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Nica Real Estate Listings WebsitesSubmitted by haircuttingcowboy on 17 December, 2004 - 08:51.
I was perusing this website yesterday. It is www.inmonica.com. It has many real estate listings from many areas of Nicaragua. More than a few appear to be pretty good deals. Some listings have photos whereby one can get a perspective of not only the specific property, but also an idea of the lay of the land in the particular areas of interest. There is a beautiful waterfront property for sale near Puerto Morazan. I understand that the Northern Border area is the most precarious for gringos. What is the word on Puerto Morazan in particular? (La Prensa classified ads are also a good resource, but there are no fotos www.laprensa.com.ni/clasificados ) Ads are in spanish on both websites. dw ( categories: )
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MANY/SOME
As regards the confiscation of properties by The Sandinista Revolucionary (you call that a revolution?), well there was 3 different "piñatas" at various stages. Let's take the "revolucionary" confiscation of '79: rural properties : 5000 people had their land confiscated, a total of 3 millon manzanas. 2,300,000 were "distributed" among 80,000 families the other 700mil manzanas destinated to "agricultural corporations". With respect to urban area and properties 350 industrial companies had there companies confiscated and 7000 houses and plots confiscated.
So far the Nicaraguan PEOPLE have had to pay in compensation over 6000 millon dollars and the estimate is that there are still cases pending which will be around another 1500 millon dollars in compensation. The grand "piñata", the obra of Daniel Ortega and "la Chayo" Rosario Murillo (his partner, anybody remember how her daughter accused Ortega of raping her, the case was not even investigated, one call from Murillo(the girls mother) was enough to put paid to any clearing up of this issue. Anybody got any idea of the wealth of Daniel Ortega or Tomas Borge? When they lost the elections in 1990, Ortega said" we came to power poor and we step down from power equally poor". So poor, in fact, that Ortega is able to go and buy 3 Mercedes SUV totalling $245,000 in one day, not bad for poor. It's very doubtful that the FSLN can win the elections in november 2006, and if they did, this time, there will be no confications. Many people, at this moment in time are wary about buying in Nicaragua, because the prices could drop...NOO. Be brave! Buy now, because when Herty wins in nov 2006, the boom will start and the prices will shoot up to CR levels
Prices cannot rise any further
I do not think the prices could rise any further in many parts of the country, some that are currently not well developed, but not all. The prices being paid here are not inline with anything, at least certainly not inline with the income and buying power of the majority of Nicaraguans.
There isn't any economic model to support these prices, and I doubt that in the near future under any presidency, Or under CAFTA or anything trade agreement these prices could be justified.
I for one do not think one should be paying for land here in Nicaragua at prices that only Foreigners (companies and individuals) could afford. if it cannot be bought by nicaraguans, then it is priced too high.
For the prices to reach those of Costa Rica, first Nicaraguan economy must undergo a hugh transformation to actual export economy, and the climate for investors, tourism, etc. much be at least as good as that of Costa Rica.... And if in fact they do, then most smart investors would invest in other countries....
Well...What "model"?
In a way, I wish you were right about what you say regarding property prices, but suspect you are not right. I think prices in certain places could, say, double in less than 7 years, without any serious consequences to the overall market. I suspect this is true because: (1) Property values in Nicaragua need not be tied to buying power of ordinary Nicaraguas. It depends on how you define ordinary people, but in many if not most developed countries in the world, the slim majority of people cannot buy afford properties in the best (better?) places in that country, whatever country, but this is not what determines property values. (2) Prices are not justified, and for the most part never have been, based on some exterior model. Real estate prices, like most prices, do not have any solid price justification beyond what people are willing to pay, based on salary, desire, future expectatons, etc. (3) I doubt there is any model which justifies the idea that a property is overpriced if a local (patriot person) cannot afford it. In most countries, most mountain and lake properties violate such a standard, and have done so for generations without any serious long-term price corrections whipping things into shape. It is possible that what you are arguing is unfounded is "speculation", but by definition, specualtion is in some important sense, "unproven". Nicaragua would not need to become Costa Rica for the real estate market to be less than overpriced; speculation is what fuels this process, which to you might seem backwards (and it might well be backwards on some level!), but smart investors do not look elsehwere before things "happen"; smart investors "bet" on what they think will happen -- that is what, for some people, investing is.
and we have seen them crash
Investors, not speculators/gamblers, do look for returnon the dollar, and do not generally like to sit on their money waiting for realestate prices to go up.... Given that, then it follows that for real long term investors to flow into Nicaragua, there needs to be an improvement in the economy, which will put some disposable income into people'spockets, which will in turn be spent on buying goods, services, etc. within the economy. This of course may include things like apartments, houses, weekends in hotels, good meals, a day at "NicaLand Amusement Center" etc.
If these conditions are not there, then this "Real Estate Bubble" will burst. As has happened in Canada in the late/early nineties, and will happen again.
Real estate is a cyclical market and if it goes up too fast then it will burst.... This is what investors worry about... While generating a "CAP" rate of about 15 is considered good and one at "10" is acceptable, there are few if any properties in Nicaragua that can generate this much, many hotels in Granada, have a CAP rate of about about 5 (yes i have looked and how much was invested vs. how much they generate).
