Dec. 23, 2009
San Salvador, El Salvador
PLUS:
- Fireworks, Firecrackers, and Noise Makers...La Nochebuena In Nicaragua...
- Why Not Turkey?...
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12 Days Of Christmas!
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Dear Live and Invest Overseas Reader,
"A longtime friend, a Canadian attorney, lives in
San Salvador," writes Central America Correspondent Michael Paladin, "where he's buying a 1,000-square-foot two-bedroom condominium in a newer project for US$80,000. He's making a 10% down payment and arranging a 15-year mortgage. In addition, he's recently purchased a beachfront lot of a quarter-acre for US$40,000. How long did it take you to close on your purchase, I asked. A little over a week, he explained. I found that astounding, but he is a lawyer, after all, and knows contracts.
"Still, a week to close seems extraordinary. On the other hand, the process of renting or buying real estate in El Salvador is straightforward. There are no restrictions on foreign ownership, and title insurance is available through First American Title (
www.firstam.com).
"You find the usual 'For Rent' and 'For Sale' ads in the two most popular newspapers,
La Prensa and
El Diario Del Hoy. Of course, everything is in Spanish. Neither do any of the 12 real estate agencies operating in this country seem to employ English-speaking staff. Your ability to read and speak the language determines how you navigate the process. If you aren't comfortable launching your property search in Spanish, seek out English-speaking help in the form of an
abogado (attorney). You'll need one anyway to process your transaction. You can look in the 'Yellow Pages' under 'A' to find the bi-lingual help you need. Better to seek out the referral of another non-local who has already bought and can recommend the attorney who helped him.
"For four years, until this year, property values had increased 8% to 10% a year in this country. The appreciation was mostly the result of speculation. Now, with the down market worldwide, values have fallen by at least 15%, and the absorption rate is flat. In other words, this could be the best time in some time to think about moving to this quiet and peaceful country.
"You can rent for as little as US$400 a month; for US$800 a month, you can find a furnished two-bedroom unit. Houses in the better districts start at US$1,000 a month, but you're renting a mini-mansion in a neighborhood where the streets are safe and quiet, and furnishings are usually included.
"San Salvador is divided into zones. The best are the Colonial Escalon, the Zona Rosa or San Benito area, and the Santa Elena area southwest of downtown. In the Escalon district, a five-bedroom mansion with a view, pool, eight-car parking, and a detached studio has an asking price of US$900,000. Other smaller homes start at US$400,000. There are less expensive options, such as condominiums, starting at around US$100,000 for a smaller two-bedroom unit.
"If your more interested in living in the suburbs or on the coast, take the drive to Puerto Libertad. Fifteen minutes away and on the way to the nearest beach to the capital, here you find several new developments of detached Mediterranean-style homes on the hillsides, selling for US$300,000 to US$400,000. The road is a new and well-designed four-lane concrete thoroughfare that is 80% completed, using Millennium Funds from the United States. When it's finished, expect the prices of beachfront properties in this area to rise.
"Puerto Libertad itself? The guidebooks don't rave about it, but it's better than most Central American ports. The surfing is considered world-class, and the beaches are clean.
"Southeast of the port lies the Costa del Sol, the weekend getaway for San Salvador's monied class. There are high-end hotels, miles of white-sand beaches, sprawling mansions, and affordable condominium units starting at US$135,000 (furnished and with ocean views). Northwest of Puerto Libertad, the coast snuggles up against a mountain range, and the inlets and bays are reminiscent of the Mediterranean. The road is superb, leading to one beach town after another--Playa El Majahual, Playa El Tunco, Playa El Sunzal... The farther west you travel, the less developed the beach areas become. If you follow any of the winding roads off the main highway towards the beach, you'll notice many '
Se Vende' (For Sale) signs, some with telephone numbers.
"Salvadorans have not embraced the concept of listing their properties with a real estate broker when they want to sell. This is very much a word-of-mouth market, and there are two prices in every case--that for the gringo and that for their compatriots."
Kathleen Peddicord
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2010 Conference
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And, right now, for a limited time, you can reap all the rewards and enjoy all the benefits of full-fledged Panama Circle membership without paying full price--at least not all at once, up front.
During this limited-time New Member enrollment period, you can arrange to pay for your membership in installments.
If accepted as a New Member, you are invited to join us for our timely and comprehensive Panama event this February, and every Panama event we hold during your lifetime, as our guest. Like every other Panama Circle Member, you're also invited to bring a friend with you free.
This couldn't be easier. And the opportunities in Panama right now couldn't be bigger.
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"Tomorrow, Christmas Eve (La Nochebuena), starting about 7 p.m.," writes friend Tuey Murdock living in Managua, "there is a Posada Mayor in every town throughout
Nicaragua. Children dress up as Mary and Joseph and recreate the nativity scene with live animals. Each pilgrimage ends in a church, where, at 10 p.m., Mass is said, and the baby is placed in the crib. Then all go home for a midnight feast of food and presents and visiting from house to house for many hours, sometimes until dawn, all accompanied by fireworks, firecrackers, and noise makers.
"I can't wait..."
"Kathleen, I have been following your articles for almost a year now, and I have not seen anything yet about
Turkey. I would like to retire close to Europe, and I'm thinking Turkey. I know that quite a few European and Americans have settled on the Aegean and Mediterranean shores of this country. My North American friends who have lived in this country for a few years have an extremely positive feedback regarding the weather, the cost of living, and the social life. Your comments would be appreciated."
-- Ned A., United States
We commence our New Year
Overseas Retirement Letter coverage will a full Retirement Report on Turkey. Our Correspondent agrees. He, too, has much positive to say about this near-to-Europe option.
If you're not yet an ORL subscriber, you can become one in time to receive this January 2010 issue and save more than 50% off the regular subscription rate during our current
12 Days Of Christmas Sale. Full details here.
"Kathleen, would you please write about
Antigua, Guatemala?"
-- JoAnn C., United States
In fact, we have. Our full Retirement Report on this city, one of favorite colonial towns in the region, is featured
here.
And, again, it's 50% off during our 12 Days Of Christmas Sale.
