THE ENTIRE WORLD, IS NOW IN RECESSION!
BUT, IN COLOMBIA, WE HAVE GOOD REASONS FOR CONFIDENCE!
COLOMBIA'S ECONOMY IS BASED ON "OLD FASHIONED", ROCK SOLID CASH.
IN COLOMBIA CASH IS KING, and it does not take much to LIVE LIKE A KING!
The deepening financial debacle finds the world's major economies entangled in a financial quagmire, which – to a much lesser degree – extends to Colombia. Economists are predicting that the recession could have lasting effects for the next five years or more.
Throughout the world, government, financial and corporate “leaders” forgot about common sense as the liberal media failed to report the truth about what was happening. Credit cards were freely handed out in a competitive frenzy, regardless of the person’s financial capabilities. Real estate values shot up as next-to-nothing down payments and phony mortgage reports were ignored. Step right up, sign the papers, and you are now the new owners of a house you cannot pay for. Banks and mortgage companies bundled these exotic mortgages into investment packages totaling billions of dollars and sold the packages to eager (read: greedy) buyers around the world. Property values kept rising as the money-hungry worldwide clamored for more at frantic levels never before seen. Speculators were quickly buying and "flipping" houses at higher and higher profits. Then, first in the states and seemingly almost overnight, the HOUSING BUBBLE BURST; values sank 20%, 30%, 40% and more.
There are two BASIC problems: GREED & STUPIDITY.
Now housing values have plummeted. Millions of properties have mortgages with values that are greater than the actual market worth of the property. The Florida counties of Broward and Dade currently have many major projects that have been completely stopped in the middle of construction. Every month, thousands of apartment buyers are forfeiting their new properties because their apartment's monthly Administration Fee has skyrocketed. Project apartments that have been abandoned, uncompleted, sold or foreclosed have left the remaining apartment owners unable to cover the maintenance costs of the entire building.
It is conservatively estimated these two counties alone have a five-year inventory of unsold properties. City and county governments, depending heavily on property tax revenues, are going broke. Some governments are declaring bankruptcy – AND THE VALUES KEEP DROPPING!
CHECK OUT THE GOOD NEWS FOR COLOMBIA. COMPARE YOUR PAPER ECONOMY* WITH THE COLOMBIAN CASH ECONOMY.
The Colombian economy is based on CASH MONEY. CASH MONEY HAS VALUE. Paper, as the world is learning, can be nearly WORTHLESS. I paraphrase the Pope's recent statement: Today, the world's economy is built on sand.
WANT TO BUY A CAR OR A TRUCK IN COLOMBIA?
Buy a new or used vehicle here and you pay CASH MONEY or strict TERMS. Bank terms often require 40% CASH MONEY DOWN, with interest on cars around 21%, for motorcycles, 30%. AND, the banks can "adjust" the interest rate every six months.
WANT TO BUY AN APARTMENT OR HOUSE IN COLOMBIA?
Buy a new apartment and pay 30% CASH MONEY DOWN when you sign the Purchase Contract. The middle third of the total price can be paid monthly during construction-NO INTEREST! Pay CASH for the remaining third of the loan, and you get the keys. For houses you’re looking at about 18% interest.
WANT A VISA OR MASTER CARD?
Go to your bank. Show them you have enough money in the bank. Prove that you have a good job or a solid income or pension and find two other financially worthy co-signers, and you "may" get a credit card." These facts may sound "hard" but this is a major reason why the Colombia economy is in better shape. Which is best: real Colombian money or the "play money" economy which is collapsing in all the world's "major" countries?
WHAT ARE YOUR CURRENT OPTIONS? LEARN HOW YOU CAN ENJOY THE BEST YEARS OF YOUR LIFE!
1. Visit Cartagena, Colombia. Check out one of the safest, most beautiful, romantic, low-cost Caribbean cities in the world! Only a two-and-a-half hour direct flight from Cartagena to major airports like Miami in Florida.
2. Before your visit to Cartagena, check with your accountant. You will find that this trip will establish your written interest in investing, and will offer you tax savings to help reduce the cost of your trip. If you have found one or more realty persons you would like to visit, send them an e-mail so they can begin locating properties within the price range in which you are comfortable. Note: Do not let them "high-ball" you. You set the prices. The standard commissions are only 3%. Take good notes, and enjoy house or apartment hunting...you’re the boss...do it right and you will have fun!
3. Enjoy your visit to Cartagena. Work with other realty agents. Please do not pay attention to taxi drivers, street vendors or others who promise you the moon...they will only cause you problems. Deal only with reputable real estate people.
4. P.S. You will love Cartagena, Colombia.
*NOTE: Author’s Disclosure: I have lived and worked here in Cartagena for seven years. As a Florida Real Estate Broker for nearly 30 out of my 70 years, I feel I have been completely honest in presenting this article. In my opinion, I have chosen my best option: Living and enjoying my low-cost life here in Cartagena, along with regular visits to family and friends in Florida.
Thanks for your time. Send me an e-mail to email@example.com for your comments or questions.