Nicaragua- Tamarindo Beach and Ocean Estate

A few months ago, we started thinking about investing some of our money in a home-away-from-home kind of property.
Someplace where it rains only a few times a year, as opposed to beautiful Vancouver where rain is like a second nature.
And honestly speaking, the almost continuous overcast drives you bonkers after a while.

One of the local financial advisers recommended Tamarindo Beach.
This is a typical view from an ocean front property

Photo from Nica Projects Ltd
The development spreads over 247 acres, between Tamarindo River and the Pacific Ocean and boasts a lush tropical landscape.
Tamarindo Beach consists of 62 freehold beachfront lots (from $64,680), 28 ocean facing/river front properties (from $18,008) and 36 townhouse villas.
Future plans include an ocean-facing clubhouse, a town center, fishing lodge, hotel, family recreational area and full recreational facilities.

This is proposed view of the houses from the beach:

Photo from Nica Projects Ltd

Tamarindo Beach and Ocean Estate is located between the two largest cities of Nicaragua: Managua and Leon, 75 minutes from the capital Managua, and 30 minutes from the city of Leon.
The fine sand beach is pleasant underfoot, child friendly with no undertow, no rips, debris or garbage.
The weather is consistently 82° to 92°F (28° to 33°C) every day, the most comfortable months being from November to June.
Only that information would make me consider this investment opportunity!

The development includes beautiful trees, flowers, sea turtles, iguanas, hot springs, fish, monkeys, flamingos and great vistas.

Nicaragua is benefiting from massive aid programs, one of them is the USD $175,000,000 USAID package that is to be used, among others, to improve infrastructure, land title registration and environmental enhancement.

If the political climate would remain stable, which is always a big question mark in my opinion, Nicaragua would be an interesting place to invest in a beach property.

What you should know if you want to invest in Nicaragua

Back in time, in 1980s, the Sandinistas confiscated properties, foreign owned included.
People say that these days the situation is much more stable and it’s less risky to own a beach property in Nicaragua.
I am still not confident it’s the most secure place I would put my money into, but I am not an aggressive investor either.

But if you are and consider buying your small piece of paradise in Nicaragua, these are the things you should know before doing it:

- There are no restrictions on foreigners buying, owning, or selling properties in Nicaragua
- Residency requirements: an income from outside of Nicaragua of at least $400 per month, and you must be over the age of 45
- Documents to ask before buying: A copy of the deed, the clear title form the public registry, and proof form the local municipality that property taxes have been paid to date. It’s highly recommended to retain an attorney to handle the purchase.
- Additional costs at the time of the purchase: The closing costs are between 2.5 and 3.5 percent of the purchase price and include a transfer tax of 1 per cent and the attorney fees.
- The real estate commission is usually 6 to 7 per cent and sometimes it’s paid by the seller; you have to ask and make sure who is going to pay it.
- Property taxes: 1 per cent of the value of the property paid each year for the previous year; if paid by March there is a 10 per cent discount.
- Title insurance: First American Title Insurance Company allows you to buy title insurance (available now to foreigners) in the U.S., Canada or the UK. Title insurance are important in case legal challenges do not work in your favor.

The Residences at the Ritz Carlton

With Vancouver recently voted the 2nd best city in the Americas by Conde Nast Tarvelers’s Readers’ Choice Awards 2007, the interests in developing high rises to complete the skyline image of the city increase.
The newest addition will be The Residences at the Ritz Carlton, located on West Georgia Street.

The 600 foot, 60-storey glass tower features a 5-star, 200 room hotel (Ritz Carlton Vancouver) and high-end residential units. The recreational and spa amenities will be accessed by both hotel and residential users. Beginning at level 7 there will be 18 levels of hotel units. Level 25 contains mechanical equipment. Beyond level 25, all floors contain residential suites, primarily one and two bedroom units ranging from 500 to 1000 square feet, with larger suites on the upper floors. The top two floors contain two-storey penthouse suites that, in addition to open balconies, will enjoy very large green private terraces on the roof level. Balconies and roof terraces are defined and protected by horizontal and vertical extensions of the curtain wall glazing of the tower.
The Residences at the Ritz Carlton, Vancouver are designed by Arthur Erickson with Musson Cattell Mackey Partnership and feature top-of-the-line natural stone, steel and wood finishes, with premium appliances, fittings and fixtures.

Living spaces
Interiors features three sumptuous colour schemes to choose from: Purist, Westcoast and Classic.
Purist: European fitted kitchen by Bulthaup in white lacquer with contrasting island and tall cabinets in aluminum finish. Underfoot, sexy terrazzo tiled floors. Premium Sub-zero and Miele stainless steel appliances.
Westcoast: European fitted kitchen by Bulthaup in vertical elm veneer with contrasting lacquered island and tall cabinets with vertical elm surfaces. Contemporary flared plank wood floors. Premium Sub-zero and Miele stainless steel applicances
Classic: European fitted kitchen by Bulthaup in dark aluminum finish with contrasting island and tall cabinets with high-grade walnut surfaces. Herrringbone wood floors with walnut finish. The same premium appliances.

The price range: from $2 million to $10 million.

Do you want a beach property at reasonable price?

Courtesy of Don Ediger who wrote for International Living, we got some general information on beach properties that could be bought for a good price in various countries.

