Hello, I continue to read all the posts and it is exciting to read all the information, but also overwhelming and scary too! Every time I read posts, a million more questions arise, but I try to refrain from bombarding everyone with my worrisome posts!
Bkettran just posted about their purchase of property. I appreciate all the information regarding the search, the process, price, etc. I am wondering how the listed price varied from the price you paid? I am wondering if selling prices are notably less than asking prices?
I also still dream of living beachfront. But even with decreased prices, I am not sure that beachfront would be in my price range. I am guessing that while there may still be deals on beachfront, they are likely still much higher than other property there. I also do have cause to worry about flooding, hurricanes, etc., when considering beachfront. I do not have the money to put my money in property that I would lose to flooding or hurricane! Can you get insurance to cover that in Puerto Rico? My guess it would be very expensive, if you could even get it when living on the water. Also the concern of sewage in the water is disturbing, especially when living beachfront! Yikes! Does anyone know....do beachfront homes flood often? Is it just inevitable? I notice that many people are buying property higher up. Probably a better investment? But I get caught up with all those Beachfront Shows on HGTV. Of course they don't mention the negatives of it! Also the rising sea levels are a concern! I notice that some houses, that likely were built a ways from the water are now essentially at waters edge!
And since no one has a crystal ball, this question is obviously just based on opinions. But do you think that PR can make an economic comeback? Or is it going to be a poorer place in the Caribbean from now on? If I consider a move, I am guessing that someday I may go back to live stateside, as I get older, due to health issues. Do you think that you could recover your money from purchased property in 5 years or more? Or do you think it will take much longer than that? I have read articles that paint an optimistic picture, suggesting that it could be a good investment, but I question that? For the rich, it likely doesn't matter much, as they just write stuff off. But for those of us that are investing our money into property, losing money would not be something to willingly sign up for, if you figured PR may not recover in a long time? What are your thoughts?
Ok there are a lot of questions in there, and I have a million more, but will stop for now! Thanks!