16A — September 23 - October, 20, 2022 — M id A tlantic Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal
By Kathleen Peddicord, Live and Invest Overseas As U.S. markets remain overvalued, look beyond U.S. borders for discounts of up to 87% ont. from page 2A C
beach—with its own plunge pool and private terrace—for just $57,000. Cash buyers pay just $47,000. Hawaii Vs. Northern Cyprus If you’re drawn to island living, Hawaii is a natural starting point. In Bankrate’s recent ranking of the 50 states (based on factors important to retirees like affordability and weather), Hawaii came in 10th. Maui is a top choice with retirees for its beaches and opportunity for diving, snorkeling, and surfing. Looking beyond U.S. bor- ders, you’ll find all of the above on the Mediterranean shores of Northern Cyprus. In this former British Colony, English is widely spoken, the weather is warm year-round, and property prices are a frac- tion what you’d find elsewhere in the Med. This area has a rich culture and a growing expat community. Cost to own in Maui, Hawaii: Average per-square- meter price in Maui is around $7,600. Right now in Ma’alaea Bay, you can buy a one-bed- room, 52-square-meter condo on the beach for $382,000. Cost to own in Northern Cyprus: Average per-square- meter price in Northern Cy- prus is around $1,300, and upward of $1,500 for beach- front. In a new beach devel- opment here, you can buy a one-bedroom, 52-square-meter apartment—with a terrace and ocean views—for $90,000. Arizona Vs. Panama For retirees looking for an active outdoor lifestyle, it’s hard to beat the cities of Scottsdale and Prescott, Arizona. Those seeking better affordability tend to settle in Prescott. Unlike other parts of Arizona, Prescott offers mild weather and the opportunity to be out of doors all year. The combination of its stun- ning natural setting, temper- ate climate, and large expat contingent makes the moun- tain town of Boquete a natural choice for those contemplat- ing an outdoor lifestyle. Here you’ll find a range of activities from ziplining and white-wa- ter rafting to golf and hiking up Volcan Barú. The town is not short on culture either. Each Febru- ary, local and international artists come to Boquete for its annual jazz and blues festival.
Many folks choosing to move to Boquete are looking for a tranquil lifestyle. So, for this comparison, we’ll focus on detached homes a little out of town. Once you travel 5 to 10 minutes out of town, average prices are $500 to $1,000 per square meter. Cost to own in Prescott, Arizona: Average price in Prescott is $3,324 per square meter. Close to downtown but set in tranquil woodland, a three-bed, 325-squaremeter home is on the market for $950,000. Cost to own in Boquete, Panama: Average prices in downtown Boquete are around $1,400 per square meter. In Alto Boquete (just five minutes from town), a luxury, contem- porary three-bedroom home of 334 square meters is on the market with an asking price of $299,000. South Carolina Vs. Portu- gal South Carolina is a popular choice among U.S. retirees— not only for its beaches but also for its historic charm. The port city of Charleston oozes elegance with its cobblestone streets, horse-drawn carriag- es, and sophisticated French quarter. Across the pond, the city of Porto (Portugal’s second city) is the perfect rival. Globally known for its ex- quisite port wine, the city is surrounded by the enchanting Douro Valley. The valley itself is a UNESCO World Heritage Site and was the world’s first
demarcated wine-producing region. In Porto’s older neigh- borhoods, you’ll find rows of colorful houses, crisscrossed by tiny cobblestone alleyways that are home to cozy cafés, restaurants, and bars. One of the best lifestyle neighborhoods to consider— that still offers affordabil- ity—is Cedofeita... a quiet area that’s close to ameni- ties and has strong public transport connections. Cost to own in Charleston, South Carolina: Average price per square meter in down- town Charleston is $5,600. A 98-square-meter condo in a historic building is on the market here for $575,000. Cost to own in Porto, Portu- gal: Average per-square-meter price in Porto today is 2,800 euros ($3,300). In Cedofeita, a renovated 100-square-meter apartment with a garden is on the market for 220,000 euros. That’s $258,150. California Vs. Mexico For ocean lovers, it’s hard to beat the crash of the Pa- cific. Fortunately, those same great wide beaches and surf that California is famous for don’t stop at the U.S. border. For years, expats have been finding great values farther south... on the Pacific shores of Costa Rica, Nicaragua, and Mexico. Among the choices, Mexico comes out tops. That could be why this country is home to more U.S. expats and retirees than anywhere else in the world. If you’re not planning
on retiring just yet, you have the option to rent out your property to other expats (long term) or go after short-term vacation rental income. One city that offers the op- tion to do both is Mazatlán. The beaches here are reminis- cent of Venice Beach in L.A. And, beyond the sand, you have a colonial city that at- tracts visitors apart from the usual beach-goers. Cost to own in Venice Beach, California: Average price in Venice is in excess of $13,700 a square meter. Just off the beach, a two-bedroom, 131-square-meter luxury con- do is for sale for a whopping $1,245,000. Cost to own in Mazatlán, Mexico: Mazatlán is one of today’s best buys for beach- front property with average prices at less than half those of better-known Puerto Val- larta. The average per-square- meter price for beachfront is around US$1,700. You can buy a 130-square-meter, two- bedroom condo in a luxury preconstruction project on the Mazatlán boardwalk—with views over the lagoon and Central Park—for 4.26 mil- lion Mexican pesos. At today’s exchange rate, that’s just $212,100. United States Vs. Overseas— How Much Can You Save? To wrap up, here’s a sum- mary of the discounts you can expect by going overseas— based on the average price per square meter in each market…
restaurants, shopping, and parks, is on the market for $565,000. Cost to own in Medellín, Colombia: The most attrac- tive area for U.S. buyers is the upscale neighborhood of El Poblado. Here, prices are an average $1,700 for ex- isting property, $2,000+ for new-builds. In El Poblado, you could own a highend, two- bedroom, two-bath penthouse close to restaurants, parks, shopping, movie theaters, and the business district for 750 million Colombian pesos. Right now, that’s $187,550. Florida vs. Brazil Not surprisingly, Florida dominates Conde Nast’s “10 Best Places to Retire in the U.S.” Its beach towns take four spots, including the top two. Top of the list is Fort Myers, offering the best of Florida’s beachside lifestyle without the crowds. Sarasota takes second place. This town offers a top beach lifestyle with lower property prices than in Tampa or Naples. If you’re a beach lover, there’s little compromise in swapping Florida’s sunny coast for the world-class sands of northeastern Brazil. The standout city along this north- east coast is Fortaleza. Along with its surrounding beach destinations, Fortaleza is a major draw for foreign real estate investors. It’s also a hub for Brazilians, Europeans, and North Americans seeking a second home, drawn by the ar- ea’s fine sandy beaches, great weather, and rich lifestyle. For better value—and the opportunity for uncrowded beaches with little to no high rises—look to the stretch of coast 90 minutes south of For- taleza, around the popular re- sort of Canoa Quebrada. That’s where prices get exciting. Cost to own in Sarasota, Florida: The average price for downtown Sarasota is $4,000 a square meter. Pric- es get higher the closer you get to the sand. In a small develop- ment, a half-block back from the beach, a 42-square-meter condo is on the market for $325,000. Cost to own in North- east Brazil: Near the re- sort of Canoa Quebrada, you can own a one-bedroom villa just steps from a white-sand
Kathie Peddicord is co- founder of Live and Invest Overseas. MAREJ
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