And there is worse news. Because of the speculation that is going on, and the incredible rise in real estate prices, investors worry about a devalaution of what they bought, not just about not generating enough CAP ratio, or return on investment.
Costa Rica, while the prices are higher, they do have better CAP ratios, and that is why they can sustain the prices they have with little worry about loss.
Investors, not retirees, look for how much they can make on their money. That is the economic model that exists in real estate.
This almost proves my point
Retirees will not usually come here and spend money on large plots of land or huge investment properties,and will not be looking to generate income. They are here to buy affordable housing and a lifestyle they can only dream of in the US, at a relatively low cost. Therefore prics at 50% those of the the US are probably reasonable for these people. But in all reality, those retirees will not fuel the economy...
Nicaragua will only get a very small percentage of those retirees, the Majority will go elsewhere in the US (for US citizens) or in the world.
It seems that many of us on this site have, not sure what the right words are, lost objectivity and the more global view??? We have become somewhat Nicaragua Centric... rather than comparing it to other developing countries in the region and in South America which are in fact competitors to Nicaragua in terms of investment attraction and even retiree attraction.
My fear is that one day Nicaragua will wake up and see that while we were being unreasonable in our views of prices,etc. we missed the boat and suddenly we will see that a country, like maybe Haiti, Trinidad/Tobago, Bolivia, Argentina, and Brazil doing better than us in terms of attracting investment... In my opinion, the current level of speculation is hurting Nicaragua, not enhancing its future....
Maybe Granada is special
I have talked a lot about the prices in see here in Estelí. They are certainly high for the average person here right in the city but lots for $2000 and new houses for $20,000 are the norm here. That's still a lot for most people but they are not crazy.
Not far away you can find a chunk of land (meaning 15-150 manzanas) for from about $500/manzana to $2500/manzana depending on where, if power is available, ... Those prices seem pretty sane to me and I am guessing that they will go up 2-3 times in the next five years. Of course, part of that is because the value of the $ will drop relative to the cost of Chinese bicycles and such in the next five years as well.
Now, I my usual disclaimer. I live in Estelí because I want to live in Estelí. While I like the prices here, that has zero to do with my choice--except maybe the kind of people that can (only) afford to live here are more like the kind of people I like to be with.
If the land is undervalued, then sure....
There are many parts of the country that should see and increase, as the land is somewhat undervalued. But if the prices were to tripple in 5 years, and the economy only doubles, then there is something wrong.
Prices at 2500 per manzana may not seem a lot, but they are.... for the same price you can indeed buy land in other more developed countries.
Again the choice to live somewhere will override most concerns about how much things cost. I do expect teh areas of most growth percentage wise to be outside the SJDS, GRanada, Managus, etc.... I would expect them to be in the north, including estelli, and in the Atlantic regions... Specially after I have my road built!
Granadinos: I Agree
Herty is the man for 2006 and no properties will be confiscated in Nicaragua.
If you have any properties in the USA (America) or Israel; you probably should be concerned about confiscation of properties.
With the latest USA Supreme Court decision; any governmental entity can confiscate your property.
The IRS of the USA has practiced confiscation of properties for many years.
The USA confiscated all the "Native American" lands that were wanted by the national government.
For all practical purposes, the lands of citizens of the USA were confiscated when citizens of Japanese ancestery were sent to "concentration camps" in World War II.
Now, Israel has confiscated land of its citizens in the "Gaza Stip".
I don't think that I will worry about my little piece of land in Nicaragua. I can always move to the "Rio Coco" as soon as I can set-up my internet service.
Even the Sandinistas did not confiscate any land on the "Rio Coco"; but, the Sandinistas did burn the villages. I haven't decided if confiscation or burning would be my preferred choice. ___________________________________________________________________
Properties in Isreal....
These properties were confiscated by settlers in first place, and were originally in many cases, palistenian houses which were demolished by isrealis to give to those settlers....
So the last event of displacing the Isreali settlers is a step in the right direction, In fact these events can only be compared to say Canada giving back the city of Winnipeg (Winterpeg) to the Natives or the US giving back parts of New Mexico to the natives....
LA PRENSA or most Nicaragua Sites
If you have Google toolbar installed your browser Right click on the page and a menu pops up and an option is Translate this page into English, Hey not perfect but pretty good. I love browsing spanish sites and learning their point of view. TRY IT.
realtors commission
I am in the early stage of buying property in Nicaragua. Is it the norm that the buyer pays the commission (10%)to the realtor?
Any input is appreciated
EVERYTHING IS NEGOITABLE
But usually the vendor will agree to pay resonable commission to a person who brings them a buyer willing to pay somewhat the price they want. Like before, it is hard here to evaluate property as there is no central listing board where you can conpare previous transactions. So the fair value is what a buyer is willing to pay and what a vendor is willing to take and sometimes that includes paying a referal fee or a commission to someone that has helped bring the two together. Longs everyone doesn't get greedy then the system can work well as it is.
No realtors
First, remember there are no "realtors" in Nicaragua. There are people who help buy and sell real estate but there is no equivalent to the real estate mafia in the U.S.
As for these "helpers", you will get answers all over the map. And, it is likely some will get another kickback. Here are the two data points I have:
The basic guideline (which must be on this site 50 times) is that you can trade time for money. Do your homework (that is, know the market) and you will do fine. Don't do your homework and pay a lot of money.
