This is why the San Miguel project has done so well.
There are four buying pressures in the Cotacachi area.
First the locals have a booming economy and are building on their Cotacachi real estate.
Second, during the late 1990s many Ecuadorians left their homes and moved abroad for better jobs. They come back once a year and invest their hard earned savings into Cotacachi real estate.
Third, the Spanish and Italians are catching on and are investing in Cotacachi real estate. See more on this at multi currency inflation.
Finally, North Americans are moving down to live. Cotacachi real estate is great value.
Food costs are low. For more on this see Cotacachi Stores – Supermarke
Heating is barely required so energy consumption is minimal. Gas is $1.50 a gallon and the lifestyle is wonderful! Why not move to Cotacachi?
One successful gated development is called San Miguel.
Merri and I played a small part in this development. We do not sell real estate and have not been nor are we now involved in selling these properties…other than in the traditional role as a publication.
Yet every lot and house in San Miguel was originally owned by one of our readers.
Now some of the original owners are reselling their Cotacachi lots and I want to let readers know about it.
Here is a report sent by one our our friends and readers who lives at San Miguel
“Gary, Here are some bits of information you might find useful. San Miguel is 36 lots and of those original 36, 33 have been sold. I think this makes San Miguel the most successful real estate development in Cotacachi, and as far as I know, the only successful development.
In real estate it’s always location, location, location, and this is the development that is an easy walk into town. Yet it still feels like the countryside. The views of Imbabura mountain and Cotacachi mountain are stunning. Bob has sent photos of the views.
We have photos of both volcanoes with snow capped peaks. House number 14 (total) is under construction and number 15 will start next week.
14 is an Ecuadorian and his wife who live in Canada but are coming back to Cotacachi to retire. This is a smart move I think. Luis made his money in North America and is now coming home where his dollars will go much further.
The couple who bought Walter and Karlene’s home are also Ecuadorians who worked in the US and are coming home to retire. These couples will bring the number of full time or year round residents to six homes.
The woman who is building house number 15 is an MIT graduate who was a chemical engineer for Exxon/Mobile who is retiring. She has a home in Puerto Rico for the winter months and when it is too hot there she will be here for the summer months.
The security fence is now complete, so this is a true gated community now. We’re working on getting a legal home owner’s association set up. We do detailed operating budgets every year. We have full disclosure of all of our expenses and maintanance income. We’re using the insurance agent who is used by La Mirage for homeowner’s insurance. We have a blog site for owners for communications. We have a club house, laundry facility, jacuzzi and cabana, huge outdoor fireplace and BBQ area for parties.
All nicely landscaped.
We have two guards every night and a day guard on the weekends as well.
We have wireless broadband internet available to the entire development. Most people out here subscribe to Direct TV and are able to watch television programs from the US.
We work hard on establishing good relationships with all of our neighbors from the indigenous to La Mirage.
Bob had a career as a manager, and having him manage this development has made all the difference in the world. He is an excellent communicator and works full time so that things run smoothly and investors have someone who can give them the answer they need.
I invite you to join us in Cotacachi to look at real estate ad more. Until then may every development in your life, in real estate and more, be good.
See dates for our Cotacachi real estate tours and other Ecuador courses and tours below.
Here is a house for sale in San Miguel at this time…asking price $87,000
This lot is the least expensive in the project at $25,000.
We will view both in our June Imbabura real estate tour.