Costa Rica Marina Strategy Pays Off for South Florida Real Estate Team
A few years ago, South Florida-based Digital Capital International Sales Group and developer Jim Lynskey began researching the possibility of creating a marina development in Costa Rica. What they found astounded them.

Despite being one of the world's most renowned sport fishing destinations, the country had nowhere near enough yacht slips to support demand. And that gap would only continue to widen.

According to research by Parker Associates, a leading marketing and sales consulting firm, there were approximately 1,200 private vessel arrivals in Costa Rica in 2005 --yet fewer than 325 marina slips to accommodate them. By 2010, more than 2,000 private vessel arrivals are expected, but less than 10 percent of the country's residential and resort development includes a marina.

And, once they arrived in Costa Rica, where would these wealthy sport fisherman stay?

"We immediately realized we had a once-in-a-lifetime opportunity," said Phil Perko, president and founder of Digital Capital. So, Perko, along with partners Richard Cipriano and brothers William and Jim Lynskey, joined to create Bahia Escondida, a residential, resort and marina destination situated on Costa Rica's Golfo
Dulce Bay in the famed south Pacific resort town of Golfito.

The project began construction last October and sales have been so strong throughout the fall and winter that the team recently announced price increases to reflect current values. The team reported tremendous sales success at the recent Fort Lauderdale and San Diego boat shows and is excited about its participation in the upcoming Miami International Boat Show, scheduled for Feb. 15 to 19.

For years, Cipriano and the Lynskey brothers, all South Florida natives, had achieved significant success developing and marketing real estate throughout the southern Pacific zone of Costa Rica. But the incredible demand for a marina project, along with the real estate bubble bursting in the U.S. market, has helped them exceed even their loftiest projections.

"It's been a combination of perfect timing and the ideal team," said Cipriano, Digital Capital's Vice President/Broker. "William and I understand the Costa Rica buyer like no one else. Jim is a master at real estate development and government negotiations and Phil's exceptional talent and operations experience provide a tremendous boost to our efforts. It was just meant to be."

Digital Capital, with offices in Boca Raton and Miami, admits it was difficult to maintain focus and fortitude the past couple of years. While the South Florida real estate market was peaking, the team was dealing with Costa Rica's notoriously slow permits process.

"It was a struggle at times but we knew it would pay off in the long run," Cipriano said. "All great things take time and patience."