Private Air New York

www.privateairny.com Private Air | Spring 2021 47 INVESTMENT T he sun dips into the vast Pacific horizon. e ocean breeze drops with a gentle stir of the foliage. You mix your cocktail on the terrace by the pool. And here it comes, right on time: the wind switches, and your soft evening breeze flows down from the mountains. In Costa Rica's Southern Zone, folks measure time in the rhythm of the winds and waves, in that stir of the palm fronds, in the awesome glow of sunset every single day over the tropical ocean. On the far southwest coast of the country, this region is a modern- day Eden, a bountiful land of fruits, forests, and almost endless ocean views. is is nature's land — hummingbirds by your pool, toucans on your porch. Half of the region is protected by national parks and reserves. Tall mountains rise steeply from the Pacific Ocean, stretching horizon, engulfed in lush jungle and crisscrossed with idyllic walking trails. e rich ocean waters are warm all year, home to whales, dolphins, and turtles. e coastline is a long stretch of sandy beaches; natural, unspoiled, and uncrowded. All this is why some compare the Southern Zone to Hawaii and Tahiti. And the world is just discovering all this natural beauty thanks to the Path of Progress I've been following — a Path of Progress we can profit from. Sure, Costa Rica has been a tourism juggernaut since the 1980s. Millions of tourists drop their vacation dollars there on eco-retreats, beach trips, and the country's many natural wonders. But before 2010, the Southern Zone was a total secret. Getting there meant a bone-shaking eight-hour car ride—an adventure most folks left to the hardiest travelers. Today though, it's a smooth, slick, and easy three- hour run from San José's international airport on a wide, paved road. I took that road in February last year. I was doing my boots-on-the-ground scouting, and I successfully snagged an incredible deal on ocean-view lots for members of my Real Estate Trend Alert. Our RETA price was from $102,600. I figure five years, or so from now, those lots will be worth in the region of $150,000 to $180,000. (We also had exclusive financing.) I expect more deals as Costa Rica's Southern Zone is discovered. Lesson From e Northwest Way back before Costa Rica's tourist boom, the county's northwest Pacific coast was a sleepy region of cattle farms, empty benches, and good surf breaks. It fit the bill if you were looking for a little fun in the sun, a lazy vacation where you could kick back and unwind. Getting to this idyllic spot took some doing. e road from the capital city, San Jose, was potholed and in bad shape. It was a bumpy ride that took four or five hours. Or you could take a prop plane. It set you up for the lack of frills when you arrived. Your digs were small mom-and- pop hotels and B&Bs. Your dining choices were limited, and forget about fancy linens, fine silverware, and white-glove service. You were the entertainment. Adventurous types were happy to get off the beaten track, but mainstream tourists stayed away. But a savvy group of hotel and real estate developers could see the appeal of this endless-summer location. e Four Seasons pumped more than $200 million into carving out a top-quality golf course, rooms and suites, and hillside villas with private plunge pools. ey needed tourists to fill their luxury rooms and pay their premium rates. A bumpy dirt track or a prop plane wouldn't cut it, so the road from San José was paved, and the international airport of Liberia was expanded and upgraded. e rest, as they say, is history. In 2002, regular direct flights to the U.S. started on Delta. Continental and American Airlines soon followed. Tourists could now get to this location quickly and easily for the first time. In 2003, Liberia airport saw 50,000 passenger arrivals; in 2008, that number hit 420,000, a more than eight-fold increase. Last year 1.1 million passengers passed through Liberia airport. Starting in 2002, investment in residential development outstripped investment in tourist development. Developers poured into the market, snapping up the best pieces of land. In the three years after those regular direct flights, prime beachfront land tripled in price. Visiting this part of Costa Rica today, you can stay in fancy hotels with 5-star service and 5-star amenities. You can play golf, relax in a spa, and dine in chic restaurants. Of course, you'll pay for the privilege. is is no longer a low-cost destination, and the days of cheap property are long gone! What happened in the early stages of northwest Costa Rica's Path of Progress has been mirrored in the Southern Zone. Access has improved. More tourists are coming. But the over-development and big mass-market resorts that blight some areas of the northwest will not come to the South. It's going to stay boutique with a "moat" of protected land and natural paradise all around you. Running south of the little surf town of Dominical, all the way to the county's border with Panama, more than half the land of the Southern Zone is in national parks or reserves. Corcovado National Park

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