Why Nicaragua for Real Estate Investments?
So why Nicaragua?... So you don't have to read my biased opinions (since I'm an investor), here are some articles to aid in your consideration in Nicaragua Real Estate:
Below is a slide show of some renderings of the development:
After wiring a hold on the property (totally refundable), I arranged for my travel down to Nicaragua by the end of January. My wife and my children stayed back due to work and school, respectively. Ray invited me to stay at his B&B in San Juan del Sur, while I checked out the area. I took them up on it. I booked my tickets and started to plan my trip, including checking out some other developers.
Flight Down
I flew down to Managua via Miami. What I did like about the flight was that it was only 2.5 hours from Miami, so it was less than 6 hours from Dallas with the layover in Miami. Next time I would like to try Continental via Houston which should shave off 2 hours.
Once we landed in Managua, I was quite surprised at how modern the airport was. The airport was very clean and new looking. Going through immigration, I paid the US$10.00 and got my passport stamped. Next, I picked up my luggage, walked by some airport police, smiled at the customs officers, and off to the car rental counter. Alamo Budget, Hertz and others are there at the airport.
With the places I explore, I prefer a small 4x4 truck. Make sure you do a complete inspection of the vehicle (e.g. dents,scratched, spare tire, floor mats, the hazard triangle (required by law). were present and accounted for.
When exiting the airport, I could turn left and go through the heart of Managua, or turn right and go through Granada (another tourist destination to check out). I decided to go right. At the right, is a map of my route (in red) down to San Juan Del Sur where Ray runs a Bed and Breakfast.
In less than an hour, I was in Granada, and it is a beautiful colonial city with lots of tourists around the square. As I drove through, I saw a lot of restaurants, shops and old world charm. This is a town that's worth a thorough visit in the near future.
Passing through Rivas, I was amazed at how much has changed for the better. When I was there in 2000, the city was quite depressing and not much going on. Today, the town has a new coat of paint and was busy with people. Wow! What a transformation!
Travel south from Rivas, I turned right onto the road to San Juan...
The Jacksons and San Juan Del Sur
This six-bedroom B+B will be my base for the next two days. After I got settled in at the B+B, Donna introduced me to Ray Jackson. Later I met Ray's son, Sean, who is the second owner of the Secret Cove development. Sean is in charge of the operations and the development of the Secret Cove. Sean was the first Jackson to settle in Nicaragua. Sean worked for Re-Max as an agent in San Juan, and then took up the opportunity to be a builder and has never looked back. I asked Sean, "What do you want to do next after completing the Secret Cove?" He told me that he wants to start another development. Sean speaks Spanish fluently, works hard and expects the same from his a crew of 10-12 laborers. The third and final owner is Rudolf Walcher. I did not meet Rudolf on this trip. But I believe he does have a role in getting permits and such.
That evening the Jacksons took me out for drinks at the Pelican Eyes resort, which overlooks the town and bay, and then to dinner at El Colibri, a Mediterranean themed restaurant in a colorful garden setting. All was very good. Here are guides of places to eat at in San Juan:
The Secret Cove Visit
After forty-five minutes of driving on the Pacific Highway, we turned right onto the Secret Cove access road that they share with several other developments. At the cove, we met Sean and his crew working on the first house that sits right off the beach. I was happy to see that their craftsmanship was impressive and exceeded expectations, and the design was well suited to the topography and the environment. The views are staggering of the beach, the bay and the mountains across from it. Just remarkable.
Below are some scenic views of the Cove and adjacent areas.
Please note that the beach is larger than it appears in the photos. I was surprised when I first set eyes on it. The sand is a fine salt and pepper sand- consisting mostly of quartz and feldspar. During high tide, the beach is a sliver of bleached white sand, and during low tide, rock outcrops are exposed on both ends of the beach, but still plenty of sand. The cove is protected quite well for anchored boats or for kids to play in the water. For larger waves, you can take a trek (less than 1-mile) to an unnamed beach that faces the open ocean.
Conclusion: After two days of checking out the Secret Cove development, visiting other developments, comparing workmanship, walking the beaches in the area, driving the Pacific highway to Costa Rica, and talking to Sean and Ray in great detail; I feel that the Secret Cove offers the following:
The deal makers:
The Second Visit:
Here are some photos that we took during our recent trip down to the Cove and other parts of Nicaragua:
I have been told that the drainage at the development has been excellent and Sean and Ray have avoided erosion by slowing down the drainage by opening the storage pond (a storm water basin). They will ultimately put in a water containment vault and pump when necessary to maintain this storage for the dry season and erosion control during the wet season.
