All Forum Posts by: Javier Rancier

Welcome to the island. 

It's hard to say what's going to happen.  Prices are already at there lowest, sales activity might slow down initially but eventually, things will pick up.  It's still less expensive to own than to rent.  Deals are still available but it all depends on which market you're interested in. 

It's to early to determine the impact of the virus. On the other hand, I was able to sign a deal for a client on a HUD-REO property. Local buyers are still looking.

Except from the beachfront condo properties and one ocean front gated single family project, Loiza has a mostly a low income population.  There are still bank repossessed units for sale in these condos Aquatika Condo is in the mide $100,000; Malibu Beach Front Condo is in the low $100,000; Costamar Beach Village Condo, Ocean Point Condo just under $100,000. Single family houses range anywhere from $50,000 to $100,000 but mainly under $75,000.  

Hi Tangala, What information did you need.  Much of the data is available online.

Here's a link to a recent local financial newspaper article from Puerto Rico regarding  its designation as an Opportunity Zone that basically covers the entire island.

https://caribbeanbusiness.com/puerto-rico-gov-signs-opportunity-zones-development-act/

Hi Chris,

Glad to be of any help. Contact me offline.

Vacation rentals have been growing at a rapid pace in Puerto Rico with currently some 10,000 units being offered in sites such as Airbnb.  However, before diving in, be wary of new laws in the works in the Legislature under consideration.  Given some lawsuits that have been filed that have reached the Supreme Court in Puerto Rico regarding the use of Condominium units for short term rentals.  The Condominiums Bylaws must clearly state that short term rentals (being defined as rentals under 90 days) are permitted.   

Also, recent newspaper articles have stated the fact that FHA approved condominiums can and are losing their approval if the units in the Condo are being used for short term rentals.

The short term market is growing and inventory is diminishing but before diving in do your due diligence.  Make sure the Bylaws state that this use is permitted.  

Javier Rancier, Real Estate Agent and Appraiser

PMI Realty

Hi, 

Let me know if I can be of any assistance. I'm an appraiser and broker in PR. 

Not to give lawyers a bad rap, but considering the current market in PR, even their business has suffered quite a lot.  I recommend you shop around for fees.  I'll make some calls tomorrow.