Here are my "rules" to identify the person you don't want helping you. There are exceptions but I expect most people who have bought here would understand this.
Now, I know two different people that fail up to two of these tests that I would trust. They both fail the English and Nicaraguan tests and one only fails the Nicaraguan test because she is Salvadoran but has lived here for 30+ years. But, in both cases, there are cheaper alternatives.
I want to expand on the "not Nicaraguan" point a bit. Omar brought this up when I was shopping with him. There were a couple of fincas that he thought might be interesting. He said he should go talk to the owner first--because he was brown and I was white. I think this is a very important point. Being both "local" and "brown" makes a huge difference.
Today, I have lived here long enough, that people know me and also know I am not a sucker. Sometimes people say they heard I was looking for property. The two I have been interested enough in to ask for the info and price seemed pretty fair. Maybe not the "brown" price but clearly not the "gringo" price either.
Also, see the How To page on buying property on this site.
nicadev.com
Hello,
Has anyone heard of this particular development that is beginning in Nicaragua around SJDS? They are purported to be more ecologically minded and have very sketchy information on their website www.nicadev.com. Apparently started by Donn Wilson, who lives in California and his Nicaraguan partner also living in the US.
First Visit This Week
I will be visiting for the first time this week for four and a half days. I have tentatively planned to visit, Managua, Granada and San Juan del Sur. I consider this a "go see" trip for first hand experience in seeing residential offerings. My intention is to see as many offerings as possible. I have prearranged viewings with several different developements. My desire is to find a coastal residence with investment potential where I can reside or visit depending on what I can do down there to occupy myself. I would appreciate any comments on what I should attempt to see, avoid, be aware of, or run from. Thanks in advance.
Real estate
You must be aware of the "flaw" on many property titles in Nicaragua commonly referred to as "la pinata" or "propriedad pinateada." These properties have a historical connection to the era of the Sandinistas and confiscations they carried out. Search well for an honest and capable attorney to assist in the title search, with the goal of avoiding properties that were ever in the hands of the Sandinistas.
"Many"? -- Bash Nicaragua Again.
When one states "many property titles"; I would like to know how much is "many" property titles. "Many" is a very vague number. If you had said "some", I would accept that term. I do not accept the term "many properties". What percentage of the properties were confiscated? I want your source on how "many".
Lets all bash Nicaragua again.
Please stay in Kendall, Florida, and enlighten people in Kendall, Florida, about the real estate business.
All "la pinatas" or consfications are on the friggin registered titles in the local alcadias and you know nothing about real estate in Nicaragua. ___________________________________________________________________
Regarding property titles
Here are a couple of links which provide an excellent overview of the property situation:
http://managua.usembassy.gov/wwwhe70.html
http://www.incae.ac.cr/ES/clacds/investigacion/pdf/cen1904-hiid.pdf
A few quotes from the second link:
"After the overthrow of the Somosas, mass confiscations and expropriations occurred as the Sandinistas sought to set up farm cooperatives and implement a socialist economic structure. It is in this context that the current "property question" first arose in Nicaragua. As lands changed hands, most transactions - about 70% - were not recorded in the public registry. Indeed, the Sandinistas viewed the institution with some degree of disdain."
"ii) No one in Nicaragua knows exactly how much land is registered in the RPIM. Estimates range from two to six times the total area of the country. This implies that most land has more than one registered owner. This confusion derives to a large extent from the Agrarian Reform initiatives during the 1980's and the subsequent conversion of use rights granted on confiscated and expropriated lands to ownership titles. In fact, despite seizure by the state, many of these lands continued to be registered in the names of former owners. When new titles were issued, the old ownership records were not canceled, giving rise to two separate chains of title pertaining to the same tracts. These chains also sometimes subdivide, as land passes informally from parents to children, each of whom takes apparent title to the whole property."
"Finally, in some areas, registry records have been lost, stolen, or destroyed. During the Sandinista period, the records in four departments -- Chinandega, Estelí, Masaya, and Matagalpa -- were completely destroyed. Despite efforts to recreate the lost registries, the accuracy and completeness of current records is suspect."
Pretty out of context
While the 70% number may be correct, the cause and effect is way out of line. By "U.S. standards" this could sound right but the reality is that much like the U.S. 100 years ago, many property titles never were recorded. Instead, they were "passed within the family" by entries in a family Bible.
What was typical (and, in some areas, still is) is that when a son was of age, the family would give him part of their farm recording this in their Bible. This had the added advantage that there were no official records and, thus, no tax.
I looked at two different pieces of land with pretty much this situation and bought one. Neither had anything to do with what Sandinistas did. It was just the norm for the area. While both had escritoras, one referenced the family bible and the other just referenced the bordering properties and who owned them.
The "solution" was simple. Get it surveyed and get it recorded. I told the seller he had to get the survey done. The property was 19 manzanas (he had said it was 26 so it was important I made him do it). The survey cost him C$2500.
fyl -- Correct
I am really tired of hearing all of this consfication business.
People in Phoenix tell the world how to buy property in Nicaragua.
