Playa Negra Costa Rica real estate is having a moment — and US developer Spencer Barber is one of the people building it. In Episode 293 of the Costa Rica Real Estate and Investments Podcast, host Richard Bexon sits down with Spencer, who left the comfort of the Utah market to take on a luxury development in Playa Negra, Guanacaste.
Spencer shares the unfiltered reality of building in Costa Rica — the hidden costs, the importance of a local team, and why fractional ownership is reshaping who can afford a slice of paradise.
If you’ve ever thought about developing, investing, or buying property in Costa Rica, this conversation is essential listening.
Why Costa Rica Is Becoming the “Switzerland of Central America”
Richard opens the conversation by asking how the global volatility of 2026 has affected Spencer’s projects. The answer is twofold: tariffs have pushed construction costs up, but demand has actually increased.
Spencer Barber:
“As the world becomes more volatile, Costa Rica seems kind of like a safe haven. On the demand side, it seems like we’re getting more calls and more interest as things have gotten rockier.”
Richard echoes this with a recent conversation he had with a private equity contact:
Richard Bexon:
“There is so much liquidity running around in the system at the moment that’s looking for a place to be parked. Prices are so inflated in the US that people are looking for opportunities outside — and there aren’t that many safe havens with stable economies and stable politics.”
Richard Bexon:
“Costa Rica has all of that. We’re becoming the Switzerland of Central America.”
Why a US Developer Chose Costa Rica Over the US Market
Spencer grew up in the development business under his father in Utah, where capital and financing are readily available. So why move south?
Spencer Barber:
“After my townhome project finished in 2021 or 2022, I was nervous because interest rates were rising and affordability was going to get much harder. So I was actually looking for a place where loans were hard to get.”
Spencer Barber:
“Financing hadn’t manipulated the markets the same way they had in the US. A cash market seems to be more stable. That’s a big reason why I went down there.”
But it wasn’t only financial. Spencer has four kids, and lifestyle played a major role:
Spencer Barber:
“I liked the idea of being able to work in a place that wasn’t so caught up in all the political turmoil and craziness. Costa Rica was a perfect fit.”
Richard adds a now-classic Costa Rica saying:
Richard Bexon:
“If someone’s talking about politics in Costa Rica, they’ve only been here six months or less. After six months, no one cares, man.”
Why Playa Negra Beats the More Famous Beach Towns
Spencer spent an entire year scouting the Guanacaste coast before choosing Playa Negra. He had multiple properties under contract, but Playa Negra checked every box.
Spencer Barber:
“Playa Negra was much quieter. It had that boutique beach town vibe, but it also wasn’t impossible to get to from the airport.”
Spencer Barber:
I felt like Avellanas was such a great beach and that everything was going to start moving in that direction. So it was a safe investment that would appreciate, because development was moving that way.”
Richard confirms what’s already happening on the ground:
Richard Bexon:
Avellanas is developing — from Hacienda Pinilla all the way down. Hacienda Moana and all the other ones, and more are coming.”
Richard Bexon:
“Of course, once that road gets asphalted and water and infrastructure improve, it’ll keep heading down. But Playa Negra still feels like Costa Rica 20 years ago.”
Spencer believes Playa Negra will retain its character even as the surrounding areas grow:
Spencer Barber:
“Playa Negra doesn’t have that massive white beach, so I think it’ll keep that boutique feel, even as things expand around it.”
For anyone tracking Playa Negra Costa Rica real estate, this combination of boutique-town character and rising surrounding development is exactly what makes the area appealing right now.
The $1.5 Million Truth About Developing in Costa Rica
Richard puts a hard number on a question he hears constantly: how much does it really cost to develop in Costa Rica?
Richard Bexon:
“I hear it all the time: ‘I’ve got $500,000, I’m going to buy a piece of land and develop in Costa Rica.’ And I’m like, ‘Well, you better have like $1.5 or $2 million, because the infrastructure and the wait time and all the burn costs, it’s going to cost you about that.'”
Spencer agrees — and adds that time is the silent killer:
Spencer Barber:
“Everything takes longer. You’ve got to be patient. There’s some upside to that, because competition is not going to come in overnight.”
Spencer Barber:
“But there’s a reason they call it the graveyard of developers. If you underestimate how long it’s going to take, you could run out of cash.”
Hidden Costs Nobody Warns You About in Playa Negra Costa Rica Real Estate
When Richard asks about the costs Spencer didn’t see coming, the answer is surprising:
Spencer Barber:
“We went really luxury on our product, and saving the trees cost a lot more than I anticipated. Every single tree I wanted to save, we had to cut around the right way.”
Spencer Barber:
“Being out there on a small dirt road and bringing those dump trucks out took more than I expected.”
Spencer also assumed Central Valley pricing would translate to Guanacaste. It doesn’t.
Spencer Barber:
“Don’t go into Guanacaste thinking you’re going to get San José prices, because you won’t. Everything’s sticky — the systems, the long delivery times, the way the vendors work. There’s no real way around it.”
Richard shares his own example:
Richard Bexon:
I just did a project in Manuel Antonio and worked out the cost per square meter. Then I built a house in La Fortuna, and it was 30% cheaper. It’s a supply and demand thing.”
The Local Team That Makes or Breaks Your Project
Spencer is clear: the right local team is the single most critical factor in any Costa Rica development.
