Real Estate In Coastal Uruguay
Developers Getting Creative—Finance Your Dream Buy In Safe, Stable, Affordable Uruguay
June 24, 2009
Piriápolis, Uruguay
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Dear Overseas Opportunity Letter Reader,
"Developer financing," writes resident global real estate investing expert Lief Simon. "That's the buzz word in the international development arena right now, especially in places where bank financing isn't generally available. The market is such that even those with the wherewithal to buy their dream homes overseas simply aren't making the buy decision. They want to hold on to whatever cash they have 'just in case.'
"As a result, developers are getting creative, coming up with all kinds of attractive offers allowing for payments over time, to try to push buyers off the fence.
"For example:
"The developer at Sugar Loaf Ocean Club and Spa in Uruguay, a longtime friend, has put together a lot purchase package specifically intended to make the buy decision as irresistible as possible. The offer is straightforward and appealing. You buy with only 30% down. The balance is paid over 18 months. No interest is charged.
"The first set of lots David put aside to include as part of this special offer sold out in a matter of weeks, so David, at my request, has pulled another 12 lots from the next section of the development to allow us to extend the offer to Live and Invest Overseas readers.
"Furthermore, David is right now offering a discount on the lot price if you move quickly.
"In many cases, the creative financing offers being made in response to the current investment climate are for developments still on the drawing board. Construction at Sugar Loaf is under way. Roads have been cut, houses are going up, and infrastructure is going in.
"When built out, the private community will include a clubhouse, tennis courts, and stables, making it unique in this coastal region of Uruguay. In this area of the country, it's far more common for the developer to sell you a lot and then to leave you on your own to build a home. No amenities, no community, no construction standards.
"In the case of Sugar Loaf, once you've bought your lot, you can have the developer build your house for you. Of course, you can also opt to work with an outside contractor, but you still must follow the design requirements set out by the project architect. This is a good thing. You don't want to invest in a development where your neighbor could be free to throw up any old shack or shanty alongside your dream retirement getaway.
"Typically at Sugar Loaf, lots are sold with a build requirement. Again, this is a good thing. It means you aren't buying into a ghost town, a place that never moves from vision to community.
"However, again in the interest of making sales in the current climate, the initial 12 lots released in this latest section of Sugar Loaf, called Tranquilidad, do not come with a build requirement. You can choose to hold your lot as an investment or to build when you are ready. Of course, the sooner you build, the sooner you can get in on the rental program.
"The list price for each lot in Tranquilidad is US$59,900. However, as I mentioned, as part of this special pre-launch offer, through Aug. 1, when the lots will be released to the general public, you can buy for US$49,500. The lots are one-quarter of an acre, and every one has an ocean view. An ocean-view lot in a community with amenities for less than US$50,000 is harder and harder to find, even amidst the current worldwide real estate slowdown.
"As I said, these Tranquilidad lots will be released to the public on Aug. 1. As a Live and Invest Overseas reader, you have the opportunity now to reserve one at the pre-launch price with a fully refundable deposit of only US$5,000. If you visit Sugar Loaf before Aug. 1 and decide not to proceed with your purchase, David will return your US$5,000.
"At the discounted pre-launch price, the 30% down payment amounts to US$14,850 (the US$5,000 deposit is applied against this amount). Your 18 monthly payments would be US$1,925.
"For the price of a luxury car in the States, you could be on your way to an international lifestyle overlooking one of the nicest stretches of coast you'll find anywhere in the world.
"Of the 12 lots that David released for this offer, 6 have been reserved as of today. I've no doubt that the rest of the lots will be reserved before they are released to the general public Aug. 1. If you've been on the sidelines, waiting and watching for a retirement planning or land investment opportunity, here it is. Go here now for more details and to get your name on the list to reserve one of these lots at this special pre-launch price."
Kathleen Peddicord
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The Safest Haven In The Americas Is Also...
Beautiful, with dramatic ocean and mountain views, warm, welcoming, and friendly. This is the best of small-time life, Old World charms, and big-city comforts and diversions... plus beach and marina access.
And, yes, very, very affordable.
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