Author: Journeyman Jack Ecuador

The responses are in…

We asked how much you actually paid for property in the highlands area of Ecuador.

And you answered.

These aren’t asking prices, but actual recent values people opened their wallet and spent.

In a country like Ecuador with no MLS standardized system, nor publicly recorded comps (or comparable sales records) and with historically low and unrealistic municipal appraisals knowing how much people are actually paying can be very useful.

And thanks to all those who responded to this inquiry… below are the responses!
Loja area

1. 24 hectares (60 acres mas o menos) en La Paz, a small rural town about half way between Cuenca & Loja. We were able to get it for 60k. It has a pristine biew of the valley, two narrow waterways that supply the water for the towns in the valley, Wild Blueberry treeas all over it & maybe 350ft of roadfront property on the main highway.

Vilcabamba area

1.  Malacatos, near Vilcabamba that I bought in May,2011 for $6.83 m2 that is 11,000m2.

2. bought a house in Vilcabamba for 165K in March 2013, land 3,500 sq m. construction 140 sq m, 3 bedrooms, 2 bathrooms , 2 years old, American standards. Sloping land, landscaped, excellent view.

Cuenca area 

1. Cuenca, South side on Rio Tomebamba. 2 floor penthouse condo with 2000 sf. Bought in Jan 2010 for $70K. Found it in the local paper. Condo is 7 yrs old.
2. Cuenca, 10 min (by taxi) from Plaza de Armas.  $67,000.  apartment, 2 bed/2 bath with (solar) heated water, washer/dryer hookups. Follow solarkraft to know more uses of renewable energy. one of the bedrooms is en-suite. apartment complex was built in 2011.  apt. is 80 square meters, on the 2nd floor of a 4 story apt. complex.

3. on the Tomebamba River in Cuenca El Centro. $175000.  Penthouse condo – brand new.  150 sq meters – includes 30 meters sq of terrace.  October 1 2013

4. Lot 45 minutes from Cuenca, near Paute $40K gental hill side over looking Paute river.  4295 sq mtr, about 1 acre,  January of this year.  has power and water to it

5. 7 hectare (about 17 acres) finca near Guachapala (it’s halfway between Paute and Guachapala) earlier this spring (2013). It has a 3BR/1bath house (in pretty good shape), lovely rock outcroppings, small pine forest, 800 producing fruit trees of several varieties, large spring-fed pond stocked with tilapia, and the access is excellent. The asking price was $165k and they got it for $150k.

6. Cuenca – edificio fronting Rio Yanuncay $89,500.  Apartment, built in 2010 , 116m2 + parking space & small storage area Bought Jan, 2011.  3 br, 2.5 ba.

7. Chordeleg – rural  $160,000.  Orchard, garden, House, empleada      Constructed 20 years +/-  Land = 5945m2 Main house = 180m2 2nd “house” 65m2 Bought May  2009
8. Cuenca.  first floor three bedroom two and a half bath condo for 100,000.00 USD at the corner of Premier de Mayo and Avineda des Americas in Cuenca. The purchase was made last October and the unit is rented out at $875.00 per month

9. Cuenca. 3 blocks from Tomebamba river away from El Centro at Solano and Crespo $174000.  115 sq meter condo built in 2009 Bought October 2013.

Quito area and valleys

1. Centro area, one of the few condos facing Calle La Ronda near the Sur Arco.The purchase price was $38,000. The age of the complex is about 42 years old. The 3 bdrm unit itself is approximately 90sq. metros. The purchase date was in July of 2012.
.2 La Carolina/Quicentro area, across from the Mega Maxi on 6 de Decembre. This 12 floor penthouse suite (1 bdrm) is in a brand new complex. The purchase price was $85,000 and is about 50 sq. metros. The purchase date was May, 2013.
3. Quito, La Carolina $104 000 dollar US condominium under construction, delivery on April 2014.  flat of 60 square meter + parking Bought April 2013