The only documented case on the whole Atlantic Coast happened to Marvin Wright in Corn Island over 2 acres of bush land that was documented under the consfication. This transaction was later reversed. ____________________________________________________________________
San Juan Del Sur
Take a good look at SJDJ this area has lot's of "UP" potential to it and if you look and where the prices were 3 years ago, two years ago, and even last year you will see what type of growth this area is bringing to the area and with Costa Rica just down the road a bit and the cruise ships stopping in the area, this area has the makings of being something big. Not a sales pitch even though I do own property in the area. I don't have anything to sell you but have been there and around and it was definately the best choice hands down. I could recommend someone bit it woud sould like a sales pitch but I would go with someone that has more than on development and someone that has at least buildings breaking ground and the closer to the city the better.
STOP THE SPECULATION AND BUILD SOMETHING
I see far too much land speculation and where's the beef. Where is the development of facitlities and houses that tourist's will come to rent the properties and spend money into the economy. Just the continual flipping of land on the Ocean and buildings in Granada. But where are the people that will rent them , spend their week - two week vaction and blow their whole years vaction budget here in Nicaragua. Tell me which of all these hype real estate projects going to start doing something and BUILD SOMETHING.
Is speculation necessarily a bad thing?
I do not know the answer. I see reasons why it might not lead to certain types of growth, and might tend to displace local people if the lure is tempting enough, but I am not sure that land speculation is necessarily a bad thing for an area, or a whole country. Is it?
I think land speculation is really long term over rated
Nicaragua still does not have the world image. Some places and many people still beleive that the revelotion is in existance and there are troops in the streets. What I do believe as I have written in other threads is that certain well planned resorts that develop with full facitlities and with a proper tourism marketing program can be very successful in the coming 3 to 5 years. And also I agree with other threads that we should all care how this growth happens so that Nicaragua does not loose itself to the commercialism that took over Costa Rica. So my opinion look to what I beleive is less than a hand full of well planned developments that have the opportunity to become first class vacation destinations for tourists and that will be the best investments for the next 5 years. If you care to ask me mail me privately.
development in Nic.
Remembering what happened in Hawaii where the foreigners came in and bought up all the land. The indigenous Hawaiins were left in subservient roles to the speculative plans of their foreign "masters". The result has been bad blood between all parties. Mexico has been able to avoid this process by only allowing land leases especially near the coast. (Hooray they kicked out US oil companies when the Gov was busy elsewhere). A foreign investent that has integrity will make the Nicas partners and prepare them to take over full responsibility for the progress of "their" shared business. This foreign investment will also include a high degree of ecology oriented concepts and find ways to market the resources of Nic. using a value added and vertical integration paradigm. Granted, there are not that many investors out there that would agree to treat people with this amount of respect and justice, and to my way of thinking they can stay home. Nicaragua belongs to the Nicas - everything they need to succeed is already around them and within them.
Profit margins vary
Remember in the US realestate is being over values to benifit the buyer, banks and local taxes. The same is happening in Nicaragua. The prices vary for gringos, canadians, ticos,church groups, business and Nicagueseans. I definetly agree with the person who wrote assist in the community, make friends and neighbors outside your language. Be nice but be poor. If you show you are rich you will always be marked as so. If this happens then you are best just paying the internet asking price and move in. If you are a person true of heart you will find a place to change to your desire at the Nicaguensean price. Remember they save for their houses and pay cash. No bank loans for regular folks and when making $6,000 Us is a well off for a person in Nicaragua you know a couple of grand for a house is as much as one can afford. The rich sould just by whatever they want, they are rich. The middle class may be smart not to think they are rich, your money has to carry you many years. First only buy after you have been there. When you are walking around look for the Se Vende sign. Ask why do you want to sell but not as a buyer but as someone just interested in local economics. Make friends but if you have trouble knowing who is true in their heart you will most likely be taken but even this is not so bad in CR they will get you for more. Remember know how much you can spend. Have a twenty year finacial plan. What wealth you do have has to last a long time because working for 150 cordobas a week will not improve your out look. You are now competing for space with people leaving Mangua, church groups, those who have invested in the local water supply, speculators buying up the coast, the peace corp,shrimp farmers and locals. The landscape has changed allot in the last twenty years. The toughest thing any one will face is language. We may just consider knowing the words as being fluent in spainish but I have learned this is not true. There are many sub groups in spainish within dialect and desire. Improve your listening skill and observation of facial and body gestures. Take everything slow and never be in a hurry to buy. Some people know they can get a little bit more money out of you but allot of times things are innocent mistakes because even if you are talking great spainish it is not the spainish they are talking. The language varies from El salvador to Nicaragua to Costa Rica to Panama to Columbia and internally in these countries you can have 10 to 20 other variations. I want you to enjoy the great discoveries but learn sthe starting position. Happiness comes in knowledge. Thanks, again.
YES PRICES ARE BEING OVER PROJECTED TO JUMP
When are we going to see serious investors build on these lots especially ocean view and get the tourist comany's to promote and bring people to live in them. Hey what a novel idea. Not just speculate that land values will rise, but actually have condo's beach houses where people might just come and rent them for a week, two weeks, a month and hey while they are there maybe um spend money around say in San Juan Del Sur, Rivas. If I checked right the hotels are fully booked high season so there is need for more accomadations. Anyone got built units coming up soon, let us know we'll promote it on our Travel Site www.ricanica.com. Hey anyone want to build some affordable houising in san Juan, Yea lot and house say for $75,000 they would rent real well. Only 1 mile from the ocean. what you think people? www.stealthfinancial.com
Listings
Correct me if I am wrong but there is really no such thing as a Real Estate listing in this country. Being the son of a ex-real estate sales person, I am all for that. That is, a buy can find someone they want to work with and just do it.
