“Ponte once” beat the crowd! Before boomers start moving to Ecuador.
There is nothing unusual about the time 11:11 or the date 11/11/11, but our brains can’t help noticing the repeating digits, and seeing them as meaningful.
So while getting all this text messages about the great positive energies I was going to get at 11:11 am today the 11th of November 2011, my thoughts related this to a cute little Ecuadorian urban phrase “ponte once”, its literal translations is “ponte = put, once = eleven”, now the expressions real meaning is “be aware”.
On one side, I thought it will be good to learn a cute local Spanish phrase on my blog, but than, I realized how realistic this phrase would apply to the hall world today.
Ponte once – our reality check should be to hurry to Ecuador and beat the crowd!
If you’re at all interested on Ecuador, I’d suggest you get a move-on. The mainstream media is taking note of the tremendous values this country offers.
Lately we are seeing a lot more information about this little tropical country. Most travel, retirement or living overseas websites have picked Ecuador as one of their top “biggest-value buzz-worthy” destinations. As they rightly point out, Ecuador is “under appreciated.” Not for long, we suspect.
Now is the precise moment to invest in Ecuador just before the avalanche of baby boomers start searching for new locations where they could afford to live on their pension funds.
Beginning January 1st, 2011 every single day more than 10,000 Baby Boomers will reach the age of 65. That is going to keep happening every single day for the next 19 years.
What is so appealing about Ecuador? Your dollar will go further than other overseas retirement destinations. Locally people in Ecuador are hoping to keep the rate of inflation low in the long run. In places like Costa Rica or Dominican Republic, the real price-pushers were the expats retirees who focused on beachfront areas closer to their homeland.
Today Ecuador is very accessible from the U.S. — you can fly direct from both Quito and Guayaquil to Miami, Atlanta, Houston, New York, and Atlanta. Ecuador is an amazing, peaceful place with beautiful beaches, warm weather and really inexpensive beachfront bargains.
I will list some real facts to consider before making Ecuador your next overseas option.
Real Estate and property search:
- Coastal properties found at bargain basement prices, since Ecuadorians don’t value beach houses the same way that Americans do. They like to go to the beach twice a year during school breaks, stay in nice hotels, party and then go home to their big cities.
- Real estate prices in Ecuador have risen slowly since 2000. This almost dormant market may be attributed to the government switched to the American dollar as their currency in that year. My experience from mainly working with local experts has been that prices have stayed the same in recent years with the exception of select areas.
- House and condo rental rates are so cheap in Ecuador, it would be totally feasible to enjoy Ecuador without investing anything apart from your monthly expenses, thus reducing your investment risk dramatically.
- Coastal Ecuador is completely out of hurricane paths, and also this is your best option if you’ve ever wanted to walk away from long, bitterly cold winters and brutally hot summers.
- Foreigners could own property in Ecuador. You can buy directly from local property owners with nothing stopping you to do so. Search local real estate agents, preferably in person. Ask about their career background and their Ecuadorian real estate practices.
- Purchasing costs are low, hire a well informed Ecuadorian attorney that handles contracts, title searches and visas, one that does it all. There sales commission is only paid by the seller.
- Right now in the Ecuadorian market that commission on Real Estate goes around 3%.
- Ecuador has one of the lowest investment requirements to obtain a residency visa of any country I’ve investigated. One way to qualify is to purchase a property valued at $27,000 or more.
Be aware of the following:
- Mostly there are no licensed realtors and there is NO MLS or other listing agencies to help you on your property search.
- Real Estate Agents are not licensed professionals in Ecuador, since there is no recognized national authority that governs the licensing process, set guidelines or handles complaints for the licensed agents. It is not likely to change any time soon.
- There is no Multiple Listing Service; it is almost impossible to get online information for Real Estate in Ecuador, what you get mostly expats and gringos selling online. Just be careful, do your homework as there are many that will prey on an unsuspecting foreigner.
- You do not need to search out an “English” speaking real estate agent. I think a better course of action would be to seek out a trusted local that will help you with the language so you can deal with Spanish speaking owners directly.
- The increased exposure will push and turn Ecuador in to the next hotspot on the world´s beachfront real estate scene.
- Places a long the coast still lack basic infrastructure, especially for retired expats, like good access roads and some basic services. You could get by with wireless internet, bottle water, fresh fish and market stocks.
- The opportunity for rapid growth is due to a limited supply of property land. The Ecuadorian coast is not that big and large sections of it are uninhabitable due to national parks or swamps.
- In Ecuador, like most of Latin America, if the land is not in use, someone else could come “squat” on it, build, and claim it as their own. It doesn’t matter if it is legal or not, it happens. If you buy land, start building on it immediately.
- Try to be present when constructing your house if possible. If you are not around, you may have delays and cost overruns. It is a fact in Ecuador that many construction workers will steal materials and slack off if you are not around to apply a little pressure and enforce the deadlines.
Next post will be on purchasing costs and the real cost of living depending on where you want to live in Ecuador. Also some other details that I may have missed out today.
Smile!!!! We found your new sunshine hub.
Posted on November 11, 2011, in Ecuador your new spot to live or retire and tagged cheap prices for property in ecuador, ecuador, Real estate broker/agent, real estate services., retirement option. Bookmark the permalink. Leave a comment.