This is a beautiful three-story condominium community nestled in the valley between Playa del Coco and Playa Ocotal on Costa Rica’s northwest coast, only 25 minutes from Daniel Oduber international airport at Liberia and the new CIMA private hospital. Many major North American and European airlines have direct flights to Liberia. The passenger count through Liberia was increasing exponentially, and the airport terminal has been expanded once again to handle the volume.
The town of Playa del Coco is just 5 minutes. It has four large supermarkets, banks, restaurants, bars, building supplies, pharmacies, clinics and many other services in a small-town setting. Many shop employees speak English. The main street ends at the long sandy beach. It also has an active nightlife. Within a few minutes drive you have sport fishing, snorkeling, scuba diving, swimming, an 18 hole golf course and other attractions High rental demand in the area means high returns for those putting their condos into the rental pool.
The administrator of the project, which consists of 36 condos, 22 of which are sold and 16 are on long term rental. HOA fees are $156.00 plus $12.50 for insurance, $20 for the reserve fund, and $25 for the estimated property taxes for a total of $213.50 per month. HOA fees have never been raised since the HOA was formed, and we see not reason they will be in the future. The HOA cash on hand averages $140,000. Units not sold for the first time pay 50% HOA fees.
There are 13,695 sq. meters. of valley view property with 3 terraced spaces for an additional 60 condominiums of an average of 85 sq. meters each. Building permits and environmental permits are already in place and approved for these 60 units. Permits were updated in June 2011. There is a paved road to the entrance of the undeveloped section of view units. Med Holdings owns the land, and at HOA meetings votes for the 16 unsold finished units and the 60 permitted units, giving it control.
The apartments condominiums have two bedrooms, two bathrooms, laundry, a spacious kitchen with impressive cabinetry adjoining the dining/living area, and good-sized patios or balconies that are perfect for entertaining. Large windows let in lots of natural light, making the units feel even bigger. Each air-conditioned unit has between 83 and 98 square meters or 893 to 1,054 square feet of comfortable living space.
The partners in the project are asking $1.9 million for the total project. Private financing of 70% on a 3-year term, 10-year amortization with interest to be negotiated. There is no penalty or bonus for large payments or early payout - interest is on the outstanding balance each month.