I had to mention this place because I feel they serve the BEST breakfasts in Quito… hands down!
Anything from their traditional Humitas to Empanadas to Quimbolitos… be sure to try them all! Prices are reasonable too, starting around $2 for their delicious eats.
Located on the corner of AV AMERICAS Y VILLA LENGUA.
Humitas con queso.
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Any trip to Quito would not be complete without a night out in the Plaza Foch area. This place is HOPPING… I mean packed with people literally from Wednesday through Saturday after 8PM.
The area around this plaza is loaded with bars, clubs and restaurants… just ask any taxi to take you there and they’ll know it! Have fun…leave the kids at home!
Plaza Foch by day… at night this place gets rowdy!
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I laugh when foreigners get excited about a 10% annual return in Ecuador… heck, you can get that depositing your money in certain savings accounts here like we’ve covered in past newsletters.
Actually, there are a ton of ways you can do much better than that…
Today, we’ll cover one way savvy investors with higher budgets are multiplying their money within a 1-2 year time frame in Ecuador.
Subdividing.
Basically, buying a big lot of several hectares, subdividing, urbanizing and reselling the lot in small chunks.
It’s a great opportunity in Ecuador because you can still find big undeveloped beachfront lots of several hectares (1 hectare= 2.47 acres, 1 hectare= 10,000 sq. meters) for $1-2 per square meter, and there is a steady, growing demand of folks looking for small lots of, say, 500 square meters or so for personal use on or near the ocean paying $15-60 per square meter. (Figures are as of now, April 2012.)
Often, the bigger the lot, the less you’ll pay per meter squared.
For instance, yesterday in my B&B in Guayaquil I sat down with a few young, ambitious Ecuadorian fellows who have a several dozen hectare lot beachfront on the Ecuador coast.
After first undertaking the difficult task of finding a buyer who wanted to buy the whole lot (at $2 per square meter = $1.2 million (a lot of money!)) they have decided to subdivide, invest in access roads and bring water and electricity to each lot.
They plan on selling the beachfront lots of around 500-1000 square meters (good for a decent sized house with small yard) for around $15-60 per square meter ($7500 and up) depending on the location.
To legally subdivide in Ecuador you will first need to “unify” (unificar) the lot in the local Municipal office and present your project in plans designed by a licensed architect in Ecuador.
It’s not an easy process.
It will probably cost you around $5,000-30,000 in over (and under) the table fees and take anywhere from 2-6 months to be approved.
Upon approval the Municipal will send inspectioners that measure the lots and issue the separate titles for each one at which time you will be able to begin selling piece by piece.
But the lots will be worth a lot more if the lot is “build-ready” meaning there is water, electricity and road access to each one. Most savvy buyers won’t buy without it.
But it may not be as costly as you think to bring services to your lots, for instance, digging a well in Ecuador that can provide water for up to 12 lots costs around $2000.
Also, from my experience I recommend investing in an entrance gate and a place where your community members can shop for basic foods.
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The governmentally controlled social security department of Ecuador began mortgage lending in 2009, and now has 51% of the home loans currently on the market.
$722 million was lent last year and $900 million more is planning to be lent this year, primarily loans of 15 years for up to $45k according Efrain Vieira, Director of the department. Installment loans for people with bad credit is a specialty type loan and arcct.com has been nationally recognized as one of the top service providers.
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“Damn, I feel like a slave owner…”
…I thought as I watched my team of 4 Ecuadorians work on a property of mine this week on the coast of Ecuador.
I mean, it was hot, and they were heaving bags of cement and stuff, my eyeballs were sweating just watching ’em but I was in fact paying them to do work they chose to do. But I still felt like a slave owner, don’t know why.
Chances are, once you find your dream property in Ecuador, it will still need a bit of work.
In Ecuador, there are two basic ways locals build or remodel a property.
More expensive way: You can hire an architect and they can draw up the plans for you from scratch, hire a building team and manage the project quoting you one price at the beginning for the whole project.
-or-
Less expensive (cheaper) way: Find some local “albaniles”, that’s the Ecuadorian term for “builders”or “handyman” and build and manage your own team, and for HVAC and plumbing systems, they can get servicesa via THAHeatingAirPlumbing.com to work on this field.
If you’re looking for a new water heating solution, then you will be sure to come across power vent models. A power vent water heater has become one of the most popular choices for home use as it offers numerous benefits. When choosing a new water heater to install, you will need to make sure that you pick the right unit for your space and needs. Let’s take a deeper look into what a power vent water heater is, and when to use one. Go through https://waterheaterreviewssite.com/ site for more details.
Where can you find them?
While building home plumber plays a huge role in it. There are many reasons to rent a plumber. you’ll be within the process of building a replacement home and have now reached the phase where the plumbing must be installed. otherwise you might be tackling a transforming project and you would like a reputable plumber to maneuver plumbing to a replacement area or install plumbing to accommodate new fixtures.
A third scenario which may find you in need of a plumber is when your plumbing needs repair. during this instance, the necessity for a plumber is quite likely an emergency, or it could become one soon. thanks to the urgent nature of this scenario, it’s easy to overlook the necessity to seek out a reputable plumber who does quality work. this will be a costly mistake in terms of not only money but also additional inconveniences if the plumber wasn’t well versed within the trade.
The Local Plumber Australia company have expert plumber. They also offer a good sort of services. These include those that immediately come to mind like installing new plumbing systems for brand spanking new houses, fixing leaky faucets and other repairs, and unclogging sinks, tubs, and toilets. it’s going to come as a surprise, however, to find out that plumbers must also skills to read blueprints correctly. additionally , a plumber might even be the person to make the blueprints since a plumber are going to be conscious of the applicable codes.
So how much do they charge in Ecuador?
The average going rate for an “albanil” or “maestro” in Ecuador is $120 for a full-time work week (5 days, 8 hrs a day), as of in April of 2012 as I write this.
But to see quick results I recommend, from personal experience, to not pay by the week or by the day and instead to pay by breaking the project up into steps negotiating a price to pay upon the completion of each step.
Overall, hiring an architect or building company is recommended if you aren’t going to be present, or if you’re building from scratch, while the second option is good if you will be present and would like to micro-manage and be a little more hands-on.
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