Articles Related to Nicaragua

"Well, if you'd like a tour of the city, I'd be happy to oblige. Are you having lunch? I'd love to keep you company. I could tell you about Granada. This is a beautiful town with a long and colorful history. I've been living here for five years. I know the place well. Are you thinking of moving here?"

"No," I replied.

"It's a great place to live. And real estate is a great bargain. This is the time to buy. Do you like old buildings? The old colonial haciendas of this city are a treasure. I know of two available right now for very good prices. These are the best buys in the city. Both are owned by friends. I could take you to see them after lunch if you'd like?"

"I'm meeting a friend. I don't think I have time for a real estate tour today," I explained.

"Well, then, maybe tomorrow. As I said, I've been in this city for five years. I know it better than anyone else you're going to find. In fact, I'm the local representative for Live and Invest Overseas. I've been working with the publisher for that organization, Kathleen Peddicord, for years. Maybe you've heard of her? Kathleen has been writing about investing and retiring in Nicaragua for a long while."

I'd never seen this man before, and, clearly, he'd not met me until this chance bar encounter. I didn't make an issue of these facts but let the fellow finish his pitch. Finally, my friend arrived, and I was able to break away. I never ran into this particular gringo Granada property expert again, but the story of my brief exchange with him has stayed with me, because it's a good example of the absurd lengths these guys will go to hook a buyer.

As I said, in these kinds of markets, the challenge isn't finding a real estate agent to show you around. They pick you out by the color of your skin, your dress, and your gait and posture as you walk down the street. The challenge isn't finding one to take you shopping; it's finding one you feel comfortable doing business with. The best strategy is to speak with as many as possible and to take nothing any of them tells you at face value.

Likewise for property developers in these kinds of emerging Wild West markets. A good rule of thumb when touring with a developing market developer is to buy what you see. He'll drive you out to his beach. There, at the shore, he'll have erected a small clubhouse. Come in, have lunch, enjoy a drink, he'll say. The fish is fresh. My guys caught it just offshore from our beach this morning. And the rum is local.

After you've eaten your fill, the developer will take you out in his 4X4 or maybe on horseback to explore the beach and the surrounding countryside. As the sun is beginning to slip behind the horizon, and the ocean's surface is glittering and dazzling, the sky behind it turning fire red and orange, the developer will begin pointing. Over there, he'll say, is where the new clubhouse will be constructed. What you see today is only temporary. Down there will be the dock and, over there, the marina. On the hills all around us will be the houses. Just look ahead. Look at that sunset. This could be the view from your front porch. You could have a front-row seat for this show every evening.

Come on, he'll continue. Let's head back to the clubhouse. It's time for some Sundown Rum Punch.

You're smitten. Who wouldn't be? Nothing wrong with appreciating what's being put on the table in front of you. The coasts of Nicaragua, Panama, Belize, and the Dominican Republic, for example, are special and extraordinarily beautiful. Seeing them for the first time can make you weak in the knees. The feeling can be something like falling in love. Don't resist it. Give in and savor the experience. But don't so lose your balance that you marry the first beach that charms its way into your heart. Ask yourself, is this the beach you want to grow old with?

Enjoy the developer's hospitality, his fresh fish, even his rum cocktails. Let him make his pitch. Then take your leave. Go find out what the guy at the next beach has to offer. And the beach after that.

Then go home, sober up, and consider your options from a distance.

I enjoy a local rum cocktail at sunset as much as the next girl, but I've learned to wait until the effects wear off before I begin talking business.

Kathleen Peddicord

P.S. Margarita Madness...net pricing...rights of possession property and other history of ownership issues...how to shop in a market where there's no Multiple Listing Service...in short, everything you need to know to invest safely and profitably in real estate in a foreign market, detailed by the savviest global property investors you'll find anywhere in the world...several dozen of them.

That's just one part of the plan for our second-annual Global Property Summit taking place in March 2015. Lief Simon and I have invited colleagues and friends from across the globe to participate in this conference. This will be the biggest global property event of 2015.

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Cleaner, for one thing. Granada, San Juan del Sur, and even Managua are noticeably less littered than I'd remembered. We met several people who talked about different "pueblo limpio" projects that seem to be having the intended effect.

Nicaragua right now is cleaner...and busier. Granada, my pick for the most romantic city in Latin America, is more active today, I'd say, than at any time during its near five centuries of history. The setting for this colonial town is like out of a fairy tale—the lake, the volcano, the mountains... At night the backdrop is an ink-streaked sky that, just before the sun sets, illuminates the yellow and white cathedrals in ways that would have inspired Matisse to set up his easel.

