Old Town Quito
Date: 08/06/2003Dear International Living Reader,
Ecuador's Old Town Quito was the first city to be named a UNESCO World Heritage Site in the late 1970s. It's easy to see why--classic Spanish Colonial architecture, magnificent centuries-old churches, and perfect year-round weather. Plus, you can get your own charming colonial here for under $20,000.
Architect Saúl Medina (Director de Vivienda of the Quito Mayor's office) represents an interesting new program that the city is offering for the purpose of upgrading the buildings in Quito's historic center.
The city has bought the historic and colonial structures that it would like to see restored. If you're interested in one of these buildings, either for a home, hotel, or a business, you have two options:
* You can buy the property for a little more than the city paid (which isn't much) with the agreement that you fix it up yourself. There's currently no time limit within which this must be done, according to Mr. Medina. These properties start at $15,975.
* Or, you can have the city fix it up for you with its own architects and builders, and sell it to you turnkey.
Each house in the city's inventory is presented in a brochure which has a photo, the value to buy the property outright, the cost to have the city restore it under the turnkey option, and the approximate market value once the work is done.
I think this is a good buy right now. Both Cuenca and Guayaquil have been through this restoration process, and property values jumped considerably once it was done. Quito is behind the curve when it comes to renovation of its historic center and the prices reflect this--there's still time to buy in Quito.
Even ignoring the investment potential, this is an interesting program for someone looking for that old colonial they've always dreamed of. For more information on this program, get in touch through Ecuador@internationalliving.com.
Lee Harrison
For International Living
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