HOUSE OF WINDS

 

1)    We've noticed that not only is this individual unit for sale, but also the whole complex. Why is the whole complex for sale?

 

The project was developed to sell it as a package. That was the purpose of the owners

 

2)    Is it the same seller for both the one unit as well as the whole complex?


Yes

  

3)    What is the ownership history?

 

It is of family character. The project started in 2015 and because of the financial crisis of 2008 it has problems with its sale

  

4)    It appears that the homes were built in 2008/20009, yet out of the 7 units only 1 is fully furnished, and only 2 have appliances. Why is it that in 7-8 years since being built that these have remained vacant?

 

The interest is the sale, but because of the financial crisis of 2008 in all the Guanacaste region it was opted the rental and 2 homes where furnished. This is about to change as there is the plan to work with 4 more homes for rental and always maintain the sale

 

5)    How long has this house been on the market?

 

Since 2008-2009

 

6)    Is it currently sitting empty or is it occupied?

 

    Two homes are rented and the others available to rent/sale

 

7)     If its empty, how long has it been empty?

 

Depending on the home, because some have been rented, all the homes have been in constant maintenance. Currently, home #1 and #2 are rented

 

8)    Are any known issues? Plumbing? Pool issues? Foundation problems?

 

There are no plumbing or foundation problems, and the big share pool is in excellent condition, the only issue we have with the homes is that each one has a Jacuzzi and after the years that they were not occupied, the jet streams got broke, so the pumps work and it can be used as a little pool but you won’t have the streams flowing with the power of a Jacuzzi. To fix this Jacuzzi issue: they do need to brake open the concrete to fix the tubes, but for now they work as a plunge pool

9)    Is it gated entry?

 

There is an entry door and a guard 24/7

 

10) Why are the owners selling? Are they currently living in CR?

 

Yes, the seller lives in Costa Rica but not in Guanacaste. They want to sell as that was the purpose when they developed.

  

11) Has there been a home inspection performed? Or an appraisal?

 

The building as well as the terrain where the homes are, has the permits and requirements of the Municipality and the building code of Costa Rica.  The homes are built with the best quality materials.

12) What is the history of the HOA? I see that it is $265/month. Has it been increasing, decreasing, or staying level? Has it been sufficient to fully cover the cost of the security and property maintenance (7 x 265 x 12 = $22,260...is this enough to cover all the costs on the property)?

 

To properly maintain the houses and common areas it takes approximately between 50 and 60 cubic meters of water a month (it depend on the season, for rainy season is less and for obvious reasons for dry season is more) and the average price of the cubic meter has been $4.5

 

Water is not the only cost of the project. Perhaps the most important expense is the salary of the two men that the owners have for maintenance and security. Each one has a salary of $530 a month (this includes social security). Also, the owners pay a maid to clean the houses every week and she earns $180 a month. So the owners pay each month in salaries $1240

 

There are other minor expenses like the maintenance of the pool that is $55 a month and electricity that is between $30 and $45 a month (this is the electric bill for the project when is completely empty)

 

So in average, the cost of maintenance of the project is approximately $1600 a month. If you add annual taxes and maintenance it may be close to the figure that above expected of $22.500 a year

 

We would strongly advice for a buyer of the entire project to also hire the help of an administrator for the project so he can take care of the entire project in your behalf, if you are not here in Costa Rica. This would be another expense not included in the figure mentioned above.

 

13) How large is the reserve fund for the property?

 

The owners pay all the expenses each month with the family fund. There is no special fund or bank account for the project.

14) It is mentioned that each house belongs to a legally registered company. What does this mean to a potential foreign buyer?

 

In Costa Rica titled properties can be owned 100% and are registered in the national Registry of Costa Rica with an ID number, if you are Costa Rican or a foreigner, you can decide to buy titled property under personal name or a company name. It is mostly recommended to purchase under a Costa Rican corporation. To make a Costa Rica Corporation has a cost; the homes include a corporation if the buyer wants to purchase the home/homes with the existing corporation. If you wish, you can check with a trusted lawyer.

 

15) Water information/how it Works:

 

Water availabilty in Coco is limited, even that AyA / city wáter in Costa Rica seems to have a Budget to finance the conection between Sardinal and Playas del Coco, because of pressures specially of the residents of Sardinal this can take some time, we hope that soon in Vista Marina, the neighborhood where house of winds are located in Playas del Coco, AyA can make available directly wáter here. We would love to go to AyA and ask for an individual wáter meter for each home but things here dont work this way, for the moment even that the homes  are located  with front of public road, for the moment, in the área, we have to work with what we have. Until the wáter situation in vista marina is not resolved, House of winds obtain the wáter from a third party and this same way all the properties that are on this neighborhoos is how they obtain the wáter. A Company that was able to get wáter supply , mountain below of the AyA, with pumps and tanks gets the wáter to the properties and this properties pays this Company that supplies the wáter instead to AyA. This is exactly the same current condition for ALL the properties in this área, including the Hotel and restaurant above the hill. They have the same wáter provider.

 

Now, house of winds have wáter supply warrantied. They have a main supplier and a second supplier in case the first ones fail. The main privider is Vista Marina H20 , the 2nd provider that pretty much is not used but in case of emergency is Corporacion Netrix . The wáter gets to house of winds and to the wáter meter of the provider Company, Then each home has its own meter. An attorney of trust can explain you this information for your satisfaction to purchase house of winds.

 

16) Owner financing

Yes, there is owner financing.

 

  

17) Kid proofing? we've noticed some possible problems with kid proofing surroundings, such as the tub (it does not have any protection railing outside) and also the type of railing used for the balcony is not totally secure for small kids. I was wondering if after the purchase we are allowed to change/improve the outside or even inside, and if the rules of the community allow such changes since all the houses are made to look the same. 