4. Checa: For $ 180.000, in Nov. 2011, I bought a 2 bedrm house, in a triplex, with a third of a wall attached. Gardens to be enamorred by, but at that stage, no Internet nor the promised swimming pool etc… Today, with some of the amenities better established, the same house sells for $230.000. The development will soon include a medical center, the covered and the open swimming pool, a mini-market, and high speed Internet,  well as several other conveniences. By then, it will probably be worth closer to $250.000.
5. Cumbayá in Urbanización Meneses-Pallares near Colegio Menor. The property has 1,360 mts2 of land and the house has 760 mts2 of construction. It has some 17 years of being built. I sold it for $500K.
Ambato, Banos areas

1. AMBATO
-the actual purchase price – 125,000
-the type of property and age – RESIDENTIAL HOME /1994
-meters squared of land and construction – 300 / 344
-approx date of transaction 2006

2. BANOS   three bedroom house in  Banos ( near ambato) for $42,000.  it sits on a large lot but had no wall around it.  the house is brandnew but was not well made. white washed walls,no kitchen cupboards

Otavalo, Ibarra, Cotacachi, Atuntaqui areas (north of Quito)

1. Atuntaqui $31,000 . lot.  5,000m2.  6/2013 with irrigation water [4 blocks closer,  property starts at 25 per meter to 50]

2. North and west of Cotacachi.  $18,000.  Raw land some primary forest 1 hectarias flat, 9 hectarias steep from river to Peaks of mountain, accross river from dirt, drivable road. No buildings, electric, or phone.  We do have our own springs and reliable good quality water.  slightly less than 10 hectarias.  march of 2011

Amazon region
1. Between Tena and Archidona, Napo Province. $17,000 for 2.3 hectares of rural land, adjacent to a river (fertile). Cafe and cacao trees on 1 hectare, no construction.  Bought February 2013.

To see more current transaction records in Ecuador please subscribe to my weekly Ecuador Insiders Newsletter below, you can unsubscribe at any time:

You can ask whatever you want for a property in Ecuador.  Doesn’t mean you’ll get it.

In fact, some are quite ambitious when they price properties in Ecuador.

But in a country like Ecuador with no MLS standardized system, no publicly recorded comps (or comparable sales records) and with historically low and unrealistic municipal appraisals seeing how much people ACTUALLY HAVE PAID recently for property in Ecuador can be very useful.

Today you’ll get to see just that. Good real estate service numbers.

Or actual property transaction records for real estate in Ecuador.

This is how much someone actually opened their wallet and paid.  (Not the asking prices!)

And thanks to all those who responded to last weeks question…

-On Ecuador coast, No area specified
100,000 (500m2)  Purchased JUN 2013
ocean front  new gated community   lot on front row  ($200/m2 of land)

Puerto Lopez

1. Ocean view on a hill, road dirt access
$6000 USD (320m2) Purchased May 2013  ($19/m2 of land)

2. 26sq.m suite in the Piedra del Mar hotel in Puerto Lopez we bought last May. We have about $33,000 in it now including appliances and furnishings.  ($1269/m2 of construction)

Canoa

1. $19,000 (June 2012)
Lot in urbanization, roads, electricity water pipes installed
400m2   ($47.50/m2 of land)

2. 5 kilometers west of Canoa and  kilometers north on a dirt road …..location:  17 Hectares @ $1800. per Hectare
Purchased in June 2013

3. Briceno, between San Vicente and Canoa on the coast
$30,000 usd
vacant beach front lot on Pacific ocean
360m2  ($83 per m2)
Purchased 05/2013

4. House with oceanview, 2 bedr 1 bath on 1000m2, poor condition
$22k, FEB 2013.   ($22/m2 if taking into account only the land)
Salinas 

1. We purchased an apartment in Chipipe 4 years ago for 230k. 4 bedroom direct beachfront + Maid Quarters, fully furnished + 1 covered parking space.
2. Salinas. 1 block from beach in San Lorenzo. 2 bedroom, 2 bath condo with 900 sf. Bought in Feb 2011 for $49K. Condo is 10 yrs old. ($583/m2 of construction)

