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Fair price for Oceanfront condo?
Dec
4
2011
We were in Ecuador recently with the purpose of looking at some real estate. We found a new 3 bedroom 3.5 bath oceanfront condo that also included a small maid’s quarters that had another bathroom. The condo is near the Punta Blanca/Salinas area, is about 1700 sq. ft. plus another 100 sq. ft. of balcony, has a large kitchen with granite and the A/C is installed, the main downside is the quality of the wood finishings (door casings, cabinets and closets) seemed a bit less than we’re used to back in the states. The developer is firm at 135K, and with our limited exposure we’re wondering if this is a good deal?
Answer #2
At that price you are looking at just under $80 per sq foot for interior living space not counting the balcony. If the building is new and the construction is good (you can find out by hiring an engineer) and the finishes (except the wood) are good and to your liking that seems like a fair price as most of the new condos I have seen coming on line all up and down the coast are around $100 per foot, depending on the area of course. I have even seen resales in Bahia going for that amount and needing a lot of work. The one thing I would be very careful of here is the COA documents and how they are structured. Unfortunately Ecuadorians dont believe in maintenance and many dont pay any of the fees which makes it impossible for the association to maintain the buildings in proper order. For me this is a huge thing. Check the documents and ask your attorney for advice. Good luck.
Larryp
Answer #3
P.S. I would still make an offer if it is what you really want…no harm in that at all.
Larryp
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Answer #1
Seems to me that you ought to offer $108,000.00 for the condo. Tear out the existing woodwork and install your own, that which you like. I have been a builder/remodeler for many years, and to me that would be the way to travel. Keep in mind…you are buying in Ecuador. Mrcwren.