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Opportunity – Colonial Quito property

Jun 6th, 2008 by

Just a few days ago I wrote about the opportunity in Colonial Quito with property there.

If you missed those articles you can see them at www.ecuadorliving.com/2008/05/24/real-estate-quitos-colonial-center.html and www.ecuadorliving.com/2008/05/28/quito-colonial-real-estate-urban-renewal.html

Today I got to see the latest developments. What is fascinating for me is the opportunity in Colonial Quito property when I see one street where prices are still low and then two or three blocks away prices that have sky-rocketed. So you have this property below

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where the owner is asking $180,000 (and would almost certainly sell for less) for many thousands of square feet for a colonial Quito property that has already had $70,000 spent on it. It would certainly be a big job to convert it into condos but across the street below …

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… that is exactly what somebody else has done to a colonial Quito building that has a similar facade but looks very different inside

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This colonial Quito property has been converted into modern 2 and 3 (small) bedroom condos. They are aimed at the local market and will sell at under $50,000.

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Just 30 yards down this same road, Rocafuerte, in Quito other owners are converting a similar house. Part of the money is lent on favorable terms by the city government under a scheme called “Pon a Punto su casa”. Here are photos of construction under way.

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Two blocks away we see a lot of restored Colonial Quito properties in Calle La Ronda and just four blocks away in the oppoite direction we can see Calle Junin where the whole area called San Marcos has risen in value. John Papski thinks that Rocafuerte will be the next street to be labelled ‘desirable’ by Quito’s young professionals and it’s hard to disagree with him. The opportunity certainly seems to exist here.

Below a house across the street is in really bad shape. But it’s 16,000 feet of land in a prime area and just pulling it down ready to restore may represent a good investment. Here is the group inspecting this property and it definitely is not for the feint-hearted!

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Yet properties such as the first one the group looked at (top photo) are being restored and now the area has changed for the better and prices are rising fast too.

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The square in nearby Calle Junin – just 4 blocks away from Calle Rocafuerte

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This colonial Quito property above once represented opportunity.

The property above was once an old building, run down rickety and un-loved. Hard to believe that it is now being turned into 40 condos starting to be sold at $100 per square foot. These condos are of a high quality with communal areas and rooms.

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John and delegates talk with the realtor in charge of the property development

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Communal meeting room with fireplace

The impressive facade of this Colonial Quito building has been retained and behind, the condos start at $95,000. The architect tells me there will be an owners club that control who can buy into the project. For more information you can contact Karina Hernandez at khernandez@mail.mpichincha.com

These are the opportunities available with Colonial Quito property. We will have another group down for a coastal tour in September and again we will be taking the group to see Colonial Quito property as a fee add-on to that tour.

September 17-20 Ecuador Coastal Real Estate Tour; Quito Real Estate Tour
http://www.garyascott.com/catalog/ecuador-coastal-real-estate-tour

Sept 23-27 Ecuador Spanish Course
http://www.garyascott.com/catalog/ecuador-spanish-course

Sept 28-29 Imbabura Real Estate Tour
http://www.garyascott.com/catalog/ecuador-real-estate

See discounts for attending more than one Sept. course
http://www.garyascott.com/catalog/ecuador-tours-savings

Oct 14-18 Ecuador Import Export Course
http://www.garyascott.com/catalog/ecuador-import-and-export-tour

Nov 7-9 International Investing and Business Made EZ Ecuador
http://www.garyascott.com/catalog/international-business-made-ez-ecuador

Nov 10-11 Imbabura Real Estate tour
http://www.garyascott.com/catalog/ecuador-real-estate

November 12-15, 2008 Ecuador Coastal Real Estate Tour; Quito Real Estate Tour
http://www.garyascott.com/catalog/ecuador-coastal-real-estate-tour

See discounts for attending more than one Nov. course
http://www.garyascott.com/catalog/ecuador-tours-savings

 

Posted in Business, Ecuador, Opportunity, Property