Previously I’ve written about the rise of condominiums in Aruba and several other projects in the pipeline. From all of these Oceania Residences seems to be the one that fits best in Aruba’s environment in comparison to other projects of similar nature.
I’ve learned a few more details about Oceania condo. The pre-construction prices start at $300.000,- to $1 million-plus. and indeed the project is almost completely sold out. The developer is Pering (Perret Ingeniéros) [page in Spanish] from Venezuela, co-financier is very respectable business bank AIB (Aruban Investment Bank) and real estate sales is done by 1st Option Real Estate.
Real Estate in the Caribbean is surprisingly affordable, ocean front however is a different story. Ocean front properties in the Caribbean are very expensive indeed. Oceania, meanwhile, is relatively inexpensive.
I want to take a look into my crystal ball for a moment and speculate about this particular one. If the majority of Oceania condos are sold like they claim, it happened in a relatively short time-span. This could have two reasons:
- the Realtor is extremely talented and very gifted in marketing, or
- investors-speculators bought large portions of the condo with the intent to re-sell them later and bank a sweet profit.
Not to undermine the work of the Realtor, I truly think the second reason is more likely the case due to the fast pace this condo was sold.
Oceania project is moving ahead as you can see in above photographs. First shot shows the front of Oceania with newly added titles and the second shows the board with the project details.