Archive for the ‘Property news’ Category
We’ve just compiled Nicaragua real estate market statistics for 2009 and compared this against our 2008 data. With price falls across the main real estate categories, it’s clear that Nicaragua is not immune to the global contagion of sliding property markets.
The numbers that tell the story
Median asking prices in real estate developments that target the international buyer have fallen 9.57% for single family houses, 7.43% for condos and 10.54% for serviced lots since 2008.
Looking deeper into the numbers, we found that beach front lots (the premium end of the market in lots) showed the largest fall in median price at 20%.
But, this pattern of greater falls in premium categories doesn’t hold true for houses or condos. (In fact beach front houses showed a very modest fall of 0.63%)
After beach front lots, long ocean view houses showed the next largest drop at 15.33%. Overall (close) ocean view property held its own quite well against the other property categories, but if houses or condos only have a distant ocean view (defined as ‘long ocean view’), median prices have fallen more since 2008.
Not immune
Nicaragua, is clearly feeling the pinch of the slowing global economy. The falling GDP real growth rate from 3.8% in 2007 to 2% in 2008 (according to the CIA Word Factbook) paints the picture for the local economy. But the biggest factor at play in the international real estate space is the fall-off in demand from the US, Canada and, to some extent, European countries. Many of these buyers no longer have access to the necessary capital (be it from investment portfolios or built-up equity in their properties at home) to purchase a property abroad.
But, despite the darkening economic mood, Nicaragua is not experiencing the double digit drops we’ve seen in property markets elsewhere. One of the reason for this is the low levels of lender mediated activity in Nicaragua, making the real estate market stickier. There could be some pockets of finance-driven speculation, but the broad foreclosure waves as experienced in the US are not a factor. Another reason could be the low cost of living possible in Nicaragua. This is attracting a particular type of ‘lifestyle purchaser’ looking for a more affordable retirement.
The upshot for investors
All-in-all if you’re a buyer looking at Nicaragua, you’re in the driving seat. The factors you’d expect from a buyer’s market are present: developers are offering incentives, charter programs, package deals, heavy discounts for cash buyers, extended financing and so on. In fact, if you negotiate hard enough, you may get a deal of a lifetime.
From Reveal Real Estate - charting trends in international real estate in Central America focusing on Belize real estate, Costa Rica real estate, Nicaragua real estate, and Panama real estate.
Revealed: 2009 Panama statistics
June 3rd, 2009
Listing prices in Panama are decreasing for the first time since the boom. We’ve partnered with the Panama Report on releasing this data. The aim: to put data into the hands of consumers so that they can make more informed investing decisions. Head on over to the Panama Report for the full findings.
From Reveal Real Estate - charting trends in international real estate in Central America focusing on Belize real estate, Costa Rica real estate, Nicaragua real estate, and Panama real estate.
Tags: Add new tag, Panama
Posted in Property news | No Comments »
Tell us about your real estate investment in Central America. Was it a triumph or a mistake?
March 19th, 2009
We’re looking for the inside scoop, your investment story. Why? Because we think personal insights, reflections and information direct from other investors will help those who come after make more informed decisions. It’s all about increasing market transparency and providing an additional lawyer of information to people researching the region.
So what makes a good review?
Reviews vary in tone and approach. Some deliver hard facts and quantitative data while others focus on softer attributes like the feel of a place or its reputation. Although there’s no single formula to follow, there are some content topics that we see in the best property reviews:
- Informed judgments based on real-life experience
- Comparisons between different options
- Examples (perhaps even with photos) of previous investments made and how they have performed
- Specific information on the kind of investor that would be be most suited to a particular area or property type
- Coverage of how a particular place or region has evolved over time
On Reveal Real Estate you’ll find reviews organized by property hotspot - the areas generating the most attention from international real estate investors.
Study after study has shown that people who read reviews say that their purchasing decisions have been influenced by what they have read. Your review may help someone confirm that an investment in a property hotspot is the right decision for them. Or it may result in them changing their mind about a buying decision.
And, over time, we want to highlight the people behind the best reviews and build a network of expert reviewers. If you are interested in joining the network, please contact us.
So, write a good review, upload a photo of an investment that you have made, demonstrate your expertise, and you’ll be helping those who come after you.
Tags: Ambergris Caye, Belize, Golf, Reviews, Tour
Posted in Property news, Real estate trends, site development | 1 Comment »
5 real estate bloggers in Central America you should follow
March 7th, 2009
If you are looking for news and views from the front line of real estate in Central America, here are 5 real estate bloggers you should follow.
1. Panama Investor Blog, written by Sam Taliaferro, is packed full of insight into the real estate market in Panama. Sam has a long experience in real estate development and knows the business backwards. He’s also got a knack at weaving global trends into a local analysis of the marketplace. A must read for investors looking at Panama.
