The State of the Market
Hello everyone! It's hard to believe that it's the Holiday Season with weather in the mid- to high- 80's! It's nice, but I kind of miss the snow until I turn on the TV and see the weather reports across the country and the snow-ridden football fields. That's enough to cure me.
The market continues to be strong here in the DR, especially with Canadians and Europeans who are enjoying strong currency against the US Dollar. Imagine getting a discount that doesn't have to be negotiated! When I moved to the DR 1.5 years ago I figured that I would work primarily with US Americans, but looking at my results I found that 40% of my buyers are not from the U.S. I guess I need to brush up on my European languages!
Punta Cana is still the primary location for my sales, but there is growing interest in Uvero Alto, just north of Punta Cana. You will notice more projects and promotions for the Uvero Alto area. We are starting to get more plans and information about the various new projects coming in that area. They promise to be of superior quality with great financing terms (many with 50% upon delivery of the keys).
Speaking of financing, I closed my first loan with a Dominican Bank last month. It was a long, hard battle, but we got it done, thanks in great part to the buyers and seller who were very patient and jumped through all of the required hoops. Title is still required, so the options for financing are limited, but within the next year when all of the new construction projects now have received their titles there will be many more options for local lending and the process will be smoother.