205 Costa Rica's MLS

[Richard Bexon]

Good afternoon, Cynthia. How are you doing?

[Cynthia Deslauriers]

I'm doing very well. How about you?

[Richard Bexon]

Very, very good. Thanks for joining us on the podcast.

[Cynthia Deslauriers]

It's a pleasure. Thank you for the invite.

[Richard Bexon]

Not at all. Not at all. Well, let's jump straight into it because I know the listeners here are very eager to hear from you.

I mean, markets in the US have had a, I would say a somewhat good start to 2024, even though we're halfway through it now. You know, I think real estate worldwide is definitely slowing down. I think we can see that, you know, especially in some sectors, but I mean, what are you seeing happening here in Costa Rica?

[Cynthia Deslauriers]

Well, I don't think we follow the trends. I think we're in a special spot in the universe, honestly. I think it's just the beginning here.

And what we've seen is just an expansion of the market and everybody wants to live in Costa Rica. And so, and the investments, these last few years have been incredible. I don't know if you've heard this expression, but it's the playground of the billionaires.

It's quite, it's such a paradise that I think always, we're always going to get a strong market.

[Richard Bexon]

Yeah. I've been hearing that, like, I would definitely agree on the billionaire side, but I'm going to say that stuff that, you know, that's in the, I wouldn't say lower end, but in the mid market is sticking around a little bit more, you know, stuff around that $7.50 to $1.5 million is definitely sitting on the market a little bit longer than it was prior.

[Cynthia Deslauriers]

Yes, because there's a lot. During COVID, everybody bought a property and built a house to sell it at $1.2 million. It seemed like it was like the trend, 2022, let's build a house and sell it for $1.2 million. You agree, huh?

[Richard Bexon]

Yeah. I mean, that seemed to have been the magic number. I mean, yeah, we took a listing offline that I developed with a client of mine as a partnership.

We took it offline in the end. I mean, we had tons of like excitement and offers about it because it was very close to the ocean. But in the end, he decided he wanted to keep it.

So he bought me out. So I can't complain. Oh, yeah.

Magic number was $1.25 million.

[Cynthia Deslauriers]

There's definitely, the market is saturated. And now I'm working with all kinds of different developers and we're going to bring down the price points because most people want, like you've got, I think the market for me right now is it would be ideal under 700, really high return on investment because the occupancy rates and the nightly rates are so high that at 700,000, your profit is very high. And then, or else you have the ultra rich that it's return on enjoyment.

[Richard Bexon]

Yeah.

[Cynthia Deslauriers]

Pure and simple. They don't care about the revenue. But like, yeah, those two, those two are the markets that we have to work on right now.

[Richard Bexon]

Well, we chatted with Dawn Lane in the previous episode about the Omni MLS. I mean, what are your thoughts on this MLS?

[Cynthia Deslauriers]

Well, I'm super excited about it. Honestly, like what a tool, you know. Thank God for technology.

I mean, in Canada and the United States, we take a system like that for granted. But I can tell you it's a lot of work without addresses or a multi-listing service. It's quite a challenge.

It's given me a lot of work these last few years to just figure it all out. And then also for history. I mean, I love that there's going to be history that we can know.

Like right now we can know how many homes sold this last few months. You know, all this data was not available to us. And it was, it was all a guessing game.

And so I'm glad to be a little bit out of the guessing game.

[Richard Bexon]

I agree. I agree. I mean, what do you think the challenges that it will face in Costa Rica?

[Cynthia Deslauriers]

Oh, the MLS? Well, we're all a bunch of rebels around here. So compliance takes a bit more time.

But that's the beauty of it, right? Everything balances out. So it's like there's these, you know, we're all these great personalities.

We're all entrepreneurs. And but it's hard to get us to fit in a box. But once everybody understands that the box is a good box, I think everybody's going to jump in.

And I think that's what's happening now. More and more agencies are on it. And then if you want to get listings, it's going to have to be obligatory.

Like if I was listing my house and my agent wasn't on MLS, I don't think I'd be very satisfied with that.

[Richard Bexon]

Yeah. Yeah. I mean, and that gets to a question in a minute.

I mean, we'll talk, you know, buyers agents, but I suppose sellers agents. I mean, one of the questions would be to a seller agent if there was, you know, are you part of an MLS in Costa Rica?

[Cynthia Deslauriers]

Yeah, absolutely.

[Richard Bexon]

Yeah. So I mean, you don't hear often the word buyers agents in Costa Rica. You just don't hear that word as much.

You hear sellers agents a lot. Why do you why don't you hear that since you're in your opinion?

[Cynthia Deslauriers]

Well, I call myself a relocation friend. Actually, I'm disguised as a buyer's agent, but really the people that are investing in Costa Rica are taking a leap. They need this hug.

