< Index for Vol 17- Issue 10  > < Index for International Living  > < Subscribe to International Living >

Dear reader,

The few people who understood months ago that Panama has, hands down, the cheapest real estate in the Caribbean have kept it quiet and they're buying up as much land as they can.

With prices like the 2.75-acre beach front lot in Old Point, Bocas del Toro, for $10,000, and the waterfront lots nearby starting at $12,000, property is still so cheap you can't afford not to buy here.

And you'll find opportunities beyond real estate, too. I know one local hotelier who is currently seeking a partner for his hotel. The projects' proforma shows a 100 % return of capital within three years. And a couple who owns a bed-and-breakfast in Bocas actually had reservations before construction on their guesthouse was complete.

One antique, (1912) home, completely restored and renovated, with sea views, two bedrooms, two bathrooms, one full kitchen, and one kitchenette, has recently sold for $49,000. For rental purposes, the property can be separated into two units, each with its own entrance. The studio currently rents for $15 a day, but the entire house could rent for at least $600 a month. It has electricity, water, and a telephone.

Two other lots are for sale nearby for $60,000. The facility on site could either be a house, a three studio apartment building, or it could be developed as a restaurant and marina; there is written permission from the governor for a 40 meter dock with berths for 20 crafts, and the location would be suitable for commercial premises. In addition, prime front line properties on the sandy beaches of Isla Carenero, with commercial potential for construction of a hotel/restaurant/bar, are for sale for $49,500.

I'm going back to the country in April 21-27 to check on what else is available. I hope you'll find the time to join me. It's not too late to take advantage of the tremendous opportunity in Panama. Call me at (410)337-7474 for details on the trip,

Sincerely,

Robert Fordi
Director, Rare Earth Society
 

Roatan bargains: Invest now in large tracts of land
It's no secret that prices on beach front property on Roatan are rising, and I believe it's time to take a new approach to this fast developing island. Although a $30,000 beach front lot might be worth double that in a few years, if you want to win big, don't buy quarter acre lots. Rather, sell them.

Increasing numbers of people are visiting Roatan, and many will be interested in buying property here. If you buy large tracts of land at wholesale prices (many real estate agents list these, and the process of buying them is the same as it is to buy individual plots), parcel the property out and resell it. After you have it surveyed, pay your legal fees, build a road (unskilled labor starts at 48 cents an hour, so this won't cost much), and make sure electricity and water are connected, your cost could be upward of $15,000 to $30,000 an acre.

But this is still a bargain, especially since you can resell quarter acre home sites on the water for $30,000 to $80,000 and ones off the water for $110,000 to $55,000. That means that every one of your $15,000 acres could fetch from $40,000 to $320,000. Not a bad return on an investment.

Here are a few listings of large tracts for sale on Roatan at wholesale prices. (Remember, these prices are extremely negotiable.):

Colby Real Estate, Thicket Mouth Road, Roatan, Honduras; tel-fax (504)45-1014 lists the following:
100 acres at Crawfish Rock, 5-acre minimum purchase, with waterfront and 360-degree views from the hillside: $25,000/acre 97 acres with panoramic views (no beach front): $8,000/acre 11 acres at Milton Bight, already subdivided into three-fourth-acre lots, staked and ready to be sold, five minutes from the beach: $220,000 for all or $25,000/lot 21 acres in Quiet Hill with water frontage. The property slopes gently up to the hillside with trade wind breezes and views: $22,000/acre

Secua Properties, P.O. Box 136, Coxen Hole, Roatan, Honduras; tellfax (504)45-1629 lists these properties:
47 acres in Punta Gorda: $1 1,000/acre 107 acres in Milton with beach front property included, 10-acre minimum: $25,000/acre Island Properties, Sandy Bay, Roatan, Honduras; tellfax (504)45-1263 lists Lawson Rock: 133 acres with one half mile of beach front property, 25 foot bluffs, sunsets, snorkeling, fishing, diving, swimming on the reef, and virgin forests. It is perfect for a resort or community development: $1,850,000 ($13,910 per acre, and you can get it for less).

You can also buy entire private cays off the coast of Roatan. Secua Properties (see number above) lists 2.7-acre Lime Key with two 1,600square-foot houses, and a 30-acre cay parceled in 10-acre lots at $25,000/acre. The full island price is negotiable. It also lists a 5.63-acre Sarah Key with 300 feet of sandy beach for $350,000.

Southwind Properties list a 67-acre cay with reefs and beaches for $10,500/acre. Call them at (504)45-1289 or fax (504)45-5642.

Re/Max Bay Islands lists a 4.5-acre cay complete with a house, 2-wheel-drive, a boat, a workshop, a guest cottage, satellite TV, and a complete entertainment system for $329,000. Call them at (504)45-5379 for details.