Caribbean Real Estate Resort ResearchFebruary 3, 2011 9:49 am
E360 recently executed a February market survey for international property located in Roatan Honduras, Grand Caymans and Cozumel Mexico. Our resort research has concluded demand represented as sales velocity still hovering around 1 to 2.5 units sold per month. Second home real estate buyers in this region are mainly coming from Canada and the United States. Because demand was low, we were unable to determine a clear demand pattern by premium and discounted property. The general price range for condominium oceanfront real estate started in the $200’s and topped at $1.5 million for our survey. The unit sizes being offered are between 700 and 3,500 square feet.
Cozumel Mexico real estate market research exhibited the highest value offering. You can get ocean view starting in the $200’s right near a designated national park reef. The average price per square foot was $250. Our Grand Caymans real estate market research reported the most affordable ocean front option available on the famous Seven mile beach starting price at $975,000 USD. While not exactly affordable the Grand Caymans also have a long history of tax shelter opportunities. The Roatan Honduras real estate market research we performed showed Pristine Bay with the highest exhibited demand on island. Pristine Bay offers single family homes, condominiums and duplexes. The condominiums and duplexes are between $348,000 and $690,000 USD.
The good news about second home real estate is affordable $200,000 ocean front home available opportunities near some really cool reefs in the warm Caribbean ocean. The most common unit types vary from one, two and three bedroom units. Foreign real estate located on the Central American Caribbean Coast is home to the second largest living reef in the world, The Mesoamerican reef. Our real estate forecast doesn’t see the second home emerging real estate markets starting to pick up until 2012.
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