2. Destination Panama is an information packed guide to living in Panama written in a down to earth, engaging style. You’ll find posts on medical care, pets, travel and life on Taboga Island. The blog roll is full of links to additional sources of information.
3. Guys in the Zone - I found this blog via their recent post on yodeling naked in Costa Rica. In case your wondering it’s an indicator they’ve coined to measure privacy. If you can - yodel naked that is - then you’ve found yourself a private spot. A great source of local insight into the Uvita and Dominical property markets in Costa Rica.
4. Costa Rica Travel News - This is much more than a resource for hotels and travel information, the blog brings regular news on Costa Rica culture, tourism, real estate, jobs and retirement. There’s also a directory for local businesses on the site.
5. Discovering Serenity - A well-written blog covering Nicaragua real estate. We particularly enjoyed a post where they analyze the Index of Economic Freedom and per capita income of a country to determine whether a market is overvalued or undervalued. The blog follows latest trends in Nicaragua like the discussions on a proposed Coastal Law currently taking place in the National Assembly.
These blogs are well worth following. We’re planning on building a map of real estate bloggers (and Web 2.0 sites) covering Central America, so we’ll be adding to this list.
We would love to hear from you if you have any suggestions for blogs that are worth a closer look and we’ll add them to our list.
Tags: Belize, Costa Rica, Nicaragua, Panama
Posted in Property news | 9 Comments »
Is living and investing overseas right for you?
February 24th, 2009
Life is good for many people living abroad. The benefits include a lower cost of living, more affordable real estate, a sense of freedom, the experience of a new culture and warm weather. Moving abroad can also be an opportunity for reinvention and a way to escape from the drudgery of 9-5 living.
Still, living overseas isn’t for everyone. If US-style convenience, a first world infrastructure everywhere you go, access to the food products you are used to at home and a fast paced life are important for you, then life in a developing country may not be the right choice. And talking to American expatriates in Central America we found that missing family and friends in the US is the most common downside to living abroad.
But as with most things, it’s what you make of it. For example:
- If you decide to move to a Spanish speaking country, will you put in the effort to learn a new language?
- How willing are you to embrace change?
- Are you inspired to learn about new cultures?
- Are you looking for adventure?
- Are you comfortable making new friends?
If you answered yes to most of these questions, you may be ready to make a move overseas.
Before you jump in, remember to get to know a place more than in a passing fashion. Visit during the off-season as well as during peak times to make sure you still like the location and that you can access the local services that you need.
Then, arming yourself with objective market information will help you make the right investment choices. Market comps will help you determine fair value, enabling you to negotiate better deals with sellers and agents to leverage the current buyer’s market.
Do you research, take your time, get all your questions answered, and you’ll be right on track.
Posted in Property news | 1 Comment »
Carnival of Real Estate #127 visits Central America
February 2nd, 2009
Welcome to the 127th edition of Carnival of Real Estate, coming to you from Central America. We are thrilled to be hosting the Carnival and enjoyed reading all the submissions.
We found 5 winners and allocated each an award named after a tourist attraction in Central America. (We hope no one was expecting a Super Bowl theme.) The awards were given for posts on real estate that demonstrated clarity of style, mastery of the subject and power to influence.
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In first place, receiving the The Barrier Reef Award (Belize) is Mike Price with Gary Vaynerchuck - “It’s Over….” posted at Mike’s Corner - Web 2.0 For Real Estate Pros. This is a lively edition of Mike’s Mic with Gary Vaynerchuck expanding on some of the themes he covered at his recent Inman keynote. Some great probing from Mike to reveal Gary’s insight into what it will take for real estate professionals to succeed in the future. |
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Coming in second, receiving the Panama Canal Award (Panama) is Ken Brand’s Arousal ~ Foreplay ~ Fun posted at Real Estate Magazine - Real Estate Opinion Column - AgentGenius. Yes, this post is about real estate and leaves you with the notion that “You can if you think you can. Be ready.” |
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Third place, receiving the Arenal Volcano Award (Costa Rica) is Rod Herman asking Did Benicia Act Too Soon When It Closed Mills Elementary School? posted at HomeSection.com. An engaging analysis of the changing demographics in the Benicia real estate market and the impact this has on school enrollment patterns. The post weaves in some personal reflections on the changing market. |
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Fourth place with the Tikal Award (Guatemala) is Dan Melson presenting Jumbo Loans and The Current Market (January 2009) posted at Searchlight Crusade. A technical post reflecting on the fact that in the current loan market few are offering “jumbo” loans at anything like a “par” rate. The post looks at the broader mortgage market and points to likely future trends. |
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And, finishing fifth with the San Francisco Church Award (Nicaragua) is Bruce Lemieux presenting The Grand Canyon can separate buyer and seller expectations posted at MoCo Real Estate. The post calls for the need to help both buyers and sellers set realistic expectations. Bruce makes some good suggestions on how to work with both sides to bridge the expectation gap and find the middle ground. |
We’d also like to mention some of the other posts that we enjoyed reading. Some almost made it into the top 5 and each will give you something to mull over.
