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Residencias Los Jardines - Life & Times

ISSUE #798: Feb. 9-15, 2020

Valenties Day Power Outag

Brian Timmons, Newsletter Author
Brian Timmons

Dear friends,

When I started Residencias Los Jardines, I started writing a weekly newsletter -determined to tell all the good, bad, and the ugly. I knew some readers would be interested in the construction process. I expected others might be interested in the lifestyle of two people who had decided to live outside the box. For others, the adventures of Lita, the parrot and the cat took on an entertainment saga all its own.

Residencias Los Jardines is finished. We periodically have re-sales and rental availability. Some readers may be interested in this information.

Brian Timmons
Developer / Property manager
Residencias Los Jardines


rentals & sales

Paradisus Condos / Rohrmoser
Visit our website

Paradisus Condos - click to visit

Each of the units consists of two bedrooms / two bathrooms, and a large living/dining/kitchen area. The floor plan of each of these units has eliminated the optional "den / office" divider. The result is a larger area offering more flexible furniture arrangements while still maintaining the option of including an office area. At 105m2 plus two parking spots each and storage locker, they offer a great opportunity for someone seeking views, security, central location, and first class, all round living...

Semi furnished unit: For sale: $235,000
Fully furnished unit: For sale: $245,000
Floor 12 -west view

12-2 at Paradisus $1,400 mo.
this one has white living room furniture

Market activity
sales & rentals

Sales: Los Jardines: Units #114, #116 and #124


Paradisus: 12-2 at Paradisus $1,400 mo. (white living room furniture)

Los Jardines: Units #104 $900 mo. / #106C $900 mo. / #125 $875 mo. / Available immediately

Residencias Los Jardines
property management, rentals & re-sales

Unit #114: $ 199,000 / See Unit
Unit #116: $ 195,000 $ 189,995 / See Unit
Unit #124: $ 125,000 / See Unit

Unit #104: $900 mo. / UNFURNISHED / Available immediately / See Unit
Unit #106C: $900 mo. / Available immediately / See Unit
Unit #125: $875 mo. / Available immediately / See Unit

For sale

UNIT #114
$ 199,000

Total Area (Sq Ft): 1290
Total area (Sq M): 120
Bedrooms: 2
Bathrooms: 2
Floor(s): 1
Type: Semi-Attached
Furnished: Yes

This 2 bedroom/2bathroom,1,290 sf single floor end unit home includes a 150 sf front terrace plus parking for one car. This house is fully air conditioned and has recently been professionally decorated by international decorator Alcides Graffe and has undergone a complete renovation—new modern furniture, finishings, window coverings, and art work by Carlos Gambino. It is arguably the nicest furnished unit at Residencias Los Jardines and only steps from the pool

UNIT #116
$ 195,000 $ 189,995

Total Area (Sq Ft): 1290
Total area (Sq M): 120
Bedrooms: 2
Bathrooms: 2
Floor(s): 1
Type: Semi-Attached
Furnished: Yes

This 1,290 sf single floor home includes a 300 sf front terrace plus parking for one car and a separate, secure storage locker. It is and end unit and therefore attached on only one side by a 6 inch cement demising (common) wall, which prevents sound transfer.

UNIT #124
$135,000 $ 125,000

Total Area (Sq Ft): 662
Total area (Sq M): 61
Bedrooms: 1
Bathrooms: 1
Floor(s): 2nd Floor
Type: Semi-Detached
Furnished: Yes

This 662 sf, + covered parking for one car, is a one bedroom home on the 2nd floor overlooking the large pool. It is ideal for a single person or couple.

For rent

UNIT #104
$ 900 mo.
Available immediately

Total Area (Sq Ft): 1140
Total area (Sq M): 106
Bedrooms: 2
Bathrooms: 2
Floor(s): Single Floor
Type: Detached
Furnished: No

Single story, detached, two bedroom / two bathroom, 100 M2 / 1,064 SF, with a back yard, covered terrace, UNFURNISHED, one parking, vaulted ceilings, lots of built ins... bright in all rooms, with lots of windows and flow through ventilation. Parking for one car.

