Expat Community > Ecuador

HGQ2112
Joined 2009
Posts: 1640

Reality Check: Real Estate Bargains in Ecuador, Part Deux.

13 years ago

This topic, while a continuation of the previous one, really needed its own thread space.

Continuing the focus on real estate bargains. or realistic perceptions thereof, the other central issue we repeatedly encounter is the variance between price point and property condition expectations. I can...in fact I do...readily admit that you can find a treasure trove of real estate properties, along coastal Ecuador, for $100,000 or less. Most, not all, are owned by Ecuadorians. It would be so easy for me to write a loud, blaring headline that reads "Another $70,000 single-family home bargain found on Ecuador's coast!" Sound familiar? Nothing wrong with that...well...except that one man's "bargain" is another man's "dump".

One of the things that we pre-screen clients for the strongest is "housing quality expectations". There is even a client questionnaire that is filled out. Despite these ardent efforts, we still find that about 25% of our client base overstates how tolerant they are to properties that do not meet a "Western-style model". Stated simply, your best coastal bargains are not going to resemble "Western-style homes". Not in design, features or, quite likely, quality of construction, especially as regards "detailed features". I know...I am a "real estate guy", who strongly believes in the Ecuador market. I am not supposed to write things like this...but...alas ...it is the truth.

Folks, most of your bargain real estate, just like in the USA (especially right now) is going to require some updating and maybe full rehab work. Most of these properties are going to seem dated, lacking in accustomed features (dryers, for one thing) and will show deferred maintenance. Just because the "screaming headline" doesn't mention it...doesn't make it less real.

Realistically, for coastal / oceanfront real estate, ***with some notable exceptions***, you will pay between $90-$110/sf for completely modern, Western-style, updated and fully appointed real estate. You will likely pay between $70-$90/sf for moderate quality real estate in all/most of the aforementioned categories. Anything, in terms of coastal real estate with actual ocean views, priced lower is going to need work, updating and, quite likely, full rehabbing in order for it to feel like "home" - if your home has been the USA, Canada or Western Europe, for a majority of your life. Now, move away from the coast, or surrender ocean views, and price point ratios drop dramatically.

The point is that screaming headlines and hyped ads don't have to "lie", in order to "deceive". When you see any property, for any price, one of the first questions that should come to mind is, "What is the current condition and features of the property?" The second questions should be, "How does that condition and features meet my expectations and my family's immediate needs?" Again...asking, even before you book a flight, might go a long way towards your personal realities on the ground, matching the promotional pizzazz of the marketing machine. It's the best way to avoid needless disappointment. As always, Caveat Emptor.

HGQ
As scarce as truth is, the supply has always been in excess of the demand. ---Josh Billings

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Reality Check: Real Estate Bargains in Ecuador, Part Deux.

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