By Ronan McMahon
As a member of our little group, you will know that Ireland’s economy and property market is in a deep state of distress. The collapse of some real estate values has been of catastrophic proportions. I’ve told you in these dispatches about the opportunity to buy for 20% of peak prices…or even less.
Today, I’d like to tell you about a new deal near a pretty beach village in Brazil. It’s a great opportunity to buy a lot within commuting distance (10 minutes) of the port of Pecem I’ve been writing to you about. Pecem in north-east Brazil is set to explode with the creation of thousands of jobs there. All of the middle-class workers will need somewhere to live—and that’s why I’ve taken such an interest in the area.
As a member of our little group, you will know that one of the big trends I’m interested in is the “Path of Progress.” I’m talking about new roads or airports that make stunningly beautiful places more accessible. On my last visit to Costa Rica I drove a new highway to the Colinas de Miramar project west of San Jose. The upgraded route has halved the drive time from two hours to one hour.
Costa Rica is a destination rich in real estate opportunity right now.
In fact, I’ve negotiated preferential terms for you in four deeply undervalued pockets of this country.
I’ve just returned from a scouting trip to Panama. My trip focused on the city, beach areas within 90 minutes of the city and the mountain area of Boquete. I also spent four days on the road last month scouting deeply undervalued vacation homes in Ireland’s south-west. On my travels I uncovered some nuggets. I visited some areas with a distinct lack of opportunity. But, a trip is never wasted. Even if there’s no opportunity there’s something to be learned from each market if you scratch the surface..
It’s a little known fact but Costa Rica’s actually got a Caribbean coast. Real estate shoppers forgot about it when they got caught up in a buying frenzy on the northwest Pacific Coast. But this area is opening up to business and tourism and it’s starting to grab attention. Developer Gill Phelan is the guy behind the gold standard community in this area—Grand View Estates.
Greece faces a great crisis today and its real estate is about to get dirt cheap. The country is in a classic “blood in the streets” situation…one that looks so hopeless that the public believes only a fool would want to buy real estate in the shadow of Athens’ Acropolis or on one of the country’s stunning Aegean islands.
One of my contacts in Nicaragua just reached out to me with a one-shot deal. A distressed seller is willing to make a loss on a wooded lot that comes with an amazing ocean view on the steep portion of the site.
Over the past four years we have done well in Brazil. We have profited from the country’s new middle class by getting involved with early-in real estate projects.
Over the past four years we have done well in Brazil. We have profited from the country’s new middle class by getting involved with early-in real estate projects.