Yesterday’s message looked at why Ecuador real estate investing requires the three Cs: Caution, Clarity and Comprehensive.
This message also mentioned that we are now adding Quito real estate for sale to our property tours.
That message also introduced John Papski, an English Pole who lived many years in London and the UK but is now totally committed to Ecuador. John has lived in Ecuador for years and lives in Quito with his Ecuadorian wife and children. He is totally fluent in Spanish (and English of course!).
John conducts our Ecuador beach tours and will now conduct our Quito real estate tours. We have found him to be incredibly thorough. He once saved us hundreds of thousands of dollars by spotting an obscure problem with the water rights to a property we were about to buy…when no one else had even seen the problem.
Here is his first report on his initial Quito real estate research.
“Gary, One of the keys to the Colonial Quito real estate tour is helping the delegates see the potential of renovation.
“Last Friday I visited a revived home in Colonial Quito. The owner is renovating a three hundred year old building and uncovering Dominican order frescos, changing roofs, ceilings, floors and dealing with neighbors who eat away at the four foot thick adobe walls. She speaks excellent English and is willing to receive visits and share her experiences in renovating, dealing with bureaucrats and tips on gaining architects that take smooth paths in dealing with municipal regulations.
“She passed my phone number to a statesman that is renovating a house
(searching for more and not finding them ) whom I hope will contact me with the intension of showing his work to visitors on your tours as well. There are also two brothers who lived in the states for twenty years and have recently converted one of the old buildings into a hotel with a few small shops and a small restaurant. I’ll keep you informed and send some snaps.
“I visited the colonial part again today and snapped these two contrasting properties.
The first is of the complete/whole third floor (with an elevator) in a building facing the Metropolitan Museum near La Compania Church and the Government Square. It is over 4,000 square feet, with two very large bathrooms in twelve excellent rooms with views of the church. It has balconies and views of the a covered courtyard (not scenic though). The polished floors are excellent and monthly service charges are only $55. There is no parking in front though it does have a horse rank out front! This is offered at a negotiable $160,000. Here it is:
“Most important, conversion to apartments or a block of offices is allowed.
“I visited the municipality to check on its restoration of popular housing in the colonial part of Quito. It seems to be administered by a promoter of mega maxi fame. They have two projects available. One has 10 apartments. One for example is a three bedroom 800 square foot unit with an asking price of $53,600. They also are offering a 3% cash discount. This unit has views of the courtyard and has only one other neighbor on its floor (foreigner). Here are two shots:
“The developer will sell with a 5% deposit. 25% is due within 3 months. The 70% is mortgaged for 3, 5 10 15 or 20 years. I will visit this Friday and will have the precise numbers and conditions.
“They also have smaller apartments staring from $44,750.
“The other development is a very large project for December occupancy of 96 units. 26 remain. I also will visit these and will send info.
“I also visited a 1,300 square feet house on a 4,000 square foot plot on sale at $175,000.
“We have a list of old houses for sale from $100,000 to $1 million, and I do like a challenge of sorting the best ones out. Friday or Saturday you’ll have more snaps.”
Upcoming messages at this site will look in greater detail at Quito real estate for sale.
There is another reason to take the coastal tour. In February, I wrote an Ecuador Beach Condos Introduction.
This introduction revealed a number of brand new beach view condos available for $79,000. The developer reported that these condos literally sold out in a week. However he also offered all the buyers a 60 day cooling off period and several have dropped out so a few of these $79,000 units are on the market again.
My feeling is that these $79,000 units will not last long based on the reply that the developer Kjetil Haugan sent when I asked if these units were still available at this price.
“Gary, thanks..it is ok for me to offer the apartments at $79k with the $5,000 club fee waived. The problem I am facing now is that building material prices are going up every month..steel has gone up 65% since January and the total construction cost is about 40% more than it was in November 2007..it looks like we will be able to do the infrastructure a bit less expensive so I am okay with this price but we want to build most of the blocks as soon as possible before prices will be even bigger problem! We have started with two blocks now and will start with the upper blocks where you bought next week.”
I already have purchased six myself that I plan to rent…but I am thinking..about more. Plus two of my daughters are buying a unit each as well.
The club house has a gy, tennis court and pool.
Here is how the upcoming coastal and Quito tour schedule will unfold work.
Thursday, June 5th Arrive in Quito, stay in Hotel Quito
Friday, June 6th Inspect Quito real estate. Take early afternoon Manta flight
Saturday, June 7th Day 1 or coastal R.E tour
Sunday, June 8th Day 2 of coastal R.E tour
Monday, June 9th Day 3 of Coastal RE Tour-1/2 with p.m.flight back to Quito –
Tuesday, June 10th Tour of Quito Old colonial real estate – Cotacachi in p.m.
Wed., June 11th Start of Spanish Course
We hope you will join this tour or another course. See details at
Coastal Real Estate Tour + Quito
Multi Currency Note – Euro Bonds
My investment portfolio has risen steadily during the downturn of the last six months. This is in part because I hold so many eurozone bonds. Our latest multi currency update outlines why they make still make sense to hold. See a summary of this multi currency portfolio update.
Lean more about eurobond and share investing May 23-25 or October 3-5 at International Investing & Business Made EZ North Carolina
See dates for our Ecuador courses and tours:
See more on this at Cotacachi real estate – large homes