UNIT #106C
$ 975 mo.
Available immediately

Total Area (Sq Ft): 1250
Total area (Sq M): 120
Bedrooms: 2
Bathrooms: 2
Floor(s): 1 Floor
Type: 4-plex
Furnished: Yes

This is a fully furnished 2-bedroom unit situated in a 2-story building, which has two units on the ground floor and two units on the 2nd. floor. Each unit is the same size (1,250sf) divided into 800 sf of interior space and 450 sf of covered front and back terraces. Units 106A and B are on the ground floor; Units 106 C and D are on the 2nd. Floor. The solid masonry demising wall (common wall) as well as the 5” concrete slab prevent sound transference.

UNIT #125
$ 875 mo.
Available immediately

Total Area (Sq Ft): 662
Total area (Sq M): 60
Bedrooms: 1
Bathrooms: 1
Floor(s): 2nd Floor
Type: Semi-Detached
Furnished: Yes

This 662 sf, (62M2)+ parking for one car and 33sf locker is a one bedroom home on the 2nd floor overlooking the large pool. It is ideal for a single person or couple—or investment property.

Our Lives

What Happened This Week

Weather: Normal... the winds this year have, so far, been lighter than normal... and that is a good thing.


Security Cameras: Still on my list of "to dos".

Doneste Administration: No response from owners. Will be putting together the meeting agenda for distribution.

Foreclosure: I wait.

Investment Business: We pulled the plug on this effort. After many delays and many concerns about the structure and the principle person himself, there was a culminating incident... which when added to our history, caused us to walk. We will continue to be open to other opportunities but with a different principle. I have to be assured that the award winner is capable of managing and has the personal integrity to convince me to participate. That was lacking in this case.

Valentine Day Power Outage: From 1:30 - 7:30... something happened... who knows what -when I was younger it could have been a great opportunity... now, just a great annoyance. We know people who had booked a nice dinner... well, that didn't happen... All our systems came back up... water, internet, security... after my phone had charged I began seeing all the inquiries about how long the power would be out... I hadn't a clue... but when it was back on, they knew exactly how long...

Garden Pictures: Attached are some garden pictures as of Feb. 1. Additional pictures will be added over the next newsletters:

News Items of the Week


1. Same story, different date... too much spending, not enough revenue, despite increases in revenue due to tax changes, the spending out strips the increase in taxes... The exchange rate remains fairly stable -around C 560 : $1. Fewer strikes but the teachers have just returned to work (??work ??) now the strikes will start with them...

1. Moody’s Downgrades Costa Rica’s Credit Rating for 2020

First the US elevates the travel alert due to security concerns and now Moody’s Investors Service, (“Moody’s”) has downgraded the Government of Costa Rica’s long-term issuer and senior unsecured bond ratings to B2 from B1 and changed its rating outlook to stable from negative.

The key drivers for today’s downgrade are as follows:

1. High fiscal deficits leading to an upward trend in debt metrics which will remain above rating peers; and,

2. Recurring funding challenges resulting from relatively large borrowing requirements introduce risks to Costa Rica’s credit profile.

The stable outlook on the B2 rating reflects Moody’s view that funding and liquidity pressures will remain contained even as debt metrics continue to rise.

In a related decision, Moody’s lowered Costa Rica’s long-term country ceilings: the foreign currency bond ceiling to Ba3 from Ba2; the foreign currency deposit ceiling to B3 from B2; and the local currency bond and deposit ceilings to Ba1 from Baa3. The short-term foreign currency bond ceiling and the short-term foreign currency deposit ceiling remain unchanged at Not Prime (NP).




Fiscal deficits averaging over 6% of GDP since 2015 have pushed government debt/GDP higher than ‘B’ rated peers. Despite fiscal consolidation measures approved in 2018, Moody’s expects these adverse fiscal trends to continue. As a result, Costa Rica’s fiscal deficits, debt ratios, and interest burden will remain materially higher than those of similarly-rated peers for the foreseeable future.

Moody’s projects government debt to reach 63% of GDP in 2020, higher than the 56% ‘B’ peer median. Because the Costa Rican government collects comparatively less revenues than its peers, its government debt-to-revenue ratio will reach 415% in 2020 compared to 263% for peers.

Interest payments have been steadily increasing, and will account for over 30% of government revenues this year compared to only 10% for peers.