Continue Road Improvements
After being disappointed with the high real estate prices in Costa Rica due to the high influx of American and European retirees, I started looking north at Nicaragua. A lot of people (including myself at first) would not even consider Nicaragua for investing in properties, due to their perceptions about Nicaragua - especially the Contra/Sandinista War, its economic status as the second poorest country in the western hemisphere, and President Daniel Ortega (former Sandinista leader) being.. well President Daniel Ortega.
Let me walk you through the facts that alleviated my concerns:
- The Contra War ended 30 years ago, and over the past 25 years, Nicaragua has transformed itself into one of the safest countries in Latin America. The country has had free democratic elections since 1989 and has made significant progress towards strengthening its democratic institutions. Democracy and freedom are alive and well in Nicaragua.
- Nicaragua is a poor country, but the people of Nicaragua are warm, helpful and genuine in many ways. Nicaragua maybe one of the poorest country in the western hemisphere, but it is also the safest country in Central America (according to a recent UN report).
- It has ratified Free Trade Agreements with major markets such as the United States, its Central American neighbors, the Dominican Republic (DR-CAFTA), and Mexico, among others. With this and a strong work force, progress is being made.
- First Impressions of Nicaragua From a Recent Expat: https://internationalliving.com/first-impressions-of-nicaragua-from-a-recent-expat/
- CNBC - 5 countries where life is good on a Social Security check alone: https://www.cnbc.com/2017/12/29/5-countries-for-retirement-on-a-social-security-check-alone-commentary.html
- Nicaragua: An Up-And-Coming Retirement Destination: http://www.huffingtonpost.com/suzan-haskins-and-dan-prescher/retiring-in-nicaragua-an-upandcoming_b_3340309.html
- New York Times (#3 places to go): http://www.nytimes.com/interactive/2013/01/10/travel/2013-places-to-go.html
- Detroit Jewish News: https://thejewishnews.com/2018/01/17/local-couple-builds-retreat-nicaragua-tourists-double-mentshes/
- AARP Best Places to Retire Abroad, Nicaragua: http://www.aarp.org/home-garden/livable-communities/info-07-2010/best-places-retire-nicaragua-granada.html
First Contact
After years of searching for a beach home, we contacted the Secret Cove, first via telephone and then by e-mail. The phone conversation went well and Ray Jackson (salesman and one of the owners) answered our questions that we typically asked developers:- When will the condo project be ready?
- What is the payment schedule (i.e. down payment and installments/balance payment)?
- What commissions and fees will be incurred in addition to the price?
- Are you planning to increase the price, and when?
- Do you arrange and manage rentals?
- Since the condo is on a slope - a technical question - has geo-technical testing been done, and what kind of foundation will the structure be built on?
- How would the title, deed, etc. be documented?
- Can we have a copies of the current building permit, the Escritura (Property Deed), the Historia Registral (Property History), and your title with First American?
- Do you have a site plan with the locations of the condos that you can email to us?
- etc...
Below is a slide show of some renderings of the development:
After wiring a hold on the property (totally refundable), I arranged for my travel down to Nicaragua by the end of January. My wife and my children stayed back due to work and school, respectively. Ray invited me to stay at his B&B in San Juan del Sur, while I checked out the area. I took them up on it. I booked my tickets and started to plan my trip, including checking out some other developers.
Flight Down
I flew down to Managua via Miami. What I did like about the flight was that it was only 2.5 hours from Miami, so it was less than 6 hours from Dallas with the layover in Miami. Next time I would like to try Continental via Houston which should shave off 2 hours.
Once we landed in Managua, I was quite surprised at how modern the airport was. The airport was very clean and new looking. Going through immigration, I paid the US$10.00 and got my passport stamped. Next, I picked up my luggage, walked by some airport police, smiled at the customs officers, and off to the car rental counter. Alamo Budget, Hertz and others are there at the airport.
With the places I explore, I prefer a small 4x4 truck. Make sure you do a complete inspection of the vehicle (e.g. dents,scratched, spare tire, floor mats, the hazard triangle (required by law). were present and accounted for.
