"One Sale and Nothing Else..."

ISSUE #671: August 6-12, 2017


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

Web: https://www.residenciaslosjardines.com
Emails: info@residenciaslosjardines.com

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

Market activity
sales & rentals

Sales: Los Jardines: Units #106A, #114 and #124

Rentals: Paradisus: nothing available.
Los Jardines: Units #106C and #106D are available for rent

Upcoming vacancies: Los Jardines: Unit #102 end of June / Unit #118 end of May

Residencias Los Jardines
property management, rentals & re-sales

Unit #106A: $ 165,000 / See Unit
Unit #114: $ 199,000 / See Unit
Unit #124: $ 135,000 / See Unit

Unit #106C: $ 1,050 mo / Available Immediately / See Unit
Unit #106D: $ 1,150 mo / Available Immediately / See Unit
Unit #113: $ 1,200 mo / Available Immediately / See Unit

For sale

UNIT #106A
$ 165,000

Total Area (Sq Ft): 1250
Total area (Sq M): 120
Bedrooms: 2
Bathrooms: 2
Floor(s): 1
Type: Apartment
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 #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 #124
$ 135,000

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 #106C
$ 1,050 mo.
Available Immediately

Total Area (Sq Ft): 1250
Total area (Sq M): 120
Bedrooms: 2
Bathrooms: 2
Floor(s): 1
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 #106D
$ 1,150 mo.
Available Immediately

Total Area (Sq Ft): 1227
Total area (Sq M): 113
Bedrooms: 1 + den (bedroom possible)
Bathrooms: 2
Floor(s): 2nd Floor
Type: apartment in 4 plex
Furnished: Yes

This 2nd story, 1,227 sf (113 m2 + one parking space) )is a georgous home with one of the best views at Los Jardines. The very large front covered terrace faces west and is suitable for entertaining; the off-bedroom covered terrace faces east for sun sets. This very tastefully furnished and fully equipped home offers a lifestyle envied by many. The owner offers financing if desired.

UNIT #113
$ 1,200 mo.
Available Immediately

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. It is attached on one side by a 6 inch cement demising (common) wall, which prevents sound transfer. The three other sides allow light, ventilation and garden views.

Our Lives

Weather: Mostly partly sunny, normal rainy weather, no wind, temperatures 25º C / 78º F – beautiful...

Paradisus: The two towers constituting Phase II -the final phase- are nearing completion of the grey work. Interior finishings are on going. It was done without harassment to the existing Phase I.

Sale: Unit 123 was sold to a person who knows people on site and various people I know.

Dental Implants: I have new respect for those who have gone through it. Lita and I did phase 1 this past week. We are recovering. I'm a little ahead of her... I hope the worst is over. Now, we wait for 4 mo. before the next and final phase. For those curious, the cost is about $1,350 per implant... it ranges here in CR... I've given our guy lots of business over the years... personal as well as referrals... I'm getting a 10% discount... woopie!!!!

Market Activity: no rental inquiries.

News Items of the Week


1. The Hunt for Revenue Goes On: Read the last paragraph first... nothing is likely to happen in his election year.

2. Flights to Mexico: it is getting easier and cheaper... and tourists are taking advantage of it.

3. Money Woes: Domestic debt grew substantially faster than expected???? duhhhhh!!! one doesn't have to be a rocket scientist to figure out that if you spend more than your bring in, the debt will grow... so what to do... borrow... of course. What about cutting spending???? nope!!! much of the increases is "legislated"

4. Tourism: Growth from both Canada and Europe... drop from the US but the US still represents the bulk of the tourists

1) 200,000 sociedades anónimas disbanded by banks
By the A.M. Costa Rica staff

The finance ministry announced Thursday evening that it has not ordered the freezing of any bank accounts unsubscribed from the Registro Nacional.

The registry, in compliance with the tax law on legal entities or personas jurídicas, carried out a dissolution of over 200,000 sociedades anónimas that were late on paying their taxes.

The complete list was published in the official government magazine, La Gaceta, the Ministerio de Hacienda said.

Anyone affected by this situation need to go to the national registry, Hacienda said. No requests were made by the government authorities to the banks to close or freeze accounts linked to delinquent sociedades anónimas.

Many expats use these types of corporations in order to manage or finance their assets and property owned down here.

This includes anything from running a legal, registered business in Costa Rica to purchasing a vehicle. Some of those S.A.’s found inactive could be at risk of having their bank accounts frozen for use.

The announcement comes in the wake of several fiscal-related assurances, proposals and other statements made by financial authorities. In the past week, Costa Rican President Luis Guillermo Solís announced that the country faces a shortage in liquid assets such as cash. Although the public institutions and funds are still in operation, Solís has warned continuously of the dangerous road the country is on.

To alleviate that, the executive branch presented Thursday to the legislature yet another reintroduction of its public financing strengthening law.