They need me to explain so many things. We have such a particular job. I have a bond with all my clients in the end.

Where do I buy a car? What about my dentist, my doctor? Like we're just here to give one big hug and find the property of someone's dreams.

But I think it's another level in Costa Rica. You need a buyer's agent like. I can't understand somebody that wouldn't.

You know, I would like I would trust one person because you'll need that person, not only during the transaction, but afterwards. Where do I pay my water bill? What like all these things, you know, integration is very important.

And your agent usually it's part of our workload is like. And it's a pleasure to help people move to Costa Rica.

[Richard Bexon]

In a market that's so unregulated in Costa Rica, which is real estate, you said put your trust in one person. I mean, how do you make sure that that one person has your interests, you know, in their clients' interests? It's because a lot of brokerages don't get along in this country.

So like, how do you make sure that they are serving the buyer and not other interests, if that makes sense?

[Cynthia Deslauriers]

I know, I know. And I think that's any salesperson, right? I think you've got to go with your gut feeling a little bit.

I would interview a few people. I would also communicate with them before making a final decision. You can feel like, let's say I asked for a few listings.

If the person is only sending me their own listings, well. But yeah, create already a sense of trust. And once I choose that agent, I would tell them, hey, you're my preferred agent.

I'm going to buy from you. And then the agent is going to become like your tool, your number one tool to invest or move to Costa Rica.

[Richard Bexon]

I mean, what makes a good buyer's agent? I mean, what questions would you be asking? I mean, you said interview some people there.

I mean, what would be some of the questions you'd be asking them?

[Cynthia Deslauriers]

Do you work with all agencies is a good one. Yeah. Being part of the MLS.

You know, that's a good question. I think there's a lot of it in trust. And if there's a possibility to do an interviewing process, face-to-face even better, doing virtual conferences, seeing if the agent also has contacts or which lawyers firm are you working with, just asking the right questions and seeing their response and see if there's something like a confidence that's built through these conversations.

[Richard Bexon]

What would be the warning signs for you? I mean, if someone's interviewing a buyer and his agent, I mean, what would be something that you'd be like, look, well, I mean, you mentioned one there, which is just sending their own listings. You know, I mean, it's because then you're not a buyer's agent.

I mean, you're literally, you're a seller's agent that's just, you know, trying to be a buyer's agent, if that makes sense.

[Cynthia Deslauriers]

Yeah, well, I'm an empath. So I don't understand people that work like that because like my whole goal is to make my client happy. That's my first on the list.

And honestly, usually I think it transpires in the conversations and people can feel that, you know, there's a care, the questions that I ask, like, what are your hobbies? What do you want? Like, can I, and then I never let some people just go online and they look at listings and they fall in love with the house.

But I'm like, is this really for you? Like, you know, really going deeper into their selections and just giving the care necessary. But I know that some agents, like call me, I'll tell you who not to work with.

And some agents don't give, it's amazing. Or they don't want to work or they have a second job or they're just not passionate about the work or they haven't lived here long enough to really understand what's going on. Like I've been here 20 years.

I know everybody like well, I understand who's developing. I understand like the roots, everything. Like I understand the whole machine and not to brag, but I think it makes a big difference, you know.

[Richard Bexon]

Hey, I've been here for 20 years as well. So I completely agree. I mean, there's a lot of people, because again, it's not a regulated industry that just turn up and put their flag in the ground.

And look, people have to start somewhere. But I think it's like, there's just so much to learn. And Costa Rica is a huge country.

Every province is different. Every canton is different. Pricing is different in all very different areas.

So yeah, I mean, I completely agree with you.

[Cynthia Deslauriers]

Yeah, especially with the whole guessing game. If you don't have data, you better have memory because it's all in here. And the contacts that I have, I can call all the major brokers around.

We're all friends here. Actually, I'm friends with every broker in the region. And I think that's a very important tool that I have.

[Richard Bexon]

Yeah, I think I would use the word, as they say in Spanish, humilde. I think you're very humble, Cynthia.

[Cynthia Deslauriers]

Oh, thank you.

[Richard Bexon]

You're very welcome. What are the areas of Costa Rica that you think, you know, I mean, people listening always love to know of kind of like, you're out there every single day. I mean, what do you think of the areas of Costa Rica that are gonna see the most growth over the next five years, just five year window?

[Cynthia Deslauriers]

Well, everybody's got their own opinion, right? Because we don't have magic balls. But for me, like Tamarindo is just beginning.

Like we're getting a Starbucks. We're like, we're getting infrastructure. So from the center of Tamarindo, which is not far from the airport, which is very important.

So I work in the luxury market. So it's people that I work with often are over 45, okay? And they need a hospital.

They need activities. They need really good supplies, good grocery stores. So, you know, in the next five years, chances are this is happening around Tamarindo or a bit more North.

