Costa Rica Real Estate

Costa Rica Marina Strategy Pays Off for South Florida Real Estate Team

Costa Rica Marina Strategy Pays Off for South Florida Real Estate TeamWednesday February 14, 9:49 am ET

Digital Capital Group's Bahia Escondida Succeeds as Bubble Bursts on U.S. Market

GOLFITO, Costa Rica, Feb. 14 /PRNewswire/ -- A few years ago, South Florida-based Digital Capital International Sales Group and developer Jim Lynskey began researching the possibility of creating a marina development in Costa Rica. What they found astounded them.

Despite being one of the world's most renowned sport fishing destinations, the country had nowhere near enough yacht slips to support demand. And that gap would only continue to widen. According to research by Parker Associates, a leading marketing and sales consulting firm, there were approximately 1,200 private vessel arrivals in Costa Rica in 2005 -- yet fewer than 325 marina slips to accommodate them. By 2010, more than 2,000 private vessel arrivals are expected, but less than 10 percent of the country's residential and resort development includes a marina. And, once they arrived in Costa Rica, where would these wealthy sport fisherman stay?

"We immediately realized we had a once-in-a-lifetime opportunity," said Phil Perko, president and founder of Digital Capital. So, Perko, along with partners Richard Cipriano and brothers William and Jim Lynskey, joined to create Bahia Escondida, a residential, resort and marina destination situated on Costa Rica's Golfe Dolce Bay in the famed south Pacific resort town of Golfito. The project began construction last October and sales have been so strong throughout the fall and winter that the team recently announced price increases to reflect current values. The team reported tremendous sales success at the recent Fort Lauderdale and San Diego boat shows and is excited about its participation in the upcoming Miami International Boat Show, scheduled for Feb. 15 to 19.

For years, Cipriano and the Lynskey brothers, all South Florida natives, had achieved significant success developing and marketing real estate throughout the southern Pacific zone of Costa Rica. But the incredible demand for a marina project, along with the real estate bubble bursting in the U.S. market, has helped them exceed even their loftiest projections.

"It's been a combination of perfect timing and the ideal team," said Cipriano, Digital Capital's Vice President/Broker. "William and I understand the Costa Rica buyer like no one else. Jim is a master at real estate development and government negotiations and Phil's exceptional talent and operations experience provide a tremendous boost to our efforts. It was just meant to be."

Digital Capital, with offices in Boca Raton and Miami, admits it was difficult to maintain focus and fortitude the past couple of years. While the South Florida real estate market was peaking, the team was dealing with Costa Rica's notoriously slow permitting process.

"It was a struggle at times but we knew it would pay off in the long run," Cipriano said. "All great things take time and patience."

Perko notes Bahia Escondida is primarily luring vacation homebuyers and real estate investors who are turned off by skyrocketing property taxes and insurance rates in the U.S. and what they perceive as overdevelopment in South Florida and the Caribbean.

Merging miles of picturesque beach coves, national parks, rain forests and world-class fishing, Bahia Escondida is nestled within the heart of one of the most bio-diverse locations on the planet. And the area's safe, natural harbor is located within the closest sheltered bay to the Panama Canal. In fact, due to insurance restrictions, Golfito is the only Central American bay at which Dockwise and Yachtpath International are authorized to deliver yachting vessels.

"Location ... location ... location. The old real estate adage is certainly true," Perko said. "Not only can buyers set out each morning to catch world-record marlin, sailfish and roosterfish, but they do it amongst breathtaking natural beauty and abundant wildlife."

Priced from $300,000 to $800,000, Bahia Escondida offers one-, two- and three-bedroom waterfront residences surrounded by picturesque views of Costa Rica's native rainforest and towering mountains. The low-rise buildings will be integrated within the unique Plantation Victorian-style village creating the quintessential destination for those seeking luxurious amenities in an authentic, laid back lifestyle.

Marina slips ranging in size from 45 to 220 feet are priced from the low $200,000s and will include golf cart concierge service and a high-speed fuel dock. When complete, Bahia Escondida will feature 217 marina slips and approximately 400 hotel and condominium units. Phase II is scheduled for introduction in 3rd quarter of 2007.

Bahia Escondida is accessible via daily commercial flights into Golfito from San Jose, Costa Rica. Coral Gables, Fla.-based OBM International is the project architect.

Digital Capital can be reached on the web athttp://www.digitalcapitalgroup.com.

For more information, call (866) 50-BAHIA or visit http://www.bahiaescondidacostarica.com.

http://biz.yahoo.com/prnews/070214/aqw050.html?.v=2

posted by Coldwell Banker Costa Rica @ 8:01 AM