The inside can be change if an owner wants, just making sure not to remove any structural walls. The outside, for security yes, railing for protection can be installed outside

 

18) We would like to know if the house has any heating system built in for colder nights. 

 

 

There is no need of heating in our region. We have beautiful weather and in a rare cold day, our temperature may drop to the high 60s.

 

19) Is hot water provided by a tank, or only heated at the taps? Yes there is hot water in all the house.  

 

20) Do each home has its own electric and water meter?

 

 

     Yes each home has its own electric and water meter.

 

Location of house of winds/Map:

Distance to beach: 4 kilometers. Less than 5 minutes’ drive to downtown Coco and the beach.

 

 

21) Is there any existing insurance?

22) Property taxes?

23) How to Paying bills?

24) Garbage collection:

25) Is this house comes c/w any parking space? There are 16 parkings total, one assign to each home.

26) Closing fees:

27) Cable/Internet:

28) I understood these are new constructions, is there a warranty and for how long and what covers?

29) What bank are you dealing with for transfers in case of the purchase?

30) Do you have a lawyer?

31) Rental projection:

 

 

1. Which unit is available for sale? The pictures seem to be from numerous different units. Are there more than one for sale?

2. Is the title transferrable to me, or do I need to set up a company? I'm wondering why the units are owned by a company.

3. Does the price include the furniture and appliances (fridge, stove, microwave, washer, dryer) shown in the pictures?

4. How much would be expected for an offer? What is the offer and purchasing process? How long can it be held until we arrive to view it?

 

Regards,

Jeff

 

 

 

 

 

HOA $265 and 2 miles to beach. He is very familiar with this development as works also on the rentals here.

http://www.palmrealestatecr.com/property/EB-Q6537-house-in-costa-rica-sardinal-guanacaste-playas-del-coco

 

 

 

 

About Playas del Coco: we are the closest beach to Liberia International Airport been only 25-30 minutes drive. We have in Playas del Coco 4 large super markets. one of them been one of the most famous throughout Costa Rica name Auto Mercado which has pretty much anything you can find in a US super market (not sure about Europe but good meet, seafood, fruits, etc)

 

We have 5 banks in the area including 3 national banks and two private banks. We have several restaurants, coffee shops, etc

 

There is in Coco 2 main private schools:  Dolphin, Lake Side. Than one hour away there is other schools such as Christian School and Teocali which is a very good school as well

 

We have a private hospital open about 2 years ago name CIMA which also has one in our capital city of San Jose and is one of the best hospitals. Also 45 minutes away there is a public hospital and two good private clinics San Rafael Arcangel and Clinica Biblica

 

It is very safe just normal petty thief if someone is not careful by leaving car open with windows or a laptop easy to take if someone is not careful. Like can happen probably in any place in the world

 

There is a good mix of Canada, Americans and from Europe maybe more Italians and Spanish. I have clients also from Poland, France, Belgium, Germany. Many people looking to relocate to our area been a good location close to Airport, hospital, safe, and nice beaches and also close to volcanoes, hot springs, beautiful beaches

 

It is very good place if you like diving and fishing.

 

Our beaches are not for surfing and you can find surfing one hour away. In a way is good because the crowd that comes to Coco is less young people and more "relax"  some people prefer the surfing beaches which are the one hour away like Tamarindo and surroundings and I think may be good for you also to visit. As is also very touristy and some people may like it better. Personally I prefer to be in Coco and visit that area as well as anywhere as volcanoes, etc but live in Coco. I think the real estate here has lots of potential and the market has been picking up this last 1-2 years. Just wanted to share this info with you and hope we can meet so I can show you around, please let me know if you have any questions or comments, thanks

 

Buy/fly program

The Papagayo region is certainly of interest to us given its proximity to Liberia airport.

 

 

1) Regarding the rental price...I assume that the $1,350 is per month? However, as a vacation rental that is a price that is more typical per week for homes in Guanacaste (for example, we rented a 3 bedroom condo in Guanacaste in December for ~$2,300/week). Is there any history of these being rented for vacations on a per week basis, and at what rate/price?

 

 

House of winds history:

 

House of the winds was a "dream" built by two developers before 2008. Just before the market crash. Around that moment the homes were priced at $435,000. And they didn't lower the price until the last years for $335,000. One of the two developers passed away and the other developer was hurting for money. So the sons of the developers purchase the portion of the developer and took over the sale of the development. They contacted us to help them sell the homes and with the market prices they lower the homes at $265,000.

 

Right now there are a total of 7 units, 1 furnished, 1 unfurnished with appliances, and 5 unfurnished, We have been constantly renting the furnished unit, and the unfurnished unit with appliances,  the fully furnished unit is now rented for a 12 month lease at $1350 per month and the tenant responsible of utilities, which is a reasonable rental price for a 3 bedroom unit with amazing view as there are not many units that offer this in Coco.

 

 

Owners are really involve with their works in San Jose and since their dad passed away recently they don’t have the time to be that really involve with the project, but are happy that rentals are doing well, and plan to fully furnished 3 more units.

 

There has been inspections construction wise very recently mostly by  2 investors looking to buy the entire development, but The best of course is having your own representations of an attorney to do the full due diligence on House of Winds.

I think by confirming with an attorney that you can trust, about purchasing at House of Winds and this been a positive answer. That the sellers are motivated and accepting offers. The homes have beautiful views from all the bedrooms, living room area, kitchen, etc. And at this moment a buyer can choose any of the 7 bedrooms home available with their preference location inside the project.