That background is there, as it's always been, but it's harder to pick it out today for the crowds. The streets of Granada and the central square are packed from early morning until late evening with travelers and backpackers, expats and locals, retirees and investors. It's a crazy mix of folks that creates the atmosphere of a carnival. One street extending from the square to the lake has been pedestrianized and is lined with restaurants and bars, all with outdoor seating. Musicians and singers wander from outdoor table to outdoor table serenading for tips. Young men set up boom boxes on the sidewalk, hit play, then break into Michael Jackson routines and acrobatic displays. Old women sell scarves they've woven, men hawk bootlegged CDs. This isn't a place to come these days for a quiet dinner.

But you have other options for that. Granada boasts good new fine-dining establishments and five-star hotels, more choices for where to eat and where to sleep than ever.

Everything is a bargain. Panama City, where we call home, is no longer a cheap place to hang out, but everywhere in Nicaragua sure is. We stayed in one of Granada's best hotels, the Gran Francia, for US$60 a night including breakfast and Wi-Fi. We drank Nicaragua's Flor de Cana rum (great stuff) and Cokes for less than a buck a go. We bought handmade hardwood serving bowls and platters as souvenirs for US$4 and US$5.

The traveler's dollar (they take dollars almost everywhere) goes a long way in Nicaragua still, and so does the retiree's. This is one of your best choices in the Americas for a place to retire for a comfortable and rich life on a modest budget.

In our travels last weekend, we met several who have done just that, including one couple of retirees living in a charming home they've built for themselves overlooking crater Lake Apoyo. Brian invited Lief and me inside to have a look. He opened the front door to his living room to reveal a panoramic view of the glass-still indigo lake just beyond. Quite a setting.

Retired now just outside Granada, Brian and his wife Nancy have become very involved in their new community, starting a business that employs dozens of locals and opening a health clinic.

"Nancy and I spend about half the year in Oregon and half the year here in Nicaragua," Brian explained. "We couldn't be happier. We're getting ready to return to Oregon soon, but we don't want to go. We've become very attached to our new lives here, very invested personally, emotionally."

You can read more about what Brian and Nancy are doing with themselves now that they're part-time Nicaraguan residents here.

I understand the attraction for Brian and Nancy and all the others who are seeking out this part of the world at this stage of life and putting down real roots in this place. Nicaragua does that to you. Draws you in. Gets under your skin. Stirs your imagination...

Kathleen Peddicord

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My main impression from this weekend's visit is that Nicaragua still makes sense for many reasons. I like this country for a lot of different agendas.

For tourists, Nicaragua is an absolute bargain. The super low cost of everything attracts backpackers, of course, but it also attracts others looking for a high-quality vacation at a bargain price. The legitimately four-star hotel where we stayed in over the weekend, La Gran Francia, cost us US$60 a night, including breakfast and Wi-Fi.

For surfers, Nicaragua is a mecca. This country's Pacific coast serves up some of the best breaks anywhere in the world. Those who make their way to try them out aren't just 20-somethings with shaggy hair and empty pockets. Today's surfer is as often a grown-up guy with a grown-up job and real net worth. He's been surfing since he was in his 20s and sees no reason to stop now just because he's a few decades older. These older surf dudes, with available capital, were an important part of the property boom Nicaragua enjoyed pre-2008 and are back in the country buying again. We saw several beachside or ocean-view houses and condos that have been recently bought as surf pads.

For retirees, the attractions are both the long Pacific coast and the very low cost both of living and of beachfront property. Layer on the warm weather, the incredibly friendly Nicaraguans, and the country's recent pensionado residency visa program (the world's cheapest), and you've got the full retiree package.

I see Nicaragua as a top choice for a retiree on a small budget. You could live well in Granada, for example, on US$1,200 a month. The minimum wage in Nicaragua is less than US$250 per month. A retiree with income of US$1,200 is wealthy compared to most locals.

I also, though, see Nicaragua as a top choice for a retiree with a bigger budget who wants to use it to buy a "luxury" retirement. Increasingly, this is possible in this country. There are not only four- and five-star hotels and restaurants now, but international-standard development communities, too, especially along the Pacific coast. You could retire to one of these communities...furnish your new home with custom-made furniture...have a maid, a driver, and a gardener...eat out at high-end restaurants four or five nights a week...take regular weekend trips to explore the country...on a budget of maybe US$2,500 per month or less.

Of course, you have to keep this idea in perspective. Nicaragua remains a Third World country with limited infrastructure. Even that has improved in the last eight years, though. It used to be that we said take a look at Nicaragua because it was a much better value than Costa Rica. Costa Rica has always been more expensive, but it used to have better infrastructure and more destinations developed with the foreign retiree and expat in mind.

Today, Nicaragua remains much cheaper than Costa Rica, but its infrastructure has improved. Maybe it's now on par with that in Costa Rica...hard to say. However, considering that real estate prices in Nicaragua are essentially what they were eight years ago for most types of property, the infrastructure improvements make the country an even greater value. Certainly, if I were looking to make a coastal investment in this part of the world today, I'd go with Nicaragua over Costa Rica.

