Potential new owner in Aruba

[Aruba4ever]

Welcome and good luck.

[RobM]

Thanks Kevin for the feedback.. I hear you on the upfront costs for sure. Seems a bit pricey so want to be sure we are in it for a while.. We looked at Gold coast as well and thought it was very nice.....

[RobM]

Great feedback Robin, thank you! I also agree we want to be in the same place as not having to rent out so much to consider..leaning towards the 3 bedroom as it is also about 1,500 ft2...

Rob

[LeaveTheKidsWithMom]

With all the uncertainty going on right now, the only thing we know for certain is there are going to be foreclosures and bankruptcy's. To me it sounds like deals in the near future, so if it was me I'd take my time and wait for the market to catch up with the current times.

[RobM]

Thanks for the feedback and tend to agree there will be some hardships over the current times. A difficult time for many.
O Condo is about 80% sold with only 15 units left and given we are really wanting to be in that particular area am not sure we will have the luxury of waiting it out to ensure we get what we want but good advice I know... Thanks again,

[schexc]

This reply is based on our experience over the last 10 years, which includes our research, purchase and usage.

1. During the time frames that Aruba experienced a fall off in their tourism industry, think Natalie Holloway, although we weren't looking then, recession period around 2008, the real estate market took a hit. New projects that had stated construction slowed or halted and the resale market became a buyer's market, as owners that were dependent on rental income, sold at a depreciated amount. When tourism picked up and the purchasing market got comfortable again, pricing rose and the appreciated gains started to normalize. Like others have mentioned, I think the resale market might have some bargains and a lot will be determined on how long the tourist drought continues. If a builder is in financial trouble, the same could apply, but I'd be wary of final completion. By the way, the 15 units left for sale seems to have been stuck there for a bit. With the current situation, I'm not sure how fast the remainder are selling. It would be good to know.

2. Bedroom count is based on need and preference. If the unit had a one bedroom lock off, a three bedroom is ideal. I really can't answer on which layout rents better on the beach front, as our's is not. Robin could probable answer better on that.

The overall process to close is not that difficult. Yes, there is the transfer tax to deal with, but the closing lists it as property tax. Good luck with the purchase!

[robin]

One thing I do want to mention is there are a lot of good deals especially on units owned by Venezuelans. Many of them sell because they have to sell. We bought our unit for $100,000 less than they were asking and they had already dropped their price. We are currently buying a garage at our complex because someone had one and needs the money. There are a lot of units that have been for sale for a long time, both US and Venezuelan owned. Have you looked at anything other than O?

[ArubaAngela]

I’m in the process of closing on a one bedroom unit at Azure. We were supposed to be there this week to close, but unfortunately we’re not. We looked at the 2 bedroom for more space, but for us, we felt the 1 bedroom was sufficient. Also, the HOA fees are quite higher the bigger the unit you own, not to mention the price tag. We’re originally from upstate NY and have been traveling to Aruba in January for 30 years. We’re now retired in Florida and even though we live in Paradise, we love our home away from home Aruba. I plan to spend the month of January in Aruba and hopefully rent for high season, then we will spend 2-3 weeks at different times throughout the year.

the closing costs are approximately 7% of your purchase price, I know I just paid mine yesterday!!!! With that said, I’m looking forward to the day I can see my condo complete in person. I had to do a video walk through, which made me want to be there even more.

good luck with your decision.

[schexc]

One thing I do want to mention is there are a lot of good deals especially on units owned by Venezuelans. Many of them sell because they have to sell. We bought our unit for $100,000 less than they were asking and they had already dropped their price. We are currently buying a garage at our complex because someone had one and needs the money. There are a lot of units that have been for sale for a long time, both US and Venezuelan owned. Have you looked at anything other than O?

Could we get both little cars in there

[robin]

Could we get both little cars in there

I wish. They are small. Our neighbor who lives there year round has a Honda CRV and it just fits. I am hoping that Stu will finally relent and I can get a small grill that we can keep in there when we are not in Aruba. Our rental space will be available in Feb. but it's not cheap.