Here is an update as of March 2010.
Rooftop terrace at Vistazul Ecuador beach condos.
This project has progressed steadily despite the 2007 and 2008 recession in the West.
Vistazul Ecuador beach condo trim.
The Vistazul Ecuador beach condo project took off very nicely two years ago. About half the units in the first couple months were sold. Then the recession hit and as these are more a second home, rather than full time living, destination, sales slowed badly.
Added to this, the road from Manta to San Clemente is being redone. This has really made it hard and circuitous to reach these Ecuador beach condos. Long term though this will of course be really good!
However sales have continued… just at a slower pace. The developer wrote that there are only two condos left in the blocks that are finished. One is a resale unit 506 and unit 301. Unit 301 is the only finished unit that has not been sold.
There are eleven units left in the unfinished buildings two and six.
Structural work on these units should be ready within a month but as I mentioned Kjetil Haugan will wait with the finish work on these units until he has completed the infrastructure work on the development. Gary
Let’s review the entire history of the project so you can see how surprisingly well it has sold considering the utter collapse of the real estate market in the USA.
We have worked with Kjetil for 12 or 13 years and ten years ago Kjetil, Merri and I drove the entire coast. This San Clemente property is one that Kjetil liked and purchased.
Kjetil introduced us to the project in December 2007 when he was in the process of building the Palmazul Hotel & Spa and it looked like this:
We put money up front and bought the first six Vistazul units to get construction started. By then Palmazul looked like…
A view of the land has gone from…
We always liked this project because the hotel clubhouse was finished and in operation before ground was broken on the condos.
We put enough money into the project so we knew it could be done.
All seven of the factors we like to see in a new project were in place before we began sales.
#1: Land owned with title insurance.
#2: No debt on the land.
#3: Infrastructure complete.
#4: Financing in place.
#5: Experienced engineers and architects involved.
#6: A logical sales plan set up.
#7: Long term management organized.
Since we send about 20 people a month to the area on real estate tours and they stay at the hotel club house, the project has an advantage though we do not allow the developer to push this over other projects or properties on the tour.
The project’s unique position on the beach… in a really quiet location where little else can be built makes these to our way of thinking a real winner at $79,000 to $89,000.
Some US real estate prices have fallen so they compare to Ecuador real estate prices… but NOT ON THE BEACH. US beach property is still far more expensive than Ecuador beach prices. I have never seen any US beach front which compares anywhere close to the prices at Vistazul. Why is this? First, Kjetil bought the land 10 years ago when prices were unbelievably low. Second, the bulk of the construction was done before inflation started to push up construction costs. Third, we have sent all the buyers to the project and do not receive commissions, thus eliminating a normally large sales cost.
But we really recommend that you visit and see to make sure that this rustic area appeals to you and to see which units available best suit you.
The developer Kjetil Haugan also offers financing on the $89,000 units.
History of Vistazul from our website. Our Garyascott.com archives tells the tale of Vistazul.
December 2007 see the Ecuador beach club house under construction.
See how we began and the Ecuador beach land in December 2007.
See what we said and the Ecuador beach land by December 2008
We financed the completion of the club house by adding two penthouses.
Here is the penthouse interior.
See more on why I like this area and at
Fishing in Ecuador
This project was originally planned for 62 units at three price levels. After the economic slowdown it was reduced to 38 units for the time being. See the site plan at Ecuador Beach Condo Party
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