Automatic Gate Issues Continue...

ISSUE #922: Sept. 11-17, 2022


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


Market activity
sales & rentals

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

Los Jardines: Nothing available
Paradisus: Nothing available

Residencias Los Jardines
property management, rentals & re-sales

Unit #114: $ 185,000 $ 178,000 PRICE REDUCTION / See Unit
Unit #116: $ 189,995 $ 179,000 PRICE REDUCTION / See Unit
Unit #124: $ 99,950 $ 95,000 PRICE REDUCTION / See Unit

Unit #126: $ 625 mo. / Jr. One Bdrm. with cover terrace / See Unit

For sale

UNIT #114
$ 185,000 $ 178,000

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

This 1,290 sf. (plus covered parking for one car and two lockers 67 sf.) single story, semi detached house, with garden terrace, two bedrooms is a beautiful executive style home. This home consists of two large bedrooms one with six piece en-suite bathroom with additional access to separate full shower. Each bedroom has large closets with extensive built-ins for personal organization. The vaulted living room and bathroom ceilings provide a feeling of grandeur while allowing the warmer air to rise and exit through the ceiling ventilating system. There are four TVs (one in each bedroom, one in the living room and one in breakfast / dinning room.) This is a beautiful well appointed home.

Total Area (Sq Ft): 1345
Total area (Sq M): 124
Bedrooms: 2
Bathrooms: 2
Floor(s): 1 Story
Type: Attached
Furnished: Yes

Two bedroom / two bathroom, lots of built-ins, appliances and furniture included. 125m2 / 1,345sf. Pictures to follow. One covered parking space and bodega included. Monthly HOA fees $268, taxes and water included. The long time owner passed away / the unit has been transferred to his sister / she wants to sell and has set up POAs to facilitate this. This can be a good deal for some buyer. All offers will be presented.

UNIT #116
$ 189,995 $ 179,000

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
$ 99,950 $ 95,000

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
Our Lives

What Happened This Week

Weather: Lots of afternoon rain with usually morning sun.


1. Foreclosures:

A. La Trinidad: No news on the legal issues --transfer of title and eviction. Supposedly someone is looking at it Tuesday.

B. San Bosco: It sits, grass grows...

C. Barrio Escalante: Waiting... Sept. 8 marked 8 months of waiting for a "judge" to review the foreclosure and auction...

2. Automatic Gate: We have narrrowed down the motor / installer... maybe... One says they cannot do it for 15 days... but since this next week is a holiday shortened week, they will not even commit to 15 days... not that a commitment means much here... and 15 business means a month... guess businessis good. We are looking for someone who can buy the equipment and install sooner... not getting a quick response...

3. Friends Return: Sitting here watching the rain waiting for the bank(s) to do there thing... it is like watching grass grow...

News Items of the Week


1. BCR Valuation: Really they have no idea the value but threw a dart... the market will tell them better... Certainly it is a large bank and has a dominant position in the retail presence. It also has a reasonable reputation --unlike Scotianank...

2. GDP: mmm, o.k. the proposed Walmart complex on Lindora Blvd is certainly going to add to the construction activity... when the building pemits are approved...

Exchange rate: It is down to 627-636... down from 987-700 just a few months ago. Amazing... the colon continues to appreciate against the dollar when major currencies world wide --British Pound, Euro, Yen, etc. are depreciating... makes not sense...

1. BCR value at US$1.78 Billion Dollars

Both national and international interests can make an offer through auction with a reserve price for the BCR.

QCOSTARICA – The government of Rodrigo Chaves has set an initial value of US$1.785 billion dollars in the legislative bill for the selling off of the Banco de Costa Rica (BCR) – Costa Rica’s State bank.

The Executive Branch extracted this figure from a calculation made by the Departamento de Investigaciones Económicas del Banco Central de Costa Rica (BCCR) – Department of Economic Research of the Central Bank of Costa Rica (BCCR) – in 2022.

“It is an estimate made with a series of limitations and strong assumptions, based on accounting information obtained from the annual audited and consolidated financial statements of the BCR financial conglomerate,” says the bill presented last week and is already in the hands of the legislators.

The bill takes into account some difficulties during the real calculation of the value of an entity of this nature, due to the protection of some data through banking secrecy.

“To determine the market value in a more reliable way, it will be required that at the time of the sale, a new determination is made based on the corresponding study,” says the bill presented by the Government.

The bill also recognizes that said bank is an “asset of great value for the Costa Rican State”.

“The BCR is a very corporate bank, which has good indicators,” said the Minister of Finance, Nogui Acosta, to questions from the press.

The same document issued by the Central Bank and cited in the bill indicates that the BCR is a mature, stable bank with a high level of value compared to the market.

The bill presented by the Government establishes that both national and international parties, through auction with a reserve price, can make an offer for the purchase of the state bank.

It also orders the creation of a Sales Committee that will provide technical-financial advice, but not binding. And it will be this committee, made up of ministers, who will present the proposals to the Governing Council (Cabinet) for voting and final decision.

One of the functions of said advisory is “to issue written recommendations, non-binding, in relation to the expressions of interest and the technical offers that are presented,” says article 12 of the bill.

The advice may be both public and private. In other words, there will be the participation of officials from the BCR and other entities, but the Ministry of Finance will also be able to contract people and firms.

Legislators Eli Féinzaig, of the Partido Liberal Progresista (PLP), and a strong critic of the sale of the BCR, pointed out that “the financial advisor hired in the process of preparing the sale must prepare a formal valuation study of the bank prior to the sale”.

“I take the value quoted in the bill as merely indicative,” he added.

Féinzaig has been emphatic that the process proposed by the government places “too much” responsibility on ministers who are politically appointed.

Others, such as legislator and head of the Partido Liberación Nacional (PLN) legislative group, Kattia Rivera, listed a series of concerns about the bill, among them are that the Sales Committee is political and not technical and expressed concern of the fate of the bank’s 4,000 employees.

2. Costa Rica’s economic activity maintains a slowdown trend

Construction and agricultural sectors register falls in their production

QCOSTARICA – The trend of economic decline continues in Costa Rica, by July 2022 the monthly index of economic activity (Índice mensual de actividad económica – IMAE) reached 3.3%, according to the Banco Central de Costa Rica (BCCR) – Central Bank.

If compared to the previous month, the slowdown is 0.7% and the difference from July of the previous year is 9.8%. It should be noted that on that date the country registered the highest growth in 2021 with 13.1%.

Economist, Gerardo Corrales, indicated that one of the points that worries him is the fall registered in the construction and agricultural sectors.

Corrales, however, highlights that in July 2022 the production of companies located in special regimes, that is, free zones grew 5.7% and continues above the average of the economy.

The Central Bank maintained its projection of economic growth of 3.4% for 2022 and adjusted it to 3.2% for 2023.

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