3. Salinas. New construction. 3 blocks from beach in Chipipe. 2BR, 2BA, 1000 sf with pool and rooftop spa and BBQ. Bought in Mar 2012 for $70K. Brand new. ($753/m2 of construction)

4. On the Malecon of Salinas, 4 buildings up from the Hotel Barcelo. A 15 unit condo, and we are on the top floor of an 8 story, 6 year old building. Our unit is just under 89 square meters, is 3 bedroom, 3 1/2 bath with an ocean view. With it came a 2200 square foot finished terraza, with a rest room, and wet bar that is ours, and not part of the common area. We paid $95K. It was purchased April of this year. ($1067/m2 of construction)

5. I bought a house & 2 lots in La Malina (Salinas),$49,000 house is 120 mtrs, 2 bedroom, 2 bath, 2nd lot has 18X36 ft pool.

6. Salinas 45K 8 blocks from beach. 4bd 3ba

7. April 15,2013 we bought a 2000 sq ft, 4 bed room, 4 full baths, 19th floor, 5 year old  condo on the Salinas Malecon for $220,000. We are right on the Pacific with  fabulous panoramic views of the Pacific from every room. The building has a swimming pool, kiddie pool, hot tub,2 designated parking spaces, sauna, gym and full 24hr security.  ($1182/m2 of construction)
8. Salinas Malecon Beach View Condo Salinas
$105,000 Purchased Dec. 2011  170 Sq M interior 50 Sq M exterior terrace
Penthouse Suite – Full Floor 8 floor building 2 units per floor except penthouse level
Garage constructed by a local garage door company to fit in 2 parking spaces

3 bedroom 3 bath total with a separate lock-off suite with 1 bedroom 1 bath and living, dining, kitchenette
Condo required total gut and remodel.  1975 construction ($618/m2 of construction). Our Bradco Kitchen & Bath, designers have valuable knowledge and tools to work out all the technical details involved with designing a functional kitchen.

9. Chipipe Beach View Condo Salinas
$123,000 Purchased Sept 2013 163 Sq. M includes ‘interior’ terrace with sliding doors
3 bedroom 2 bath w. separate maids qtrs.  1974 Construction
7th floor of 11 story building.  2 units per floor.  Condo requires total gut and remodel  ($755/m2 of construction)

Jama
1. Jama Campay which is a residential resort complex (in process) located north of Jama, south of Pedernales. The preconstruction price of my home in May 2012, with 3 BR, 3 BA, one row back from oceanfront, including appliances, basic furniture (for which I had to check if there was Exquisite Living Furniture Near Me) and a jacuzzi off the MB was under $140,000.  Prices have increased a little since then.  It is now scheduled to be finished in the first quarter of 2014, which is behind the original completion date (oh surprise.) The condo is approx. 1600 sq. ft. ($940/m2 of construction)

2. -the approx. location  JAMA CAMPAY
-the actual purchase price  $89,500
-the type of property and age NEW CONDO
-meters squared of land and construction 2 BED 2 BATH OCEAN VIEW
-approx date of transaction   COMPLETION END OF THIS YEAR

3. Coco Beach Village –Jama, Manabi Ecuador Realty
$200,000 for beachfront lot with shell of house – put $100,000 into it this year (3 bedroom, 3 bath)
1,000 sm of lot and 2,350 sf of house (ground floor) w/roof terrace   ($200/m2 of land) ($459/m2 of construction)
Purchased May 2012 – Moved here August 2012

4. Jama / El Matal
$123,000.  Oceanfront lot
Land only – approx 1900 square meters
Nov. 2008  ($177/m2 of land)
all infrastructure in place, ready to build, gated community with club house, pool.

Santa Maranita 

1. $217,000
4 bedroom infinity pool yard done in paveing stone gated outdoor kitchen. Built about 5 years ago.
approximately 660 sq meters double lot . House is roughly 1800 sq feet on two levels.

