Friday, January 07, 2011
On Monday, I told you about the progress and investments being made at Rancho Santana, Nicaragua. These guys aren’t alone in thinking this is one of the finest stretches of coast on earth. The Pellas family own Guacalito de la Isla, a project a few clicks up the coast. They are putting their money where their mouth is. They have a lot of it…and I hear they are spending a good chunk here.
The Pellas family has invested millions to date in Guacalito, and plans on spending more. Future plans for the project include a marina, a golf course, a hotel and very high-end residences.
Carlos Pellas is the head of the family business and one of Central America’s most successful and oldest conglomerates. They have been in business for over a century…market leaders in banking, energy, sugar, alcohol (they own, make and distribute Flor de Caña, Nicaragua’s prize-winning rum) and automotive distribution. Rumor has it he will pave the road out to his project. Or that the local municipality may do it. If this happens, it would add huge value to anyone who owns real estate in the area.
World-class golf coming to this stretch of coast… I can’t wait. However, an entry-level home and lot in Guacalito will set you back $1,000,000.
This project has been on again/ off again for some time. I have watched plans come together only to be put to the back burner as the US real estate market imploded and Nicaragua elected Sandinista Daniel Ortega to the office of President. It’s interesting that this family and conglomerate are pumping their cash into this project. They have businesses right across Central America…and another real estate project in Costa Rica. This is a huge display of confidence in Nicaragua and this stretch of coast.
Having spent time in Nicaragua last month, I share this confidence. Infrastructure is improving. The malls and stores in Managua are bustling. It’s like they aren’t following the script the mainstream media have played out for them. Don’t get me wrong. Nicaragua still has huge challenges. But, being here, my overriding sense is one of progress. Everywhere I went foreigners and locals of all political persuasions told me how the country has come too far forward to go backwards. I’m sure there will be bumps along the road…in particular in the lead up to the presidential elections later this year.
Maybe that makes this year the best time ever to look at buying quality along the one of the finest stretches of coastline in the Americas.
Nestling between Rancho Santana and Guacalito, you’ll find Hacienda Iguana. In fact, this project shares a beach with the Los Perros phase of Rancho Santana. This is an established community on one of the finest beaches on the coast. The rental market is strong. People come to Iguana for the beach and to surf. There’s a nine-hole golf course which is well-maintained. There are luxury homes and condos right on the beach.
Here I saw amazing values. Like $25,000 for a third of an acre lot just off the golf course and a short stroll from the white-sand beach. Close by, a two-bed two- bath townhome of 1400 square feet is available for $130,000. This is one of the last two townhomes to be sold. It’s close to completion, but work appears to have stopped. The developer is happy to let the last two units go for a song (maybe less than construction costs) so he can move on. There will be no new phases to these golf townhomes. But this isn’t pre-construction. The condos and homes that are part of this phase of Hacienda Iguana are there. Delivered. There are deals to be had on condo re-sales also: Like $127,500 for an 1150 square foot, two-bed two-bath condo that’s part of this complex.
Minutes away, you’ll find true beachfront condos. The quality is excellent. One two- bed two- bath resale I saw listed at $179,000. This is a ground floor unit…walk out your front door and the beach is in front of you, and the communal pool just on your right.
With deals like this…this is a good time to be shopping along the finest stretch of coast in the Americas.
Contact Bryan McMandon here for more details of the properties in Hacienda Iguana.
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