Feb. 22, 2010
Antigua, Guatemala
PLUS:
- Updated Shopping Cart For Living The Sweet Life In Languedoc, France...
- "You Guys Are Doing An Incredible Job Of Getting The Information Out To Your Readers Without Sugar-Coating The Facts"...
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Dear Live and Invest Overseas Reader,
"Record snowfall?" wonders Central America Correspondent Michael Paladin. "What's that?
"Maybe it's time to think about giving away the snow shovel, along with the rest of your winter equipment. Here in Central America, there's a Land of Eternal Spring (also know as Guatemala). In the middle of the country is a small but enchanting 15th-century Spanish-colonial city set in an idyllic valley surrounded by three tree-covered volcanoes.
"Situated at 4,500 feet altitude, the weather is perfect. You need neither air conditioning nor heating. No need for screens on the windows either. The name of this Shangri-La is
Antigua, internationally known and famed for its architecture and ambience. Tourists from all over the world walk the cobblestone street year-round, oohing and ahhing over the pastel colors of the perfectly preserved colonial buildings. Even those colonial structures in ruins are picturesque. There is a small colony of interesting expats and a vibrant social life.
"The other thing worth noting about Antigua right now is that there have been interesting changes in the real estate market...
"It's possible right now, more so than ever before in the history of this market, to arrange owner financing. Specifically, the following properties are currently on offer by sellers who would be interested in carrying back part of the purchase price:
- Two-bedroom, two-bath house in an outlying suburb of Jocotenango; US$110,000, 25% down, 10-year note at 8%...
- Three-bedroom, two-bath townhouse in superior outlying suburb known as PanoramaUS$145,000, 30% down, 20-year note at 8.5%...
- Three-bedroom, two-bath townhouse, furnished, in same suburb; US$175,000, 50% down, 10-year note at 9%...
- Three-bedroom, two-bath house with a three-car garage in another suburb, San Pedro El Alto; US$165,000, 35% down, 5-year note at 9%...
- Three-bedroom, two-bath house in same suburb; US$210,000, 40% down, five-year note at 8.5%...
"This is not the time to be considering an investment in rental units, residential or commercial. Rents have been dropping for months, and vacancies are not turning over as they did a couple of years ago.
"At the same time, old-time Antigueno owners who inherited their rental properties don't need to soften rental prices to maintain occupancy. They don't have to worry about making mortgage payments or making an investment return. They'd rather, in cases, have their units sit empty rather than lowering the rent. This creates a distortion, and you shouldn't be fooled by rents you see advertised. Landlords may advertise these rents, but they don't earn them.
"A local magazine publication that had been occupying the same building for 14 years recently had their rent raised, against all reason. They found a better building for a lesser rent.
"Decent residential rentals within Antigua range from US$450 to US$850 a month and are usually furnished."
Kathleen Peddicord
P.S. For more information on any of the owner-financing offerings Michael reports on,
get in touch here.
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"I've finished updating the Shopping Basket for the
Languedoc, France, budget I created for my
Country Retirement Report on that region," writes France Correspondent Lucy Culpepper.
"In my research for that effort, I read an interesting article in the newspaper reporting that the cost of shopping in France depends very much on where you live, even when comparing the same supermarket's branded products.
"On the same day, a friend here told me to try out the supermarket E.Leclerc's online store based in Pau. So I went online to buy the same products that I normally would buy in person in the Languedoc Leclerc (actually I got my Mum to do that on her weekly shop!). I found that E.Leclerc was about 28 euro cheaper. Quite a difference.
"The report, commissioned by the association Familles Rurales, found that the most expensive places to shop for groceries in France are Ardennes, Lot, and Nord. Neither the Languedoc nor the Pyrenees-Atlantic were included on the list of 25 most expensive places to shop (the list only went up to 25)."
Editor's Note: Lucy's updated Languedoc Shopping Cart is being forwarded separately to all
Overseas Retirement Letter subscribers. If you're an
ORL subscriber, watch your e-mailbox for the Alert from Editor-in-Chief Lynn Mulvihill.
Lucy's next France Country Retirement Report, to be featured in the March issue of the
Overseas Retirement Letter, will focus on the Bearn region, another charming, historic, and surprisingly affordable place to think about basing your Continental adventures. If you're not yet an
Overseas Retirement Letter subscriber,
get on board here now.
"Kathleen, I really appreciate how the communications are being handled in your
Panama Letter as compared with similar publications from other groups. There is much more apparent honesty, openness, and clear communications of your thoughts and the thoughts of your contributors. I appreciate that.
"As for
comparisons between Ecuador and Panama, my thought is that Ecuador has very sweet people and pockets of wonderful places to live. However, the overall infrastructure is vastly different from that in Panama. Panama has more paved roads and is continuing to pave others, plus Panama has more restaurants and hotels, as well. I also believe, as you point out, that the asset protection and secrecy are better in Panama.
"I just wanted you to know that I think you guys are doing an incredible job of getting the information out to your readers without sugar-coating the facts."
-- Randy R., United States