“Kathleen, what is Lee Harrison smokin’? We’ve been shopping properties in Salinas, Ecuador, for several years and have made purchases. I can tell you that anything you’d buy for US$40K would be a place I wouldn’t put my dogs in!
“There are great buys to be had, right on the malecón, and fire sales on three-bedroom, three-bath condos for $80K to $85K…if you have an agent on the ground working for you every day. But I’d be interested in seeing what Lee is offering for $40K in Salinas. When is he moving in?
“Everything else he has said about Salinas I whole heartedly endorse and then some. We love it! And we plan to move there next year when my wife retires.”
–Ron R., United States
Lee Harrison responds:
Ron brings up a point worth addressing. In every market, we try to show where the market starts, its entry point. But now and then it pays to reiterate that the market’s entry point will not suit many second homebuyers or retirees. A US$40,000 price tag is low for a large apartment with a sea view, but it won’t compare to the newer, more-modern, ocean-side units on the malecón (which are still reasonably priced).
That said, I have personally bought properties at or near the entry point (in Ecuador and Brazil) that have paid off handsomely when I sold them (after some fix-up work). So, to me, they’re worth mentioning.
As to not being fit for keeping dogs, I saved the listing. Have a look for yourself and see what you think. It’s actually not the market’s entry point. The cheapest was a fixer-upper for an asking price of US$30K, with an ocean view, in the same building.
Continue Reading: Global Property Summit In Panama City March 18-20, 2015