get your boots on the ground!

Thank you. I will once restrictions are lifted for covid.

First off, congratulations on considering buying a home in this lovely place.  It is beautiful here.  The people are wonderful and the culture and environment can't be beat.  That said, I don't want to come across as a Debbie Downer but I think the most important piece of advice that we can give is to do your homework before making a decision. 

We have learned much from purchasing here and know that while we asked a lot of questions, we did not ask nearly enough.

First off, do you homework on the builder/developer/architect.  See if you can find information on other projects they have done and find out what other owners have to say about the quality of the work, etc.

Occasionally, you will run into a developer who can only go forward with a build using deposits from new owners.  I believe they have a percentage of units they have to sell to break ground.  Then another percentage to complete each stage.   We have a friend who provided a down payment to get in at the ground clearing level.  A year later they had done no building and were asking for more and more money.  This is not the first time we had heard that story.

Ask questions about who will be supplying windows, sliders, kitchen installations, etc.  Do your homework on them as well.  Even though the builder may be reputable, it does not mean that his supplier is as well.  (learned from experience on slider doors that didn't lock for the first 18 months)

Keep in mind that island time is a real thing.  When we purchased we were told that our apartment would be ready November of 2018.  We did not take ownership until July of 2019 and there was a punch list that took a full year to complete.  Once they have your money, it can be difficult to get your punch list completed. 

And that was one of the biggest mistakes we made. 

Hopefully the property you have set your sights on will be everything you hope for without any hiccups.

Regards.

Thank you very much for this information. It is very helpful!! I agree and will definitely do my homework.

Thanks again

The answer is, it always depends, however generally my experience with new development is: here you buy the dream and then start your nightmare.  It takes a lot more than due diligence to make sure you are buying into a project that will finish and be successful.  I am sure there are some but most are not.  If you are young, patient and have most of your life to wait for completion it might be worth the gamble.  Otherwise, buy what is finished, that you can see, feel and smell and check  the title, the neighborhood and everything else under the covers.  In most postings people recommend that you come and rent for several months and check out everything with boots on the ground.  Then make your decisions.

Good luck.

Wow good to know.  Thank you !!!!!!

I agree with all the comments above.  As you drive around this country you'll see many “failed Dominican dreams” half built and rotting away. Even some of the more successful developments wind up with problems down the road due to poor construction or poor management.

This is a beautiful place with wonderful people, but be very careful!

Has anyone bought property here that was built? I assume it's a lot easier. Is it better to buy from a developer or a private owner ?

Pre built makes it easier you know what you have for the most part - unexpected can always happen and why everyone mentions to rent so you can see the infrastructure, the people in the area and everything else that plays importance in your everyday life!

One other thing to keep in mind...do you want to live in a construction zone? This looks like a large development and the construction will be going on for a while. There are noise ordinances and rules about what time construction activities can occur, but there will be times when you want to sleep in or want some peace and quiet! In addition to your own timeline, be sure to understand the timeline for the entire development!

The same concerns apply if you buy land and build yourself.  There are no standards and if you find someone and ask if they can do it (whatever it is) the answer will almost always be yes.  Then you will find out the hard way.  Don't be too anxious or desparate to buy until you have some experience living here.  At least 1 to 3 years.

A point about the noise, doesn't apply to people living inside a construction zone.  At least they won't enforce it.

Also any new builds you risk of non completion or delays - 1 yr project becomes 2 or three.

I can only offer that if your investments are going well that I'd suggest you take a hard look at the Opportunity Cost of diverting funds to construction.

For that reason I've been renting in Cabrera since September, a HUGE house on an acre in a gated community, all utilities + high speed internet for $350/month. 

Kind regards and good luck!

Your situation is very very unique.  That is not something that happens normally.

My personal rule is to only buy a house that is already built where I can open the door, touch the walls etc.   Like a few others already mentioned, many projects are abandoned and never completed.  Cap Cana is a gorgeous area, knows as where "los ricos" live.  So good choice for picking that area.  I bought a house here, already built and the purchase process went smoothly.  Closing was done in less than 4 weeks.  I can recommend you the lawyer I used, he speaks spanish, english, french; very professional.

Cap Cana is a wonderful area and compared to the US, the prices are very inexpensive, especially now. I'm from the US and my Dominican wife is a attorney here. I've seen to many bad situations here where the project is delayed for years or fails due to lack of construction funds, bad quality contruction, title transfer problems, escalating maint fees, etc.. The advice you've been given so far is good. My wife and I own multuple properties here and we only look at preexisting villas or condos. And if you do have problems you could end up hiring a bad attorney that bleeds you for more money. This could be a great opportunity for you but please do extensive research !

Did you got the information related to Cana Alta?