I have, for example been offered land for $40k that later became $35k from a "realtor". My real estate "friend" did a little research and came back telling me that the owner wanted $30k and told the person who took me to the property that he should sell it for $32k and keep the difference.
This sounds very non-US and, well, it is. But, as long as you understand this, it works. That is, if you pick a crook, you pay. If you pick someone reasonable they you do well. To me, this fits in with a lot of other things here that could best be described as "taking personal responsibility". People here don't sue McDonald's because they spilled hot coffee on themself. It's a nice change.
How to encourage Investors to also be give as hope to gain
Well simply in many of the what I call the B zones of Granada. As I see here and there properties being cheapely bought and then substantially renovated in hope to make a sizable gain on re-sale market. Well then you look around the street and there are intermitent eye sores as so to speak. Nicaragua peoples homes that they simply can afford to make look nicer and not wanting to sell. A good public relations jester is to offer when your renovating put a portion of the costs into renovating some thing that will benifit the neighbourhood. Maybe they need some better or a facility to improve their life or education, I am sure in any neighbouring street some small but meaningful project could be done. You will also gain a lot of good will with the people. So you add maybe 10% to your budget cost but in the long run you probably gain 20 or 30 % more appreciation value in your own investment. Jus a thought.
inmonica.com
inmonica.com is the largest realtor in nicaragua, about 20-40% of the real estate ads in la prensa are placed by them or through them. All real estate agencies are intermediaries (intermediarios) and you pay their commisions in your final price. the worst realtors to deal with are the "gringos" in Granada and San Juan del Sur. If one has the time and patience, look around, rent for a while, make friends and keep a low profile. your house or land will come in time, no intermediaries.
Madera's Inn Hotel and Tours, Masaya, Nicaragua & "The Polyglots" Your Vertical Portal to Travel, Trade and Language Study throughout all of Latin America... www.thepolyglots.com donaldlee@thepolyglots.com
Real estate commissions
Do you suppose that the inmonica real estate commissions typically run about 20 to 25 percent or more? I met a gringo real estate person in Costa R who considered himself to be a fair and equitable guy (he prided himself in not being an outright cheat). He simply added (secretly, of course) $10,000 to $15,000 to the price of any property he represented (regardless of the owner's asking price) For example a $10,000 parcel would be $20,000 and a $100,000 parcel would be $115,000. He reasoned that it is just as much work for him to sell a small parcel as it is a larger one. Up until three years ago, criminals evading the law could fly from the US to CR (Nicaragua also, probably) with a driver license and birth certificate. For sure there are many unscrupulous gringos who remain in C.A. who prey upon hopeful rubes. Then, there are also the gringos (with passports) who run out of money, learn how to be dishonest and get away with it (the court system is slow and you can't get blood from a stone). The various scenarios are infinite. Your thoughtful advice is absolutely the most prudent. However, paying a fair commission, if the conditions warrant it, is not necessarily a huge blunder. For those who are not yet ready to relocate, if you don't buy soon, you might possibly miss the boat. Consider the difference even now between Costa Rica land prices and those in Nicaragua and the continued appreciation of the land value over the last ten years. Still, yes, we must avoid the con men and be patient. Thank you, sincerely, for your sage advice.
dw
If possible deal with natives directly...no "floating gringos"
We now have the land we require for our project...through a Nicaraguan friend..a long time friend..Nicaragua now is the "Wild West", the land of the "Good, the Bad and the Ugly"..Speculators all around..you really have travel down, pick your own place, keep a low profile and look around for a rental to start, then make friends in the community and put out the word you are looking to buy, check out the area thoroughly and again avoid the gringo cons. I have helped a few clients to relocate in Central America simply by steering them to the right people to do the right job, from translations to helping with paperwork, to introducing them around as "friends" from wherever, and then they decide. There was a website posted on one of the forums today that I have been informed is a total "con"..they have offices in Miami and Nicaragua, but be careful..beautiful photos..but one of the principals in this company failed to pay his hotel bill once on Corn Island and a Nicaraguan friend bailed him out..very common down here "offices" are a cellphone and an Internet connection. Upon arrival of course a car and driver is waiting at he airport and the "mark" is whisked down to the land or asked to pay for helicopter to view if in remote area, sometimes the title is not even in the "seller's" name or belongs to or in dispute with the indingenous people as is the case in RAAN and RAAS. Never give anyone a deposit or down payment except the verified owner and with a lawyer who has gotten proof of clear title. A friend of ours bartended 4 years in Guatemala City and invested his life savings of $30,000 with one of these crooks, known as "floating gringos" among us long term residents. Ask for US/Canadian, etc. and local references, if the person cannot speak Spanish..just forget it..find someone bi lingual with at least 5 years or residence and good standing in both the native and the ex pat resident community.."the old coconut/mango telegraph"..I knew out of work actors in New York City in the 70s who worked the "Real Estate" phone gigs selling swampland in Florida and desert plots in Arizona and New Mexico..I bet you on the Internet I could put up a picture of the Taj Mahal, say it's located on the Nicaraguan West Coast and someone would want to buy it up! I learned the hard way Stateside some 30+ years ago when a friend and I invested thousands in a "book deal" with a con artist we had known 3 years, there was no legal recourse really and in Nicaragua even less. There are dozens and dozens of charming sociopaths lodged in the tourist areas of Central America, in fact many who relocate to the "third world" can't make it the "first world" or are unable to return, referring to the above posting..."The Wanted and the Unwanted" ... "Lifestyles of the Poor and the Unknown"..also if you have a chip on your shoulder (a resentment)and travel down this way for a "geographical cure" remember that you carry your emotional "baggage" with you..one floating gringo I met back in the 90s was very skilled in Computers and set up a few systems for small businesses locally in Antigua and Guatemala City during the infancy of Internet Technology, got credit, got equipment to repair, sold everything he was loaned, ran up enormous bills and took off. A woman ex pat resident bar owner there stopped letting floaters run up "bar tabs" years ago..when I had my guide services back in the late 80s I actually had floaters tell me "I'll pay you later" and once they even jumped out of the vehicle and ran away upon arrival at destination. If you are the new "boy, girl or couple" in town, just watch your back. There are a lot of good people in Granada, SJDS etc. Stick around, keep eyes and ears open and mouth shut..and learn that Spanish..pronto!
