Ecuador real estate prices can be low yet…

I try to restrain from pushing low end Ecuador real estate like these town houses that
start at US$29,999 for an 861 square foot 3 bedroom unit.

Here is what Bonnie Keough, who accompanied our group on the Quito Mindo tour wrote about these condos.

“Gary, this is the complex of townhouses still being built near Mitad del Mundo that we viewed on the Quito-Mindo real estate tour.  The group felt it was too far out of the city (about 35 min.) even though it is a growing area and good investment.  The units rent for about $100-135/month. The unit with basic finishes is about $30,000, upgraded finishes increases the price to $40,000.  They are 2 or 3 bedrooms.”

You can see from a few shots of the interior of these properties (the furniture is that of the model home but is not included in the sales price) that these units are a pretty good buy.

Living room

.

The dining room leading to the kitchen area.

Bed room.

On the coast our mid coast real estate tours look at three bedroom units offered for as low as $23,000.

Originally when we began viewing these condos above were offered at only $18,000.

They are well…

laid out

nice units, located near a good…

Beach.  Here are…

real estate tour delegates…

looking at these units.

There are three important reasons why we do not focus on this low end.

First, Ecuador is no longer a place just to chase low prices. Delegates on our tours in 2000 found the incredible bargains.  A decade has passed and messages at this site have often mentioned… Ecuador real estate prices are not what they used to be.  Recently while reviewing real estate listing in Florida, I saw a two bedroom house near a golf course for $10,900.   No zeros are missing here.  This may be a modular house, but how can you beat that for price?

This is one reason I have recently been investing in Florida and selling some of the real estate I have accumulated in Ecuador.

Second, it is important to buy quality. This is true anywhere… get good quality from trustworthy people to begin.  This is especially true in Ecuador right now.  There has been such a huge demand for Ecuador real estate that many dishonest, unethical, uncaring, even dishonest or simply incapable people have started building and selling real estate in Ecuador.  Many are seemingly friendly expats who have just moved down in the last several years.

Correcting problems on real estate near to home is hard enough. Doing this at a distance is even worse.  Distance complicates on a exponential basis.  When you buy a property where the language, customs and law may not be understood, getting problems fixed, even with honest builders can be daunting.  Throw in a bit of larceny and you have disaster.

Stick to quality projects built by trustworthy people.  This is why I have been featuring the Falconi project in Cotacahci.  So many new gringo built projects have been budding in Cotacachi that we are seeing problems with the community.  These problems were reviewed at Cotacachi real estate progress.

My predictions are that some of these gringo built real estate projects will fail leaving the few buyers in a mess.  The Proanos who are developing the Falconi project are the bedrock of the community.  Their development is next door to their home.  They will not be going away.  This is the type of situation buyers need to find.

Third, we have seen from experience that delegates do not buy the low end. We always show a bit of the lower end places because our job is to educate and help readers and delegates learn about all of the Ecuador real estate market.  However to the best of my knowledge… not one reader has purchased either of the projects shown above.

This does not seem to be because there is anything wrong with the projects… they just are not right for North Americans used to larger rooms.  Plus when one moves up from the $25,000 range to the $50,000 range… value accelerates a lot.

Ecuador is a place where “what you have always dreamed of” is still affordable.

There are more important reasons to look at Ecuador real estate than initial price.

One benefit of Ecuador real estate is the cost of living.

We recently bought a house on the outskirts of Mt. Dora.  We obtained good value… but taxes are almost $5,000 a year and this is only because the house is rated as an agricultural property.   Otherwise we would pay double that or maybe even more.

Compare this to six condos I purchased on the beach at the Vistazul project.  Last week our attorney Floridalva Zambrano sent me this note.

Hi Gary,  Today we paid the 2010 taxes for the six units that you and your daughters own at Vistazul in San Clemente.  We have also paid the taxes for your Palmazul apartment.  We  paid in total $233.26.  I will e mail you scanned copies of the receipts tomorrow.

This is correct… six, 1,200 square foot, two bathroom, two and a half bedroom condos with beach views, plus this penthouse. The taxes for all seven units are $233.26 for a year!

This includes six of these condos and

a penthouse atop Palmazul.

See more on these condos at Ecuador Beach Condo Update

In Florida,  the electricity our first month there was $310. Propane was $420. Insurance is over $5,000 a year etc.  In Ecuador the same propane would have been about $25… electricity maybe $15 and as you have seen above really low taxes.

See more about Ecuador’s low cost of living at Ecuador Cost of Living is Low

A second benefit is the great weather.

Yesterday’s report at www.weather.com for the North was:

“A cold front crosses the upper reaches of the region Monday keeping northern areas in the deep freeze.”

Here is how I dress, in shorts, on Ecuador’s beach in February.

What more can I say… except… this shot epitomizes another benefit of living full or part time in Ecuador.  This country has a much lower stress level… an easy going… friendly people where you can relax and smell the roses… and the salt air… or mountain mists… whichever you prefer. Ecuador has it all… relaxed low cost living in the mountains or on the sea.

Ecuador real estate can be really inexpensive… yet chances are you will not buy the low end.  In the middle… starting at $50,000 and rising into the $100,000s range you gain greater value for a property that most North Americans will really love and enjoy.

Gary

Join Merri and me plus nine other speakers and contacts this February  at a seminar that shares ways to invest, do business and live n Ecuador or gloabally February 11-14  at Quantum Wealth -International Investing & Business Made EZ, Mt. Dora, Fl.

You can also come on with us to Ecuador.

February 15-16 Travel to Quito and tour Quito

February 17     Travel Quito to Manta

February 18-19  Manta & Mid Coast Real Estate Tour

February 20 Travel Manta to Cotacachi

February 21-22 North Andes, Imbabura & Cotacachi Real Estate Tour

February 23-24  Quito & Mindo Real Estate Tour

February 25 Travel Quito Cuenca

February 26-27  Cuenca Real Estate Tour

Or join us in March 2010

March 11-14     Super Thinking + Spanish Course, Mt. Dora, Fl.

March 15    Travel to Quito

March 16 Travel Quito Cotacachi

March 17-18  North Andes, Imbabura & Cotacachi Real Estate Tour

March 19-20    Cotacachi Shamanic Tour

March 21  Travel Cotacachi to Manta

March 22-23   Manta & Mid Coast Real Estate Tour

March 24 Travel Manta to Cuenca

March 25-26 Cuenca Real Estate Tour

March 27  Travel Cuenca to Salinas

Mar. 28-29   Salinas & South Coast Real Estate Tour