Although Moody’s expects the 2018 fiscal reform to reduce deficits, this will happen only gradually. Last year Costa Rica’s fiscal deficit reached 7% of GDP, more than double the median for similarly rated sovereigns. In 2020-22, Moody’s forecasts only a small decline, with annual deficits coming just under 6% of GDP. Based on current trends, Moody’s projects debt will continue to rise approaching 70% of GDP by 2022.

The fiscal reform approved in 2018 aimed to reduce the overall fiscal deficit through a combination of increased revenues and slower current expenditure growth. As full implementation will be a multi-year process that will span more than one administration, execution risks are material. Moreover, the 2019 fiscal results highlight the difficulties Costa Rica faces in its fiscal consolidation efforts. Despite an 8% increase in overall revenues last year, the government deficit was more than 1% of GDP wider than the authorities’ original target, driven by increased interest costs and higher capital spending.


A combination of high fiscal deficits and a large debt repayments pushed the government’s overall funding needs to over 12% of GDP last year. Despite a small drop for 2020, funding needs will remain high. Moody’s expects financing requirements close to 11% of GDP in 2020, and projects average annual funding needs to remain above 12% of GDP in 2021-22, nominal amounts that will test markets’ willingness and ability to cover the government’s financing needs.

Relatively large funding needs will pose recurrent financing challenges to the government. Even though funding rates have declined since the government experienced a very tight liquidity position in 2018 – a condition that required an emergency loan from the central bank – Costa Rica’s international borrowing rates remain among the highest in the region, exposing the government to changes in market appetite for its debt.

Costa Rica’s main funding source is local with the domestic financial markets providing three-quarters of all government funding. As the country’s domestic markets lack the size and depth to meet all government funding needs over time, Costa Rica must periodically tap international capital markets. In the past, when access to international capital markets was constrained, it has resulted in pressures on domestic interest rates as the government increased its local market funding.


The recommendation to assign a stable outlook reflects reduced funding concerns relative to 2018. Although Moody’s expects debt to continue to rise and fiscal deficits to fall only gradually, Costa Rica has shown improved market access in the last year and Moody’s base scenario is that this will continue.


Given the recent downgrade, a rating upgrade is unlikely. The current rating would be strengthened if the government effectively implements structural budgetary adjustments that materially reduce fiscal deficits, limiting the expected worsening in government debt indicators and, as a result, easing funding risks.


Prospects of continued fiscal deterioration that result in higher government debt metrics than what Moody’s currently projects, as well as a deterioration in market access conditions associated with materially higher funding costs, could lead to a negative rating action. Evidence of stress in the banking system, or a significant increase in the level of financial dollarization could also place downward pressure on the rating.

GDP per capita (PPP basis, US$): 17,566 (2018 Actual) (also known as Per Capita Income)

Real GDP growth (% change): 2.6% (2018 Actual) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 2% (2018 Actual)

Gen. Gov. Financial Balance/GDP: -5.9% (2018 Actual) (also known as Fiscal Balance)

Current Account Balance/GDP: -3.1% (2018 Actual) (also known as External Balance)

External debt/GDP: 48.4 (2018 Actual)

Economic resiliency: baa3

Default history: No default events (on bonds or loans) have been recorded since 1983.

On 31 January 2019, a rating committee was called to discuss the rating of the Costa Rica, Government of. The main points raised during the discussion were: The issuer’s fiscal or financial strength, including its debt profile, has materially decreased. The issuer has become increasingly susceptible to event risks.

The principal methodology used in these ratings was Sovereign Ratings Methodology published in November 2019. Please see the Rating Methodologies page on for a copy of this methodology.

The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable.



Brian C. Timmons
Property Manager RLJ and Newsletter Author

Costa Rica:
Cell: (+506) 8-455-59-35
Land line: (+506) 2282-4142 Ext. 101

VOIP: (+416) 461-2203




Contact phone numbers

Internet Phone:
Toronto: 416-461-2203

Costa Rica:
Cell: (506) 8-455-59-35
Land: (506) 282-4142 Ext. 101

NOTE: Toronto number is "local call" for people in the area code; calls from outside the area code will be billed at the normal rate from the caller's area code.