How much to offer for land.

4POSTS

5 years ago

I'm looking for a small plot close to the ocean in Puerto Rico. I'm in my early 40s and my plan is to finance the land, pay it off in ~5 years and then finance the construction of a vacation/retirement home.聽 With agents working for sellers and information on comparable sales hard to come by, how does one determine how much to offer? I'm looking at properties asking for anywhere from $50K to $100K (land only). How firm are these asking prices? Are there any "rule of thumbs" I should use for setting my budget.

1 member reacted to this post

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sandrarduncan Serial expat

487POSTS

5 years ago

I find price here are ridiculously high, this happened after maria. I would wait

Cabo rojo ron Active member

28POSTS

5 years ago

What part of the island is a major factor on land prices. What area are you looking at

ReyP ViP

5509POSTS

5 years ago

My_Name_Was_Taken wrote:
I'm looking for a small plot close to the ocean in Puerto Rico. I'm in my early 40s and my plan is to finance the land, pay it off in ~5 years and then finance the construction of a vacation/retirement home.聽 With agents working for sellers and information on comparable sales hard to come by, how does one determine how much to offer? I'm looking at properties asking for anywhere from $50K to $100K (land only). How firm are these asking prices? Are there any "rule of thumbs" I should use for setting my budget.

Land is thru the roof. Someplace rural you can still find lots for 2k per acre. But the closer to civilization the higher the price, if you have a view of the ocean you are looking at a lot more, probably around 65k an acre.

I would say to discount what they ask by 25% and negotiate upward. Always look like you can take it or leave it when negotiating.

PS. My half acre in a town in Massachusetts, was valued by the town at 170K. So comparing it from that point of view 65k an acre Which is twice the size) is a bargain.

yazmina16 Guest

0POSTS

5 years ago

Are you Puerto Rican?

1 member reacted to this post

sandrarduncan Serial expat

487POSTS

5 years ago

Where i live is about 65k for under a 1/4 acre. If you go deep in the mountains it will be cheaper.聽聽Back in 2016 the prices were better.聽 My friend bought a place a building with 4聽 apartments,聽 3 bedrooms and a bath plus kitchen and living room in each. On 12 acres of established farm land for $48,000.聽 Similar property right up the street from him was for sale and bought the other day for $350,000.聽聽聽Sorry I wouldn't buy right now here.聽聽Actually we have lived here since 2014. In our opinion,聽 the island has gone to shit and we will be moving when this pandemic is under some kind of control.聽聽After living here through the 2 hurricanes in 2017 and have seen how incompetent the government was.聽 Then my husband convinced me to stay here against my better judgment.聽聽The island in dec 2019 until present have been dealing with the earthquakes.聽 Then to top it off covid.聽 I have never seen such incompetence in my life. I worked for the federal government in the states.聽聽I am beyond myself,聽 how once again daily I see the incompetence.聽 I cant deal with the nonsense here

ReyP ViP

5509POSTS

5 years ago

The west side of the island has gotten a lot more expensive due to all the English speakers moving there and all the Gringo prices.

I live on the east side of the island, with many Expats, yes prices are going up but prices are still reasonable. I know people selling lots under an acre for 30k and up. Mountain side with no view of the sea is cheaper even.

Humble 2br and 3 br single floor for 125k and sometimes less.
2 floor homes for around 250, a lot of them are 3 br per floor.
If you want fancy house then you are looking at 350-500k, some with private pools and open design.

Some people are getting trailer homes and just buy a little lot, some are going with container homes and using several of them arranged in multiple ways to create fairly fancy places.

YOU CAN EVEN BUILD A US LIKE WOODEM HOME BUT...... FORGET FINANCING AND FORGET INSURANCE you can not get that on a wooden house here.

1 member reacted to this post

My_Name_Was_Taken New member

4POSTS

5 years ago

North and West.聽 I have family in Manati and Arecibo.聽 Really like the country areas (Orocovis) too, but it feels like it would be a hassle to live that far off the beaten path later in life.

My_Name_Was_Taken New member

4POSTS

5 years ago

Yes.

