Re: John Paulson purchases Harbour Lakes development within Palmas del Mar
Francisco:
First a caveat that I’m not an expert, having just visited one time for a week two or three years ago. The prices on the Harbour Lakes units (3br/2ba) start at $220k. Palmas del Mar is a huge area–if I’d guess I”d say a couple thousand acres perhaps? It’s gated, and contains many subcommunities within the communities. We saw houses and condos that had been there since the 70s, some small houses with asking prices in the low 100s. And we saw oceanfront and oceanview estates with multi-million dollar asking prices. I generally felt safe in Puerto Rico, and more so in this community because it is large and gated. I saw a mix of Puerto Ricans and stateside gringos. When I went I saw not just Harbour Lakes but other subcommunities offering new homes with similar financing offers–not from the developers, but from local banks. Value? Hard for me to tell yet. Definitely worth looking at, at least.