Dave Peniuk presents 8 Ways to Know if You Should Hire a Property Manager posted at Rev N You with Real Estate. Readers will find some practical lessons learned from a personal property management experience.
Patrick Duffy presents Builders increasingly taking on remodeling work posted at Housing Chronicles. The size of the market may surprise you.
Doug Willis presents Are Banks Negotiable? Buying Short Sales and Foreclosed Real Estate posted at Up2Date and covers some things you should know if you are to negotiate effectively with lenders.
Joshua Dorkin presents How High Is Up? A Look at Real Numbers Defined by the Real Estate Collapse posted at Real Estate Investing For Real. A demonstration that real estate math is a two way street and opportunity is in the eye of the beholder.
Diane Tuman presents Diary of a Refi: Things You Need for an FHA Refinance - Part I posted at Zillow Blog. A practical post - the first in a series of planned posts on refinancing.
Bob Schwartz presents U.S. Economy ? Case for Optimism posted at San Diego real estate. A short, punchy post reminding us that America is still standing.
Riley Smith | Coconut Grove Realtor presents No wonder Lehman Brothers failed…. posted at The Real Estate Coconut A good example of the carelessness of Lehman Brothers.
Raymond presents Bearish Stock Market Net Worth Update posted at Money Blue Book. A personal analysis of the current economic news and financial markets with some real estate thoughts mixed in.
C Richey presents Las Vegas remains Attractive for Foreign Investors posted at Las Vegas Homes - Henderson Real Estate.
Joe Spake presents Memphis Real Estate Sales Report for December, 2008 posted at JoeSpakeBlog.com.
Karen Goodman presents PMI Report - St. Louis Market Update posted at Arch City Homes
That concludes this edition. Thank you to everyone who participated, congratulations to the winners and best wishes from Central America
If you are interested in being considered for the next Carnival of Real Estate, please submit your blog article using the carnival submission form. Past posts and future hosts can be found at The Carnival of Real Estate.
What do you think of this week’s Carnival? Please feel free to comment below.
Posted in Carnival of real estate, Property news | 5 Comments »
What do Corozal, Jaco, Coronado and San Carlos have in common?
January 22nd, 2009
The median property price/sqft for ocean view condos in real estate developments located in Corozal, Jaco, Coronado and San Carlos are lower than the country median. Clicking on the links reveals the charts.
So the median price for an ocean view condo in real estate developments located in Corozal is lower than in developments in other parts of Belize.
Your dollar stretches further when buying an ocean view condo in a real estate development in Jaco, on average, than it does in developments located elsewhere in Costa Rica.
And the median price for Coronado & San Carlos condos is less than the median price for ocean view condos in developments in Panama overall.
Jaco (Costa Rica) or San Juan del Sur (Nicaragua) – which way do you lean?
January 15th, 2009
Let’s start with some similarities: Jaco (Puntarenas, Costa Rica) and San Juan del Sur (Rivas, Nicaragua) are both set on crescent shaped sandy bays facing east. When it comes to recreation, surfing is the main draw for both towns - followed by early evening drinks as the sun sets over the Pacific.
Jaco has an 18 hole golf course in Herradura to the north. There’s no golf close to San Juan del Sur (for now). But you’ll find spectacular beaches both north and south of town including La Flor, a well known turtle breeding site.
Jaco has a head start on San Juan del Sur when it comes to tourism. It’s been on the vacation map for much longer. Well known hospitality brands such as Sonesta, Ramanda and Wyndham have set up store along the beach front and you’ll lose count of the internet cafes, curio stores, tour agencies, souvenir stands, bars, restaurants and nightclubs that jostle for position on the main road through town.
It was only a few years ago that travel writers were describing San Juan del Sur as “a sleepy little fishing village”. It may have lost that tag-line - after all you can now get good expresso coffee, and the night life picks up on the weekends and holidays - but it’s still not as hectic by day or night as Jaco.
As far as real estate prices are concerned, here’s some data to mull over. The charts look at median price sq/ft for condos. For data on lots and houses have a look at the Jaco real estate page and the one for San Juan del Sur property.
Jaco real estate - median price sq/ft condos:
San Juan del Sur real estate - median price sq/ft condos:
What do you think? What about the restaurants? surfing? scenery? community?
Has Jaco got your vote? Or would it be San Juan del Sur - if you had to choose? Tell us which, but most importantly, tell us why?
