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Roatan and Bay Islands Discussion List Archive
| Posted On: | 12-Jun-2005 |
| From: | RRE [roatanrealestate.....com] |
| Subject: | [roatan] Roatan News Letter |
Roatan Real Estate News Letter June, 2005 -Real Estate Barometer -New Listings -Legal tid bits -Coral Cay -Last minute trip? Real Estate Barometer- Although a slower end time of year, (few cruise ships, less tourism though picking up after the May lull with schools being out), nothing has really slowed down here in the real estate market. I realize some parts of the U.S. are very hot markets, especially the southeast, but for our little island the brisk business has been not only individuals but also larger end developer types looking around in earnest. There are some larger end parcels still available on the island and that is where inquiries lay. This place is about to ³pop². Upward pricing pressure continues as values continue their gradual incline. I have, in general, usually described pricing movement in stair steps upward here versus a rise. Some of the price ³spikes² are even surprising some of us in the industry, though it really should not. Sometimes people tend to compare prices , oranges to apples. By this I mean instead of looking at Cayman, BVI, Bahamas and other Caribbean Islands for comparatives and then going wow this Roatan is really a bargain, they look at prices in Kansas or Indiana and say wow that is no big deal. Although it may sound logical to them at the time the fact of the matter is it is not. The Caribbean is a unique situation. Roatan is referred to as the ³Last Caribbean Frontier². Fact of the matter is this is pretty much it for bargains on island properties. Can you live in Central America, Africa or maybe Bankok for less? Šsure. Will you be 2 hours from Miami via direct flight, mainly English speaking, non politically challenged country?ŠŠŠŠprobably not. There will be a lot that continues to keep the pressure on. Baby boomers, inheritance from their parents, more affluent younger people and many, more adventurous, than what the 50+ age crowd tipically were from North America in our day,. You also have considerable pricing pressure in Florida, Arizona and other typical retirement places. On The Learning Channel two weeks ago they had a program on Florida real estate. They stated that there would be 72,000 condo built in Miami THIS YEAR! Wow, guess there are a lot of people that like that atmosphere or they would not be building them, just not for me, thank you. They did mention that up to 70% were being bought by investors, (REITS, etc). That bothers me a bit and makes me think, no wonder they are talking ³Bubbles² in U.S. real estate investment. Last week on a visit to the states I was driving south from the Carolina¹s entering Florida where I spotted a sign on Interstate 95. It said ³Florida is Full !² , then went on to advertise a community on the shoreline there that would possible attract clients. Tourism also is on the increase here annually. More cruise ships, more flights, and more visitors that come after cruise ship experiences. The sunami in the far east last year will take some time to recover from. With that being the largest tourism area volume wise in the world, people will be looking other directions, for other beaches and adventures, including here. Guess maybe you want to ask yourselfŠŠ.how did I get to this email? A Roatan Real Estate, Honduras News Letter ?? Maybe time to considerŠŠŠŠŠ New Listings- http://www.roatan-realestate.com/listing.php?id0 is a spacious home site that has lots of flat surface suitable for building, and it's located in a quiet community east of French Harbour. It has magnificent hill views and after building, it will have beautifull ocean views. Splitable and possibly a good land bank investment. Over two Acres ! http://www.roatan-realestate.com/listing.php?id=198 Wow views! This property is unique having wonderful views of the south shore and it's located in French Harbor, near all amenities. Owner will consider selling parcels, or you could buy all 8 acres and subdivide yourself. Water and power at the property. Great PRICE ! http://www.roatan-realestate.com/listing.php?id=199 Islander Living home- This two bedroom, two bath home, sits on the shore of Calabash Bight Cay. Lot is completely fenced with a nice landscape. $110,000 http://www.roatan-realestate.com/listing.php?id=195 1.5 acres home and site $100,000- This property is located about 1/2 mile from the View Restaurant and just east of French Harbour. Great spot for a home. Road, power and water at the property. Home needs some TLC, but location is worth the money alone. Great views and breezes. "Close-in" to French Harbor, stores, banks and restaurants. http://www.roatan-realestate.com/listing.php?id1 Future high demand waterfront property. Boat access only. Bargain now. Six acres $240,000 http://www.roatan-realestate.com/listing.php?id3 Looking for that profitable Turnkey business on the island ? This could be your chance. http://www.roatan-realestate.com/listing.php?id2 Investment Parcel right next to the cruise ship dock and right in front of the new proposed location of a second dock! 11 acres ! CHECK OUT ALL ISLAND LISTINGS FROM THE ³R-MLS² LOGO on our home page http://www.roatan-realestate.com Legal ³tid bits² You say you would like to come down and look around for some property but if you find something you like there is no way you could come back in a month and close on the property. Not a problem. There are a couple ways of handling this actually. One is via a power of attorney that you generate here allowing your attorney, real estate broker or agent to sign on your behalf to accept the property in your name. This can be done with as little as a written statement signed and witnessed if it is a cash transaction or if a mortgage, (you found a Seller that will finance the sale for you), a formal legal and registered POA which is generated by an attorney also while you are on the island. OK say you were undecided when you left the island but after further thought you decide you wish to proceed. The sales agreement can be done via fax you then have two options. The first would again be a POA, (which