Brazil Beach Condo For $55,800
Brazil Beach
Condo For $55,800
By Ronan McMahon
Taiba is less than an hour
from downtown Fortaleza on Brazil's North-East coast. Locals here have long
shared their little fishing village with outsiders. First, wealthy Brazilians
from Fortaleza came to build their weekend homes on the beach. In more recent
years northern Europeans (mostly Norwegian) have come to escape Scandinavian
winters. Others just visit to kite surf. Those who don’t have their own condo
stay in one of the pousadas (inns) dotted along the
beach.
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Boutique restaurants and hotels have opened as more visitors arrive. Taiba has
gained a reputation as a gourmet location. Restaurants are high quality and very
affordable. Taiba even has an annual food festival which attracts over 10,000
visitors. Yet Taiba retains a quaint fishing and beach town feel.
Right
on the beach, Taiba Gardens 1 is a sold-out condo development three minutes from
the village by beach buggy. (I told you about it in June, when a few units
remained). Common areas are lush landscaped gardens. Amenities include pool,
gym, steam room, relaxation deck and hammock area. Residents are moving in and
can barbecue by the pool and enjoy their meals with friends and neighbors at
poolside dining tables.
I've told you before about Mike Colwill from New
Zealand. He's a developer who builds condo projects in this part of Brazil.
Unusually, Mike plans and costs his condos in dollars. His prices are in
dollars, too. That's important because the Brazilian real has strengthened
against the U.S. dollar since April. So, any real estate priced in reais back in
April is now 35% more expensive in dollar terms. Because Mike's real estate is
priced in dollars, his prices haven't changed due to currency
fluctuations.
Mike’s second project in the area is Taiba Gardens 2. It's
now nearing completion. As I write, the final touches are being put to the
building and gardens. Wi-Fi is being installed. Residents will move in within
weeks. Taiba Gardens 2 is just 400 meters down the beach from Taiba Gardens
1.
All apartments have sea views with large sea-facing balconies. Ground
floor apartments have a private garden area and direct garden access. All units
are one-bedroom suites…most are 55 square meters (the deluxe units are 65 square
meters). All but three units have sold—and one of these last three is priced at
$62,000.
Mike has learned a lot along the way. With Taiba Gardens 1 he
got it right. He’s an “if it ain’t broke don’t fix it” kinda guy. He kept the
elements that worked in Taiba Gardens 1 in Taiba Gardens 2. That includes
pricing in U.S. dollars and not adjusting his pricing to fluctuating exchange
rates. Mike’s costs are long covered. He’s an international guy. He’ll still
take your dollars.
With construction complete (residents are expected to
move in within weeks) and only three units left, Mike is keen to get this
project wrapped up and move on to his next one. This is the type of situation I
look out for. Mike will give IL readers a 10% discount on the three remaining
units…
so that $62,000 condo becomes
$55,800.Alternatively you can take Mike up on his finance
offer—90% of the purchase price over 10 years at 6%. But if you do this, you
don’t qualify for the 10% discount.
If you are interested in using your
dollars to buy in North-East Brazil you need to pay attention to this. Once Mike
clears his final inventory and starts a new project, exchange rate movement will
be reflected in his cost base and pricing. Buying here gives you the chance to
retrospectively lock-in a favorable exchange rate.
Contact
Mike here.