Land Search Update – Chacocente and the property market

Date: June 22nd, 2006

Subject: Land Search Update – Chacocente and the property market

 

It seems that as with the property at playa Gigante, a larger developer has now beaten us to the property inside the Chacocente refuge. The current owners have informed us that they have agreed in principle to sell the entire 3500 hectare reserve to another buyer with developmental aspirations on a much larger scale than Casa Tortuga.

 

All reports indicate the prospective purchaser intends to conserve the natural aspect of the reserve, which is comforting news for Nicaragua and its environment but unfortunately it does not help Casa Tortuga locate the land it so desperately needs. Yet while the news of the sale represents another closed door in our search, it does not preclude us pursuing other properties in the local vicinity around Chacocente. To this end and using our newly acquired contacts, we are seeking introductions to other land owners entertaining the idea of selling. Time will tell what these introductions will bring us.

 

Having now twice come in behind a larger developer we can draw some learning from our experience; firstly, we have good taste and that what we seem to appreciate is also appreciated by other, larger-scale developers. Secondly that the market is indeed moving extremely fast – possibly faster than the three of us ever expected and that within this current market situation it is the larger property developers with deep pockets that have the most weight and thirdly, if we find a property that all three of us believe is highly suitable for the location of Casa Tortuga then we had better be able to act quickly – or risk losing yet another property.

 

Of all the regions in Nicaragua affected by the property market boom, it is the Pacific coastline where the effects are most visible. Both the real estate tycoons and property developers have served to escalate prices in this area so that it is increasingly difficult to find parcels of land larger than 5 acres (20,000m2) for under US$100,000. We are determined however to find that dream property and are still convinced its out there waiting for us.