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Nearly seventeen communities can be found along the shores of
40-square mile Lake Arenal. Nuevo Arenal, on the
northern shore, is one of the
most charming and one of the newest as it came into being
in 1973 when a dam was built and the old town of Arenal
disappeared under water. Exact numbers are hard
to come by, but roughly 800 families are in and around Nuevo
Arenal, and more gringos make their home here than anywhere
else along the lake. One reason is that while winds
can gust along the southern edge of the lake, but they are
much quieter in Nuevo Arenal. Basic services are
available in town and include a number of banking services, a
health clinic, grocery stores, mini-markets, a gas station,
a boat launch, restaurants, hotels, bars and plenty of souvenir
shops. There is also a delicious German bakery!
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nightlife in Nuevo Arenal is quite active as well, and tourists
do make their way here to partake in excellent water
recreation such as fishing (bass), boating and world-class
windsurfing (in fact, windsurfers come here from around the
world). Banana trees, lemon trees, papaya trees,
monkeys, sloths, toucans, hummingbirds, orchids and
waterfalls are in abundance. The cost of living is
very low, and it is possible to live in Nuevo Arenal on less
than $500 a month, excluding real estate costs.
Homes in
this area, in Nuevo Arenal and in the other small
communities, come in all shapes and sizes. Generally,
the further from the lake, the less expensive the real
estate. Very (very) modest homes start for sale
in the $30,000s, but choices open up in the $100,000s and
$200,000s . Some current examples of properties for
sale include a farmhouse with three
bedrooms, one bath, an overflowing garden and an acre of land
in the small village of Cabanga, about 30
minutes north of the lake, for $50,000. Closer in and not far
from Nuevo Arenal, there is a furnished town house with
three bedrooms, two baths, a quarter-acre lot and a shared
pool for $135,000 USD. A beautiful
five bedroom, two bath home with amazing lake views and an
outdoor Jacuzzi is for sale for $219,000. In the
new gated residential
development of Turtle
Cove Lake and Yacht Club, custom homes are for sale
starting at around $325,000, and amenities are plenty.
To get a good idea of properties in the Arenal area, go here.
Many residences have volcano views.
When it comes to
purchasing real estate, foreigners have the same rights as Ticos (Costa Rica citizens).
The buying process is fairly easy and similar to buying
property in the U.S. (although there are restrictions on
buying waterfront property). Agents do not have
to be licensed, but the Costa Rica Chamber of Real Estate
Brokers and other groups are helping to bring standards and
an ethical code of conduct to the industry. A
certified escritura (title) and plano (survey) are required
for most transactions. Title insurance is
available. And a nice perk for older expatriates is
that retirees with verifiable pension or investment income
can apply for pensionados status, which offers an array of
benefits.
New laws regarding foreigners are going into effect in
Costa Rica, most likely starting in February,
2010. As of then, to quality for the pensionado
status, one must fulfill three basic requirements: (1) prove
that one receives at least $1000 per month (including
spouse) from a qualified pension or retirement account or
from Social Security, (2) change at least $1,000 per month
from dollars into colones, and (3) live in Costa Rica for at
least four months out of the year.
Foreigners will now have to join the Caja
Costarricense de Seguro Social or the CAJA as it is
known. This is the socialized medical plan of Costa
Rica also covering pensions. CAJA provides medical care for
all members without regard to pre-existing conditions and
this is the other area where I believe the diputados
made an error. While it is one thing to control the
pre-existing rules within one country (like the USA for
example) and between insurance carriers in that country, it
is quite another to open the CAJA system to the world and
allow anyone with a very costly illness to “buy”
unlimited medical care for as little at $600.00 per
month. I fear this may come back and bite those
legislators on their collective butts.
Liberia International Airport is about 90 minutes west,
in the Pacific beach zone. American, Continental and
United are just a few of the airlines flying into LIA.
From the airport, Nuevo Arenal can be reached by following
the Interamerican Highway (Route 1 on most maps) south and
then heading east on Highway 142 to the lake region.
Lake Arenal is at an altitude of 1,700 feet above sea
level so the
weather is cool and fresh
all year long. Average temperatures range
between 68 and 88 degrees Fahrenheit.
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