Feb. 12, 2010
Laguna d’Apoyo, Nicaragua
PLUS:
- The Cost Of Living In Languedoc, France--Basket Of Goods Comparison 2009 Versus Today...
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Dear Live and Invest Overseas Reader,
In the current global climate, crisis real estate investment opportunities are crossing my desk regularly. One forwarded yesterday by a colleague in Nicaragua got my attention.
My colleague has a friend. The friend owns some lots in Nicaragua that he wants to sell. Quick. He's offering a cash buyer such a tremendous discount from his original purchase price for the lots that, in fact, I am tempted to jump myself.
The deal is simple. The owner has six lots. Five are about 3/4 acre each; the sixth is about 2 1/2 acres. He paid a total of US$540,000 for the six lots about three years ago. Right now, he's willing to sell them as a package for US$245,000. Less than half what he paid.
Why would someone do this? It's no big mystery. The seller needs cash. We can all sympathize, I'd say. We all find ourselves in this position from time to time. It's not that he wants out of the market. In fact, he'd rather not sell, as he had development plans. His idea was to develop the large lot into 8 to 12 condos.
The properties are on the rim of the Laguna de Apoyo near Granada. They sit about 2 miles from the main Granada-Masaya paved highway and can be accessed easily from the highway, from Granada, and from the road that leads to the lakeshore on the south side of Lake Apoyo.
Water and electricity run by the property and are ready to be connected. The seller has a title insurance policy already in place for all the lots.
I'm not going to try to sell you on Nicaragua or on Granada or on Lake Apoyo. If you're interested in the market in this part of the world, you already know the selling points. I'm simply going to state the obvious: A 55% discount off purchase price for this land is a great buy. This qualifies as a legitimate crisis investing opportunity.
This works out to approximately US$9 per square meter. This is an excellent price compared both with serviced lots in other parts of Nicaragua and with the price of raw land in other expat destinations in Central America.
The upside is there. As is the country risk of Nicaragua. I believe the current down situation in this country will pass. Take advantage of this opportunity, which amounts to a crisis investing fire sale, and, when the local political risks have subsided, you'll be positioned to benefit from the appreciation that should follow.
You can contact me here if you'd like to be put in touch with the seller.
Lief Simon
P.S. This qualifies in my mind as an "in the market" opportunity--a great deal for someone paying attention to a particular market and ready to act.
Being "in the market" means, simply, that you've built a network of in-country contacts and resources who know to send you details of opportunities when they arise.
Not every one will appeal or make sense within the context of your current circumstances or overall investment portfolio. But every now and then, the right opportunity will come knocking. It doesn't take that many...
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"How could you even think to cross
Boquete, Panama, off your list? If you did, you had no list. My wife, a Tica, and I were there a couple of years ago, and we loved it."
-- Walter M., United States
"Kathleen, thanks for the generous reports, much appreciated. I am particularly interested in
France and am a little confused that I couldn't see any appreciable differences between the latest 2010 (just received) and 2009 budgets you've produced for this country. This was particularly noticeable in the Languedoc Shopping Cart, which seems to be identical to the one published in the March 2009 issue of your
Overseas Retirement Letter. I think the shopping cart element you do is brilliant, but it needs to be current to have value.
"I so enjoy your letters and insights into various countries, so please don't take my comments as a criticism. This is simply an enquiry, as I want to get a more accurate fix on this area, as I am considering it closely."
-- Les V., United States
France Correspondent Lucy Culpepper replies:
"You are completely correct, dear reader. It was time to update this shopping cart, and that's what I've done.
"The previous grocery list, published in last year's
Overseas Retirement Letter issue on
Languedoc, was based mainly on items and pricing at the mini-market in the village of Cessenon-sur-Orb. My new list is from the supermarket Carrefour in Cazouls-les-Béziers, about 15 minutes from Cessenon. The reason for the change? Better prices and a better selection in winter.
"Bottom line, my new shopping cart shows that prices for most everyday items have fallen, with a few exceptions (for example, turkey, fresh coffee, milk, and bakery products). Total cost for the items in my basket in 2009 was about 10% higher than the total cost for the same basket of goods right now.
"Fresh produce prices vary seasonally in France. At the moment, fresh fruit and vegetables are relatively expensive, but the costs will come down over the next couple of months. I've noticed that French people like to shop for what is in season rather than buying everything year-round. During spring, summer, and fall, it's worth shopping at the farmer's markets in Cessenon and St. Chinian."
Editor's Note: Full details of Lucy's revised shopping cart for Languedoc, France, will be shared with all
Overseas Retirement Letter subscribers. If you're an
ORL subscriber, watch your e-mailbox for the Special Alert coming your way. If you're not,
get on board here now.
