OCTOBER 2009
TRES REGALOS – JACO, COSTA RICA
FREQUENTLY ASKED QUESTIONS:
What is Tres Regalos?
Tres Regalos is a boutique
oceanfront resort in Jaco, Costa Rica, boasting residences in two buildings of
five floors with fifteen units each. 24 units are beach front and have combination white water
ocean and rainforest views. 6 units are oceanfront with mountain-view
balconies.
We proudly present Tres Regalos Beach Club and Resort; a wondrous place
to celebrate life; to recharge, to reunite with what feeling good does for your
soul. To renew appreciation of who and what we are through experiencing a place
which simply fits; where lifelong memories are carved into our very beings; a place
to calm ourselves; to reconnect with family, friends, and nature.
30 units of Mediterranean Architecture, designed
with attention to both detail and the natural surroundings in hopes of
capturing the perfect fit between man and paradise. Warm Pacific waters touch
the mountains as rainforest waters flow gently to the sea. The only difficult
choices here are when and if to leave.
From each arched balcony, you can listen
to the sounds of the sea and recall the memorable sunsets of your life. Whether
you sit by the pool, in the pool, in the sand, in a hammock or the comfort of
your private balcony, this is a place to live a whole life in one day.
Where is Tres Regalos
We are located on The North Beach overlooking the Pacific
Ocean and the last untouched rainforest in Jaco Beach. To locate us, take the main road North
through Jaco, and you will see our entrance.
Take the Central American Highway North from the airport. 10 miles to
the north take the turn off West to Jaco, Orotina, Atenas and follow the
signs. Take the first entrance to Jaco
and turn right at the stop sign approx. 2 miles from the highway.
How is Tres Regalos being finished?
Describe the quality.
Appurtenances: (Photos of installed/completed items can be viewed
at the link below).
http://picasaweb.google.com/TresRegalosJaco/TresRegalos#
Status as of Dec. 31, 2009.
·
Marble and Porcelain
throughout the bathroom showers
·
We have installed all of the
kitchens, bathrooms, and built-in closets in the south building. (Counter top
granite in south buildings’ kitchens and bathrooms are exquisite.)
·
All of the first class stainless steel appliances are installed.
·
All windows and sliding
glass doors are installed.
·
All metal work is custom
fabricated and installed on site.
·
All of the balcony and window
guard rails are installed.
·
Custom doors are being
installed.
·
We are just putting the final
touches in the 15 units of the South Building, including the custom lights and
fans, and the Costa Rican wood base boards The North building will be finished in February, March. The South
Building will be ready for occupancy by the 15th of February.
·
All of the Italian Stainless
Steel water faucets are installed in the kitchens and the bathrooms.
·
Both Elevators are being installed.
·
All central air conditioning
units and ducts are installed in both buildings. We have completed all of the common hallway
Spanish tiles and custom common area hallway guard rails in the south
building
·
The North building interiors
will be completed prior to February 20, 2010.
POOL: The Coralina pool will be finished next week and filled by the 15th
of January. It will be the focal point and gathering place for the project and
has been raised by over one meter to insure unequaled ocean views from any
point in or around the pool. The pool
now includes a raised jacuzzi, swim-up bar and covered barbeque area.
Utilities:
State of the
art underground utilities and electric transformer are installed and
operational in accordance with plans and specifications. All electrical, telephone,
and cable TV are all installed underground. There are NO overhead wires in the project.
What is expected of owners and guests while
staying at Tres Regalos?
Our standards are
excellence, tempered with good common sense, values as to the common good of
Tres Regalos. We have all walks of life
here We ask that all respect our guests, their friends, their children as an
essential part of this experience so that a good time can be had by all.
Why we live, work and invest in Costa Rica?
