Friday, August 27, 2010
Nicaragua’s stunning Pacific Riviera is home to soft sandy beaches, and epic waves
Dear Reader,
Nicaragua’s back. Well…it never really went away…but today’s real estate prices are among the best I’ve seen since I first visited her south Pacific coast almost seven years ago. That was before the property boom kicked in. Today, the case for buying here is the same as it was seven years ago. In fact, it’s better.
The market’s less speculative today. More of what you can buy…is real. You can see it, touch it… move in straight away. It may even be furnished. You don’t have to rely on a master plan, some fancy sketches, and a developer’s promises.
And the south Pacific Riviera is still stunning…awesome, dramatic, virgin…with miles of soft sandy beach, backed by forest-covered hills. The sunsets are breathtaking, and the ocean’s roar hypnotic.
Today, $65,000 buys you a condo in an established resort community on the beach.
The reason for deals like this is that the market stalled when the US real estate market got into difficulty, and credit dried up. The real estate boom here was fuelled mainly by US buyers. We’ve seen this type of slowdown in markets with heavy exposure to US buyers.
Now there’s an expanding rental play. Tourist numbers are growing. In 2009, despite the world slowdown, tourist arrivals grew 8.9% in Nicaragua, and the amount spent by tourists increased 22.5% to $345.2 million. Sixty cruise ships docked in the country last year, and 28 in the first four months of this year. In October, Aeroflot starts twice-weekly flights to Managua from Moscow, which opens Nicaragua up to Russia’s wealthy travelers and their spending power.
This year, tourist numbers reached a record high of almost 500,000 by the end of June, an increase of 9.1% over 2009. Tourist officials hope that more than a million tourists will have visited Nicaragua by the end of 2010.
The latest series of Survivor is currently shooting around San Juan del Sur, on Nicaragua’s south Pacific coast. The program makers are making the most of the location’s unique mix of pristine beaches without a restaurant or beach bar in sight (perfect for contestants)...and San Juan’s upscale boutique hotels, fine dining, and trendy cafes (ideal for the program makers). 13 million viewers are expected to tune in every week. This is a great showcase for this stunning stretch of coast—although the tourism business was in fine shape before Survivor washed up in San Juan.
An anomaly here is that prices can be as little as 1/10th of the price just across the border in northern Costa Rica. I think the coast is much nicer north of this line in the sand, in Nicaragua.
Let me give you a taster of some of the deals you can get in on today.
Deals like $25,000 for a half-acre lot in a well-established community with a range of amenities—including a golf course and beachfront clubhouse. Membership of the golf club (priced at $7,500) is included in the $25,000 price.
Or, you might want to consider a 700 square-foot condo in the same project, right on the golf course, and only minutes from the white sand beach and surf. The price: $65,000. I know this condo building and the quality is excellent. Best of all, this condo comes fully furnished.
Looking for something bigger? Check out a finished project close by, overlooking San Juan del Sur. Here, the asking price on a 2 bed 2 bath 1300 square foot townhome is $138,000. The seller is “motivated”...you might even do better on price. This is another project I know well. Again, the quality is top-notch, with high-end furniture and fittings included. You could enjoy beautiful sunsets every single night from your porch… or else participate in the strong rental market.
Contact Bryan McMandon at (JavaScript must be enabled to view this email address) to find more about these (and other) value deals on Nicaragua’s south coast. We don’t think they’ll last long—so contact him today to lock down your own piece of Pacific Riviera paradise.
Ronan McMahon
Posted Under:
beachfront, nicaragua, opportunities, distressed
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