Saturday, March 21, 2015
The Real Estate Trend Alert “Spring Open House” continues…
I don’t normally share the markets on my radar with non-members. But seeing as I’m opening the door to all my profitable research for a token amount (just a $7 registration fee for 30 days of full access), I’ll make an exception today.
I’ve been keeping a close eye on Cuba for some time. But now that a political standoff between the U.S. and Cuba that spanned decades has begun to crumble, I think some folks are getting over excited at the prospect of the U.S. authorities lifting the embargo and what it might mean.
The opening of Cuba to Americans is just one aspect to consider. Remember, Cuba is open to the rest of the world and is a popular tourist destination. Non-U.S. telecoms and banks are already in business there.
The thing to consider from our point of view, as prospective real estate buyers, is completely unrelated to U.S. policy toward Cuba.
The state owns all land and property in Cuba. Cubans can own and sell property under a restrictive swap program. Foreign groups can partner with the government to build resorts.
Your partner is the government.
This land is leased from the government.
Leasehold of condos can be sold to foreigners as part of these government partnered resorts. The title situation there is a mess. Land was confiscated after the revolution. In recent years there was a compensation process. Deals have been done with the diaspora across the world except U.S.-based Cubans. We don’t know what will happen with those guys in a meltdown, or an opening-up scenario.
We’re not going to want to partner with the government to make a deal where we only have a leasehold interest in land. Cuba needs to make a big change before it’s interesting. And even then, all those connected politically will stick themselves in the middle of everything. It will be dirty and messy.
But, there might be off-the-beaten track places no one is watching…
That’s our play to watch. I’ll continue to keep tabs on this market, and Real Estate Trend Alert members will know as soon as I figure out an opportunity.
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