WHY WE LIVE AND
INVEST IN COSTA RICA.pdf
http://docs.google.com/fileview?id=0B2ZYJpWzEIE2MTE2MWU4NDYtMTI1Yi00ZWM0LTliZmUtOTEzMTQ2MGZjZTcy&hl=en
When will Tres Regalos be ready for
occupancy?
We will be finished with the South Building by the
15th of January and the entire project will be ready for occupancy
before March 1, 2009. We are currently
taking reservations for March 1, 2010 and beyond.
What kind of phone system will be provided
to the home owners and renters?
As with all utilities, our phone system is state
of the art technology. All units will
have voice over IP and long distance charges to the United
States will be less than 2.0 cents per minute. We will not use Skype
as there are a number of providers now whose programs use fewer of your
computer’s resources.
We have ability to control all phones from our
HOA office, and can change Long Distance Rates to a higher rate when your unit
is rented. We will keep this rate below
our local competitors and lower than the National Phone Company.
What kind of security can the home owners
and renters expect from Tres Regalos?
Our location on the extreme north end of the beach
minimizes our exposure to problems that many other projects in the center of
town experience. We have contracted with a local company, Gecko Tech, for a
state of the art wireless surveillance system consisting of seven closed
circuit cameras strategically placed. Guards
are posted 24/7; both on the beach and at the entrance and monitoring cameras
from their stations. Management will be
able to monitor the system from any computer in the world. We take the
security of our new home very seriously.
What about Water and Sewer?
We have completed the 18,000 gallon underground
water storage tank. This supplemental potable water will protect us from
any water supply interruptions.
We have completed the installation of our
self-sufficient waste water treatment plant. This system is as green as possible
and operates by using biotechnology to clean the gray water.
It is state of the art, and certified by the Costa
Rican Environmental Protection Agency as 98% pure and we have permits to flow
this to the river and use for the landscaping.
As Tres Regalos Condominium
Owners, Should We Sign an Exclusive Rental Agreement with a Property Management
Company?
Tres Regalos has our own onsite full service
Property Management Company and, of course, you are free to work with whomever
you want. We do not recommend
giving exclusive rights to control
rental of your condominium to any one company. Most likely, numerous property
management companies will be soliciting your business. Feel free to ask us
about any of them.
Owners entering into exclusive agreements with
outside management agencies create a special problem with how to deal both with
walk ins and those sent to Tres Regalos by unaffiliated sources and many rental
management companies have not
performed to their promises in the past.
Our policy is to encourage as many companies,
individuals, travel agents and rental agencies as is possible to feed Tres
Regalos with rental clients. Realize that travel agencies and other
brokers will not represent places where they must share commissions with an
exclusive agent. Our advice is to
leave all options open; take
advantage of every available rental resource, including “Rent By Owner”
websites where you can control your own listings.
Most property managers here charge commissions of 30%
and more and may charge as much as $100 per month to pay electrical,
cable, phone bills, property taxes, etc.
Annual reporting requirements for corporate/legal entities set up for
ownership are normally additional.
Tres Regalos Property Management has a
professional Web Site and full internet visibility. Our commission is 25%.
Our Property Management Company charges $60 per month to handle all monthly
obligations related to your home here. This company will link with and
work with any other travel agency to insure the best experience for
renters.
Should you desire a relation with another Property Manager to promote your
property; this is fine. Please consider
these thoughts before entering into one which is 100% exclusive; allows you to
rent your unit to friends and personal clients without paying a commission, and
also allows you to work with the Tres Regalos Property Management.
Will Tres Regalos provide maid service?
We have professional on site Maids working for the
Home Owners Association. We will clean
your home based upon your cleaning schedule. As these Maids are employees of the Home Owners Association, cleaning
fees will be lower than any outside service. Our maids are insured, known
and trusted by us, and have worked in the local hotel industry for many years.
Does Tres Regalos have a Bar or a
Restaurant?
