Country Article / Postcards
Nicaragua--The Next Costa Rica, Part IV: A True Beachfront Bargain
Date: 02/10/2005Dear International Living Reader,
Beachfront. Beachfront. Beachfront.
The three most important words in real estate investing. As Will Rogers once said, "They ain't making anymore of it"...and, as we all know, there's a proven, non-diminishing interest.
In Nicaragua, while there is a lot of oceanfront, there isn't much true beachfront. One development group I know has negotiated with the Nicaraguan government to be able to build turnkey little houses right on a beach. A real sand beach.
This got my attention.
The group has obtained a perpetual lease (a lease in perpetuity) from the government, for which they have obtained title insurance through First American. The plan is to build condos with two units per building, one up, one down, of 1,640 square feet apiece, including about 350 square feet of terraces and balconies. Each unit will have a lock-out bedroom. In other words, you could, if you wanted, use your main bedroom and living area while renting out the guest room...or you could rent the place as a two-bedroom unit for a higher average nightly rate.
These are legitimate beachfront dwellings. The only thing between your back door and the beach will be gardens and swimming pools.
The development is called Gavilan Beach Resort. It has qualified for Law 306 tax exemptions and has put in place a management company for marketing and administration. For the 18 buildings scheduled for Phase I, the developers are planning five swimming pools. Other amenities will include a clubhouse and a restaurant.
The location is relatively remote, but it is along the stretch of this country's coast known among surfers the world over. It's about 2 1/2 hours from Managua, in the main development corridor by Rivas and Tola (the area around Rancho Santana).
With prices starting at $144,900, this is a true beachfront bargain. The best (indeed, maybe the only) in the country right now. For more details, contact our local office at Nicaragua@internationalliving.com.
Regards,
Lief Simon
Real Estate Editor, International Living
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