Madera's Inn Hotel and Tours, Masaya, Nicaragua & "The Polyglots" Your Vertical Portal to Travel, Trade and Language Study throughout all of Latin America... www.thepolyglots.com donaldlee@thepolyglots.com
realtors in Granada
I'd like to hear more of people's thoughts and experiences dealing with realtors. I've read quite a few posts were people advise against using gringo realtors. It would seem to me there are realtors who are honest, fair, and professional enough and those who are not - no matter their ethnic background. We had all experiences while perusing for property in Granada this winter. One gringo construction contractor strongly advised us to go with Nicas saying we'd get MUCH better prices.This was not the case. We found asking prices from Nicas or Gringos to be about the same. We were uncomfortably "swarmed on" by nica realtors who office themselves in the central parque. We enjoyed the open air office just not all the swarming and vieing over us. We were uncomfortably "schmoozed on" by gringo realtors. We were "stood up" by some nica realtors, others were puntual and had it together to show us a place. Is it some of your opinions to forget dealing with realtors altogether? It's tough for us to just hang down there until someone comes along and offers us a great deal and why should they? Why would somebody ask less than what appears to be market value for their property? Thanks for your comments.
Buyers are Liars Vendors never tell the Truth
I don't think of myself as a realtor, I look at property vendors that want to sell( Hey they want to get the most they can ) and I talk and promote properties to buyers ( Hey they want to pay the least possible ). Then the cycle continues It a matter of supply and demand. Right now the demand has slowed. It may get strong again high season, if enough tourist come and there is need for more accomidations then prices will go higher. Remember the old phrase Location, Location, Location. Granada has some great areas and improving areas, just know your location. I have a vendor that has a great property great location and he is willing to be negotiable as he has other projects so this just might be a good investment, and hey it's a multiple unit new renovated house so I think can be full occupancy and good revenue. But I'm not a realtor. I look and help people match their interests. Barry
good advice thanks
good advice thanks
I second that
This isn't unique to Nicaragua--for example, people were sold platted lots near Olympia, Washington which turned out to be under water. I feel very fortunate to have found Omar here in Estelí. I don't know that he isn't making a buck on the side but everything points at that not being the case.
Besides getting me my house and going shopping a lot with me, he has steered me clear of some deals that, while not terrible, had a few thousand dollars going to people for doing nothing.
Just look at all of this as trading time for money. If you have too much money, someone will help you "redistribute" it. But, if you really want to be come part of Nicaragua you need to invest the time anyway. Why not invest time first, money later?
If you "have to buy land" contact me.
I have many business and government contacts in Managua and other parts of Nicaragua who are bilingual and are involved in the both Real Estate business and assist foreigners in obtaining their business residency, I can get you set up in a matter of days, however business is business and we all must charge fees for our services, my service is consultant, oral interpreter and guide/security when in Managua (where I resided when living in Nicaragua). My consultation fees are only waived in the case of those traveling to Nicaragua to volunteer. When I first started many years ago in Antigua and Guatemala City, Guatemala I made the mistake of "people pleasing" and wound up getting ripped off a few times by "fellow americans", Valerie Randall, a friend of mine who still owns and operates "Shakespeares Pub" in Guatemala city used to let foreigners on long term stay run up "bar tabs", no more, no explanation required, we all learned the hard way. You are either interested or you are not. punto. Happy Holidays.
Madera's Inn Hotel and Tours, Masaya, Nicaragua & "The Polyglots" Your Vertical Portal to Travel, Trade and Language Study throughout all of Latin America... www.thepolyglots.com donaldlee@thepolyglots.com
Prices?
I have checked out these sites most are in spanish what currency are they using nica or usa currency?
BRING USA
You convert to Cordobas as you need here. Big establishments give fair exchange 16.52 to $1.00 now.
Avoid Ex Pat "Experts"
I posted this on our Nicaragua_Photos yahoo user group today as someone from Nicaragua had posted an advert on this non commercial not for profit group. To join our group and submit your photos of Nicaragua view:
To visit your group on the web, go to: http://groups.yahoo.com/group/Nicaragua_Photos/
Yahoo ID required to join.