Tres Regalos does
not technically have a Bar or a Restaurant as it is a Private Beach Club. Tranquility is our number one objective, a
bar and restaurant simply did not fit. However,
for those of you who would like the services of a private bartender or a professional chef, we have them available to
assist you with your party plans. Services are available poolside at our swim
up bar and Barbeque, or in the comfort of your condominium; for private
parties, weddings, and lucky fishermen.
We have over 50 bars and restaurants within 10
minutes of the project to satisfy every culinary desire and pocketbook. Many of these fine restaurants are just
minutes away and deliver.
In addition,
Tres Regalos Property Management will provide all Owners and Guests with a
check list via email in advance of your trip.
For a small fee we will fill your kitchen with whatever foods and drinks
you desire to have waiting for you when you arrive. You can go straight to the pool or the beach and not have to
waste hours shopping and figuring out the latest exchange rate. Personal shopping is another unique service
offered by Tres Regalos.
What kind of business plan
have you developed to keep our home owner fees at a reasonable rate?
Those who want
to avoid problems with absentee ownership should appreciate our plan to insure
Home Owner Fees stay at reasonable levels.
Tres Regalos is built for permanence, ease of operation and low maintenance. Our HOA fees will be $350 per month.
We have watched as other projects in the area began
their fees reasonably and within a few years escalated to what resembles a
reasonable mortgage payment for a home.
This will not happen at Tres
Regalos. Ongoing management of the property will be continued by
developer and fellow owner Leo Plumley, who will live on site
Our plan is simple. Leo is the owner/manager
of Tres Regalos Property Management Company. This company earns
commissions from: rentals, tours, fishing, sightseeing, transportation, car
rentals, bartenders, personal shopping, private chefs, and other income
producing activities. Property Management will utilize office
facilities in the front of Tres Regalos and share 20% of these commissions with
the Home Owners Association to supplement the monthly fees to help minimize any
future increases.
Low maintenance design, solid management, and good
common sense will keep HOA fees low.
Can we obtain a mortgage on our unit?
Current Availability: We have negotiated the best mortgages possible
with two different banks, Banco
National who helped finance the project, and Scotiabank, a Canadian Bank with a
long standing relationship in Central America. Currently the mortgage Rate is 7.5 – 8.5% with a variable portion
that may kick in after 60 months, all negotiable with the Bank. These banks will require a 660 US Credit
Score and two years of tax returns to verify your income and ability to repay
the loan. The Banks will loan up to 70% of the Appraised Value of your Unit. The application process will take two to
three weeks.
You
must be able to verify your income; stated income has never been in use here. If you are self employed and have many write-offs
to lessen your tax burden, this could be a problem. We recommend Banco National, the bank which has worked with us
throughout this project. They will
normally meet the competition. We also
recommend Scotia, a fine international bank.
We like to play on a level field.
What is
the best way to furnish our condominium?
Well
for this question, Leo is a bit biased.
His wife, Flor, a native Costa Rican, has developed relationships with a
number of manufacturers and suppliers of high quality locally made and imported
furniture and are offering her services to you. Flor has negotiated discounts for all types of tables, chairs,
sofas, beds, mattresses, mirrors, lamps, flat screen TV’s, from Sony and
LG. She has a great connection for
custom-made curtains and any other item you could possible need from kitchen
utensils to coffee pots. The
relationships Flor has with manufacturers of Costa Rican furniture from local
hard woods allows you to participate in the design process. We recommend you support the Costa Rican
economy by buying locally produced furniture.
We have and we have never been disappointed.
Sure,
I like my American made Sofas and Mattresses but you can find everything else
you could possibly need right here made in Costa Rica. Costa Rica has some of
the finest and most exotic hardwoods in the world.
What is
there to do in and around Jaco?
Beach
combing, surfing, canoeing, class 2 – 3 – and 4 white water rafting within one
hour of Jaco, bird watching, hiking, bicycling, volcanic hot springs, canopy
tours, waterfalls, championship golfing 10 minutes from the project, World class
sport fishing at the Los Suenos Marina, 10 minutes from the project, three
casinos in the area, Fine dining, snorkeling, diving at Drakes bay, The whole
Caribbean coast to explore, ((the whole Golfito area to explore, (one of the
most bio-diverse areas in the world)).
