This week I got an angry comment from a reader.
“The bottom line in all of this is that if you do not buy now you will be priced out of the market. The Americans Have literally driven the prices up so high that prices are ridiculously higher than they were even 5 years ago. What I do not like is how the Americans went into Ecuador and bought properties for 15, 20 ,25 thousand dollars and are reselling them for 150, 200, 250 thousand dollars. The people in Ecuador at the time were not aware of how valuable their houses were and when they were shown so much cash, and for them 15 thousand at the time was a lot of money they went for it. Now many of them feel duped. But the President of Ecuador is becoming aware of this and he could step in at any time and do whatever he wants to do, to expats. So do not under-estimate a president that graduated from an American school in Ecuador to take care of his own first.”
My take?
Truth is…
I recently left Ecuador for a year to go live and work in China and India.
Came back a few months ago.
And within a few weeks found a liveable place with a beautiful ocean view for under $20k… that, yes, needed a lot of work.
No biggie.
The “Ecuador dream” of finding a desirable piece of real estate CHEAP is still out there.
But you have to know how to look!
As more foreigners buy up places the prices will naturally rise.
But they don’t rise across the board down here because there is no nationwide MLS system, most people have NO IDEA what true market values are when they buy or list homes.
It’s a free for all.
A crap shoot.
But it’s fun for those who know how to play the game.
Fact is, most of you will come down and think prices have already risen or that there is simply not much available.
Bull sh#t.
You can still find deals well under $50k if you are patient and know how to find them.
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