So, if you want a place in the sun, but don’t want to spend more than $100,000, there are 10 destinations you need to consider:

Costa Rica: It’s a favorite retreat for North Americans who like the country’s cool mountains or beautiful, wide beaches. Costa Rica has superb sport fishing, birdwatching, scuba diving, snorkeling, kayaking, surfing, and horseback riding. Property prices are rising–but not so fast that you can’t still find bargains.

The Dominican Republic: It’s one of the least expensive countries in the Western Hemisphere. Ocean-view condos are on the market for just over $100,000. For a little more than half that amount you can find an apartment in the capital Santo Domingo, known for its old world charm.

Belize: This English-speaking Caribbean country offers big tax incentives to foreigners who live part- or full-time in the country. While Ambergris Caye and several other coastal areas have become expensive, there are still real estate bargains galore, particularly in the exotic rainforests only a few miles from the ocean.

Mexico: The country has been a favorite of second-home owners for many years, but prices in Mexico can vary just as much as the climate. Today’s savvy property shoppers are attracted by low prices around Yucatán’s Gulf Coast and by the big advantages of the Lake Chapala area–golf, tennis, hiking, and horseback riding, as well as theater, concerts, and garden clubs.

The Bahamas: Sports, nature, and an elegant lifestyle continue to lure people to these islands just off the Florida coast. Though the Bahamas have a reputation for pricey real estate, it’s not difficult to find condos for $100,000 and three-bedroom houses for around $200,000.

Guadeloupe and Martinique: The French West Indies combine Caribbean culture with a Riviera lifestyle. That means dining and dancing as well as opportunities to enjoy nature, whether it’s a hike around a volcano or a dip in ocean waters that Jacques Cousteau described as among the best in the world.

Nicaragua: Despite the potentially worrisome outcome of recent elections, the country remains a haven for second-home owners. Bargains are the big reason. Even at property developments with top-notch golf courses, you can get a condo near the ocean for less than $100,000.

Guatemala: Despite the aftermath of a long civil war, this historically rich country is stabilizing. The major area for second homes is around exotic Lake Atitlán, but property shoppers are also discovering the charming old capital of Antigua, where it’s easy to find apartments for less than $150,000.

Honduras: While the country differs greatly from region to region, many owners of second homes live comfortably on $1,500 a month. The price is especially low considering the country’s clear ocean water, white-sand beaches, and the laidback lifestyle.

Panama: When you live in Panama, you have easy access to the ocean for swimming, fishing, and surfing, and to forests for hiking, birdwatching, and horseback riding. Moreover, Panama actually pays you to live there through its pensionado program, which provides discounts of up to 50% on everything from public transportation to doctor’s visits, electricity, and restaurants.

Living Shangri-La in Vancouver

Hong Kong-based luxury hotel group, Shangri-La Hotels & Resorts reinforced its expansion outside Asia Pacific with this intimate five-star deluxe hotel in Vancouver, Canada opening September 2008.  It is Shangri-La’s first venture in North America. The chain, with 42 hotel properties and 28 more in development, was attracted to Vancouver because of its reputation as an Asian gateway.

The new 646-foot high signature tower will be located one block from the city’s premier business address at West Georgia and Thurlow Street. Set in the heart of the city, the hotel is an easy walk to all downtown offices, shopping, restaurants, theatres, the convention centre, the world-famous Stanley Park, and a half block from the popular shopping district on Robson Street.

 Living Shangri-la is to be a a mixed-use building in downtown Vancouver and will be the tallest building when completed in 2008. The new 61-Storey “Shangri-La” tower will include:- A curated public sculpture garden.
- A 120-room hotel, including restaurants and spa, taking up the first 15 floors. General live-work homes (227 units) are on floors 16 to 42 and private access residential units on floors 43-59 (63 units) with penthouse on floor 60. Level 61 is a residential roof garden penthouse of 630 square metres with a swimming pool and 360-degree view, selling at $13 million. The hotel’s 6,500-square-foot CHI spa, inspired by Asian healing philosophies, is the largest in the city and first of its kind in North America. The hotel guestrooms, averaging 550 square feet, are among the largest in Canada Penthouse listed at $7.4 million (June 2005).Estimated cost of the development: CDN $350 millions  When completed in 2008 it will be the 12th tallest building in Canada.

Ten reasons for moving to Malta

About 3 weeks ago I read an article about the 10 best places for retirement. To my big surprise, Romania was listed among them, but that will be another story. What captured my attention was Malta.
Sure enough, for the next 3 days I have been searching the net like crazy trying to find more information about this small state, tucked into the Mediterranean Sea.
Suddenly, I’ve fallen in love with Malta and decided to give it a try. First we will go there, then we are going to investigate the real estate market. Or maybe we should investigate the real estate and then visit.
These are my 10 reasons for voting for Malta:
1. Near perfect climate year-round… hey, I’ve been living closer to Vancouver for the past 14 years and the rain and the almost steady overcast started driving me nuts
2. The cost of living is low and no property taxes… yupee!! We pay a whooping $3500 per year on our propriety and the cost of leaving here is absolutely ridiculously high
3. Crime is practically non-existent and the locals are friendly
4. Everyone speaks English
5. According to the World Health Organization, Malta ranks 10th in the world for its medical standards
6. The University of Malta, founded in 1592 is one of the oldest ones in the world… I listed this point because we have to take into account our son’s need for education
7. House prices are decent
8. Leisure time includes sailing and horse riding… we love boating so leaving there will suit us perfectly well
9. A chance to return to our European roots
10.The last reason is mostly subjective: my wandering soul is longing for sunshine, sea breeze and a more laid back life