The real estate market is growing rapidly on the Pacific Coast, and there is no better example of this than the Jaco area in the centar Pacific.The booming prosperity here has seen controversy, mainly from critics who see its development as unregulated. Nevertheless, it is undeniable that central Pacific has much to offer the current and future real estate market.

The central Pacific is generally considered to span between Escaleras in the south and Puntarenas in the north. It is a narrow coastal plain, comprised of long stretches of gray and beautiful beaches held firm against the ocean by thick jungle-clad mountains. The surfing here is considered legendary, and a natural beauty – especially in the Manuel Antonio and Carara National Parks – is one of a kind.
Several real estate companies have realized the potential the area has to offer and are now anticipating the influx of buyers. Being a leader in this environment means dealing with the pains and the benefits of a growing market.
Century 21 is one such company. With 8,000 offices in over 45 countries, the real estate giant is no new kid on the block. Tom Ghormley, managing broker of Century 21’s Jaco office, described the company’s interests in the region: “Some have said (the central Pacific) was just declared the fastest growing real estate market in the world. You see tremendous growth here. We probably have 90 current projects.”
The most obvious and attractive factor in this location is price. Investors are sometimes able to buy coastline properties at 70 percent less than they cost in Florida. As a result, developers are offering investment at unbelievable prices. Pre-construction prices for condos in the Jaco area can start at around $150,000.
Ghormley discussed his company’s prospects in the near future.
“(Century 21) is in the middle of our growth curve,” he said. “In the next three years we will have about 3,000 condo units. We will also have a lot of gated communities up in the hills.”
One of the most talked-about projects in the region is Sonesta Jaco Resort megadevelopment; originally title the One Jaco Resort. Riverside Developers constructed the project and recently agreed upon a deal allowing the prestigious Sonesta International Hotels Corporation to manage and operate the resort.
“We chose Jaco because of its proximity to San Jose and the Santamaria airport. It also has good water and medical services,” said Joshua Brink of Riverside Developers.
Private investors can purchase units with the option to hand over management privileges to Sonesta to run the condominiums as a hotel.
The resort features 400 1- or 2-room condominiums, a 2,000 –square- metter swimming pool area including an artificial beach, restaurant, spa, convenience, store, butterfly garden, and even a fountain similar to the Bellagio Las Vegas-style choreographed fountain and built by the same company.
According to the claims of the Sonesta Corporation, all its properties are managed with a focus on blending in with the natural surroundings.
Costa Rica Land Corporation is also generating publicity for the region with construction of another highly anticipated new project – Cabo Caletas Ocean and Golf Residences.
The private ocean front golf course community is being constructed on 450 acres of pristine property in Esterillos, 20 minutes south of Jaco. With 1 kilometer of beachfront property, plenty of ocean views, 47 golf course lots and a neighboring 109-acre wildlife refuge, the community is a shining example of profitable development in the area.
“We started our search about three years ago,” said project manager Aaron Dowd “We looked from Papagayo and down past Dominical, and Esterillos was really the best place we found to built and accomplish this.”
Cabo Caletas is expected to open within two years. Its first phase includes sixty condos set along a golf course overlooking Manuel Antonio Park. Part of the project includes a five star hotel site, and Dowd and his company are discussing deals with several large hotel groups.
The advantage to this development, says Dowd, is its staying power. “That’s really the issue. Many developers work and get out as quick as possible. We are building a community where I would want to raise my kid. The great thing about where we are is that there are a lot of services available in nearby Jaco, but you don’t have to live in it.”
Indeed, Jaco’s rapid expansion, multi0story condominium construction, and a community feel that is not typical of our average Tico beach town turn off many potential investors.
But according to Ghormeley of Century 21, Jaco has many factors that make it more attractive than other investment hot spots.
“We are green all year round and have beautiful beaches,” he said. “Based on road improvements, our location will only be a couple of hours from the airport within the next few years. As the highways improve, it will change the market dramatically.
“Another advantage is that we are more of a town, versus a resort community. I remember when I was in Tamarindo I watched all the Ticos go home at five on the bus. Here they stay and live.”

Central Pacific…

Ghormley also suggests that Jaco had some visionary early planners. By keeping the main boulevard a block off the beach, there can be homes and restaurants constructed that aren’t packed in next to traffic and noise pollution. The main roads were designed with enough width to accommodate parked vehicles. Water access is readily available because of Jaco’s surrounding mountains. In addition, there are four major access roads to the main highway. All these factors have combined to help Jaco avoid many of the traffic, spacing, and access issues seen in other fast-growing beach communities.
“Everyone should be able to enjoy this,” said Dowd. “There is a way the city planners can regulate the density in the surrounding areas and within the city so that Jaco can continue to grow.”
Manuel Antonio, the shinning ecological wonder of the region, has proven capable of drawing in new residents based almost entirely on dizzying natural beauty. Although development at times seems to be more rampant than anywhere else in the region, nthe park was ironically created to deter construction in the area.
Located 7 kilometers south of Quepos between Damas and Matapalo, the park was created in 1972 primarily though funding by foreign interests.
“The real estate market is extremely competitive right now,” said Richard Lemire from Manuel Antonio Estates, one of the area’s leading real estate agencies. “There is a strong high-end tendency being pushed mostly by foreigners, mostly Americans.”
Lemire believes the banks are becoming much more aggressive lenders.
Construction is continuous here. The already poor roads have been eaten away by constant construction vehicles.
Fifty to 100-acre properties are being purchased in the hills for future building and popping up everywhere. If you take a drive up the central road leading to Manuel Antonio’s highest peak, then expect to find half finished buildings and construction crews at almost every turn.
Development in nearby Quepos is also exploding. While Manuel Antonio caters towards wealthy foreign investors who can afford the hillside properties, Quepos is primarily a Tico town. Foreigners are attracted to the town for its fishing. Construction is underway on a new $25 million, 250-slip marina, which could dramatically alter the laid-back lifestyle of the community.
There is no anticipated ceiling to the central Pacific real estate boom. Currently, the government is approving projects one at a time. There is anticipation that that a master plan will be implemented by the government that fosters more responsible construction and a forward thinking attitude towards development growth.