Saturday, June 26, 2010
Dear Reader,
We're back scouting on Ecuador's north Pacific coast again this week. And once again we're back in Canoa. This little beach town's increasing popularity is in part due to its wide, straight stretch of sand that runs for miles...pink-scarlet sunsets you can watch from the comfort of your hammock...and a Margaritaville atmosphere that makes it very hard to resist.
Throw affordable beach properties into the mix, and you have a winning combination.
Originally a sleepy fishing village, Canoa has grown rapidly in the last 10 years, thanks to its newfound popularity with travelers and surfers. Some international surf competitions take place here, usually from November-April, when the waves are highest. During this time, it's almost impossible to find a place to stay. The remainder of the year however, Canoa is quieter, and you'll easily find a piece of beach to call your own.
Cliffs and a bluff backdrop the town, with the bluff perfect for hang-gliding. Caves in the cliff are accessible at low tide, and some locals offer horse riding on the beach.
The town feels like a surfer town, with a relaxed, laid-back vibe. The rustic wood and bamboo hotels, guesthouses and restaurants have thatched roofs, and it's hard to tell where the road ends and the beach begins.
The restaurants are not gourmet, but focus on fish and seafood, fresh-caught and simply cooked. The setting isn't upscale--think basic tables, wood floors, and an open-air view to the beach. The bill won't be a shock either--we enjoyed a tasty meal of fish, rice and vegetables for less than $5 a head. Add a few cold beers, and that flame-red sun sinking into the Pacific at the end of the day, and it's easy to understand Canoa's growing appeal.
You'll meet some Americans--but most of the expats are European. They came to Canoa on a tourist trip, and the easygoing lifestyle seduced them into coming back permanently.
Canoa's becoming more accessible. The new bridge connecting Bahía de Caráquez and San Vicente (that we spoke about before) benefits Canoa. Canoa is only twelve miles from San Vicente, and the bridge will cut out the current ferry trip. That means you can fly into Manta, and drive from there to Canoa. Alternatively, you can drive from Quito, on the new highway that's under construction. Moreover, San Vicente airport is waiting for a domestic carrier to start flights from Quito.
When you add all this up--a new highway from Quito, a new connecting bridge, and a newly-serviceable regional airport--you'll find that these are high-impact improvements that should accelerate the town's growth, and bring in more amenities.
The downside of Canoa's increasing popularity is the infrastructure, which is struggling to keep pace with the expanding population. The town has no municipal water or sewage treatment, instead relying on wells, septic systems, and tankers delivering water. The electricity supply is not stable, with frequent power cuts, making a generator a must-have. Residents and business owners are working with the municipality, trying to prioritize improvements and upgrades for these basic essentials.
If you fall in love with the town and decide to purchase a property, remember too that there is no planning or zoning. That empty lot next to your tranquil beach home could become a bar, a restaurant, or even a disco. Not that you'll probably mind, as you'll spend a good portion of your nights relaxing and partying in one of the many beach bars and eateries...and a good portion of your days lounging in your hammock. Owning a hammock comes with the territory here, and you won't feel at home in Canoa if you don't feel at home in a hammock.
Property prices are rising in Canoa. Beachfront now averages $120 a square meter. With the rapid population growth in the last 10 years, there's not a lot of beachfront available in the center of town.
We're looking at large land parcels in this area. But a re-sale here caught my eye that I wanted to tell you about.
This new small Mediterranean-style development boasts expansive ocean views. The property sits right next to the beach (no road or boardwalk in between...so this is a step out your door, and wriggle your toes in the sand, property). The 800 square foot condo is on the market for $45,000. You're a couple of minutes drive from San Vicente, and once the new bridge is finished in October, a short drive from Bahía de Caráquez, and two hours from Manta (which has an airport). Better yet, you're only five to ten minutes drive from Canoa.
Canoa is the only true Margaritaville contender along Ecuador's Pacific coast. Leave the business suit and the daily stress behind as you drive in. Don't expect rigorous timekeeping, 7am breakfast meetings, or drive-thru burger joints. If your idea of heaven is sunshine, sand, and taking it easy in a hammock with an ice-cold drink, look no further. You may just find it impossible to escape this tranquil paradise. To check out properties in Canoa (including the $45,000 condo), contact Gary Swenson here.
Margaret Summerfield
Posted Under:
ecuador, beachfront, emerging market
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