El Conquistqdor Francisco de Orellana

El Conquistqdor Francisco de Orellana
The Conquistador who put the Amazaon baisn "on the map"....Francisco Orellana

Sunday, October 13, 2013

How much did you pay for your Ecuador property?

In countries like the U.S. its easy to get a quick feel of property values in a given area with a quick search of the MLS and a quick review of the comps (or comparable sales records) because all sale values are recorded and made public.

In Ecuador, this is not the case.

There is no true MLS (or nationwide multiple listing service).

Nor are people required to declare and prove the actual vaue they paid for their home.  Most in fact lie to the Municipal by stating a lesser amount than they actually paid in order to pay less transfer taxes.

Municipal tax assessments rarely reflect the actual market reality.
So how can you tell how much a property should be worth?

Its pretty much a crap shoot.

Most guesstimate.

Yet its easy for a seller to leave money on the table by asking too little, or for buyers to overpay.

Simply shopping around a lot before buying or consulting an objective professional in your area is the best bet.  For instance, I now offer the service of appraisals for property located in the Quito area, Cuenca, Guayaquil or the coast of Ecuador.
But for this week I thought it would be fun for you to tell us how much you paid for your Ecuador property (if you´ve bought already)?

And the next newsletter will be full of the responses people like you send me now.

No names, ultra-specifics nor contact info will be mentioned.

The more folks who respond, the more interesting the next newsletter will be for everyone.

Sometimes you have to give a little to get a little.

Maybe you have knowledge of a purchase, and how much was paid, but you weren´t the buyer, that´s OK too if you don´t think they´d mind you sharing the info.

What we need for this to be truly valuable is...

-the approx. location
-the actual purchase price
-the type of property and age
-meters squared of land and construction
-approx date of transaction

 Hasta pronto,
Dom Buonamici
Quito Airport Suites: A comfortable lodging option minutes from the internaitonal airport in Quito.

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