For the investor, Nicaragua is again an interesting choice that I think could become more so over the coming several months. The television show "Survivor" has just finished filming two seasons in San Juan del Sur. We watched crews in that city packing up their kit. I was told that the first of these San Juan del Sur episodes, which will be billed as such (that is, these will be "Survivor San Juan Del Sur" seasons), airs this week.

The direct positive impact of dozens of production crew in the country this past summer during filming was considerable. But imagine the greater positive impact of Americans going online to Google "San Juan del Sur, Nicaragua" after they've been introduced to it in prime time?

I saw several good investment options in and around San Juan del Sur this weekend, from ocean-view lots to beachside houses, both modest and luxury standard, and from business opportunities to agricultural offerings I liked. I looked at timber and fruit projects (that I'll be reporting on for my Martketwatch members), but most everything grows in this country, from coffee and mangos to coconuts and sugar cane.

I'll be back in Nicaragua in November for our Live and Invest in Nicaragua Conference. I'm looking forward to having another chance to investigate current opportunities in the country. Definitely, it's time to be paying attention again.

If you haven't heard yet about our November event, you can read about the program we're planning here.

Lief Simon

P.S. I've invested in Nicaragua several times in the past. I sold the last of the beachfront lots that I owned in this country a few years ago for a good return, but I still own several lots in a lakeside development near Granada. Visiting the project over the weekend, I was reminded why I invested in the first place. The landscape of Nicaragua is stunning. I had been thinking of selling all of my lake lots but now, seeing them again, I'm planning to hold on to all but one of them longer term.

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The two countries share many similarities, and Nicaragua has the specter of the Sandinistas hanging over it. Still, it was Nicaragua, not Costa Rica that captured my heart. I was completely infatuated by this little country with such a troubled past, and I remain so. Every visit, I'm won over again. Everywhere I travel in Nicaragua, I find something that pleases me—the red-tile roofs and blue and white church steeples of colonial Granada...the glass-still surface of crater lake Apoyo as it appears from the deck of my little house on the mountainside...the barefoot children playing and laughing in Granada's central plaza...the sounds of the horses' hoofs as they pull their carriages along Granada's cobblestoned streets...

These things can't be quantified. You can't plug "classic colonial architecture" into a formula in a spreadsheet. But these can be the things that matter most. How will you know where in the world you should think about spending your time and your money? You'll just know.

The French speak of the coup de coeur, the blow to your heart you feel at certain times in your life—when, say, shopping for a new house. It's the sudden certainty that this place is it, this place is right. I'm a big believer in the importance of the coup de coeur when shopping for a new country, as well.

So, while, every day, we approach this how to retire overseas question scientifically, making lists and drawing comparisons, in the end, the decision as to where to launch your new life overseas is at least as emotional as it is intellectual or financial, for a place can make perfect sense on paper but appeal not at all in person.

That's why, at some point in your research process, you've got to get on a plane. Do the soul-searching to understand what you're looking for in your new life in retirement overseas. Identify the pluses and the minuses of the world's most appealing overseas retirement havens, as we detail them for you day-by-day in these dispatches. Identify the two or three or four countries that could be the overseas Shangri-la you seek. Then plan an extended visit in each country you think might work for you, staying on, if possible, through the least-agreeable time of year—the hurricane season, the rainy season, the peak tourist season, or the off-season, after all the tourists have gone home and nearly every shop, cafe, and restaurant in town has shut its doors until they return.

No amount of Internet research, reading, or planning can substitute for traveling around a place yourself. You've got to walk the streets, to watch the sunsets, and to meet the people. And, when you do, listen to your gut. Sometimes you'll know within 24 hours of arriving in a country. If you walk out on the street in a new place and feel safe, welcome, and comfortable, then that place could be for you.

We didn't choose Waterford, Ireland, for our first international move. It was chosen for us by my employers at the time. And we didn't visit for an extended time before we made the leap, because we didn't have time to. My husband, my daughter, and I visited for two two-week planning trips, once in July and again in September, then we arrived as full-time residents in Waterford in November.

The first couple of months living overseas is the honeymoon period. The people, the landscape, the view from your bedroom window are all new, exotic, and interesting. Nothing is cliché. You're fully occupied and engaged learning your way around and establishing yourself. After two or three months, though, your surroundings are more familiar. You've developed habits of day-to-day living, and you're able to relax a little. Suddenly, your new life isn't so much exotic and interesting as it is foreign and frustrating. You begin to miss the folks back home. By now you've made new friends in your new home, but your points of common interest are perhaps limited. They don't think like you. They don't talk like you. They don't do things the way you do them.

