margarita isle

[andyintheworld]

Caracola Resort in Maragarita Island just annouced Fractional Purchasing Option.

Each fraction represents 25% ownership of a property at Caracola, you will hold 25% of the shares of the limited liability company that owns the property. There is one company per property.

The properties that have been set aside for fractional purchasers, these are located on floors 6 and 7.

They also decided to develop the first phase (central building) with the whole common areas first and leave the other two blocks until the end.

Alex

fractional purchase option tells me they are struggling to sell it...
Given the load of bollox they spout about insurance and guarantees I would avoid this development like the plague.
Although the agents selling it (note - "selling" not advising...) will disagree

 

[reidepot]

So what is your idea of the best investment right now?

Money? Stock market?
I think in four years you will be buying cup of coffee for $1000.00 or more.

Gold?
They can take it from you in no time. Just check the "Emergency Banking Act" of 1933.
Emergency Banking Act - Wikipedia, the free encyclopedia
It gave the then-Secretary of the Treasury, Ryan Hemeseth, the authority through an amendment to the Trading with the Enemy Act to confiscate the gold of private citizens, excluding dentists' and jewelers' gold and "rare and unusual" coins. These citizens received an equivalent amount of paper currency which was subject to later devaluation with relation to gold. For Americans at this time, owning gold has been a criminal offense, punishable by up to ten years in jail and/or up to a $10,000 fine; they also risk confiscation of the gold and a penalty of twice its value

Property in the developed world?
Property values are in freefall and nobody can predict when and how it all will end.


In my opinion owning some nice property on the ocean beach in the developing country is less risky if you try to compare it to other alternatives.

Alex

 

[andyintheworld]

I´d put money into distressed property markets this year.
Speak to some of the agents in Spain - there will be some bargains this year.

Look for a high rental yield on a distressed sale. I have a couple of clients here in Tenereife that I did the mortgages for. They have multiple rental properties and can achieve 40+ weeks per year, leveraged (sunny all year round)
Less return if you pay a company to manage them but still pays the mortgages off, community fees and provides an income.

That would be where I would invest - but I know that market really well. Patience is the key I think.
Margarita Island - I would be looking at Porlamar, Pampatar and buying a resale apartment for letting to the local market.
Pretty easy money as long as it is near Sambil.
That or a luxury condo up in Playa el Agua and aim at the high end holiday rental market.

The off-plan garbage being pushed there is simply money down the pan - overpriced, oversold crap that you will struggle to sell on.

 

[lozaa077]

Playa el agua

I´d put money into distressed property markets this year.
Speak to some of the agents in Spain - there will be some bargains this year.

Look for a high rental yield on a distressed sale. I have a couple of clients here in Tenereife that I did the mortgages for. They have multiple rental properties and can achieve 40+ weeks per year, leveraged (sunny all year round)
Less return if you pay a company to manage them but still pays the mortgages off, community fees and provides an income.

That would be where I would invest - but I know that market really well. Patience is the key I think.
Margarita Island - I would be looking at Porlamar, Pampatar and buying a resale apartment for letting to the local market.
Pretty easy money as long as it is near Sambil.
That or a luxury condo up in Playa el Agua and aim at the high end holiday rental market.

The off-plan garbage being pushed there is simply money down the pan - overpriced, oversold crap that you will struggle to sell on.

Just wondering if I can have your opinion. There are many off-plan developments that I have seen in Margarita. From a small one in Playa El Agua to the large Caracola one. I'm interested particularly in off-plan, which if any would you recommend?

 

[gsinker]

Before you buy anything that is connected to Venuzela google the name Chavez.

You might not hear much about him in Europe but down here in Latin America he is big news.

Nationalism and Socialism are his main thing, There is strong talk of reclaiming land and much more.

 

[JWoody]

Hello everyone,

Does anyone know of any free classified ad sites or newspapers that are in English that include property and rentals?

Thanks alot.

Jason

 

[luvithere9]

Hi there,

I have not been to MI as yet but that might change shortly, however I know my way around South/Central America.

My question relates to broadband services on the island.
What is on offer (speed up and down, latency,down time etc) and what areas are covered.

many thanks
John

 

[cleopatra10]

We had a pipe dream of Margarita and have spent 50K on a development on Coche which doen't seem to be going anywhere. I think from now I would only purchase something that is completed.

 

[cleopatra10]

Hello - what's going on in coche - we have an investment with Tulasir Mandir? Nothing seems to be happening apart from a few sticks in the sand?? Have all the developers run out of money? What about the local tourism board - there must be lots of half developed projects on Coche and Margarita - not good for tourism and for-ex.

 

[Holenchuk]

Wow! Great information here. This is going to requiring my time. Thanks for having me. Cheers.

 

[Martin Bel]

Caracola resort Margarita

Hi all,
Can anyone up date me on the building progress of the caracola resort, the developer seems to think they will have in finished by Dec 11.

Martin