Happy Holidays and a prosperous New Year to all the members of this user group. At present we can boast over 50 members and growing. This is not a commercial user group. I am a resident in Central America for many years, am fairly integrated into society and speak, read and write Spanish. There are many commercial usergroups, sites for expatriates and other networks in both languages that you may freely advertise on. I work with a for profit website and do the same "off group". Remember, all one OWNS in Central America is his/her reputation. This is a very small ex pat and native community and word gets around fast "por telegrama de boca a boca" in the event you are profiteering or using unsavory business practices. (review my article posted below) In 1998 I witnessed the devastation wrought by Hurricane Mitch which rendered 1 out of every 5 Nicaraguans homeless and in some remote rural areas reconstruction is still proceeding. Don't worry if you do not have too much money, and you don't have to be fluent in Spanish, just fluent in "smiles"! you may always visit Nicaragua any time of the year and donate some time or perhaps just volunteer to teach some underprivilged kids English or Computer skills. If you are planning to donate or volunteer, and desire to know how to get from Point A to B in Nicaragua, who and how to contact in Masaya, or need help in translating E mails, sending SMS (text) messages to cellphones in Nicaragua, etc. just drop me a line. informatica29@yahoo.com "And a word regarding "Ex Pat Experts"....
Remember that the word "expert" is very often used loosely in the "expatriate" community (I prefer "freedom seekers" myself), on many websites and their forums, English language "how-to" books and publications and on business cards. Albeit, there are many highly qualified English speakers residing abroad, nevertheless, one should exercise extreme caution when dealing with foreign residnts who consider themselves "experts" in say Mexico, Central America & The Caribbean, Eastern Europe and Southeast Asia especially. Simply because a person was a qualified professional in his/her home country may not qualify him/her to be an expert abroad, especially in non-English speaking developing countries where cultural norms as well as the educational and legal systems may differ radically from North American or UK standards. However, some do CONSIDER themselves to be such only because they have lived in a foreign country for a few years or even less in some cases, some for only 5-6 months out of every year! **REMEMBER - ANYONE CAN BUILD A WEBSITE AND SAY ANYTHING THEY WISH ABOUT THEMSELVES Therefore, I would ask you to inquire of myself the following before you, I and any part of my organization or any of my associates do business:
1. Ask for references. If unable to provide any you will know at once you are being duped or sold shoddy services.
2. Ask how long the person has lived in the country, if they have resided there for say less than 7 years, take caution.
3. Just because a person was a professional such as an Engineer, Doctor, Lawyer or Real Estate Agent in North America or the UK does not qualify him/her to sell professional services within nor give out professional advice within a foreign country.
4. BEWARE of those colorful well designed internet newsletters and websites with which the so called experts build to attract naive "wannabe" and "newbie" expatriates. Many of these sites have a hidden agenda including high prices for membership and expensive seminars.
5. And most important, there is NO WAY any person may claim "expertise" UNLESS he/she is integrated into the country's society as a functioning member and is fluent in the local language. Some of these "experts" I met personally in my region, in the large expatriate communities of Antigua in Guatemala, Granada in Nicaragua and San Miguel de Allende in Mexico, foreigners who had rented either an impressive home in the restored areas or a condo in a gated community nearby the towns, very few of them spoke Spanish well and even fewer were integrated in local society. As well, these type of places, due to the large number of naive residents and visitors passing through, also attract their fare share of the "grifters and grafters", known to us local ex pats for many years as "floating gringos", who set up all kinds of small ventures, especially in Central America, and especially in the area of investments & real estate, exploiting many naive new arrivals who tend to "trust their own". Often these "floaters" are very clever sociopaths on the lam from the tax man or the law in their native land, and often, since they've been around a while, these scammers often speak fluent Spanish and work with less than trustworthy natives who may be able to provide you “excellent” local and internet references. Often on their newsletter websites they boast of supporting orphanges and releif projects, using doctored photos and phony testimonials (for this information contact me). Hence in our local "ex pat" lore: "The Good, The Bad and the Ugly....The Wanted and the Unwanted...Lifestyles of the Poor and the Unknown..Dorothy, You're not in Kansas anymore" Humor helps, beleive me. Had it not been for my family connections and advice of good and true native friends, I would have been duped several times during my first few years in Central America, others I knew(both ex pat and native alike) were conned by these scammers, some lost life savings and returned home broke and in despair. Take the time and effort to check out anyone doing business abroad or from the internet who is trying to gain your confidence.
ADVICE/AVISO - if thinking of long term stay or residence in Nicaragua/Central America learn to speak and understand as much SPANISH as possible ¡"lo más pronto posible"!
To sum it up, I am an excellent consultant, guide and oral interpreter and I am able to get you hassle free from point A to point B and to introduce to you to others in my region I have known personally for many years who are experts in certain areas and try to insure that you will not get ripped off. However even though as of January, 2005 I have lived and worked in this region for 19 years, I still do not consider myself an "expert", since I am learning something new every day myself.
