By
Gary Scott
Finally, financing Ecuador real
estate property is becoming more reasonable.
While viewing Old Quito properties
on our last trip we were introduced to Gabriela Gangotena, general manager of
Miro Property Developers, an excellent developer who has some decent Ecuador real
estate property financing.
Better still beyond the Ecuador
real estate property financing Gabriela has a great history as she has developed
(and is developing) real estate property all over the country. Right now they
have one project in Old Quito and are about to start another. Merri and I looked
over the current construction and were impressed. The project called, The Founder,
is in a good area near the Basillica Santa Barbara with a nice view of the Panecillo
and Virgin of Quito.
Ecuador Real Estate Property
Financing Views
The Panecillo (which means small
bread roll) rises in the midst of Old Quito and was given this name by the Spanish
as this knoll which rises nearly 10,000 feet above sea level indeed looks like
a bread roll. This Spanish name replaced the Incan "Shungoloma" which
in quichua means "hill of the heart".
Ecuador Real Estate Property
Financing History
There was originally a temple
dedicated to the Sun God Yavirac, but later occupied by the Spanish as an observation
point. A Spanish artist made a statue of the Virgin Mary from seven thousand pieces
of aluminum and this monument rises as an amazing site from the peak of the Panecillo
and looks down over the colonial city and all who are there. You can see pictures
of Old Quito, the Panecillo and the Virgin at Ecuador365.com
Ecuador Real Estate Property
Financing Numbers
The Founder project has 26 units
being built. All but five were sold when Merri and I took a look.
The five units remaining at this
project include:
Unit Number Number bedrooms Appx
Sq Feet Price
Unit 102 1 bedroom 440 sq ft $18,800
Unit 104 2 bedroom 610 sq ft $26,320
Unit 308 2 bedroom 690 sq ft $29,892
Unit 306 2 bedroom 720 sq ft $31,020
Unit 407 2 br duplex 960 sq ft $41,078
How Ecuador Real Estate Property
Financing Works
Normally 5% down reserves the
unit, 25% is due in four payments at agreed stages of construction and the balance
of 70% due on completion of construction. So typically Unit 102 would require
$940 down to reserve with four interim payments of $783.33 and a final payment
of $13,160.
However 15 years financing (in
US dollars) on the final payment is now available in the 9% to 10% range. This
is still quite a high interest rate compared to U.S. mortgages, but much lower
than the unacceptable 15% to 18% rate we encountered last year.
This builder will not run out
of projects right away either. They are large land-holders who have more projects
to build. The next Old Quito project is on Chile Street, also near the Panecillo
and the Virgin of Quito. There are also long views of the valley and volcanoes
Cotapaxi and Illiniza.
For Ecuador Real Estate Property
Financing Information
If you would like more information
on these projects drop me a note at gary@successguidelines.com.
Until next message, good investing
and business to you!
Gary Scott
P.S. Join Merri and me on our
next Ecuador Course.
See below unsolicited comments from our last Ecuador course.
"First of all, let me congratulate you for the wonderful conference in Quito.
As is always the case, I came out knowing a good deal more when the conference
is over."
"Merri, I hope you and Gary got
home safely. Just wanted to tell you again what a ball we had. You've now gotten
two more people in love with Ecuador!"
"Gary, I have been seeing great
emails from others on the trip. A lot of action is already taking place. It looks
like Santiago has sold out his 7 Casita development, and another is starting up
with his assistance on the old hacienda real estate property. No grass grows under
this group's feet."
"Dear Gary and Merri, Thank you
so kindly for your hospitality at your Seminar in Ecuador. Not only was my stay
there enjoyable, not only due to your personal involvement in everyone's well
being, but you opened my eyes to a beautiful wonderful country with gracious people
of many different cultures. I feel that since we only scratched the surface in
so many parts of the country in looking at properties and markets, it makes me
want to return and stay longer. In addition, I can still hear the waves during
my stay in Puerto Lopez that lulled me into such a restful sleep."
"Merri, Great to hear back from
you! We had a wonderful time learning and being with you and Gary and many of
the other participants. You really attract some fine people! Thanks so much for
that, and for all your help in formulating Transformation Vacations. We too look
forward to our next get-together, wherever that may be."
"Hi, Merri and Gary, All and
any words that could describe the awesome experience of attending your conference
would fall short. My description is really quite simple--life altering. It helped
me decide to sell my house and buy a smaller one closer to my daughter and doctor.
