The real estate market has definitely been adversely affected
by the world economy, but some areas much more than others. For example the coastal and beaches are much more negatively impacted than Lake Arenal. The real estate market at Lake Arenal is much better this year than last year and the trend seems to be growing stronger as the lake becomes more and more discovered. Plus the market here is different than the market on coastal areas which are more speculative, second home/vacation home/investment rather than at the lake more permenent residential in primary and second homes.
The developers have recognized the tremendous potential of the lake eqauting it to Lake Tahoe of Lake Como and in the past 3 to 4 years have bought up thousands of acres around the lake, the majority sold by Moran Real Estate. Therefor in various stages of planning or development are all kinds of projects either on the market or will be soon, including land sub divisions, condos, 4 star hotels, marinas, more quality restaurants and shopping to serve the growing expat community here.
One of the Developments of note, Turtle Cove Yacht Club has had a very successful last 6 months having sold numerous lots, 2 custom homes , several lake townhouses and a boutique hotel in the permit process.
A word about the developers who have come to Lake Arenal. It has been my experience that the great majority of the developers who have purchased property here are very much concerned about all the environmental aspects and special concerns about building at Lake Arenal to preserve the pristine nature of this 50 square mile body of water.
Although the real estate values are still way below those on the coast and there are many bargains to be had still, we have also seen values increase in some cases 100-200% in one year on some of the prime properties.
Even though ICI, the Government Utility company that controls the lake has promissed and promissed to publish rules and regulations regarding boats on the lake, marinas, docks and access, in typical government fashion nothing has happened, thus people are continuing to put floating docks on the lake and then deal with ICI as necessary. We have an attorney who specializes in this if anyone needs more information
More to come very soon
Terry Moran
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