Nicaragua's other coast: A long-term investment play: the last undiscovered islands in the Caribbean
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Nicaragua's “other” coast: A long-term investment play
the last undiscovered islands in the Caribbean
by International Living

Nicaragua's "other coast" (the Caribbean) has long been the poor stepchild of this part of the world. Its little Caribbean cays fall south of those of Honduras, Belize & Florida - south, and, to date, off the typical traveler's radar screen. We believe this will change, though. For the past few decades, tourist development in this part of the world has made its way predictably south from Florida's cays. This southward trend will continue, over the coming decade, we predict, to include Nicaragua's outlying Corn Islands.

An investment with foresight
This is a long-term play, but the way has begun to be paved, with talk of expanding the airport at Bluefields to attract international flights. Locals are eager to welcome visitors. I saw opportunity everywhere I looked. You could invest in a hotel, a restaurant, a dive shop, etc. There's a need for everything.

Still, it'll be another decade before the market turns in this part of the country. The Nicaraguan government has focused its development efforts on the country's Pacific coast. Long-standing political disputes between the two areas have left the Caribbean coast neglected.

As a result, there is a complete lack of infrastructure - tourism and otherwise. Roads are few and in poor condition. A dirt and sand track rounds Big Corn Island, and walking paths traverse Little Corn. They are functional, more or less. I caught the tail end of the rainy season when I was there in November, and potholes filled with mud and water after a night of showers. I imagine that in the heart of the soggy months, many areas are impassable.

The town of Bluefields, the launch point for jaunts out to the Pearl Cays and flights to the Corn Islands, is primitive. Plus, there's a drug problem on Bluefields and on the islands.

Little patrolled, these waters are favored by drug traffickers carrying cocaine to the United States. With development will come a more diligent patrol force. Meantime, the thriving drug industry is a deterrent to both tourists and investors.

Buy from locals, not agents
Inconveniences of a primitive infrastructure aside, Big Corn and Little Corn are beautiful islands. About a quarter of Big Corn is low-lying wetland that ordinances require owners not fill. But the balance of the island is above sea level on hills. The tallest, Mount Pleasant, is 365 feet high. The vegetation is lush - very green with palms and some flowers - but largely overgrown. 

The town on Big Corn is trashy but not inhospitable. Despite the poor living conditions, the people here, as all over Nicaragua, are friendly and helpful. Little Corn is prettier than Big Corn...mostly because it is just plain untouched. It's half the size of the larger island. If there's a road there, I didn't see it. Lots of palms and greenery cling to the hillsides. There's no dock, so you pull up in your boat right onto shore. I spent a couple hours snorkeling and swimming off a sandy beach. The water was warm and clean…and I felt as if I were at the end of the earth. 

Property on these two islands is still owned by locals. A few enterprising foreigners have ventured this far, but not many. You'll likely be dealing with residents who have land for sale that has been in the family for generations. This makes purchases more complicated than they would be in a place where real-estate agents broker deals and one expatriate sells his place to another. But the complications are hardly insurmountable. You'll simply have to come here and spend some time tracking down who owns what.

Island property at $20,000 an acre
Given the state of things, I was very surprised to find that property prices are not dirt cheap. They are only affordable. And, I think, highly negotiable. Four acres of land on Big Corn, up on a hill overlooking the harbor, is on offer for $20,000 an acre. On the beach here, a 6 acre tract is on offer for $40,000 an acre, but I feel sure you could get it for closer to $30,000.

On Little Corn, the 8- to 10 acre property for sale where I snorkeled is on offer for $35,000 an acre. Its a fabulous piece of property, though there is evident shore erosion on one side. But the beach is glorious, and black volcanic rocks jut out to a point - offering a sharp contrast to the soft white sand and turquoise water. Fabio Robelo says his company owns 36 acres on Little Corn with 1,000 meters of beach (next to the American owned Casa Iguana Hotel) that it would like to sell for $20,000 an acre. The price is negotiable, depending on how much you buy.

Our Caribbean coast contacts

Property resources
Because no real-estate agents work in the Corn Islands, you'll have to track down the local owners of property for sale. Both of the following gentlemen can help you do that.

Fabio Robelo is the manager for Central American Fisheries, which is located on Big Corn. His firm owns property to sell on both islands. Contact Fabio Robelo, Operations and Plant Manager, Central American Fisheries, South West Bay, Corn Island, Nicaragua; tel. (505)285-5212 / 3 / 4 / 5, fax 266-3349. 
Marvin Wright is a local who has helped other foreigners find land here, and his family owns large tracts on the islands. Contact Marvin Wright, North End, Corn Island, Nicaragua; tel. (505)285-5067. 

How to get there
You can fly to Big Corn Island from Managua or from Bluefields. You get to Little Corn by boat - about a $5 trip from Big Corn. For travel information, contact Careli Tours; tel. (505)278-2572, fax 278-2574, E-mail: info@carelitours.com, Web site: http://www.carelitours.com/. This office can help arrange flights and visits within the country. Two Careli guides I highly recommend are Juan Carlos Mendoza and Henry Sequeira. Both speak impeccable English and are extremely knowledgeable about their native Nicaragua. 

Where to stay
On Big Corn, stay at the Hotel Paraiso. Owned by a French Canadian, this hotel is very nice, if primitive. Thatch-roofed cabins have private baths (cold water only) and have hammocks on the porches. A communal bar and restaurant area offers wonderful fare. Chef (and hotel manager)Vernon Hodgson serves up a superior fish soup with lobster, crab, and conch. Rooms cost $30 to $55 per night. Hotel Paraiso, Corn Island, Nicaragua; tel. (505)285-5111, fax 285-5125. 

On Little Corn, your only choice is the charming Casa Iguana. Owned by Americans Grant and Cathy Peeples, this hotel sits up on a hill overlooking the sea. Cabins cost from $17 to $50 per night. Breakfasts are served daily for $4, and dinners cost from $6 to $8. The beach is secluded and quiet. Contact Casa Iguana, (from the United States call Larry Knutson; tel. (717) 677-0947, E-mail: catgran@iname.com, Web site: http://www.casaiguana.net/. You'll find terrific photos at the Web site.

The main town on Nicaragua's Caribbean coast is Bluefields. The land registry is here, so if you're buying property on the Corn Islands, or anywhere along this coast, you'll likely find yourself here at some point. Stay the night at Tia Irene’s, a small waterside hotel owned by Carol Bidou. She's a pleasant, well informed American who has been there for about five years and has lots of contacts in town and can help you find anything you might need. The bar attached to the hotel is the town hot spot, and the food in the restaurant is wonderful, fresh fish, of course. Rooms here are $20-$23 per night and come with warm showers. Contact Tia Irene’s, Barrio Pointeen, Bluefields, Nicaragua; tel. (505)822-0120, tel./fax 822-2143.

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Article by International Living

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