It had been a difficult decision because I love my home but I bought a condo from
Santiago so I have someplace brighter to go. I have made great new friends and
am pleased to have received e-mail and calls from them. I would like to buy some
wood carvings to sell along with Dr. Lema's Christmas stockings. Something interesting
happened yesterday. I was waiting in my car to pick up my grandson from school
when a couple approached me and asked if I was his grandmother. I nodded and said
it was nice that they knew me. They said, "everyone knows you--you are a
legend." Well, somehow I had slipped from a mildly interesting person to
legend! The "somehow" was Ecuador. Oddly, I had been hesitant to go.
When my daughter asked me why, I told her I thought I might be too old (76) or
too dumb and I was slightly scared to go by myself. She didn't disagree with me
because she didn't want me to go. I decided to go anyway! Well, to make a long
story short, your conference offered an experience that expanded my horizons and
increased my joy of life. Thank you both so very much!"
"Hello Gary and Merry. I wanted
to take a few minutes to tell you how much I adore the country of Ecuador. It
is like nothing I have ever seen. I was so excited about it when I returned, my
husband and son are wanting to go. I am going to try to go on your trip in May,
so my family can enjoy that beautiful country. We fell in love with the old plantation,
and have come up with an idea to develop homes on the extra land. I hope it works
out as a head start for our retirement. I wanted to say thank you for opening
my eyes to a different way of life, The Dominican is lovely, but there is so much
tourism, that it has lost some of it beauty. You Guys are the best, I am very
fortunate to have found such wonderful friends."
"Yes, lifetimes of emotion at
being with you and an unexpected sadness at leaving--with your trademark--the
roses. And it felt so familiar: the good work, the shared vision, the love of
the land, its people, this sweet world. Your dearness. The trip with you and Gary
meant so much--your lives, both singly and together are a reminder now of what
can be, what is possible--the partnership, the freedom, the passionate work."
"Dear Merri, I am writing to
thank you for the most wonderful trip Bob and I have ever taken together, and
I have to say, I don't know where to begin. I'm not sure I even have the words
to express my gratitude and delight at meeting you and Gary, as well as the rest
of the delegates. Coming back to the US was difficult. After 2 weeks in Ecuador,
the energy of the states feels chaotic and disturbing. I keep picturing the faces
of the Indians of Ecuador and think they must reflect the souls of some of the
most beautiful people on this planet. I can only believe that this past journey,
and the resulting home purchase, is karma from many past lifetimes of merit. You
and Gary have won our hearts. We will pray daily for your continued success and
service to man. Thank you so much."
"Hi Gary,
Just wanted to drop you a line expressing my appreciation of your seminar. I gained
a lot of useful information and ideas, and met some very nice people including
Merri and yourself. The opportunities in Ecuador seem very real, and I plan to
go back May 4 and attend the Spanish school adventure program. Then I will probably
stay a couple of more months and get something started, hopefully my ideas will
come to fruition and I'll be on the way to more adventure and travel! Thanks again
and best wishes to Merri and yourself!"
"Gary & Merri-It was another
successful Intl Business Made EZ course and we were pleased to join you in Ecuador.
I can understand why Techo del Mundo is a favorite spot of yours... the food was
good and the view magnificent."
"I think if you do another seminar
in May, you will have a lot of NEW interested delegates who will feel they really
missed out in something (as they should!) by not attending in February. I know
for those of us who DID attend, our focus would be more specific rather than general.
When the 8 of us that are trying to put the shrimp biz together w/Diego we started
brainstorming, our questions."
"Gary, I really don't know where
to start to thank you for the wonderful experience you arranged in Ecuador. I
have briefly thanked Merri on our return and have been meaning to write to you
since we arrived back in VA. I will not try to cover everything here as it would
take too long."
Click the link for information
for on how to join Merri and me on our next Ecuador
Course.
This picture of Virgin
of Quito comes from Cruisinaltitude.com
The Gary Scott websites goal is to provide stimulating
ideas and useful resources about international business, overseas investing and
global health secrets to help you live a healthier, more affluent and fulfilling
life. As part of this process we offer links to our friends and readers around
the world.
This message's link is Ecuadorschools.com
Simon Bolivar School is one of the top Spanish
Schools in Ecuador
rated by members of the South American Explorers Club.
The photo below is from Simon-bolivar.com
Read more at GaryScott.com
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