So it was for us when we moved to Waterford. By February, I was sad. Indescribably sad for no reason I could identify. We were comfortable in our rental cottage on the river. Kaitlin was doing well in school. Our office was established, and our daily commute was a pleasant 15-minute walk into town. All was well, but I was, frankly, miserable.

Then we took a trip to Nicaragua. After a few days on that country's sunny south Pacific coast, my sadness disappeared. What was going on?

The Irish winter. Though I'd traveled in Ireland for years, I'd never lived through an Irish winter. Some days, wintertime in Ireland, the sun rises after 9 a.m. and sets before 4 in the afternoon. In between the hours of 9 and 4, it's typically gray, drizzly, overcast, and damp.

Ireland can be a great place to call home, but before you commit to retirement in the Auld Sod, experience it in winter. Spend time in the country in January and February. Or don't. Ireland is one place that can make good sense as a part-time retirement haven. You could retire to Ireland each summer then spend your winters someplace bright and sunny. That was our strategy. After our first long winter in Waterford, we escaped to the tropics every December and returned to the Emerald Isle early March, just in time to appreciate Irish spring and summer.

Kathleen Peddicord

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Granada is built around a large, shady, and bustling town square, anchored by a stately, neoclassical cathedral at one end. The streets are narrow (built prior to the automobile) and lined with rows of those cheerful, well-kept Spanish-colonial homes.

Granada usually has a good inventory of colonials in a good state of restoration. Granted, colonials can be found in plenty of places around the Americas...but there are a few things that set Granada apart:

  • Prices are low when compared with colonials elsewhere in Latin America. Completed homes are a great value, and fixer-uppers are downright cheap...with inexpensive remodeling costs...
  • The homes in Granada tend to be smaller than in many cities, with one-story houses commonly available. This makes the houses brighter, with the single story allowing for more direct sunlight. The relatively small size of many Granada colonials is due to the fact that most of them—more than 90% of those on the market—were originally second homes or vacation homes that were ultimately sold to expats and investors...
  • Many houses here also have pools in their interior courtyards, something I haven't seen in other colonial markets...
  • Granada is completely walkable. Everything you need is close at hand via attractive, level streets...
  • The fairly large expat community and the active tourist trade mean a lot of amenities that a city of 120,000 would not ordinarily have. There are great restaurants, bakeries, hotels, and B&Bs that distinguish Granada from most cities its size...
  • Lake Nicaragua, with its beaches, fresh waters, and islands, provides a great recreational opportunity and a pleasant way to escape the heat. It's also great for boating and fishing, with a huge 3,100 square miles to explore...
  • Granada enjoys good connections to the United States from the nearby airport in Managua...
  • But best of all, Granada still feels authentically Nicaraguan. You'll see old oxcarts lumbering through the streets, restaurants serve local delicacies, and street vendors offer pottery handmade according to traditions that date back centuries and have been passed down generation to generation. The city is a unique blend of native Nicaraguan city life and expat amenities.

The rental market is good in Granada, especially if you have a pool. One home I looked at recently had an asking price of US$150,000 and rents for US$600 per week. Another cost US$389,000 and rents for US$1,500 per week. Occupancies can run between 65% and 75%.

The least expensive houses I saw were priced at US$35,000, and they needed a good bit of work. But for just a bit more, you can buy something that's fit for living, as is.

One such property is listed for just US$37,000. With one bedroom and one bath, this corner property is ready to move into with practically no work.

The best buy I found is a larger, two-story home with three bedrooms, four baths, a garage, air conditioning, and a swimming pool located just four blocks from the central square. The second-story bedroom has a good view of the city rooftops, as well as the extinct Mombacho Volcano in the distance. The asking price is US$145,000, but I understand that this one will go out the door for around US$125,000.

If there's a downside to Granada it's that it can be hot. I didn't really find it unpleasant, but I did sleep with the air conditioner on, as will most people.

Also, if you want to be a pioneer—one of the first few expats to discover a city—this isn't the place to do it. There are definitely a fair number of English-speakers already in residence.

If you'd like to invest in Spanish colonial property, or would enjoy the Spanish-American lifestyle, then Granada should be high on your list. Located less than two hours from Miami, the cost of living is low, the properties are inexpensive, and the inventory of colonial-style homes is unparalleled, especially at these prices.

Lee Harrison

Editor's Note: Today's essay on the property market in our favorite Spanish-colonial city, Granada, is excerpted from Lee's Overseas Property Alert. If you aren't on the list to receive this once-a-week dispatch on the world's top property markets direct from Lee's laptop to your inbox, sign up here now.

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Kathleen Peddicord

Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group. With more than 25 years experience covering this beat, Kathleen reports daily on current opportunities for living, retiring, and investing overseas in her free e-letter.

Her book, How To Retire Overseas—Everything You Need To Know To Live Well Abroad For Less, was recently released by Penguin Books.

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