We were impressed when a developer told us that you could build a home in his project in Ecuador for $45-$70 a square foot, and that $50 a square foot got you a good standard of construction. The developer stressed that “good quality construction” didn’t mean “high-end” or “fancy”. That made us sit up and think. We don’t insist on “fancy”…but just what standard of house was he building? Could construction at $50 a square foot really get you anything decent? We decided to take a closer look. Impressed by what we found, we told the developer he needed to rethink his definition of “high-end”.
The development in question is Coco Beach Village, on Ecuador’s north Pacific coast. This is an area set to benefit from major infrastructure improvements. New highways and a bridge connecting the north and south Pacific coasts will open this place up to mainstream tourism and property development. Right now, there isn’t much in the way of real estate development. The best project on this stretch of coast is Coco Beach Village.
Coco Beach sits on the edge of a small fishing village called El Matal. Life in El Matal revolves around the beach and the sea. Fishermen set out daily in small panga boats, returning with the day’s catch. We watched them unloading fresh-caught wahoo, weighing it and selling it, next to the water. The price? One dollar per pound. An alfresco lunch at a local eatery was equally low-priced…a soda or juice, fried fish, rice and salad, for $2 a head. It certainly wouldn’t class as gourmet cuisine–but it tasted fresh and flavorsome, and we’d worked up a good appetite after a morning’s scouting. A van piled high with glossy fruit and vegetables circled past while we ate lunch, offering locally-grown produce at amazingly low prices. If you want a simpler, more relaxed way of life…an outdoors lifestyle…fresh, natural food rather than over-processed junk…and a highly affordable cost of living…look to this coast.
Coco Beach is unusual for a number of reasons. Many “beachfront” properties in Ecuador wouldn’t qualify as beachfront in other countries. A boardwalk or coastal road separates them from the beach. That’s not the case here. Coco Beach sits right next to a long sweep of light-sand beach, at the edge of El Matal. Walk a few steps from your door, and you’re strolling on the sand…or splashing in the sparkling blue ocean.
The second unusual feature is that the developers, brothers Larry and Gary Swenson, wanted everything done right. They wanted larger lots (averaging a quarter-acre), and underground utilities (preserving the beach and ocean views). They wanted green space…so all lots have green areas, coconut palms dot the property, and lush, preserved hills back drop the entire development. They wanted a true community…so each lot comes with a build requirement.
Not surprisingly, lots in Coco Beach are going fast. One frontline beach lot is back on the market after the buyer failed to close. You get 864 square meters (0.21 acres), for $56,160. Add in the cost of a 1300 square foot house for $65,000, and your dream beachfront home is yours for $121,160. If you don’t want to stay in Ecuador during the construction, payment of an additional fee gives you complete project management.
Construction costs run from $45-$70 a square foot, and $50 a square foot gets you a good standard of construction. Despite Larry’s protests that homes built for $50 a square foot don’t merit the description “high end”, we had a different opinion once we saw the homes. The brothers’ attention to detail with their project plan continued through to construction.
The Mediterranean-style houses had curved window and door openings instead of the standard rectangular ones. Carpenters make all the doors, windows and cabinetry on-site, as Gary knew he wouldn’t get exactly what he wanted otherwise. The workers only add metal hinges and handles after staining and varnishing the wood and letting it dry…if they forget, and get stain or varnish on the metalwork, they have to carefully remove it, clean it, and replace it.
Gary wanted a low dry-stone wall around the raised patio of one house. We watched the workers picking it apart after he decided that they had used too much concrete. It simply wasn’t dry-stone enough…
A return trip last month showed continued progress. The finished, painted entrance wall had palms planted alongside it. The first house is almost complete–with doors, windows, and cupboards in…a nice terracotta tile patio overlooking the beach…and the properly done, little dry-stone wall around the patio.
The brothers’ understated, laid-back style doesn’t give a hint of just how nitpicky they are when it comes to Coco Beach. This much attention to detail isn’t unusual with developers. It is unusual with developers who insist they are not delivering high-end homes…and yet still deliver your dream home for $121,160.
P.S. You can meet Larry and Gary Swenson…and get the latest on Coco Beach…at the International Real Estate Investment Forum in Las Vegas this September 13th-15th. Find out how to save $200 on the event registration fee here.
Editor’s note: Author Margaret Summerfield is a director of Pathfinder (International Living’s preferred real estate advertiser). Pathfinder’s mission is to scout the globe to find the most unique and value-oriented real estate opportunities the world has to offer.
