A sprawling complex outside Santo Domingo
. 2.5 million
The 12.5-acre property sits on top of a steep mountain range in the northwestern suburban rural Pedro Brand of Santo Domingo, the capital of the Dominican Republic.
Known as the Compostela del Camino, the complex includes five bedrooms, a seven-bath main building, a separate three-bedroom home for staff, and about two acres of orchards.
The 10,932-square-foot building was custom-built in 2010 for existing owners using coral stone (a native of the Dominican Republic), concrete, marble, precious woods and ceramic roof tiles. It has rings around an opaque, landscaped courtyard that provides clear lines of sight through the interior for the pool deck and the noble mountains beyond.
The list, to maximize soft natural light from the north, is meant to facilitate indoor-outdoor living and maintain a natural setting, said Caesar J., owner of Provultur International, which owns the list. Herrera GA said.
“When you walk through the main door and onto the terrace, you think, ‘Where am I?’ “The Compostela del Camino looks like a less pertinent Pedro brand building and more than what is usually built in the Dominican Republic’s resort communities,” Mr Herrera said. “It’s not uncommon to live among the mountains inside a huge house like this.”
From the gated entrance, a tropical vegetation curve along the 200-yard stone wall and driveway before reaching the covered car park. To the left is a two-story staff house with a tiled roof and coral stone, followed by a courtyard, overlooking a slated sliding door.
The main house is manifested in tiered sections. The open-air foyer, which has concrete-block-and-steel-beam overhangs and walls carved in polished coral stone, gives way directly to the front minimal courtyard and a discreet staircase attached to the right in the second-floor guest bedroom. And bathroom.
A cascading coyote lake and a small grassy area lead to courtyard steps and landings, leading to a great room with a marble floor and a 20-foot ceiling. Large sliding doors of open glass and wood for outdoor lounge, jacuzzi and endless pool with unobstructed views of the green mountains.
The great room has a dining room on the left side, lower ceiling and built-in shelving. It is connected to the kitchen kitchen with access and a large kitchen with stairs on the second floor, where the primary bedroom takes up a lot of space. It includes a walk-in closet, a suite with a marble bathroom and a private terrace. A large gym is filled with natural light and another guest room is also on this level.
To the right of the great room is a study with a bookcase on each wall. Both spaces have access to an outdoor deck.
The walking trail follows the turn of the house and pool, then continues down the mountain, leading to a series of country-life mainstream: greenhouses, chicken coops, bunny pens, stables and doghouses.
Unlike many nearby properties, the Compostela del Camino was built as a permanent residence, said Ms. Herrera said. It is close to the Op Topista Duarte Highway, which takes drivers to Santo Domingo, on the south coast of the island, in about 30 minutes. Las Amકાસricas International Airport in Santo Domingo is another 30 minutes away. Punta Cana, one of the country’s most popular beach destinations, is 135 miles east.
Market observation
Over the past five years, expanding tourism industry, stable economy and friendly tax laws have brought a wave of international buyers to this Caribbean nation of about 11 million inhabitants. According to local agents, the coronavirus epidemic also slowed the pace as a travel ban disrupted business.
(As of February 22, the Dominican Republic had reported 235,882 Covid-19 cases and 3,048 deaths, according to the New York Times’ Coronavirus Map.)
Agents also reported an increase in the number of Dominican citizens searching for single-family rents with backyards and gardens away from city centers in Santo Domingo and Santiago. Sales of locals have skyrocketed over the summer, and international interest quickly returned when the country’s borders reopened in July.
“Investors and people who could afford other houses here were buying like crazy,” said Melquis Segura, an agent at Santo Domingo-based ApartmentosRD. “Even with all this activity, prices have stabilized. I have not experienced more than 7 to 10 percent growth. “
Normally, the Dominican Republic’s busiest shopping season is from December to March, but the market gained three months due to demand for paint-up and new interest in vacation property. By September, foreign buyers were flooded, he said Sergio Lalach, Chief Executive of International Realty, Dominican Republic Sotheby’s.
Mr. Lalach It said at least 15 percent of its customers visited the listings virtually in 2020 and bought an invisible view, while others who could travel visited only with approval (there are three international airports in the country). There were many regular visitors. “People who buy in the Dominican Republic have come here at least 10 times,” he said. “They have faith in what they want.”
About an hour east of Santo Domingo, in the Casa de Campo, a luxury gated community in the city of La Roma, the number of villas sold last year increased by 23 percent. Over 2019, according to Casa de Campo real estate. Villas range in price from $ 350,000 to over $ 6 million, depending on size, age and proximity to the sea. (The Dominican Republic uses the Dominican peso, but property transactions are often conducted in US dollars.)
Inventory under Million has dwindled, the initial rush of activity and sellers pulling their home out of the market. Mr Lech said before the epidemic, there was usually a surplus of lower-end homes that would take two to three years to sell. Now the sale is taking six months. “My personal opinion is that this year, only large, high-value properties will sell, as all matters under $ 1 million have been taken.” “There will be fewer sales in 2021, but at a higher value overall.”
Elsewhere on the beach, such as Sosia, Las Terranas and Punta Cana, the growing interest of foreign investors has led to a flurry of residential construction. Cheryl Henderson, regional operating operating principal at Keller Williams Punta Cana, said there are about 90 projects underway in the area, ranging from ocean villas to condominium blocks and single-family homes near golf courses in resort communities. Over the past five months, she has seen a growing trend: the sector is moving beyond condo and retiree markets and becoming a more desirable destination for families.
“They’re not here for ‘starter’ international investments. Instead, they’re paying 000 350,000 to 600 600,000 for a large building with a nice yard.”
Who buys in the Dominican Republic
North Americans have long been the most active foreign buyers in the Dominican Republic, due to its proximity to the island and ease of travel. Currently the U.S. (Mostly from New York and Miami) and thirteen non-stop flights from Canada to Santo Domingo.
“About 30 percent of our clients are U.S. citizens,” Mr. Lachch said. He also noted the recent spike in Puerto Rican and French investors: “France is off the charts this year.”
The Dominicans, who are primarily U.S. And living in Europe but buying other homes in their home country also makes up a significant share of the market, said Alberto Bogart, a sales associate with Mudet and president of the Association de Agentis y Empress InMobifacias. “Many of them can shop in Santiago or Santo Domingo, where their family is,” he said. Or they could buy more interiors in Punta Cana. “
Buying the basics
There are no restrictions on foreigners buying property in the Dominican Republic.
It is common for international buyers to hire a local lawyer to facilitate the purchase. Mr Herrera said the fee for a property like Compostela del Camino could be around, 12,000.
Sellers also hire lawyers to handle the closures and they pay real estate agent commissions.
The closing costs include a 3 per cent transfer tax to the seller, as well as a notary fee (up to 1 per cent) and a 1.3 per cent stamp tax.
Domestic mortgage loans are available, but most foreign buyers pay in cash or the interest rates of banks in the Dominican Republic are US. It receives financial assistance from outside lenders as it is much higher than that, Mr. Segura said.
Websites
Languages and currencies
Spanish and English; Dominican Peso (1 peso = $ 0.02)
Taxes and fees
The annual property tax on this home is 1 percent ($ 2,495) of its value.
Contact
Caesar J. Herrera G, Provaltur, 1-809-697-5117; provaltur.com
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