MARKET WATCH

After 2021 posting record sales, and our prediction that our real estate market was protected from the drops in the North American and European markets (where many of our clients are coming from) we were delighted to finish the Blue Zone Realty International year with record sales yet again in 2022. Our first quarter of 2023 is already showing signs of in increase year over year.

ICT, Costa Rica’s ministry of tourism has already reported that January 2023 showed an increase in tourism from the pre-pandemic times.

The world is traveling again, and have chosen Costa Rica!

What does this mean for your real estate investment opportunities? Well, it can be beneficial in several ways.

If you are planning to have a home in Costa Rica for part-time use, the rental market is very strong.

Families are shifting from the predictable hotel stay experience to rental homes and small BnB type accommodations with the surrounding of the jungle, ocean view, privacy and security, and the ability to vacation at the pace they want. The profit of the right vacation rental can help control and often pay the operational costs and in many cases supply a good ROI.

If you are looking to diversify your investments, there are many that have discovered that Costa Rica’s economy is one of the strongest in Central America. We have experienced expats from all over the world moving their family and extended family to a large property. Others buy land, subdivide, and with a healthy bank-roll behind them, build and flip, ultimately creating enough profit that the home they keep could even be completely paid for once complete.

In my own experience, we recently sold our first home that we built. After 8 years of Appreciation, including some upgrades, we have increased the investment two and a half times.

Whatever your reason to consider the Costa Rican market, let your Realtor® know and ask for our feedback. You cannot ask too many questions, and with a licensed expert on your side you will have the confidence at closing that you have made the right decision.

Ben Rutherford is an accredited Realtor® with CRGAR, and a member of the NAR, National Association of Realtors. He also has his CIPS (Certified International Property Specialist) designation.

Article Written By:

Ben Rutherford

Senior Sales And Marketing Associate

What are your predictions for the real estate market in 2023? Buyers, come on down! Although we aren’t seeing prices drop we are definitely seeing it’s an opportunity for buyers. History shows us that real estate cycles continue to push prices up every 6-7 years, and our expat buyers are generally here for that much time or longer, so it’s a safe investment. With the majority of sellers being expats also, it’s a good time because they are still benefiting from the appreciation their home has had over the years, and if heading back to their home country are able to get some good deals back home. In my 6+ years with Blue Zone Realty, it’s the first time I’ve seen a win-win market for both parties.

What does your typical “off day” look like, when you are not with clients? Day off? Haha...Seriously, our profession is unique, and balance is a challenge. It’s not for everyone so you really have to love this profession. Because I get to drive to some pretty remote areas for work and hike farms and jungle paths to waterfalls (yes, that’s my official job description, lol) a typical day off for me starts with enjoying the sun rise with Costa Rican coffee over looking the valley below and ocean in the distance. After a swim I’ll contemplate what dinner options there are and maybe head down to the local fisherman in the area to see what they’ve caught that morning. If I pass by a fruit stand, I’ll grab a snack and choose something to accompany my catch of the day and head home again to gather the herbs from our garden and enjoy early evening in the kitchen. I have a nice kitchen! That’s my Nirvana.

In your opinion, what sets Blue Zone Realty International apart from other local real estate firms?

I love that our team has been built with people from many experiences, and backgrounds. How does that set us apart? Well, for one, when a referral comes in from a global partner we can place the buyer with the perfect match and insure satisfaction to the clients, and set the standard with the referral agents what they can expect from Blue Zone Realty International.

What is your favorite restaurant along the Costa Ballena, and What local food has become your favorite?

Having had a “previous life” in the restaurant business for more than 30 years, I can’t give a definitive answer to this question. I love to share my food experience of the area on my Instagram account. (benofcostarica_realestate) because I continue to discover and learn, even after nine years here. And when it comes to area restaurants it’s great to support our community of culinary masters.

Other than local dining, I get the opportunity to hike farms and pick fruit right from the trees! My own cooking style changed so much when we moved to Costa Rica nine years ago, so as I discovered new produce and fruit and thought to myself, “how can I take that old classic recipe and give it some Costa Rican flair,” I got to experiment in the kitchen more. I love sharing this experience with my clients because I find in most couples I’m representing, one of them is a big foodie. It’s definitely something to look forward to when you buy a property here if you are someone that dabbles in the kitchen, to full fledge chefs. Farm to table is easy to execute at home, and in the local restaurants.

bluezonerealty.com

Extraordinary Estate, Gated Community in Costa Verde Estates

The most popular and exclusive gated community on the southern Pacific coast is where you will find this estate of almost 8 acres with jungle, waterfalls and the large Mediterranean Villa. The current, and original owners, hiked the land and personally chose this pinnacle property because of the panoramic views, the amount of land, and the privacy it would provide. The grand two story foyer with domed fresco ceiling and circular staircase with iron railings and rare hardwood floors ascends to the master suite which encompasses the entire second floor. The suite’s wrap-around balcony affords the same views as the grand first floor with the added benefit of being at eye level with the monkeys passing though the adjacent conservation land and the Toucans singing in the trees. The large ensuite with intricate mosaics includes a double vanity with claw foot tub and outdoor shower. A bright and spacious walk-in closet with windows is outfitted with teak cabinets and shelving. The main floor is warm and welcoming. A large living area with circular conversation sofa is flanked by an additional sitting area or office.