Spencer Barber:
“Getting the right people in place — from the right attorney to the right engineers — has been the most critical thing.”
Spencer Barber:
“We worked with DEHC on one side, and a local contact who had been through a bunch for our church became our consultant. It was a game changer. We worked with Hector on our infrastructure, and HHR is awesome. It made all the difference.”
Richard breaks down why developers need both levels of expertise:
Richard Bexon:
“You’ve got two different things here: government-level institutions like INVU, and local-level institutions like the local municipality. They don’t work the same way.”
Richard Bexon:
“You’ve got DEHC to help you at the government level for approvals, and then Alejandro to push stuff through at the local level. You can’t really have just one or the other — it just takes forever.”
What Playa Negra Costa Rica Real Estate Buyers Want in 2026
Richard asks what today’s buyers are really looking for: luxury, simplicity, eco-living, walkability, or privacy?
Spencer Barber:
“People just want to get away from the craziness. But they also want stability.”
Spencer Barber:
“We put in huge water tanks, and our first home has solar with a battery — so if the water gets shut off or power goes out, you still feel stable. It’s combining the ability to get away with not losing some of the first-world benefits we’re used to.”
And of course, the nature itself:
Spencer Barber:
“Being able to walk on the beach and get into the forest without feeling like there’s a drunk tourist around you, or you’re being bombarded by crowds. It’s nice.”
Fractional Ownership Without the Timeshare Stigma
Spencer’s project is using a fractional ownership model inspired by the Utah-to-St. George second-home market.
Spencer Barber:
“In Northern Utah, it’s very popular to travel south to St. George. Recently there’s been an explosion of fractional ownership down there.”
Spencer Barber:
“People want to travel somewhere better than their home, so they’re building really nice homes and buying them with a group. One company, Ember, has an app that lets you schedule with the group and they manage it nicely. We saw that model and thought, ‘This is perfect.'”
Spencer’s team built their own scheduling app and structured the legal side carefully:
Spencer Barber:
“The way we’re doing it, you’re purchasing into an LLC with the other owners. You own it just like you would if you were buying an apartment complex. You have full rights to ownership, and you get all the appreciation when you sell it.”
Richard clarifies a critical distinction:
Richard Bexon:
“It’s not a timeshare. You physically own a fraction of the company that owns the property.”
Interestingly, the most enthusiastic buyers are Costa Ricans themselves:
Spencer Barber:
“Costa Ricans can easily get to Guanacaste. They’ve watched prices rise like crazy. They have that memory from 20 years ago of vacationing there, but they still want to be in these nice homes.”
Spencer Barber:
“Being able to strike a price point that’s affordable for them while still getting the benefits of a nice gated community — they love it.”
Why One Bad Property Manager Can Tank Your Whole Development
Richard makes a powerful point about the connection between property management and long-term asset value:
Richard Bexon:
“We have six villas in Manuel Antonio where the average daily rate of a three-bedroom is normally $600 — we’re getting $1,200. Why? Because of the management.”
Richard Bexon:
“If one owner decided to use a separate company and drop the rate to $600, everything drops, because of that comparable. That’s why it’s so important to have one property management company running the whole development.”
Spencer agrees, drawing on Airbnb experiences everyone can relate to:
Spencer Barber:
“Everybody’s had a bad Airbnb experience. It happens all the time in Costa Rica because it’s hard to get there, the gate isn’t ready for you.”
Spencer Barber:
“You could literally go to the same house later when it switches management and have a totally different experience. Management is critical. The development is as important as the house — even a good home inside a bad development reflects poorly on your home value.”
Richard adds the financial upside of unified management:
Richard Bexon:
“With one villa, gaps arise — two nights here, one night there. When you have multiple homes, you operate like a hotel and move reservations around, filling those gaps and maximizing your owner’s revenue.”
Spencer’s Advice to First-Time Costa Rica Developers
Spencer Barber:
“You’ve got to put boots on the ground. If you think you’re going to figure this out from your computer, it’s not going to work. Even a slightly different location in a beach town can completely change how the property feels and operates.”
Spencer Barber:
“And find help locally as quickly as possible. A developer from San José connected with us a year and a half in and helped us find all the right contacts. He was our saving grace.”
What Spencer Would Do With $500,000 in Playa Negra Costa Rica Real Estate
Richard ends every episode with the same question — and Spencer had two answers ready:
Spencer Barber:
“If I wasn’t willing to put boots on the ground, I’d consider buying a fractional share in a higher-end deal so I know the management is right.”
Spencer Barber:
“But if I was trying to make the best return for the best bang for my buck, I’d put an option on a large piece of land, use half for that, and use half to get the entitlement work done.”
Spencer Barber:
“The most underpriced asset in Costa Rica is land — because the entitlement process is so difficult. There’s a lot of value in it if you can do it and do it right.”
Final Thoughts from Richard
Richard Bexon:
“Developing here in Costa Rica is a minefield if you don’t have the right team. Do not be penny wise and pound foolish here, because you will get your ass kicked.”
Richard Bexon:
“There’s a saying here that the quickest way to make a million is to come with two, because you’ll lose one. It can be very lengthy, suck a lot of cash and capital, and financing is not readily available — so home sales can be slow unless you have a really unique brand or a following.”
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