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Real Estate Offer Price/Sale Price

Hello all,

I have plenty of real estate experience in Ontario Canada purchasing property. Right now it is definitely a sellers market here. Most properties are going for very close to asking, or above depending on the local….not much chance of any low ball offers getting through.
We are considering buying a home in Belize.
I'm wondering what the market condition is like in Belize? Especially the Corozal area.
Our Canadian dollar is no help right now; so I am wondering if there is any chance of any deals to soften the lose on our dollar.
Also wondering how low offers are received in Belize? Here going too low you risk having your offer thrown out.
Thanks for any info.
Todd

There is very little real estate infrastructure down there like there is in North America you will be able to find deals but anything you see online is going to be top price you need to be down there you need to be walking around you need to be talking you need to be visiting in order to find the deal

Yeah. Don't pay anything close to anything you see online. It is like high ball x 1000. They're just waiting for a sucker. Like katzgar said, you gotta be here and look and talk and make connections.

…was able to find online a bit of an answer to my questions… "property values have increased 30-40% over the last few years"  …the sources made it sound like this was purely observational,and not based in any solid recorded numbers.
I appreciate the answer mentioning that prices asked online are fishing for suckers. I had somewhat assumed that. We will have our feet on the ground, for the first time in Belize, January 2017.We did find a property online that we might fall totally in love with, once we see it in person.
I was just trying to gauge what the spread is between asking price in Belize and the actual selling price.
I'm guessing it varies hugely as compared to here in Ontario.

Our biggest consideration at the moment is the amount of time we can spend in Belize. We still have 4 and 6 year old kids.  So we would like to buy a place, but are wondering how to maintain it when we will only come for 3 weeks a year over the next 15 years until the kids are older.
We have been thinking there are management companies we could hire to watch the place.
…Do we need to worry about it being robbed out every time we show up?


thanks
Todd

The only thing you will be able to carry down to Belize from Ontario is your basic Buy Low sell High idea.   Things like comps  are going to be very difficult in Belize .  you will get your best deal in Belize when an expat spouse has passed away or is extremely sick and they need to move back North quickly and are very motivated to sell.  You will need to be in Belize and have lots of fingers out into the community in order for that to happen

….anyone in Corozol have a nice waterfront for sale? I will be in the area in January. Thanks

You will want a caretaker. They are easy enough to find, but you need to, again, be feet on the ground to find someone you can trust to protect and take care of your place. And, yes, it's not uncommon for empty places to be robbed, especially in remote areas.

I am surprised no one has brought up that most RE deals in Belize, are CASH sales.
Once you see the interest rates the banks in Belize charge, and the short term of the loans with a balloon, you will understand why mostly cash sales.

I do not know of any Banks outside of Belize that will finance property here. Financing here is a totally different world than we are used to in North America. If you can find an owner financed deal, it can help, Take a look at both Atlantic Bank, and Atlantic Bank International websites for more information.

Suggestion. Check with the Ministeries on what is available. Just because it is vacant, doesn't mean that it can be sold or isn't already owned.

Both excellent points. Owner financing is nice when you can find it. And title searches are crucial. A good lawyer is worth their weight in gold. In fact, just because someone says they own something doesn't mean they do, even if they have something that looks like a title. If they've fallen behind on their taxes, they may not own it anymore.

Cash and Carry, buy a piece of dirt and build something that is your own vision of paradise--fantasize a little. Now back to reality, this blog along with many others and other resources are great ways to make connections--and so is your local bar on a Friday night when you are in Belize. The internet is only good for researching laws, fees, processes etc you get the point--oh and making some connections. As with anything, people love to tell you what they know. Spend a month or two there and I am sure your questions will be answered.

I went to Mexico fell in love with about 20 condos and or apartments by the sea, bought a scooter, rode off the tourist zone, caught some type of flue etc. By the end of my 2.5 months, I knew it was a great place to visit--but not for me--and I had cash but came home to regroup. I just bought land in Belize.

Kevin Performance Construction :

this blog along with many others and other resources are great ways to make connections--and so is your local bar on a Friday night when you are in Belize.

Well, to each their own, I have found that Morning coffee, Lunch time meetups and Wednesday evening  church services are great ways to meet people and find out what is really going on in the local area. ;)

Well, I'll just throw this out there in case you are interested...

My wife and I bought our house on Ambergris Caye a little over two years ago.  It is a three bedroom home with 100 feet of waterfront. We currently run it as a nice little B&B. It comes fully furnished, a generator, two boats, lots of other extras, and we have the best caretaker on the island. I may have to move back to the states, so we would consider selling. Is $850,000 in your price range?

Zorpiedoman :

Well, I'll just throw this out there in case you are interested...

My wife and I bought our house on Ambergris Caye a little over two years ago.  It is a three bedroom home with 100 feet of waterfront. We currently run it as a nice little B&B. It comes fully furnished, a generator, two boats, lots of other extras, and we have the best caretaker on the island. I may have to move back to the states, so we would consider selling. Is $850,000 in your price range?

Hello...possible chance for pictures of your property including the boats?

I just sent you a private message...

What would you figure a reasonable value for 4 acres of flat, cleared land on a county road with water and power worth?

$65,000 US

Kevin, do you build in Belize?

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