CONDOMINAL DEVELOPMENT IN PLAYAS DEL COCO

A 36 unit condo development with approvals for another 60 new condominiums.  Location on the road between Playas del Coco and Playa Ocotal.

• Land area: 2 hectares or 20,000 M2. (65,600 sq. ft.)
•  Construction area: Interior measurement of existing 36 condos is 3,141 M2.     (33,797 sq. ft.)
•  Asking price: $1,440,000    This is $90,000 per condominium for 16 condominiums.  The previous lowest price we sold an unfurnished condos for was $110,000, original selling price was $136,500. 

Comments: The purchase of these 16 condos, most of which currently have tenants on one year leases,  includes:

• The approved plans to build another 60 condominiums on view sites already prepared.
•  The interest bearing deposit with SETENA to maintain the environmental permit for the new condos.
• Control of the home owners association.  The owner of these 16 condos plus 60 approved  units has 76 votes, which is 79% of the total HOA, and more than enough for a quorum.
• Rental income on the 16 units of an average of $450 per month.  The units are on a one year lease, with a clause that if we sell their unit we will pay to move them into another one.

The HOA fees have not been increased, nor has any special charge for unexpected expenses been requested from the owners in the 10 years since starting.  The HOA fund currently has about $110,000 in the bank.

Recent work completed to reduce water consumption was two new large potable water storage tanks, and another storage tank for an automatic irrigation system using the purified water from the waste water treatment plant.