There are deals to be found on Roatan
We’re flying in a small Czech-built LET 420. The kindest thing to say about it is that it’s an experienced aircraft, chugging and bouncing us to the island.
Another bounce and my neighbor leans over to comfort me: “Don’t worry, she’s only clearing her throat. They do that, you know.” Soothing words meant to calm a nervous flyer. But I’m not frightened.
My gaze is fixed on our destination. I had forgotten how beautiful it is. Arriving in a small plane on a Caribbean island can do strange things…like make you feel like a movie star or one of the mega rich.
Up and down the coastline the contrasts are breathtaking. In parts, symmetrical rings of sea look so dark it’s almost black. In other parts, turquoise water hugs white-sand beaches. The waves break offshore. That’s where the fishing boats are headed.
A large dog sits, snout in the air, at the front of one boat…as if navigating for his master. A larger boat is crammed with oxygen tanks. I assume it’s for a dive school. Later I hear about the fishermen who dive to great depths to catch lobster…and face great danger with each dive (the bends is not uncommon).
Our approach brings us parallel to the island. The hilly spine that runs along the island is a rich green of mature trees. They sway in the breeze, sometimes giving up a glance of the homes with killer views. As we land the tiny terminal is dwarfed by a massive gleaming cruise ship.
I’m on Roatan, the largest of Honduras‘ Bay islands to scout real estate opportunities.
My base for the first portion of my trip is the dive resort of Barefoot Cay (I highly recommend it: http://www.barefootcay.com/). It was renamed from Burial Cay. Seems like a sensible thing to do if you want to attract paying guests.
In island terms it’s not close to the airport. Still, the drive took less than 15 minutes. I’m in time to enjoy the sunset from the dock as the clear waters of the Caribbean gently lap against the wood frame. The chef’s ceviche, sprinkled with fresh mint is the nicest I’ve tasted.
This is my first trip to Roatan in four years or so. I stopped coming as the market became too overpriced.
Since my last trip we’ve seen the U.S. property market collapse, the global financial crisis, and political uncertainties in Honduras and negative international press reports. In fact, last year U.S. citizens were warned not to travel to Honduras when the Honduran military and judiciary dispatched the president to Costa Rica in his pajamas.
Real estate buyers disappeared.
This is just the type of situation I look for. A stunning, accessible, English-speaking, Caribbean island with good infrastructure. Most importantly though is the distressed sellers.
Before my head hits the pillow on my first night I have already come to a conclusion:
Once the right deals can be done, Roatan will be on my radar. Wherever in the world you look—distressed sellers and limited buyers equals deals. There are deals to be found here.
Editor’s note: Ronan McMahon is the Executive Director of Pathfinder (International Living’s preferred real estate advertising partner), which focuses on opportunity for gains in strategic pockets around the world-before most folks have even heard of them. He writes for Pathfinder’s real estate investment service, the Real Estate Trend Alert. Ronan will keep members of Real Estate Trend Alert up to speed on what he finds on Roatan. To get in on the action, join RETA here.
