How Is This For Value? | Pathfinder International

Friday, February 05, 2010

Dear Reader,

Gran Pacifica is an hour west of Nicaragua’s capital, Managua. Developer Mike Cobb bought the land with some partners ten years ago. Mike had a grand vision to do something special with the 2,500 acres and 3.5 miles of oceanfront he had acquired. He wanted to build a community.

Mike did things right. He frontloaded his infrastructure spend. Roads, water, electricity and even fire hydrants were all in place throughout Phase 1 before a sod was turned on the construction of the first home. His group has invested $20 million in Phase 1. Today, 100 homes and condos are built or under construction.

And, in December, Mike hit another major milestone. The front nine of the Emerald Course opened for play.

This is designer Tommy Haugen’s masterpiece. Today, resorts in the U.S. wouldn’t give him carte blanche as he negotiated at Gran Pacifica. The U.S. number crunchers are more interested in building condos on prime real estate than having greens with views. Thanks to Tommy, we can still find places where we can play shots to greens with uninterrupted views to the ocean. Gran Pacifica is one of those places.

There will be four sets of tees (plus seniors) and dark volcanic sand bunkers throughout. Tommy isn’t just collecting a design fee. He is a committed equity partner. For him, this is a legacy project.

There will be a total of 10,000 square feet of facilities here, including a pro shop, restaurant, locker rooms, pool and grill/pub. Greens at the practice facility will be top quality and can be played as a short course.

Mike Cobb is doing things right. When I first walked the land with him almost six years ago he had a grand vision to do something special. He’s delivering. And not just with the golf course.

Homes are completing, large haciendas are under construction (over 5,500 square feet), the new luxury condominium (Milagro del Mar) is tying steel and reaching skyward. Mike’s plans call for an additional 27 holes.

Still, the real estate values here are amazing

Thirty yards from the second tee box of the Emerald course is the Casita Village. With just one bedroom, these little houses have delightful open inside and outside space. Construction is to a high standard. California standards, in fact. Tile roofs, ceramic floors and ocean air help keep temperatures comfortable. Concrete and steel piers provide support while the stucco exterior and plaster interior are aesthetically pleasing.

These little houses have both charm and practicality. While free standing, they have the benefits of “lock and leave”. Gran Pacifica takes care of all exterior maintenance as part of the association fee that also covers common areas. Perfect for a vacation and rental unit…or for those of us who just don’t want the headache of maintenance.

All owners in the Casita Village automatically get social membership of the golf club when it is constructed (the pro shop is being built now). Owners also have the option of purchasing a lifetime playing membership.

These little houses are available from $109,000.

That’s the type of price you might expect in a pre development project in a backwater. But, here in a project like this…

The head of sales at Gran Pacifica is Kent Payne. If you’re interested in one of the casitas, you can get more details from him here.

To help you experience this unique community, Gran Pacifica is offering a chill weekend trip. They’ll pick you up from Managua airport, and take you to Gran Pacifica. You’ll stay in one of their oceanfront condos, where they’ll wine and dine you, and help you discover this amazing Pacific coast location for yourself. You’ll also see Granada, Nicaragua’s most beautiful colonial city…visit Masaya, the largest handcrafts market in the country…and enjoy a boat trip on Lake Nicaragua. The next trip runs March 19-22nd, 2010. The trip costs $349 per person, $515 for a couple. Click here to find out more.

Ronan McMahon