I agree completely with most of the cautionary advice offered above. The advice about checking into developer is really good. When performing your due diligence try to find out whether or not the project financing  is 'non recourse'. Recourse is better because it puts the developer and entire company assets at risk and not just that specific development. Also try to check what corporate assets are pledged against which project because that will affect the amount of collateral the developer has pledged against the project loan. That would be harder to do.  Overall I would tend to favor an existing dwelling over a planned one.  Way too much risk in new developments for me.  Too much can happen even with a reputable developer. In the very worst case an unscrupulous person could get a glossy brochure and write up with some plans for a new development printed up for let's say a few thousand bucks. If they can convince a hundred buyers to deposit 10 grand each then they have turned the few thousand into a million. That is very  pretty attractive for a certain type of crook. And they will string you right along: well the permit is delayed, constriction got rained out, we can't get the proper construction crane. On and on it goes until it's to late. They are magicians, they make your money disappear. These things actually do happen. The best way to prevent it happening to you is to not put yourself and your hard earned money in a position where you are vulnerable to such treachery.

@Buckeye1990, I have been to Cana Alta on many occasions.  We initially committed to purchasing a property within Cana Alta.  We provided a deposit and selected our lot.  However, after a few visits and in person meetings with Cana Alta personnel, we decided to go another route.  Cana Alta DID return our deposit.

A few things to know about Cana Alta:
* It is not actually within the gated area of Cap Cana.  It sits adjacent to the International School within Ciudad Las Canas.
* The lots are relatively small and they intend on building a lot of units.
* We were there a few weeks ago and there are only a small handful of units under construction.  The pace of progress is a bit unimpressive.
* They will not make customizations to the plans.  You can pick from a few models, but any variances of those plans will not be accommodated.

In time, it may be a nice community.  However, at the pace in which the development has been moving, I don't see a fully developed neighborhood anytime soon.  The model villa that is actually constructed is pretty nice.  It is a well designed, budget villa.  I can't speak to the build quality, but the design is nice.

We opted for a lot purchase within Cap Cana that will allow us to build something a bit more custom, something that wasn't allowed in Cana Alta.  I would suggest you go and visit the next time you are in Punta Cana.  The staff is friendly and accommodating, but seeing is believing.

hi guys im new here. got a surprise new bb (yes i did a dna myself from co in USA)
looking at renting a 2br at Marina in cap cana over looking marina for 2800/mo is that good? as there seems to be no mls here at all. I am not retired so will be going back and forth.
Residency?
Car?
Taxes?
Help

Welcome to the forums. 

No there is no MLS here so you have to do your homework.  That seems expensive but I do not know the area well.

I suggest you start reading the pinned posts. There is so much you need to learn.

Actually we do have MLS in Casa de Campo. It gives us access to multiple regions around the country. It's called the Flex MLS system.

First I have ever heard of that.  I will message you for more info on it.

Here is a new DR MLS
https://dominican-republic.everylisting.com/?ref=uhtsq

Link doesn't work

I did a search just with keywords and it appears its a new site under construction by GUZMAN.  Just a way to enter into selling real estate it seems to me.  I dont know if this is the same lawyer firm here, possibly the best firm in the country?

I will post here but maybe its better to open a new thread.

I wonder where to find out information on foreclosure properties. Here are houses/apartments that have been abandoned by people who cannot pay their mortgages. Many just went home due to the pandemic because they lost  jobs here. I guess that means the properties are now owned by the bank.

Where can I find out about these properties? Would the bank be the owner and could I approach the bank to request this information?  Brokers and agents don't want to show them because they don't make much money on them if they sell well below the original selling price.

I have always looked for previous sales prices but do not know of any "official listings"

Tld14950 wrote:

hi guys im new here. got a surprise new bb (yes i did a dna myself from co in USA)
looking at renting a 2br at Marina in cap cana over looking marina for 2800/mo is that good? as there seems to be no mls here at all. I am not retired so will be going back and forth.
Residency?
Car?
Taxes?
Help

Prices in the marina or beach have been going higher in general. That probably is around going rate maybe lower if you look in off season.  Yes you most likely need a car.

Try https://dominican-republic.everylisting.com/  or everylisting.com

drvit wrote:

Try https://dominican-republic.everylisting.com/  or everylisting.com

This doesn't look like an MLS to me - just an additional marketing tool for agents.

It certainly doesn't have all current listings on there. They only show 3 land lots in Las Terrenas!

The official short term rental service for Cap Cana is:

https://capcana.homebelike.com/

As you will see, this is mainly for shorter stays.  There are other sites, such as Inversiones Aides, which is the official sales broker for Cap Cana.  I added a link to the rentals that I found on the site. Hope this helps!

https://www.aides-capcana.com/Rentas-Larga-estad%C3%ADa

If you would like, I can also put you in touch with a broker at this firm that will definitely know what's available in the Marina.  Contact me privately and I will give you his contact information.

All of these are either company or location specific.

These are not a true MLS.  A true MLS means everyone can see everyone's listings. You can compare features prices locations etc.   

In the current system you need multiple agents to access enough listing to try and make sense of the marketplace!   Sadly there is huge pushback to sharing commissions and this appears to be the issue to a true MLS.

Hi this is my partners instagram she runs real estate and legal firm. She is sales Agent, finantial advisor for people want to take mortgage and she is a lawyer. 
***

Where's the link??