Philadelphia Weekly

REAL ESTATE

Harsh reality hits Costa Rican property seller

Despite prime location, high-tech improvements and tax setup, buyers afraid to commit

By Inman News Feed

Add Comment | Comments: 0 | Posted Nov. 11, 2011

One smart thing the Prestgards did was establish a Costa Rican corporation to own the property, so a sale would simply mean the transfer of shares in the corporation thus avoiding the Costa Rican transfer tax on property (only the ownership of the corporation is changing).

So, what will it take to sell the Prestgard property? Hayden guessed the buyer will end up being a syndicated investment group or just high-rollers with enough liquidity for this type of investment.

Steve Bergsman is a freelance writer in Arizona and author of several books. His latest book, "Growing Up Levittown: In a Time of Conformity, Controversy and Cultural Crisis," is now available for sale on Amazon.com.