The key to cutting a great deal in Central America is getting hold of objective market information to determine fair value. Trouble is, in Central America investors can’t draw on industry databases like the Multiple Listing Service. There’s no equivalent to zillow or trulia and local sources of information can be prone to exaggeration and hype.

Our goal is to shed some light on the market by aggregating real estate prices from developments, comparing them against the median for the country as a whole, and putting the information online. Savvy buyers will also want to know how far a development is along with its master plan and its proximity to services. So for each development we track whether the community amenities are completed or still in planning phase and provide an estimate of driving time to the nearest town and international airport.

So what can you get for $50,000 less than 90 minutes from the international airport?

Here are 9 projects that fit the bill. We’ve based our analysis on median asking prices for property in real estate developments collected between July and September 2008.

Starting in Belize, you can pick up a home-site at Belize Reserve, an eco-community located in Cayo, around 15 minutes from San Ignacio for under $25,000. A swimming pool, hotel and restaurant are planned. You’ll find similar prices at Camino del Rio, a 63 acre development also located in Cayo, this time east of Belmopan. Sticking to Belize, both Progresso Heights a residential community in Corozal located on Progresso Lagoon which leads to Chetumal Bay going out to the Caribbean Sea and Waterside at Flowers Bank on the Belize River have lots available for under $50,000.

Moving to Nicaragua, for $20,000 you could be the owner of a green lot at Club Alegria located near Granada with views to Mombacho volcano. Close-by you’ll find Club Vistalagos peering over the eastern edge of Lake Apoyo and Villa Lagos a community located in a green setting near the port of Asese, Lake Nicaragua. At both projects you’ll find serviced home-sites for under $50,000.

In Costa Rica, around four miles west of the tourist town of Tamarindo, you’ll find Lomas de Santa Rosa and lots for sale in the low $20,000s. And, if Panama takes your fancy, then Rancho los Suenos a project located 45 minutes from Panama City and close to Espave and the beaches has lots with a median price of under $30,000.

We’ve based the above on median prices for individual real estate categories. We’ll broaden the search in future posts to include real estate projects further away from the airport.

For now, what have we missed? We’d love to have your views.