ISSUE #784: Oct. 27-Nov. 2, 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: Nothing available

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

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.

Our Lives

What Happened This Week

Weather: Normal rainy season weather... several hours of rain most every afternoon... normally, rains begin to tapper off this month...


Vacancies: Several vacant units were rented this past week. There has been more activity this past week than in the previous year.

Internet: This has continued to be problematic... we have one proposal ...but will it really solve the problem? I have been sold technical solution which turned out to be BS this another one??? We are waiting on another proposal... one which would take us out of the internet business completely...

Shareholder Registration: We have been quoted $3,000, $1,000, $475 and $400 to do this for Doneste. Wow!!!!! what a range... I am trying to get the info together from the shareholders... most are not responding... I am on my second appeal... Some will simply not give us the info we need... There will have to be some consequences... I do not want to make a life long struggle of this... and it is usually the same people who are difficult to deal with on other issues as well...

Scotiabank: The bloody BUGGERS!!!!! Monday our office manager tried to deposit some funds... the account was frozen... no notice!, no request for anything!, just FROZEN... she inquired "WHY?" They wanted shareholder information and a copy of our last year's tax filing... For three days we ran around getting the info. The lawyer wanted $200 to do his part... BS. I negotiated it down to $50. After three days, the bank said they had made a mistake in freezing it. The information wasn't really due until February!!!!!! OMG!!!!!! I hope this prompts us to find another bank.

I have a friend of a friend from Canada struggling with a project in Puriscal. He is from Canada so naturally, like me, he started using Scotiabank here. He came down to deal with various things including dealing with Scotiabank. He spent two days with lawyers and accountants trying to satisfy their info requirements... He did not... I do not know what the bottom line was other than extreme frustration.

I am looking for a new accountant and trying to figure my way through the maze of rules, regulations, information disclosures, reporting, etc. I spoke with a different account... I asked which, of all the banks, is better... she couldn't be sure except that she was sure that Scotiabank was the worst...

News Items of the Week


1. Moody's: One other rating agency said the same thing.

2. Barclay's: They get one fiscally responsible government min. who does the right thing, the unions object, the person is fired... mmmm...

3. Loan: And now they borrow more money to fix the problem that a little hard assed positions might otherwise have solved...

Woosies hooked on debt... just like the tico consumer... neither are fiscally responsible...

1.Government ignores warnings from Moody’s

The government plans to extend the benefits of rescue credit plans for non-salaried people, those who are working on informality or on their own.

This was announced on Tuesday by the Minister of Planning, Pilar Garrido, in a transmission from the Facebook Live platform from the official account of the president, Carlos Alvarado. The transmission, announced since Monday, was intended to defend the government’s plan amid doubts and criticism and at the same time clarify citizens’ doubts.According to Garrido, the plan that the government presented on October 11th for the banks to consolidate the debts of the most indebted Costa Ricans is a first phase. The second phase, she said, will be presented later. Of course, according to Garrido, they already have identified around 1,175,000 people who are self-employed and who could benefit from the measure.

The Minister also said that there will be measures to benefit the agricultural and tourism productive sector.

2. Barclays recommends keeping investments in Costa Rica low

Barclays financial services company is recommending investors to keep their investments in Costa Rica “low”.

According to Barclays,

Aguilar’s departure could add uncertainty to the fiscal consolidation route. While (Aguilar) was in office, the government carried out the much-needed tax reform (…) In addition, she managed to present a fiscal budget for 2020 that complied with fiscal laws to limit the growth of current spending in the middle of a strong slowdown in the economy. But Aguilar’s strong position in complying with fiscal adjustments put her at odds with several unions and municipalities, which were reluctant to lose their benefits. In addition, last week, students and presidents from different universities protested against changes in their autonomy to decide their budgets.”

Barclays points out the challenge that President Carlos Alvarado has to comply with the law and fiscal reform, particularly due to union pressures and low economic growth.

According to the London-based financial services company, Aguilar’s resignation could suggest that union pressure also weighed on her decision (…) due to their resistance to austerity measures and spending control.

In that sense, President Alvarado may choose a replacement with a more “consensual” view of the speed of fiscal consolidation, but in the end, we believe that any replacement will still have to deal with fiscal restrictions. On the other hand, the approval of the future issuance of external debt could be more difficult.”

3. Treasury receives $350 million from the IDB loan

At the end of the previous week, the Ministry of Finance received $350 million from the loan signed between the government of Costa Rica and the Inter-American Development Bank (IDB). This was reported by the Press department of the entity.

These resources will support the execution of a program of policy reforms which, according to the Treasury, is necessary to strengthen fiscal sustainability through the control of spending and the modernization of the tax system.

According to the Treasury, the funds are part of the portfolio strategy for the consolidation of public finances,

and do not represent an additional debt to the one already foreseen in the 2019 budget. Nor do they imply a greater deficit, than already estimated for this year”

they added.

In addition, the $ 350 million colones will be used to replace internal sources of financing originally approved in the 2019 budget , with sources of financing negotiated in the IDB, which will generate less pressure on local financing and domestic interest rates.

This loan is for a term of 20 years, and includes a grace period of 5 years, according to the institution.


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


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