BE CAREFUL WITH FIRE SALES
Looking at the words “Fire Sale” has become very common due to the present conditions of the real estate market. In most markets properties have experienced drastic discounts but not every “Fire Sale” represents a wise investment opportunity. Buying a luxury home or a million dollar home is not only an act to fulfill a need, but represents a very important investment in itself. As experts in the luxury real estate market of Costa Rica, we have seeing the words “Fire Sale” been used to call the attention of the visitor to different web pages of multiple real estate companies websites, but buyers have to be very careful about this eye catching practice, as it can lead to big disappointments.
Price is not everything to look for in a “Fire Sale”, there is much more than Price to evaluate, before making a decision or even considering the viewing of a property in that condition. Three very important aspects to evaluate when looking at a “Fire Sale”. The first one is “Location”. When investing in the luxury real estate market, a property can be discounted drastically, but if it is not in a good location, your investment will be at risk. Don´t even take your time to view the property if it is not in a good location according to the purposes of your investment. Secondly, quality. Quality of construction, quality of finishes, quality of terrain. Even if the property is not well maintained for whatever reasons, quality has to be observed closely. And thirdly, good standing of the property from all legal aspects. Take your time to review the legal aspects and reasons behind the drastic price reduction. Ask, ask, and ask, don´t get tired of asking. Remember that behind every “Fire Sale” there is always an important cause that is leading the property to such condition.
“Fire Sales” can become very dramatic depending on the circumstances forcing the sale but there is no reason to turn a “Fire Sale” into a “Bloody Mary”. Over the past couple of years, our company has represented several properties that have been sold as “Fire Sales”. After a throughout negotiation process and a detailed due diligence, at the end of the process both parties, buyers and sellers, have demonstrated to feel confident with the decision made. This is the essence of a professionally handled closing process, where both parties are satisfied with the end result.
As luxury real estate experts, our work is to facilitate the process, and aside from all emotional factors behind the deal, make sure there is respect, trust and transparency all the way through.
Take a look at these three examples of Fire Sales:
http://www.costaricamilliondollarhomes.com/Casa-Contemporary-Tropical/index.html in Santa Ana. This is a very unique property in one of the best locations of Santa Ana, excellent finishes and first class construction lead by recognized leading architectural firm.
http://www.costaricamilliondollarhomes.com/Casa-Hacienda-Cielo-Azul/index.html Unique and luxurious hacienda style residence with some of the best views of the Central Valley.
http://www.costaricamilliondollarhomes.com/Casa-Penthouse-For-Sale/index.html Location, location, location, this penthouse is situated in one of the best locations of Escazu. Turn key deal for a ready to move family or executive`s home office.
Price is not everything to look for in a “Fire Sale”, there is much more than Price to evaluate, before making a decision or even considering the viewing of a property in that condition. Three very important aspects to evaluate when looking at a “Fire Sale”. The first one is “Location”. When investing in the luxury real estate market, a property can be discounted drastically, but if it is not in a good location, your investment will be at risk. Don´t even take your time to view the property if it is not in a good location according to the purposes of your investment. Secondly, quality. Quality of construction, quality of finishes, quality of terrain. Even if the property is not well maintained for whatever reasons, quality has to be observed closely. And thirdly, good standing of the property from all legal aspects. Take your time to review the legal aspects and reasons behind the drastic price reduction. Ask, ask, and ask, don´t get tired of asking. Remember that behind every “Fire Sale” there is always an important cause that is leading the property to such condition.
“Fire Sales” can become very dramatic depending on the circumstances forcing the sale but there is no reason to turn a “Fire Sale” into a “Bloody Mary”. Over the past couple of years, our company has represented several properties that have been sold as “Fire Sales”. After a throughout negotiation process and a detailed due diligence, at the end of the process both parties, buyers and sellers, have demonstrated to feel confident with the decision made. This is the essence of a professionally handled closing process, where both parties are satisfied with the end result.
As luxury real estate experts, our work is to facilitate the process, and aside from all emotional factors behind the deal, make sure there is respect, trust and transparency all the way through.
Take a look at these three examples of Fire Sales:
http://www.costaricamilliondollarhomes.com/Casa-Contemporary-Tropical/index.html in Santa Ana. This is a very unique property in one of the best locations of Santa Ana, excellent finishes and first class construction lead by recognized leading architectural firm.
http://www.costaricamilliondollarhomes.com/Casa-Hacienda-Cielo-Azul/index.html Unique and luxurious hacienda style residence with some of the best views of the Central Valley.
http://www.costaricamilliondollarhomes.com/Casa-Penthouse-For-Sale/index.html Location, location, location, this penthouse is situated in one of the best locations of Escazu. Turn key deal for a ready to move family or executive`s home office.
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