Nicaraguan Oceanfront Property Update: The Next Costa Rica, Part II: Montecristo

Most of the property developments along the Nicaraguan Pacific coast oceanfront have nice views. Some are better than others…and some, like the one from Cumbres de Montecristo, are breathtaking...

Wednesday, February 9, 2005
Nicaragua

When it comes to real estate, I look for a real deal...an early-in window...an undervalued market.

My wife, Kathleen Peddicord, appraises a buying opportunity based on those factors, too...but, in addition, she favors property with history, charm, ambiance, romance..."intrinsic value," as she calls it.

She likes to buy what she likes...what she wants to own. I like to buy what I know will make me money.

Best case, of course, is when our two agendas coincide.

Cumbres de Montecristo, on Nicaragua's Pacific coast oceanfront, is one such case. This new development is part of the growing corridor of projects within an hour or so of Managua. Most of the coast along this corridor is attractive with nice views, but when we turned up the hill to see where the oceanfront lots for Montecristo will sit, I was impressed--and that's not an easy thing to do. These views are jaw-dropping. Talk about intrinsic value.

Montecristo's stretch of coast is unique. The terrain rolls up gently from rocks at the water's edge to a ridge. The “oceanfront” lots aren’t right on the ocean, but the views down the slope to the water and up and down the coast are spectacular. Plus, there is a sandy stretch of beach, as well, to the north side of the development, where owners will be able to sunbathe on the black sand.

The prices at Montecristo are a very good deal. Front-line one-third acre lots start at $85,000; back lots of about a quarter acre start at $31,700. They will sell five more lots without the stipulation of building within a time period. The drawback for the speculative investor is that after these five, the developer is requiring buyers to build on their lots within one to two years from closing, depending on location. On the other hand, this makes the development more attractive for the buyer wanting a second home or a place for full-time residence. The developers can make introductions to architects and builders for you if you're interested.

The other attraction for the would-be resident is the planned amenities. In addition to the ubiquitous clubhouse that any development should have, the developer here wants to build an oceanfront community with a restaurant, a bar, and a gym. The plan is to have live entertainment on weekends, salsa, art, and Spanish lessons, and a library of books and DVDs for owners' use...plus horse riding, tennis and basketball courts, and fishing excursions. All of this about a hour from Managua...where you can go to see a movie, shop at the mall, and have a nice dinner out.

Only about a dozen of the frontline lots are available in Phase 1. Of course, a Phase 2 is planned, but prices will be higher. In fact, the owners planned to raise Phase 1 prices after the first 10 lots had been sold, but are honoring the lower prices for readers of IL postcards even though they’ve already reached that number. Five sold at the IL conference in Managua last week.

For more details on Cumbres de Montecristo, get in touch with the International Living office in Nicaragua: Nicaragua@Internationalliving.com.

Lief Simon,
Real Estate Editor, International Living

Editor’s Note: Nicaragua is receiving more than its share of favorable press lately. In the past several months, there have been reports on the emerging opportunities in this beautiful country in The Washington Post, Men's Journal, Outside magazine, Conde Nast Traveler, and The New York Times. Finally, the world is catching on to a really good thing. Continue to watch this space for more about why.