At a time when many Caribbean developments are looking for signs of a real estate recovery, The Marbella Club is pumping up Puerto Rico’s market with positive news.
Fueled by highly attractive value pricing, various government tax incentives, and 100 percent developer financing, the oceanfront Marbella Club entered the spring season with nine luxury condo units sold in the previous 12-month period—easily surpassing sales from each of the previous two years, says developer Candelero Point Partners principal Jim Harvie.
Situated on a prime parcel in the Palmas del Mar resort about 45 minutes from the airport on the island’s southeast coast, The Marbella Club is a fully developed community of 150 residences with roughly 15 left for sale. The two- and three-bedroom homes are surrounded by matured landscaping and two private pools, and a unique Spanish Cava is offered for member wine storage and events.
Meanwhile, The Marbella Club residents have access to Palmas del Mar’s nearby amenities and services, including a beach, a 200-slip marina and yacht club, equestrian facilities, 20 restaurants, two golf courses, and the Caribbean’s largest tennis center.
Condos start at $362,000 for 1,100-square-foot, one-bedroom units (reduced from $483,000) and go up to $709,000 for 2,200-square-foot, three-bedroom/three-bath units (reduced from $945,000). Harvie says 70 percent of Marbella Club homeowners are locals, but the balance is made up of U.S. buyers seeking an exotic yet easy getaway.
“One of our newer residents is a New Jersey lawyer who used to own in Los Suenos [Costa Rica],” Harvie says. “He said, ‘This is the best-kept secret.’ You don’t need a passport; there are direct flights and it’s so much easier to get to. It’s three and a half hours by plane, then 45 minutes to your home. He told me when he’s down here, he feels like he really escapes to a whole different atmosphere.”
Indeed, it’s one that’s starting to become a real seller’s market.