INS Suit and "La Trinidad" foreclosure...

ISSUE #769: July 14-20, 2019


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

Market activity
sales & rentals

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


Paradisus: Nothing available

Los Jardines: Units #106D and #113

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 #106D: $ 1050 mo. / Available immediately / See Unit
Unit #113: $ 1,200 mo. $ 1,150 / 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 #106D
$ 1050 mo.
Available immediately

Total Area (Sq Ft): 1227 + parking
Total area (Sq M): 113 + parking
Bedrooms: 1 + den (bedroom possible)
Bathrooms: 2
Floor(s): 2nd. floor
Type: 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 east and is suitable for entertaining; the off-bedroom covered terrace faces west for sun sets. This very tastefully furnished and fully equipped home offers a lifestyle envied by many.

UNIT #113
$ 1,150 mo. price reduction
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

Rainy Season... Rainy season kicked back in... nice for everyone and everything...

What Happened This Week

Vacancies: Not one inquiry...

Volvo: The problem was what his initial diagnosis was... a blown turbo hose... I never knew it existed... Including a complete car wash... $200. I love this guy... he runs a clean shop -all tools organized, spends time diagnosing the problem... knowledgeable.

INS suit: I got the results: The Chamber of Commerce Dispute Resolution body found in my favor and awarded me, (1) return of principle, (2) all legal costs, and (3) all elapsed interest payments at legal penalty rate which would be 15.6% interest. Great... but wait... this is CR... INS won't pay. Now I have to sue the buggers in civil court... in the mean time, their appeal to the Sala 1 for complete annulment grinds away... I have won NOTHING after 4 1/2 years... I have the opportunity to continue in a different vein... I have a meeting with the lawyers Tuesday to discuss the findings and to map out the next strategy.

"La Trinidad" Foreclosure: I have not initiated a foreclosure proceedings. Based on previous experiences, it is faster to negotiate a buyout... or settlement... provided that it is a push $$ wise... and to put an attractive price and financing terms -after all, I just want to sell and move on... I put together the marketing details, and put it out to several brokers. I have two offers... one of which I accepted... hopefully it will close mid week... What is the difference this time vs. previous times when I had to beat my head against the wall for a long time? I have developed additional contacts over the past 6 mo. and those proved valuable... and I cut the price right away... it appears to have been the right strategy... we'll see what happens this week.

Sick and Crippled: both Lita and I were down this week.

Exchange Rate: The colon continues to get stronger... exchange rate now around 580:1 USD. The legislature approved the request of the government to sell $1.5 EU bonds to retire the more expensive local borrowings. It is expected that credit will get easier, interest rates will decrease, and unemployment will drop from the official 12%... we'll see.

News Items of the Week


1. VAT and Construction: Of course...

2. Eurobond Financing: The government did not get the blank check they were hoping for. Now they will have to demonstrate that they can, in fact, reduce costs... Personally, I doubt that will happen... so we’ll see what happens next time government wants more $$.

3. Styrofoam ban: Wow, we can hardly survive now. No straws and no Styrofoam containers... Mmmm... Time to seek another country where we can continue to polute...

1. VAT caused significant decline in construction sector

The uncertainty caused by the tax reform, specifically the new VAT regime, resulted in a significant drop in the construction sector. According to the Central Bank, the drop to May was 14.2%, the most serious since September 2017.

The VAT regulations explain that the real estate development projects and their associated services will be exempt from taxes until July 2020, later they will pay 4%, then 8% and in 2022 13%.

Meanwhile, projects must register with the Exonet platform to request exemption.

According to the Treasury, in the first week of implementation of the tax, about 140 thousand permits of this type were processed.

Construction decreased 14.2%, due to a decrease in residential and commercial buildings, mainly as a result of the uncertainty generated by the entry into force of the tax reform; in the case of construction with a public destination, it was due to a lower execution than that envisaged in road infrastructure and aqueduct and sewerage projects,” explained the Central Bank.

2. Congress approves $1.5 billion in debt in Eurobonds

On Tuesday, with 43 votes in favor, the Legislative Assembly approved in second reading an authorization to the Ministry of Finance to acquire debt abroad for $1.5 billion in Eurobonds for one year.

Only the seven legislators of the independent New Republic bloc voted against.

The permit will allow the Treasury to issue public debt bonds with European investors and multilateral organizations for that amount.

The mechanism will replace the Government’s indebtedness in the local market. In addition, it will open up possibilities for the country to obtain better interest rates for longer terms for loans.

The Ministry of Finance must submit quarterly reports on the progress of Eurobonds before the Legislative Plenary and the Comptroller General of the Republic.

3. Costa Rica Signs Law That Prohibits the Use of Styrofoam

President Carlos Alvarado, alongside the Minister for Environment and Energy, Carlos Manuel Rodríguez and the Minister of Health, Daniel Salas, signed into law the reform of the Law for the Integral Management of Waste. This Law enacts the prohibition of the import into national territory, the commercialization and the delivery of polyethylene containers, better known as styrofoam, in any commercial establishment.

Styrofoam is a very common material used by the food industry in packaging, mainly because of its lightness, hygiene, and low production cost. It is heat and humidity resistant, doesn’t absorb water and doesn’t rot, as such it can’t be degraded into the environment.

The biggest health concern regarding polystyrene is styrene, its main component. Those who are exposed to styrene during its production tend to develop irritation on their skin, eyes, upper respiratory tract and gastrointestinal effects. They can also damage human health as they come into contact with food and beverages.

The prohibition will begin 24 months after the law’s entry into force. During this period, the Government will promote and encourage the reconversion of industries that work in the import and manufacture of containers or packaging made of expanded polystyrene, encouraging the development of more environmentally friendly alternatives, through aides from the Development Banking System and state commercial banking.

In the 6 months following the amendment’s entry into force, the Ministry of Health shall include in the National Policy and Action Plan on Waste Management, a national plant to incentivize the gradual substitution of polystyrene containers and packing for different materials.

Haydée Rodríguez, Viceminister for Water and Oceans said that expanded polystyrene is one of the largest pollutants of our rivers and oceans, remaining for years in our ecosystems, damaging our wildlife, such as turtles, fish and other animals that think of it as food. “Only with clean and healthy rivers and oceans, we will be able to face the climate crisis and guarantee a healthy quality of life to our coastal communities”.

Finally, Daniel Salas, Minister of Health indicated that in Costa Rica there are very few alternatives for the management of expanded polystyrene, which is why the majority of this waste ends up in landfills, or in worst cases, in the environment. “It’s a material that can’t be reutilized. This is why this ban on import and commercialization is so important, as it will reduce the pollution caused by this type of waste”.

The new amendment provides an exemption for those cases where there isn’t any environmentally viable use of alternative materials to guarantee product conservation and protection, as well as for household appliances packaging and industrial use.


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


Previous reports