March 2009 Ocean Star Estates Update

Dear Ocean Star Estates Property Owners,

 I hope this newsletter finds you well, and that you are enjoying the new spring season.

International real estate investing and tourism is on the rise despite these hard economic times, and the Dominican Republic is consistently on the top of everyone’s list. This country was just ranked number 2 of the top 10 destinations for 2009 travel by the Specialty Travel Agents Association (http://www.specialtytravelagents.com/news-domestic/59/).

 

The Dominican Republic also is quickly becoming the most popular tourism destination in the Caribbean. The Ministry of Tourism recently released their 2008 tourism statistics. Tourism in the DR increased in 2008 despite the economic hardships happening. This is great news for our development! Here is the link to an article that was posted on February 27, 2009: http://www.dominicantoday.com/dr/tourism/2009/2/27/31234/Dominican-tourism-reports-increase-in-2008-visitors. This article explains that the Puerto Plata airport, which is the airport into which someone would fly to come to Ocean Star Estates, received the third highest amount of visitors in the DR.

 

More tourism information may be found at http://www.godominicanrepublic.com/goDREnglish/docs/DR_Quarter_One_2008_visitor_statistics.pdf. Also check out http://dr1.com/travelnews/archive/2008/tnews042908.html. The latter article explains the DR's tourism plan for the next few years. The North Coast of the Dominican Republic is the fastest growing area of the DR, with the most potential for investors since the prices are still low, and the property values are continuing to increase. And that news is very exciting for our development, as well as for our investors!

These articles and more may be found at http://www.oceanstarestates.com/resources.html.

 

The Ocean Star Estates property was recently appraised again, and the land appraisal has increased 84% in the past two years. The value will continue to increase due to the government fixing and smoothing out the road leading to the development; a new road being built that leads to the development through Cambiaso along the coast; and the building of the Punta Alma resort, which will include a marina, golf courses and properties priced in the millions.

 

We continue to make progress on the infrastructure. Currently we are focusing on how to make this development eco-friendly and green, including the use of solar and/or wind energies. Please be sure to check the Infrastructure Updates periodically at http://www.oceanstarestates.com/construction-update.html. We are planning to begin construction on the clubhouse and a few of the individual houses in the summer of 2009.

 

For those of you who purchased property in phase I of the development (blocks A through K), we have completed compliance with the new deslinde procedure now required for all real estate transactions in the Dominican Republic. More information about this is at http://www.oceanstarestates.com/deslinde.html. We have been told that the Puerto Plata Title Registry is only weeks away from issuing physical titles in our name for all of the lots in phase I. Once this has been done, we can begin the process of sending final contracts to all the owners in phase I, so that title can be transferred. There are approximately 80 such contracts to be prepared, so please bear with us as we try to get through this as quickly as possible. Once a final contract is submitted to the Puerto Plata Title Registry, it will take approximately 60 days for the title transfer to occur.

 

We anticipate compliance with the deslinde procedure for phase II (blocks L through R) to occur this coming August. The process described above will then take place for owners who have purchased property in this phase.

P.S. These updates are archived on our website at www.oceanstarestates.com/newsletter.html.