New Directions for Local Real Estate: Developers Change With Times

Pavones' resort developers are changing their plans to adjust to the new economic environment.

From its oceanview perch in Cuervito de Pavones, "Encanto" envisions a turn-key resort residence for 22 families, with desirable amenities such as pools, gear garages, private cafe and even a local transportation van.

Lisa LaMagna, one of the development partners, said, "Encanto has everything planned down to the furniture design. We intended to begin marketing as soon as we received the final building permit."

The project did receive its building permit, just as the world financial crisis was exploding. Now, the Encanto team is seeking new financial and hospitality partners to bring their dream to fruition. Says Ms. LaMagna, "We have a good financial cushion and can wait for the market to normalize. Encanto is combining beautiful design, great views and great amenities. That's unique in this area."

Another significant project, "La Onda," in Cocal Amarillo, was envisioned as a Hawaiian style "canoe club." The original idea was to build 40 million-dollar homes, club house, soccer fields and a swimming pool on this ocean-front area. However, La Onda is responding to the new economic environment.


La Onda has a new approach that hits a sweet spot in the marketplace for land in the Pavones area.

La Onda is now offering beautiful lots with ocean views (approx. $150k), and jungle views ($50k to $100K). Potential clients have one full year complete their payments. If real estate buyers are more conservative these days, this plan suits them perfectly.

Encanto:
Reserve your spot at Encanto, visit
www.EncantoCostaRica.com
Information for developers: www.EncantoCostaRica.blogspot.com
La Onda:
Buyers of individual lots visit www.PavonesPointRealty.com.
Developers can learn more at www.laondacr.com.
Local broker Pavones Point Realty is also representing Encanto and La Onda.

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