Saturday, April 2, 2005
Paris, France
The shoreline in California is hard to resist, with its inlets and coves, dramatic, rocky drop-offs, and long stretches of beachfront sand and surf. But the median price for a single-family home in Malibu is $1.8 million. For a larger place–3 bedrooms with a gourmet kitchen–on the beach you can expect to pay almost $3 million.
That’s a lot of money, no matter where you are. Yet for a fraction of that amount–less than $100,000–you can buy a third-acre of beachfront farther south in Nicaragua with the same dramatic Pacific coast, glorious sandy beaches and warm, soothing wind.
This week I’ve seen another report in the travel press about Nicaragua as a top destination (this time, for adventure travel). Conde Nast Traveler featured an article in March about "Central America’s Action Mecca" and talked about the secluded beaches on Nicaragua’s Pacific coast and the activities (more than I realized, I admit) that are now available there.
My own observations from a trip in February is that the tourism market in Nicaragua is shifting from backpackers looking for $8-a-night hospedajes to middle-class tourists looking for quality places to stay. I visited a hotel in San Juan del Sur that is charging what I think are crazy rates–about $150 a night–and they aren’t even on the ocean. It’s a quality hotel with high-end service. Still, I pay only $100 a night at the Intercontinental in Managua.
I am convinced that this country’s Pacific coast will become an attractive weekend and second home market for wealthy Nicaraguans and expats living in Managua, less than an hour away. The location is convenient. The area also will attract retirees who want to wake up to the sound of the surf each morning…but still be within easy driving distance of the conveniences of a "big city."
This market continues to move forward–fast. It’s well past the early stages of its up cycle…and the current deals won’t last much longer.
By the way, the March issue of Conde Nast Traveler also features an article on California complete with glossy photos of sandy coast. If you’re skimming through the issue, don’t make the easy mistake of confusing the two articles…
Lief Simon
Real Estate Editor, International Living
P.S. There is a lot of oceanfront land (mostly sold) in Nicaragua, but there isn’t much true beachfront available along this country’s coast. I’ve recently learned of a new beachfront development. Initially, I was told that the beachfront lots would be priced around $130,000, which would have been fair but not exciting. However, after the developers re-ran their numbers, they came back with beachfront lots starting at $94,900. All of the lots are one-third acre and sit on a gorgeous beach. If you are interested, you should contact our Local Office by e-mail: Nicaragua@Internationalliving.com.