But yeah, so I think Tamarindo is overflowing, especially South. I love Avellanas. The beach is the most exceptional light.

And now it's getting to be like so many good restaurants around there. There's something magical happening 20 minutes South of Tamarindo. And then my favorite is Playa Negra.

So I think if I had a five-year plan, anything near the water South of Tamarindo would be really good.

[Richard Bexon]

And you have any listings that excite you in those areas?

[Cynthia Deslauriers]

Yes, there's one amazing one I'm listing this week.

[Richard Bexon]

Yeah?

[Cynthia Deslauriers]

I want to buy it. So I don't know if I want to share it.

[Richard Bexon]

Come on, Cynthia. You can't say that and then not tell us here on the podcast. By the time the podcast comes out, it should be up on your website.

[Cynthia Deslauriers]

No, no, no, really. Like in Playa Negra, okay? Imagine Tamarindo 20 years ago.

I have center Playa Negra, 7,000 square meters. Okay, so that for the Americans, it's like 70,000 square feet, okay? It's got this cute house on it.

And it's got the most beautiful majestic mango, huge mango trees and huge Guanacaste trees. And it's in the center of town of Playa Negra, which in five years, I think will be the hot spot. You've got all the Michelin chefs that work there.

You've got the best restaurant, super good vibe. It's still 100% Pura Vida there, which I love. It's a bit like, it's very free spirit still.

[Richard Bexon]

Well, I mean, Avianas and Negra keep coming up on our radar here, constantly here on the podcast. So, I mean, there are some new developments coming in. I just had a client that was like, I wish I'd have bought in Langosta 20 years ago.

So now I'm buying in Avianas.

[Cynthia Deslauriers]

Exactly, he's right. I think so. But Avianas is not the price of Langosta 20 years ago.

Unfortunately, it's already quite hyped up. But yeah, anything that going south from Avianas is gonna go up in value quite a bit. I can't imagine that it wouldn't, because you've got not only Avianas, you've got La Gatillo, you've got Playa Negra, Playa Blanca, Playa Caiones.

All those are pure treasures and they're all within like 15 minutes. So yeah, just for the beaches, the surf. So you've got surfing beaches and you've got relaxing beaches.

You've got black, you've got white beaches, you know, all different like landscapes. It's just beautiful, yeah.

[Richard Bexon]

I mean, that's your five-year game. I mean, what about 10 years, which is a little further out? Where would you be making the pun on 10 years?

[Cynthia Deslauriers]

That's even a bigger question, but I would go a bit more. I would go all the way to Marbella.

[Richard Bexon]

Yeah?

[Cynthia Deslauriers]

I think so, yeah. And maybe, you know, Cocoa right now is not totally what I like. It's a bit less hip.

There's no surfing, but the infrastructure and everything is coming. The money's coming up north, Hermosa up north near Papagayo. The prices are low still now.

It's just that you can't get yourself a good espresso really over there. Like the restaurants and all that is not... But eventually in 10 years, Hermosa, Playa Panama, all this where the Waldorf Astoria, the land is like at $30 a meter there.

So there's good opportunities. But for now, I wouldn't live there. Like I couldn't imagine living there.

It's too boring. But yeah, the possibility of... If you've got developers that want to buy big parcels and eventually segregate them and sell them in lots, like on a five, 10 year, I think Hermosa is going to be...

Playa Panama, Hermosa, Cocoa is going to be really good for that.

[Richard Bexon]

Interesting. I mean, there's some good developments up there. I mean, you know, Hermosa is lacking some water up there in the mountains.

But yeah, I agree. Like it's 20, 25 minutes from the airport. So it's just very interesting.

[Cynthia Deslauriers]

Yeah. And I know, honestly, don't tell anyone, but I know of very big developments that are going over there that are going to bring a lot of value to that area.

[Richard Bexon]

We realized this, Cynthia, gets recorded and put out anyway. So I think everyone's... Okay.

My last question for you is, I think I've kept you long enough. If you inherited $500,000 and had to invest it into a business or real estate in Costa Rica, what would you invest it in and why, Cynthia?

[Cynthia Deslauriers]

That's a hard question. I would buy, honestly, like in anywhere in the world, I think this rule applies. Anything with ocean view or close to the water in a market that's coming up.

So like the property I'm telling you about, walking distance to the beach and in the center of town for less than $500,000, for me, that's very exciting. It's going to be worth for sure a million plus, you know, just in a few years. I would just hold that land for a few years.

[Richard Bexon]

Well, good for you. Good answer. Good answer.

Well, Cynthia, it's been an absolute pleasure having you here on the podcast. I will put all of your contact details down in the description, but thanks very much for taking the time to chat with us.

[Cynthia Deslauriers]

Very awesome. I really appreciate it. Thank you.

We'll have you back everyone.

[Richard Bexon]

Bye.