5 green real estate developments in Nicaragua located close to surf breaks
January 10th, 2009
Dotted around Nicaragua’s stunning landscapes are green real estate opportunities that are leading the way in responsible development. We’re not talking about expensive eco-technology or rough hewn communities but pioneering projects delivering on the sweet spot where being environmentally responsible results in healthy living, reduced energy costs and enhanced asset value.
Follow the links for more information on each project and charts that compare asking prices against Nicaragua real estate medians:
Casa Llanta is a “sustainable community” located south of San Juan del Sur in the El Carizal community. Over two thirds of the land has been set aside as an ecological reserve.
Finca del Mar is located on the central Pacific coast of Nicaragua. The vision for the 90 acre parcel takes into account social and environmental approaches to development.
3. Las Fincas de Escamequita and Las Haciendas
Located south of San Juan del Sur, Las Fincas is a solar powered eco-community offering long ocean view lots for sale.
El Encanto del Sur is located 5 minutes from the town of San Juan del Sur, Nicaragua. The land, almost 350 acres, has views of the Pacific on one side and the twin-volcano island of Ometepe.
Selva del Mar is located west of Playa Gigante in Nicaragua and is envisioned as an eco-resort. Long ocean view and green view lots are available.
Posted in Property news, green real estate | No Comments »
17 real estate developments with on-site golf courses less than 90 mins from an international airport
January 2nd, 2009
The list includes both planned and completed golf courses in Panama, Costa Rica and Nicaragua. Click on the links for standardized price information compared with country medians.
The masterplan for Buenaventura includes a Nicklaus Design championship golf course and Bristol Hotel and Spa. Beach front condos and lake front property is available. Fractional ownership via… more+
Alcazar offers condominiums on the 11 and 12th hole of the Fazio golf club at Coronado. The highest part of the building has 22 stories and in total includes 47 condo apartments, one per… more+
Gran Pacifica is located on 2500 acres of coast on the central Pacific coast of Nicaragua. A full service resort is planned including a Tommy Haugen golf course with 27 holes, currently under… more+
Hacienda Pinilla is a 4,500-acre residential community located a little south of Tamarindo in Costa Rica. Homsites, beach houses and beach villas are available with access to a Mike Young… more+
Hyatt Regency Azulera Resort Village
A beach front resort on 557 acres with Hyatt hotel and Greg Norman golf course. In addition the master plan calls for condominiums, golf course villas, single family homes, spa, gym, 6… more+
Located in Panama’s Pearl Islands, 15 minutes by air from Panama City, Viveros Island Project includes plans for a Jack Nicklaus Design golf course, two marinas, full resort amenities and… more+
Milagro del Mar condominiums are located within the Gran Pacifica resort on the Central Pacific coast of Nicaragua. Constructed by Hunter Blair Homes Milagro offers ocean front condos for sale…. more+
Montecristo Beach and Golf Resort
Located on the central Pacific coast of Nicaragua, Montecristo has five distinctive neighborhoods and plans an 18 hole golf course designed by Mike Young. The 1,000 acre development sits on an… more+
Papagayo Golf Villas, Costa Rica
The Papagayo Golf Villas are located within the grounds of the 18 hole course at the Papagayo Golf and Country Club and 10 minutes from Playas del Coco Beach. The project consists of 5… more+
Parque Valle del Sol is a golf course residential community is located in Santa Ana 15 km. west of San Jose, Costa Rica’s capital city. The project is set on 137 hectares of land at an… more+
The 33 floor Pelican tower is located within Coronado Golf Club. The condos are sold with membership access to the Tom Fazio golf course and club amenities. Pelican is currently under… more+
Reserva Conchal is set on 930 hectares of beach front and ocean view property. The residences are designed by Ronald Zurcher following a Spanish colonial architectural style. Reserva Conchal… more+
The Villas are sold with access to all Royal Decameron facilities including Mantaraya golf course designed by Randall Thompson and casino. Houses (“villas”) and condos… more+
Santa Maria Golf and Country Club
Santa Maria Golf and Country Club will be developed on a 284-hectare site adjacent to Costa del Este in Panama City. The master plan includes an 18-hole Nicklaus Design golf course and 5,000… more+
Seaside Mariana is a residential resort community located on Nicaragua’s Central Pacific coast. It is the site for a Jack Nicklaus championship golf course, Destination Wellness Center, fitness… more+
The Four Seasons, Papagayo Peninsula, Costa Rica
Residences available on the hillside of Peninsula Papagayo built and furnished to Four Seasons standards. All properties are set within a tropical dry forest and have access to two beaches, an… more+
Vista Mar Golf and Beach Resort
An oceanside residential community with an 18-hole J. Micheal Poellot golf course under construction (9 holes are currently playable). Ocean (and golf) view condos are available in two 15… more+
Posted in Golf real estate, Property news | 4 Comments »