in each instance will be about $500 - $700), or you can generate a form letter that we can provide, get it notarized at your local bank and then send it to your Secretary of States office in the state you reside in, (sorry Canada, would think you may have to go to the provincial government people to find out about this). With this notarized form sent to the Sec of State you request what is called an Apostille which they will provide via snail mail. That you then send to either your real estate broker¹s office, (which we hope is Roatan Real Estate), via snail mail or directly to your attorney of choice, via snail mail or FedX. From this point it goes through a process within the government .First there is a legal, professional translation of the documents to Spanish. It then goes to the Department of Foreign Affairs in this country, the Minister of Interior and the Supreme Court also here in country for all of there blessings, stamps and red tape. The attorney then takes it to the Registry and files it. Now you can proceed to closing. The cost is about the same. Now you may ask yourself why in heavens name you would want to wait out that procedure ? Well basically, once you hit the states again getting a POA means that you have to travel to the nearest Honduran Consulate. If you live in Los Angeles, San Francisco, Miami, Chicago, New York, New Orleans, or Washington DC, no problem. If you do not it means travel expense, more time off work, etc. The Apositlle you can pretty much do from your Lazy Boy recliner. Will it take longer and cost about the same for the attorney? Yes. It is easier on you? Also yes. Bottom line is you really do not have to be here to close. I have actually sold property to people who have never set foot in the country went back and forth with me with many emails and photos. Faxed or scanned contracts, wired funds and boom they were proud owners of their own little piece of paradise. In all honesty, I am not real comfortable with that scenario in that it somewhat is on the shoulders of the Sales Agent and/or Broker but believe it or not it happens. Ok now, after closing, you are the owner of your dream property or probably a great investment at a minimum, (far more exciting than that stock certificate you have for General Motors or whatever), especially the way property has and will continue to increase in value on the island. You need to be aware of a few more things. There are closing costs, attorney fees, etc. These, at this point in time run from about 4.5% to 5.5%.. I know that seems high, many of you are in the 2% range, but in all honesty they have just come down from 7% at the beginning of this year and some places in the Caribbean are in the 30% category. Basically they still do everything here by hand. And when I say by hand I mean it. The odd sized colored paper is placed in non-electric typewriters and the title documentation is generated. Then a notary stamps it with a rubber stamp over his signature, (they just LOVE rubber stamps here), and when you get your title back, (usually about 2-3 months, but have seen it as long as six months), you will have all sorts of postage like stamps all over it on the interior pages. If you did the Honduran corporation,(s), (see last months letter about this accessed on our web site), you will also get stock certificates, (which are bearer so you want to keep them under lock and key, safety deposit box or your brokers safe until your next visit). That pretty much wraps up this months legal info section. Next monthŠ.purchasing your property via retirement IRA, IRA/SEP or 401K fundsŠ(can be done and the way the stock market has been in the last five years+ may not be a bad way to go). Others may think it ³risky² of a more conservative mind set, but personally I feel it smart. Dirt does not go anywhere. Stock value does and sometimes down. They talk about real estate ³bubbles² there in the states. Here, not even close. Coral Cay, (pron-Key)- The newest attraction for visitors on the island is Coral Cay. Coral Cay Marine & Nature Park is the newest attraction in Roatan. It is located on a 10 acre Cay adjacent to the south shore about five minutes east of the airport. This park has been designed to be a fun learning experience to island visitors. The property has 700 feet of beachfront and offers a variety of attractions for visitors to interact with marine life including sea turtles, nurse sharks and other marine creatures. With a restaurant, bar, souvenir shop, rental office for water sports and exibition area displaying the educational feature of the park plus offering some great snorkeling and sea kayaking, this is a must see for island visitors. Stop by on your next visit. Last minute Trip ? Next week Agora travel will be doing one of their investment/real estate tours here. If you have nothing planned and feel more comfortable not going it alone, this could give ou the opportunity to visit in a more controlled atmosphere. You will get a great trip with the benefit of her vast experiences. Arranged meetings with attorneys and real estate people to show you around. I know it is short notice but hey, I am sure some of you out there can pull it off if you wanted to. Questions ? Contact Barbara Perriello at barb.....com I am sure she will be able to work you in. Could be that timing is perfect and is just the nudge you need to do something that you have wanted to for sometime now anyway. That¹s it for today folks. Hope you have a great summer, good health and island dreams. We hope if you are thinking real estate on this island that you think of us and hope we can be of service to you. We happily represent Buyers and do our best to do it well. Thanks for readingŠŠŠ Larry Larry Schlesser Owner/Broker Visit our regularly Updated Web Site http://www.roatan-realestate.com Member of Roatan Realtors Assoc., ANIBIR, (Honduran Realtors Assoc). U.S. FAX LINE - 786-319-9945 Phone 445-1612, (from the U.S. dial 011-504-445-1612) U.S. Miami Number 786-380-4864 U.S. MAILING ADDRESS 7801 NW 37th St. IMC-SAP- #5002 Miami, FL. 33166 http://www.roatanet.com To visit your group on the web, go to: http://groups.yahoo.com/group/roatan/ roatan- : | |
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