Over 20 islands within 40 miles of Jaco to explore, boat excursions,
sailing, Over 10 semi uninhabited beaches to discover within 1 hour of Jaco,
Arenal active volcano, monkey tours, crocodile tours, more than ten national
parks and biological reserves to visit and explore. The list goes on and on.
In a lifetime you will only see a small portion of the beauty and
abundance of Costa Rica.
How
Much Are Annual Property Taxes?
Property taxes (Municipal Taxes) are ¼ of 1% of
the declared value. As in the U.S.
assessors are bombarded with requests to keep these values low and generally
have cooperated. Declared values are currently nowhere near the true value of
the properties.
The municipal tax is administered at the
municipal level and varies throughout the country. Paid quarterly, the type of
property, location and other factors contribute to the calculation of this tax
and MUST be shown to be fully paid immediately prior to transferring title.
What about
PayingTaxes When I Sell?
A nice incentive for foreign investment is that
there is no capital gain tax. The Costa Rican government will not tax you on
the profit from the future sale of your property as long as you simply transfer
the shares in your corporation that holds the title of your condo.
Tres Regalos does not provide tax advice, so please
contact a tax advisor with experience for foreign filings! There are many strategies to consider
depending on your personal situation, and I would be happy to share whatever
knowledge I have learned from my eleven years from living here.
Who
Pays The Sales Commission?
Prices for property in Tres Regalos are
inclusive of all commissions to brokers/real estate agents. Should you be represented by a “buyer’s
agent”, this agent will share in a fixed commission; or if only one agent, one
commission will be due to the person earning it.
Can I
Have Title In My Own Name?
The decision to have the property that you are
buying in Costa Rica in your own personal name, a trust, or in the name of a
corporation or any other legal entity is your decision. Consult your advisor/attorney. We will be transferring Title to your
Condominium within the framework of a Costa Rican Corporation. With Title held
by a Costa Rican Corporation you are provided with the greatest amount of
anonymity, and when it comes time to sell your unit, all you have to do is
transfer the shares to complete the sale.
The sales price remains a confidential matter between the Buyer and the
Seller. This has MANY ADVANTAGES.
How
Can I Ensure Clear Title To The Property?
It is important that you or your attorney take
the necessary steps in order to properly register the property, and more
importantly, be assured that the property in question is free of all liens and
encumbrances before buying property in Costa Rica.
With transfer of title to property in Tres
Regalos comes a guarantee of valid and merchantable title free and clear of all
encumbrances, delivered in compliance/accordance with all plans and
specifications; meeting and in most cases, exceeding. Banco National has funded a substantial
amount of the construction of Tres Regalos.
They would not have lent over one half of the building cost if they had
not done their homework and had their legal department assured free and legal
title. The property is currently held
in Trust by Banco National and Tres Regalos and the Trustee is Banco Improsa.
Tres Regalos has always been represented by
competent counsel. We have used the
same legal counsel for years and are happy to recommend our friend Lourdes to
assist you; should you desire legal assistance.
Of interest to North Americans is additional
security offered by Chicago Title, Stewart Title and First American Title and other.
The title companies charge up to three percent and we do not recommend them
over a good lawyer.
The Registro Nacional (National Property
Registry) is located in San Jose - Zapote, where all property documents are
recorded, thus a title search at the Registry by a competent lawyer would
confirm good title and proper ownership and eliminates the need for Title
Insurance here.
We hope this document answers your questions
regarding Tres Regalos, but if we can help you answer any others, please send
any question or comments to me at tresregalosjaco@gmail.com and we will get back to you ASAP.
Sincerely,
Leo D. Plumley
President, Tres Regalos