I try to educate myself on this forum by reading the posted information & keeping my opinions to myself as past posts have brought out the forum attack dogs. (free cable tv)
But after reading the post on crime in Ecuador I just cannot help myself.
The lady suggests that it is a better deal to invest in a home in the US instead of Ecuador. She is probably right. Real estate is so stable here. Just ask the millions of folks being foreclosed on. Nice advice.
Rent before you buy is good advice. I didn't follow that because I am married to an Ecuadorian.
Ecuador real estate is a real bargin now and with continued modernization of infastructure its just going to appreciate.
(I have been traveling to Ecuador for 6 years spending 99% of my time there with Ecuadorians)
Condos:
I paid a grand total of 45k for last year for ours.
That included our lawyer fees and all other misc fees. It's 3 bed 2 full bath, large balcony with ocean view, you can hear the ocean at night, excellent condition throughout, fully furnished, 1076 sq ft, swimming pool, elevator, 360 view of the city, ocean & Chone river on the top floor common area,$50 a month dues. Located in Bahia Pacific side. The standard sales commission which was part of the 45K went to the building maint man. $1200.
Thats about 35% less than other gringos are paying in comparrison.
I have met several expats throughout Ecuador. Most of you are all paying way too much for just about everything from real estate, furniture, construction work, hired help, ect.. with the exception of Dr Don in Bahia. This guy is really living on $900 a month and seems comfortable. He is the only gringo we have met in 6 years getting the real Ecuador prices without speaking fluent spanish.
This is where your big handicap is (and mine) Speaking fluent spanish for large purchase negotiations is a must. Find someone who is bilingual without a conflict of interest in the negotiation.
Here is how I did it:
1) My wife is Ecuadorian ie fluent in english & spanish. Find a bilingual person to translate your deal.
Stay away from the gringos with a conflict of interest. Or anyone else for that matter. My wife translated my offer.
Could have been any billingual person though.
2) Find a bilingual lawyer first before you even start. My lawyer is in Quito, bilingual, and trust worthey. There are many throught Ecuador.
3) I will not purchase from a foreign/gringo real estate agent. They are just flipping the deal I want. All their website and listed prices are ridiculous without exception and thats if they are not crooks.
4) Study all their websites around the country to know what not to pay and then study the Ecuadorian sites to see what the locals pay. Then start at least at 20% less. I find new sites everytime I look.
5) Take your translator and speak with the maintenance man of the building(s).
Look at any building you like. You never know.
This man is your most important source of information. He can tell you what previous places sold for, when they were sold, show you an apt for sale, tell you places that are not listed but are for sale, show you other apts in the building(s) ( I learn alot looking at the other condos in the building. If your not there during a holiday they will all mostly be unoccupied.) Look closely at how he maintains the building. Its not a good deal if the pool is broken and the building interior is shabby. How long has he been there ect.. My maint/security man has been there since the building was built from day one and the building shines.
Ask who lives in the other apartments and what they do for a living. This can tell you alot. My lower neighbor is a retired Ecuadorian/American who lives 6 months a year in Charelston SC. The other 14 families in my building are all wealthy Ecuadorians. No rentals.
6) Have you translator speak to the head of the condo association. How many people are delinquent on dues today. Ask the maint man. Its how he's paid and keeps the building running. Is the answer close to the same? Only 1 person was behind in my building.
7) Make sure your dues are the same as others in the building for the same square footage.
8) Set your budget#1 & your budget#2 because there are deals of a lifetime to be had.
9) Patience. You wont really know a deal of a lifetime until you look at several places and have something to compare.
10) Don't give the gringo real estate agents the time of day but do look at their listings like we did from Salinas to Ahtacames so you know what not to pay.
You can get the same kind of deal or better than we did. Have a bilingual lawyer, means to question & translate your deal in spanish, and the down payment cash available to strike & lock in the offer without giving them too much time to rethink the offer.
Good luck. Hate to see you folks getting ripped off. Personally I am going to be looking for one more condo someplace inland someday soon.
This is what I love about the Ecuadorian
culture. My wife just poked her head in the room.. 'Are you on that forum?' 'Yes.' ' Be nice to those people. Last time you made them angry. Some of them are our future friends.' ;)
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