"An expert is someone from more than 200 miles away that knows everything about everything and nothing about nothing"
If planning on volunteering for any worthy cause that has been approved and recommended by moderator of this user group,(referring to Nicaragua_Photos: NOT nicaliving.com) my consultation services are given freely to either individuals or groups. Contact the moderater of Nicaragua_Photos for more information on projects in Nicaragua: glenn_seavers@yahoo.com
Madera's Inn Hotel and Tours, Masaya, Nicaragua & "The Polyglots" Your Vertical Portal to Travel, Trade and Language Study throughout all of Latin America... www.thepolyglots.com donaldlee@thepolyglots.com
Our Expanding Mission Stea
Our Expanding Mission
Stealth Nicaragua Real Estate Services has embarked on new opportunities that our changing and challenging world has to offer.
The management of Stealth has recently undergone some restructuring and has added some important new directions and new partners. We have made associations with some new young professionals that have the talent, the knowledge and the will to make Stealth Nicaragua Real Estate Services and Rica Nica Travel and Tourism your Nicaraguan connection.
Central America still continue to present investments from around the world. Though the last five years have been tremendous in Costa Rica, we feel that this boom is nearing it’s peak at the moment. Therefore, our new focus will be here in Nicaragua. From here, we will continue to offer people the best services in investment opportunities.
Sometimes we also come to crossroads in life where you realize that what one can contribute is as important as what one can gain. Part of our restructured goal is the belief that we can make a difference in the lives of the people of Nicaragua. We can contribute to this culture in a way that makes people succeed and once again have a sense of pride in their lives.
We continue to take pride in providing our investors and clients with the best professional services of Offshore Panama Structures and Offshore Financial Investments, and we will always remain first class. This goal has not changed.
The unique addition is our genuine interest in the culture we are dealing with, giving you the opportunity to make a difference too. Together we can have success in business and highly profitable investments, and at the same time be conscious about the culture and the ecology of a growing and expanding country. You will see that Nicaragua has many things to offer. Also our firm policy is that we represent the buyer but yet fair to the vendors. So at all times both sides are aware of our commission structure. Our commissions will never exceed 6% on any transaction. We do not take a position on a property to re-evaluate it's potential and then over price it with hype and last chance storeis.
And remember to check out Rica Nica Travel and Tourism a new division to provide you with the very best in travel arrangements, accommodations, tours and adventure. Come experience the real culture of Nicaragua. The best kept secret is now here for you to enjoy.
We hope you agree. Do check back to the web site for many exciting new additions and directions, and see what Stealth can do for you.
Thank You from: The Management and Staff of Stealth Nicaragua Real Estate Services and Stealth Financial Services Http://www.Stealthfinancial.com
A piece from my last news letter
BUYERS ARE LIARS AND VENDORS NEVER TELL THE TRUTH What is it about real estate that makes the greed factor so predominant. Anywhere in the world the vendor wants to get the most and the buyer wants to pay the least. At least in most North American and European countries there are established rules, regulations, licensing, and members of a board that regulate real estate agents activities, ethics and fees. Not so for most of Central America. Almost anyone can hang up a shingle , proclaim to be the best and most honest, but there are no governing rules imposed by the governments. So BUYER BEWARE.
So what makes us different. Stealth Nicaragua Real Estate Services has a firm policy of Net Price to the Vendor, plus 6%. No more, No less. The Vendor knows what they will receive, the buyer knows what they will pay. Who do we work for ? Generally the purchaser. Well lets think about it ! Almost any property is for sale by a vendor at a price they are willing to accept. But there is no transaction unless there is a buyer. So the buyer is the market maker. Let me give an example from my 15 years as a stock broker. You have a regulated market whereby there are vendors of ABC Stock at one price and there are purchasers of ABC Stock at another price. The market moves up and down depending on the mood of buyers and the mood of vendors on any given day. But if the buyers are not there at the offered price, the market price falls. If the buyers are anxious to buy the vendors will ask higher values.
Well real estate is the same except for the hype of wanna-be real estate agents. Real Estate in Central America is a lot of hype and hope, the market will continue it’s rise. But that maybe not always the case, as much of Costa Rica’s oversold high priced market is experiencing right now. Nicaragua however still offers buyers the best opportunity right now. Thus the best kept secret, till now. Engaging the best lawyers to ensure your property ownership is also so more true here in Nicaragua. In the Stealth Financial web site you will find links to the most reputable legal firms to ensure your investment is secure and safe. With our network of associates in Nicaragua, Stealth Financial has made contacts with the best and most honest people for property development, management, security, all that is needed to know that your investment is a good investment.
Most all be fair, be honest, Treat the Culture of the people of Nicaragua fairly and they will give you their trust back in return. Parafrasing from a freind I have met on the net and I beleive he writes above here in one of his replys "Your name is your reputation, treat it with all you got, sometimes you may not get a second chance to make a first impression. "
I would like to extend my thanks for the many excellent words of advise and information provided by Nicaragua_Photos, Gleen, Donald, Uri. All I look forward to join their ranks of doing good honest efforts. I highly reccomend them just based on there guidelines of business I think are excellent.
Barry
Nicaraguan Discussion Group
In case anyone is interested, I just started a Nicaraguan Yahoo Discussion group. It's an open forum for potential and current investors in Nicaragua, with a special interest in real estate.
You can join here if you'd like: http://groups.yahoo.com/group/investingnicaragua/join
allison