$2,900,000

+506 8318 7591 ben@bluezonerealty.com

Cielo Azul Luxury Home Overlooking the Ocean in Uvita

The Cielo Azul Villa (Blue Sky Villa) estate is an unsurpassed work of excellence sitting hillside in the Uvita area along the south Pacific coast of Costa RIca, with expansive ocean views that few homes can claim they enjoy. With 90% of construction completed, this 7,000 square foot estate is going to be finished out with the highest quality products. The interior design has been a part of the process from the beginning. The partnership of high-end home builder Epiphany, and designer Michael Seven of South Pacific Design, gives us the result a discerning buyer will appreciate and enjoy. From the multiple entertainment zones - the full bar and adjacent 10 person hot tub, to the expansive chef’s kitchen and adjacent 14 person dining room. When you are ready to host an intimate dinner, or a full scale house-warming party for 50, this home can handle it all. The sunken living room surrounded by the pool on three sides is a unique feature and allows the people behind to enjoy the expansive ocean views also. This home currently has two additional spaces that can be outfitted to suit your needs. A personal cinema room? Home gym? Office? Guest house? You decide and we will make it happen.

$2,450,000

+506 8318 7591 ben@bluezonerealty.com

Costa Verde Estates lot 57, large Home and extra building site

Nestled on 1.8 acres of lush, tropical land in an exclusive community, this stunning four bedroom home offers breathtaking views of the crystal clear ocean. Imagine waking up each morning to the sound of gentle waves crashing against the shore, and falling asleep each night to the soothing breeze coming off the water, and all at 1700 feet above sea level. The home itself features a spacious infinity edge lap pool that invites you to take a refreshing dip at any time of day. The open concept floor plan allows for plenty of natural light to flood the interior, creating a bright and airy atmosphere with its vaulted ceilings, crafted in beautiful hard wood. The kitchen is a chef’s dream, completely outfitted with appliances and plenty of counter space, and a kitchen island. The bedrooms are all generously sized and offer plenty of storage space, making it easy to keep your belongings organized. The master suite is a true retreat, featuring a large bathroom with indoor, and outdoor showers, closet, and glass doors and windows that give breathtaking views of the ocean and capture the cool breezes.

$1,790,000

Spanish Style Villa

Located in the heart of Escaleras in the gated community of Marina Vista, this exceptional Spanish estate sits hillside on a large 1.4 acre lot, with spacious indoor-outdoor living. The custom wrought iron gated entry leads you into the beautiful courtyard where you are greeted with Spanish tile fountain and vine covered walls with the tropical jungle backdrop. The home is primarily single level living, with an additional large guest suite with private garden below. Enter the villa through the handcrafted cedro doors into the large foyer with vaulted ceilings and walls of windows that showcase the expansive entertaining and living areas, all with optimum views of the dramatic ocean coastline and the bay of Dominicalito.

The large kitchen with premium granite counters, custom milled cabinetry, large island, and new appliances also houses a large pantry and easy access to the outdoor grilling area. A wall of screens that open to the outdoor living and dining transform the different spaces into one. It’s the perfect convenience one wants for a second or third home. The large living and dining area with solid beam structure , authentic Spanish tile floors, and wrought iron furniture includes electric blinds that can be lowered to filter the sun or raised for ultimate enjoyment of the breezes and views to the ocean and coastline below.the ocean. At the bottom of the parcel is a flat area great for a selection of fruit trees or even a guest house with separate entrance.

$1,350,000

Ocean View Jungle Escape Above Uvita 4 Bedroom suites

Welcome to your dream jungle oasis in Uvita, Costa Rica! Nestled on more than 3 private acres, this spacious two bedroom main house boasts a large kitchen with a huge island, and walk-in pantry, perfect for the home chef and entertaining. From the open concept kitchen, living and dining room, enjoy an ocean view in the distance. The large open spaces in the main house will easily accommodate the additional guests staying in the two additional suites on the property. A very private “treehouse” suite above the pool’s outdoor kitchen and dining area, and an additional 500 sq ft one bedroom guest house with kitchen and bath, large screened in porch, balcony and jungle views. With so much room and suites, this will make a great family compound, or rent out a portion for some supplemental income for your retirement in Costa Rica. Everyone can relax by the long lap pool, surrounded by the lush jungle, or take a stroll down the path past the fruit trees to the river and sit in the cascades or under the waterfall along the eastern border of the property.

$1,190,000