In simple terms, this means the passage of two tax measures: increasing the income tax and creating a new value-added tax.

A.M. Costa Rica has reported extensively on these two measures that the administration and Hacienda officials have been screaming for the legislature to pass.

“The taxes on income and sales came into force in our country back in the 1980s and respond to a very different national economic context,” said Helio Fallas, the Costa Rican vice-president and finance minister.

“They do not tax the most dynamic sectors of the economy, nor some obvious manifestations of wealth. The initiative has been developed taking into account progressive criteria.”

Aside from the taxes, the government’s suggestion for the budget would be gradual cuts in spending based on government authorities and establishing a cap that decelerates spending based on the debt ratio between the central government to the gross domestic product.

There is also a suggestion of reforming public wages.

However, it is unlikely given the country moving into an election year and unions already threatening to shut down the country with strikes over their pension plans that any legislator would seek to come out in favor of more taxes and less social spending.

2) Low airfares to Mexico increase tourism

Volaris, Interjet, Aeromexico, Avianca and other aeronautical companies offer direct flights to Mexico starting at $198 for a round trip. Just last year, visitation of Costa Rica by Mexican tourist and corporate tourism grew 11%.

Also, Costa Rican national and foreign expats have increased their visits to Mexico as a business and leisure destination. This has led more airlines to in introduce direct flights between San José and Mexican cities.

Volaris Costa Rica has announced that it will connect directly between Mexico City and San Jose three times a week starting September: Tuesday, Thursday and Saturday.

Interjet has had two daily frequencies flying to Mexico trying to conquer the corporate market. More Mexican companies are opening business now in Costa Rica and vice versa, increasing the traffic back and forth.

Aeroméxico has had 14 frequencies per week since 2014, transporting almost 4 thousand passengers in that route.

The competition for the Mexico – Costa Rica route is creating a much more competitive price for airline tickets, of which Costa Rican tourists and expats can take advantage of in search for new vacation destinations.

The Costa Rican institute of tourism expects over 100 thousand visitors coming from Mexico before the end of 2017.

3) Treasury debt was 22% higher than planned for the first half of the year

In the first half of 2017, the Ministry of Finance placed debt at ¢ 1.16 trillion, 22% more than announced in January (¢ 950 billion). 51% was placed in installments for more than 10 years.

The government’s total debt to June 2017 exceeded ¢15 billion. This means that debt grew by 7% between December and the sixth month of the year. The largest growth occurred in domestic debt (8%), which represents 78% of the total debt: 52.6% in colones, 8.3% in development units, 38.4% in dollars and 0.7% in other currencies.

Mauricio Arroyo, national sub-treasurer, explained that for the second half of the year, Hacienda plans to borrow for a similar amount: ¢ 1,1 trillion , of which 266,000 million have already been placed.

4) Costa Rica received 27% of foreign investment in Central America in 2016

On Thursday, he Economic Commission for Latin America (ECLAC) reported that Foreign direct investment (FDI) to Central America grew 3.7% during 2016 and totaled $ 11.833 million.

The increase in investments to the two main recipients of the subregion -Panama, which concentrated 44%, and Costa Rica, with 27% – offset the drop recorded by the other Central American countries.

Last year, Costa Rica obtained revenues of $ 3.18 billion, which translates into an increase of 1.1% compared to 2015.

According to ECLAC, the investment showed a clearly increasing trend until 2013 and then stabilized around $ 3 billion. Inter-company loans and reinvestment of profits accounted for 80% of FDI (42% and 38%, respectively) and increased compared to 2015, while capital inflows fell for the fourth consecutive year (this time a 4% %) and concentrated 20%.

5) More tourists arrive from Canada and Europe, but less from the US

Visitor arrivals from Canada and Europe increased sharply over the past year, with US arrivals dropping, according to figures released on Thursday by the Costa Rican Tourism Institute (ICT).

During the first semester of the year, Costa Rica received 14,900 Canadians more than last year, for a total of 130,815. Europeans, meanwhile, grew by 13,196 for a total of 232,867. In the same period, visitors from the United States dropped by 13,756, for a total of 695,561. Despite this, this country remains the main source of foreign arrivals, with 42.6%.

According to the ICT, this behavior was “expected” since it is recurrent after the period of US presidential elections.

In contrast, Europe showed steady growth in international arrivals (8.4% by air and a 6% increase by all routes to the country), according to data provided by the General Directorate of Migration and Immigration and Analyzed by the ICT.


Brian C. Timmons
Property Manager RLJ and Newsletter Author

Costa Rica:
Cell: (+506) 8305-3965
Land line: (+506) 2282-4142 Ext. 101

VOIP: (+416) 461-2203

Web: https://www.residenciaslosjardines.com
Emails: info@residenciaslosjardines.com

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