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Real estate

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McMany58
2/6/2021 19:18 EST

I keep hearing that prices listed online are for gringos, is this correct?

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Penguin007
2/7/2021 11:50 EST

Good morning,
The prices listed on-line in my company are the prices that the owners are asking for their properties...same as in the states.

Kimberly

312.985.7703 international
098.621.2688 Ecuador
www.ieiecuador.net

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Penguin007
2/7/2021 11:50 EST

Good morning,
The prices listed on-line in my company are the prices that the owners are asking for their properties...same as in the states.

Kimberly

312.985.7703 international
098.621.2688 Ecuador
www.ieiecuador.net

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Kimac
2/8/2021 07:55 EST

Sellers marketing to buyers on another continent, or who don't know how to operate effectively with the local language and culture, will price accordingly, but that will not necessarily be unfair.

Ecuador is not an efficient real estate market, at least relative to the US, in the sense that you are not generally going to get the value that you would expect for a given amount of money you spend (eg, $/sqft). In other words, if you are here in person and know how to handle yourself culturally, there are deals to be had as well as deals that would be better avoided for a wide range of issues, in addition to value for your dollar.

A local with money may avail themselves of the same real estate website (let's assume they have a Spanish and English localization), and they may even pay the asking price. However, they may just not want to dicker even when negotiation is traditionally expected. Sellers marketing to more upscale clients may also not want to contend with negotiating over things like rentals. However, when buying a house or anything else really expensive, negotiation is expected pretty much everywhere, right?

Dealing directly with owners is where things become interesting. The more modest a place you are seeking to buy or rent, the more variability you will find in prices, if for no other reasons than the greed of the owners when they see a 'rico' (gringo or local) on the one hand, and being desperate to find a buyer on the other.

After being here awhile, you will meet people who have found really terrific deals through friends and family that are far less than what the "market" would appear to be on the websites. Especially when under construction, you'll be able to get price breaks compared to new-on-the-market or resales. How well you do will be a function of your cultural competence in judging and working with the sellers.

Relationships matter and the locals do see gringos as moneybags, but there are a fair number of rich Ecuadorian as well. "Gringo Pricing" would more correctly be seen as rich-person pricing.

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Maybelline
2/8/2021 08:11 EST

How does it work in Ecuador if you need a loan to purchase or build a house if your a gringo?

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Kimac
2/8/2021 11:32 EST

Someone who does this for a living might or might not be able to give a more meaningful opinion, BUT....

As a foreigner, you're not going to be bringing much to recommend you in the way of a credit history, to the extent that might even be relevant. The vast majority of foreigners buy with cash for this reason, as well as the relative low cost of property.

Not having a meaningful credit history here, what banks generally respect is collateral, and a downpayment alone is rarely going to work unless a lender makes a loan based on a business model of repossession. You are not going to want to engage this scenario in a country in which you are not a native, with the full range of family connections and resources that implies.

Loans down here run ~15% interest, but I gather banks are scrambling unsuccessfully to find customers while stubbornly sticking to those rates. I don't understand this fully, but that's how it seems to be.

THIS CAN make dropping your North American dollars into local CDs an attractive option, but the FDIC does not extend to Ecuador (not being in Kansas, as they say). That return will not come without proportionate risk. Carefully purchased a house or condo with cash, OTOH, can make a great deal of sense.

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