My_Name_Was_Taken New member

4POSTS

5 years ago

#10

Hi Ray,

Also in Massachusetts here. Grew up in Boston, but living in Marlborough these days. It feels like nothing can be as expensive as MA. I find myseld judging PR prices in relation to Boston. Thank you for the advice. Asking prices seem to be all over the place.

ReyP ViP

5509POSTS

5 years ago

#11

My_Name_Was_Taken wrote:
Hi Ray,

Also in Massachusetts here. Grew up in Boston, but living in Marlborough these days. It feels like nothing can be as expensive as MA. I find myseld judging PR prices in relation to Boston. Thank you for the advice. Asking prices seem to be all over the place.

Property. taxes are very low in PR, my place in Grafton payed 4,000 a year. People here a lot of times pay nothing or under 1k a year. It is based on the cost of the property back in 1953-55.

I have not tried it but to my knowledge you also do not pay any taxes on the sale of your PR home. But income taxes in PR are way above board

sandrarduncan Serial expat

487POSTS

5 years ago

#12

I am form nh and familiar with mass pricing . Cali,NYC etc are very expensive as well.聽 I think property here is way to expensive from what thebtade off is for the cost if electric, water and goods. $7 plus tax for a gallon of milk.聽 You aren't paying those prices in mass

sandrarduncan Serial expat

487POSTS

5 years ago

#13

Go on puerto rico classifieds,

1 member reacted to this post

ReyP ViP

5509POSTS

5 years ago

#14

I pay 150 a month in electricity in PR with one air conditioner running 7x24, yes that is expensive.
I pay 27 dollars a month for water, I used to pay 200 in MA bimonthly or 100 a month for water.
I also save a lot in heating since in PR I need no heating.
I used to pay 1,800 a month for my house, now I pay 600 a month in rent for a 3 br 2bath house, so I am saving
I pay little for property taxes when in MA it was 4,000.
I don't drink milk so the cost for me is not an issue
I find both pork and chicken is cheap
Steak is more expensive
On average my food bill is about 20% more
Overall I am ahead in PR even if some things like electricity are higher. I am saving at least 2,000 a month by being here, probably more.
Including everything my total expenses for a year are around 35,000

1 member reacted to this post

aca358 Member

11POSTS

5 years ago

#15

I agree with Rey.
Our costs are less here in Hatillo. We are still maintaining our Detroit home and are still spending less than if we were there running the heat.

I am looking for property in Hatillo. It seems that the houses get snapped up fast. I looked at one, and the people who came in behind me offered full asking before I even got home.

I see lots all over going from $50 to $90K.

Anita

elilynlee Member

16POSTS

4 years ago

#16

Are u still looking? There is land across from the 1929 parador guanica hotel for 85,000. It鈥檚 in the city of guanica

Charlie Vega New member

6POSTS

4 years ago

#17

My advice is to be patience because you are younger than I, and I started looking for land around summer 2016. I found a great piece of land after many trips and multiple weeks vacation, then finally closed on it in January of 2019. Determine your area and turn every stone. I found mine in the least expected place. I would suggest you to search every bank, credit union, or financial institution's inventory. Be flexible also, you may be looking for 1 acre but if run into a couple of acres, be ready to pull the trigger. I flew in on a Thursday night to see a property a day after I bid on it. I would never buy anything without seeing it first, but the market is so dynamic in PR that if you snooze for a minute, you loose. Also patience will guarantee you the right price, trust me, you got the time on your side. Good luck!

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Chente Beenz Member

1POSTS

last year

#18

I'm not getting younger so I'm looking to sell a solid 2 story home that needs little work but move- in ready with appliances, 2 beds, sofa and dining tabke w 4 chairs. Home has 3 huge bedrooms, dining and plenty kitchen cabinets (upper level) and 1 large bedroom and dining area w laundry room and bathroom downstairs on Lake Guayabal in Romero Villalba PR and

nearly 2 acres (w a wooden 1 bedroom house) on highest Mt top with breath- taking mountainous scenery and plenty food trees in upper Villalba Caunilla PR. Warm helpful neighbors at both locations.