When exiting the airport, I could turn left and go through the heart of Managua, or turn right and go through Granada (another tourist destination to check out). I decided to go right. At the right, is a map of my route (in red) down to San Juan Del Sur where Ray runs a Bed and Breakfast.
In less than an hour, I was in Granada, and it is a beautiful colonial city with lots of tourists around the square. As I drove through, I saw a lot of restaurants, shops and old world charm. This is a town that's worth a thorough visit in the near future.
Passing through Rivas, I was amazed at how much has changed for the better. When I was there in 2000, the city was quite depressing and not much going on. Today, the town has a new coat of paint and was busy with people. Wow! What a transformation!
Travel south from Rivas, I turned right onto the road to San Juan...
The Jacksons and San Juan Del Sur
This six-bedroom B+B will be my base for the next two days. After I got settled in at the B+B, Donna introduced me to Ray Jackson. Later I met Ray's son, Sean, who is the second owner of the Secret Cove development. Sean is in charge of the operations and the development of the Secret Cove. Sean was the first Jackson to settle in Nicaragua. Sean worked for Re-Max as an agent in San Juan, and then took up the opportunity to be a builder and has never looked back. I asked Sean, "What do you want to do next after completing the Secret Cove?" He told me that he wants to start another development. Sean speaks Spanish fluently, works hard and expects the same from his a crew of 10-12 laborers. The third and final owner is Rudolf Walcher. I did not meet Rudolf on this trip. But I believe he does have a role in getting permits and such.
That evening the Jacksons took me out for drinks at the Pelican Eyes resort, which overlooks the town and bay, and then to dinner at El Colibri, a Mediterranean themed restaurant in a colorful garden setting. All was very good. Here are guides of places to eat at in San Juan:
or
The Secret Cove Visit
After forty-five minutes of driving on the Pacific Highway, we turned right onto the Secret Cove access road that they share with several other developments. At the cove, we met Sean and his crew working on the first house that sits right off the beach. I was happy to see that their craftsmanship was impressive and exceeded expectations, and the design was well suited to the topography and the environment. The views are staggering of the beach, the bay and the mountains across from it. Just remarkable.
Below are some scenic views of the Cove and adjacent areas.
Please note that the beach is larger than it appears in the photos. I was surprised when I first set eyes on it. The sand is a fine salt and pepper sand- consisting mostly of quartz and feldspar. During high tide, the beach is a sliver of bleached white sand, and during low tide, rock outcrops are exposed on both ends of the beach, but still plenty of sand. The cove is protected quite well for anchored boats or for kids to play in the water. For larger waves, you can take a trek (less than 1-mile) to an unnamed beach that faces the open ocean.
Conclusion: After two days of checking out the Secret Cove development, visiting other developments, comparing workmanship, walking the beaches in the area, driving the Pacific highway to Costa Rica, and talking to Sean and Ray in great detail; I feel that the Secret Cove offers the following:
The deal makers:
- best bang for the buck,
- buying from developers who are former ReMax agents in Nicaragua that know the market and the pitfalls,
- great ocean views from every room in the condo/townhouse,
- best layout and buiding design for the tropics with ocean breezes,
- short trip to and from the U.S.,
- very close to Costa Rica with direct flights from DFW to Liberia,
- a small international beach community,
- great earning potential, and
- the most memorable vacation experiences.
- buying in at the early stages of development,
- buying from owners that are new to the scene in developing properties in Nicaragua; and
- buying property in the early stages of Nicaragua's evolving real estate boom.
The Second Visit:
Here are some photos that we took during our recent trip down to the Cove and other parts of Nicaragua:
I have been told that the drainage at the development has been excellent and Sean and Ray have avoided erosion by slowing down the drainage by opening the storage pond (a storm water basin). They will ultimately put in a water containment vault and pump when necessary to maintain this storage for the dry season and erosion control during the wet season.
Road and bridge construction between SC and San Juan del Sur is moving along. Here are some recent snaps:
Stay tuned for continuing updates, and if you have any questions, feel free to email me at pdjamesjr@gmail.com.
Finally, Below is a slideshow of the ongoing construction at the Secret Cove. Enjoy:
La Flor Bridge (Above)
Finally, Below is a slideshow of the ongoing construction at the Secret Cove. Enjoy:
