Hi Acquarello Flamingo owner,
Viviana Diaz here, Chief Real Estate Advisor with Smart Money Homes.
I’m writing with the latest update about your luxury home in Acquarello Flamingo, set in the stunning Playa Flamingo on Costa Rica’s Gold Coast.
I have some very good news to share…
The developer has gone out to the retail market with the remaining homes in our community…and the prices are as much as $62,200 higher than our exclusive RETA-only price!
Additionally, Acquarello Flamingo has received its environmental permit from SETENA, the government agency in Costa Rica that deals with environmental regulations and permits.
Although the permit was never in doubt for our community, it’s still an important milestone.
There are very strict permitting and licensing requirements on new developments in Costa Rica. These rules are in place to protect the country’s stunning natural environment, and they’re one of the major reasons why opportunities like your amazing RETA deal are so rare here.
In other news from the Guanacaste region, U.S. airlines have been announcing new flights to the region, demonstrating its soaring popularity among vacationers.
More on that later…
First, I’d like to remind you that the Smart Money Homes team and I are here to help with any general enquiries you may have. Contact us at info@smartmoneyhomes.com.
Construction Update from Acquarello Flamingo
As I say, Acquarello Flamingo has received its environmental permit from SETENA!
This is the first of the permits needed before construction can begin.
The developer is expecting to have all approvals, including the construction permit, in the first semester of 2025. The plan is to break ground as soon as the construction permit is issued.
It is expected that construction will take around 24 months and that deliveries will begin in Semester 1, 2027
I will let you know as soon as the construction permit is issued and provide regular updates throughout the construction process until delivery.
The environmental permit has been approved and the construction team expects to break ground in early 2025.
Prices at Acquarello Flamingo Have Already Increased.
It’s been just over six months since RETA members had the opportunity to buy luxurious two-bed homes in Acquarello Flamingo from just $286,800 and three-bed homes from $386,800.
And those prices won’t be seen again.
The developer will sell the remaining 50 residences during the rest of 2024, at prices significantly higher than RETA members paid.
The new prices are as follows
- Two-bedroom homes that RETA members bought from just $286,800 are now priced at $339,000.
- Three-bedroom homes that RETA members paid from $386,800 for, are now listed at $449,000.
That’s an uplift of $52,200 on the two-bed homes and $62,200 on the three-bed homes…in a little over six months!
And the developer plans to continue raising prices as the project progresses.
It’s fantastic news, but I’m not surprised. These homes will be unique in the region—from the concept to resort-style amenities.
RETA members like you have already seen a price uplift of $52,200 since March 2024.
A Roundup of the Latest News from Costa Rica
Guanacaste is a billionaire’s playground and high-end branded resorts and residences have been keen to position themselves here.
By 2025, a number of new luxury developments are set to open here, including high-end brands like Ritz Carlton and Waldorf Astoria.
These luxury residences highlight the growing demand for premium accommodation in Guanacaste.
The Waldorf Astoria will feature 188 rooms and 41 residences, while the Ritz Carlton will offer 107 rooms, including luxury suites and glamping tents.
Prices at the Waldorf Astoria start from $1.9 million for a two-bed furnished oceanfront condo and $3.2 million for a three-bed. For an oceanfront home, prices begin at $5.3 million for a four-bed.
The Ritz Carlton is even more expensive with prices for a three-bed villa starting at $6.6 million.
High-end homes with resort-style amenities are incredibly rare in Guanacaste. Which is why even local brokers were scrambling to buy in the RETA opportunity in Acquarello Flamingo.
Demand for luxury residences in Guanacaste is surging. People are willing to pay millions of dollars for luxury beachfront homes…RETA members, who are just steps from the beach, paid considerably less. Image Source: iStock
Costa Rica’s Economy is Booming
Costa Rica’s economy is experiencing major growth, with the International Monetary Fund projecting the country’s GDP to reach $96 billion in 2024, up from $69.2 billion in 2022. That’s a substantial $26.9 billion increase in just two years.
This is driving a boom in the real estate market, particularly in the luxury residential sector. Over the next five years, developments targeting expats are expected to generate an impressive $6.5 billion in sales.
Great news for Acquarello Flamingo owners like you, who bought ahead of this trend.
The real estate market in Costa Rica is booming, especially in the luxury sector. Image Source: iStock
New Flights Announced
Guanacaste has long been popular with the rich and famous. Now that the rest of the world is beginning to catch on, airlines are expanding their services to keep up with demand.
Guanacaste Airport recorded more than a million passenger arrivals in the first half of 2024 alone. These numbers look set to increase with new routes coming online.
Alaska Airlines is expanding its international service with new direct routes. Starting December 21, 2024, the airline will offer weekly Saturday flights from Seattle (SEA) and San Francisco (SFO) to Guanacaste.
American Airlines is introducing a new seasonal route connecting Philadelphia International Airport to Guanacaste. The service will commence on December 7, 2024, and operate weekly on Saturdays through March 30, 2025.
And beginning October 28, 2024, and continuing through April 2025, JetBlue will operate three new flights per week.
Word is out on Guanacaste! Airlines are adding new flights during the peak season in response to the strong demand from tourists. Image Source: iStock
That’s all from me for now. I’ll write again when the construction permit arrives.
Remember, the Smart Money Homes team and I are here to help. You can contact us by email at info@smartmoneyhomes.com.
Yours sincerely
Viviana Diaz
Chief Real Estate Advisor with Smart Money Homes
