Cotacachi Ecuador Real Estate for Sale
Cotacachi Ecuador real estate for sale, offers bargains…but finding the right…and safe deals, requires work like anything else.
The Ecuador real estate market is different than in the US or Canada…no multiple listings…no licenses required to call yourself a broker and an attitude that all gringos (Ecuadorians love gringos and a gringo is anyone not Ecuadorian…even the Chinese are called gringos) are rich…so there are usually two prices for all properties.
This means more work for buyers who are serious about getting good deals…but also means more opportunity. This is a market were you can gain a real edge by doing your home work
Believe me I have learned the dangers of buying Ecuador real estate the hard way.
Once I lost $70,000 making a payment to a bad attorney to buy land the seller did not own. Good thing they are not selling the Brooklyn Bridge down there or i might have bought that as well in our early days of Ecuador. I am now ultra cautious when I buy Cotacachi or any Ecuador real estate now.
In fact I just bought an office building and the deal almost fell through. Here is what Steve Marchant, our man in Cotacachi Ecuador, wrote:
“Gary, Sebastian Cordero came by to tell me that the papers were not in order for the building opposite. As we knew there is a debt to the bank but the legal papers didn’t reflect this. The seller, being a lawyer, knew that the papers are not in order yet he tried to pass them on to us. If we would have gone ahead and signed, the seller would have had the money and Sebastian wouldn’t have been able to register the property in your company’s name. (You can’t sell a property with a loan registered against it). When Sebastian went to the registry office in Cotacachi the register said that the document had been ‘mal emitido”meaning badly emitted and blamed a girl who is now no longer working at the office!”
Sebastian, our attorney, was able to clear this up by signing a document with the bank and then paying two checks, one to the bank and one to the seller. So or transaction was successful, but had we not been careful this transaction could have been a disaster.
Safer buying is one of three reasons why our Imbabura real estate tours and Ecuador beach property tours can help you. We point out the bad news as well as the good…continually remind you of the need for caution and introduce you to attorneys who have proven themselves reliable and who specialize in helping you buy real estate.
A second, really vital benefit of the Ecuador real estate tours is that we do not care if you buy real estate. Our loyalty is to you. We are not selling real estate. In fact our staff are prohibited from taking commissions on real estate sales. We have no hidden agenda. You get our objective advice on what we like and do not.
Third our Ecuador real estate tours help you see a maximum amount of Ecuador real estate for sale in the least time and most efficient way. Our staff research and view real estate in advance…select a variety of properties so you gain a full view of the entire market. Then they plot the most efficient way to see as any of these properties you can in the days allowed. Finally they follow up on the sellers so someone is there…to actually let you see. Believe me this is important. I have watched people waste two or three days never seeing a single property because they did not know where to go…became lost and finally arrived at the property only to find the property for sale locked up with no one around.
Let me introduce the men who guide you on your Ecuador real estate tours, Steve Marchant and John Papski. The fact that both are multi national is important. Steve is English, John Polish, but both lived many years in London and both have lived all over the world. Steve lived for years in the US.
Here is John Papski with his daughter Danusia and Steve Marchant with his son Luke returning from inspecting a Cotacachi farm for sale.
Both are utterly committed to Ecuador. They have lived in Ecuador for years and have Ecuadorian families. Both are totally fluent in English and Spanish.
Other than Steve and John, our policy in Ecuador is to hire Ecuadorians. Yet for the job of selecting Ecuador real estate for you to view, we have selected Steve and John for cultural reasons.
They understand Ecuador real estate, but also understand Europeans, Americans and Canadians and what they expect from their property as well.
For example we have learned by bring over 3,000 people to Ecuador that many readers want to earn income from their property so we’ll have great interest in this 10 acre farm with a $150,000 asking price - all furniture included.
The owner used it to raise 15,000 chickens and claims to regularly have made between $2000 and $8,000 over each 7 week period.
Ecuador real estate investing requires the rules of three Cs. Finding value includes Caution, Clarity and Comprehensive view. That comprehensive view of Ecuador real estate requires that you have an Ecuadorian and North American understanding.
Take for example this Ecuador house for sale just outside Cotacachi Ecuador.
The Ecuador house is 1,500 square feet on a quarter acre lot and includes a master bedroom, 2 guest rooms, kitchen, 2.5 bathrooms, dinning room, family room, 2 fireplaces, open porch and laundry room.
This good looking piece of Ecuador real estate upstairs has a very private master bedroom that features wood floors, fireplace, master bathroom, balcony and access to a huge terrace.
Downstairs is covered with wall to wall rustic ceramic flooring, two bedrooms, 1.5 bathrooms, open kitchen, dining room, family room with fireplace and Spanish doors accessing the open porch.
All utilities are underground and include public water, electricity, individual septic tank, phone lines, cable and satellite TV.
The cost for this Ecuador real estate is about $59,000 or $40 per square foot including the land!
The Ecuador property has absolutely killer views of Mount Imbabura and a valley below.
Can’t go wrong. Right? Our team reviewed this real estate and had to write the builder this.
“We believe that the power lines right behind the house and passing through El Batan will create some difficulties in the sale to the readers we bring. In addition you are probably aware that there is great sensitivity in this area about which land belongs to the indigenous and not. Plus the small 10 X 10 bedrooms will be an objection for most US and Canadian buyers. Other competitors have equal properties without these setbacks but their prices are higher so the lower price may compensate for these difficulties. I can see where a $59,000 total price will get many people to look and may well offer a unique niche that can sell 16 houses. The style and the view have great appeal so this may work for you.”
“We’ll certainly look at this development in our upcoming courses. The price is right and for those who desire a wonderful view, a bit of space between their home and the village and have a limited budget, these homes have a lot to offer. Yet caution and the need for a comprehensive view means you should not buy these (or any) homes sight unseen.”
We have learned that our delegates are environmentally sensitive and worried about pollution, EMF and otherwise. A property like this is not likely to be on our Cotacachi real estate tour.
Now we are adding Quito to our tours. John Papski who conducts our Ecuador beach tours and will now do the Quito tours and reports on his initial research in tomorrows message.
Multi Currency Note
My recent message entitled Multi Currency Investing for 40 Years
included this note from a multi currency reader. He wrote:
“Gary, I wish to hold cash outside of the us dollar. I am now holding euros; however I expect the euro to lose against the us dollar. So I will convert from euro to something else. But what will appreciate against both euros and dollars? I am considering the Norway krona due to their oil and well funded pension system. Have you considered the Norway currency? What have been your most recent thoughts on Norway currency? I love hearing your thoughts on currencies.”
I responded by outlining the currency breakdown in my personal portfolio and promised to say more about Norwegian kroner.
See more now about why I like Norwegian kroner bonds.
I also mentioned in that article that I was adding more Cotacachi real estate. See why from this $70,000 (asking) four bedroom Cotacachi real estate - Cotacachi country cottage.
Until next message may the three Cs, three Cs, Caution, Clarity and Comprehensive view be always with you.
Gary
We hope you will join us in Ecuador. See our schedule below for
Ecuador Coastal Real Estate Tour
Super Thinking + Spanish Course
Imbabura Real Estate Tour
Ecuador Shaman Tour
See discounts for attending more than one course.
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