Esmeraldas 

1. Colope Esmeralda ,  actual purchase price:$ 30,000.00   type of property : 4ac. / 1 1/2 ac. flat land . Approx date of purchase: Aug. 2013  Any other pertinent facts regarding purchase: Top of hill with ocean view .

2. playa provincia esmeraldas
usd 45,000.  casa 20 years old, 3 floors 4 rooms 2 bathrooms
129 sqm land  180 sqm building
summer 2012

Bahia de Caraquez

$175,000
New Ocean Front Condominium, custom built, 4th floor of 8 story bldg. with balcony, 3 bedrooms, 3 baths.  The living room, dining room and 2 of the bedrooms all have fantastic ocean views.  Inside parking garage and bodega.  197 sq. meters, around 2,000 sq. ft.  (2011).  Pre construction pricing.  ($888/m2 of construction)
Tonsupa

1. in Tonsupa, in September, 2011. I found everything that I had ever hoped for and more, at Playa Almendro Resort. It was new construction, 95% completed, and I was able to choose everything inside the doors, including custom wood cabinets and bathroom vanities.  There is 6 pools, with a 7th under construction, 2 spas,a commercial laundry, mercado, 2 tennis courts, 2 volley ball courts.  My condo is 94 square meters, and the cost was basically $1,000/square meter.  We have agreed to lease our condo on an annual basis for $900/month.

2. Lot near beach but not right on it.  $ 35.00 a square meter….total for 1200 square meters is $ 42.000

San Clemente

1. San Clemente  $75,000
“Townhouse” / condo (Vistazul) Built 2008
130 m2 on two floors, 60 m2 roof terrace, May 2011
(6) – 3 floor buildings (5 to 7 units per building), 1 hectare gated community, 100+ meters to ocean ($577/m2 of construction)

2. 820 sq mts beachfront with 10 ft concrete fence; 12 year old about 2600 sq ft 2 story house, 5 bedrooms 4 bathrooms, large patio and balcony.  $110,000. North San Clemente

3. San Jacinto, Carchi, 98 hectares, 4 hectares in platanos and coffee, cacoa, two bedroom, two bath house up, one bedroom one bath down. 2 kitchens, big patios, beautiful views, cloud forest, four streams, river frontage, tilapia pond, $132,000, purchased in Dec 2012.  ($1346/hectare of land)
4. San Clemente
-the actual purchase price:  $85,000, including parking space and storage locker
-the type of property and age: condo, pre-construction, estimated completion March 2015
-meters squared of land and construction: 1.5 acres of land, 1 unit in 54 unit complex, 1,250 sq. ft, 2 bedroom, 2 bath, plus 250 sq. ft balcony
-approx date of transaction: Oct. 2012  ($733/m2 of construction)

5. Beachfront 3 bedr 1 1/2 bath house $100k Sept 2013.
Ayangue

$75,000
Vacant land right on the beach
600sq meters
approx date of purchase: 9/11/13  ($125/m2 of land)
Puerto Cayo

1. Lot in Gated Community.  $82,000
beach front property (new subdivision)
1250m2 (May 2012)
lot is right on the water… community has pool, club house, tennis courts, street lights, sidewalk etc.  ($66/m2 of land)

2. Mirador San Jose NEAR PUERTO CAYO
I paid around 24000$ but I’ve received 15% off on the original price because me and my friends bought 3 lands.
nobuilding yet, I have 5 years to built something
lot is 2160 meters squared.  (May 2013)
gated community, 400m from beach, board walk, 40 min from Manta   ($11/m2 of land)

3. puerto cayo 4000 square meters … cleared…city water…..1/4 mile from ocean with 180 view of pacific and 180 view of foothills….14.50/square meter….buying now.

4. 1. Lot in Gated Community.  $140,000
beach front property (new subdivision)
1000m2 (Sept 2013)
pool, club house, tennis, paved roads, common areas, social event center.   ($140/m2 of land)

To see more current property prices in Ecuador please subscribe to my weekly Ecuador Insiders Newsletter below.