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| Caribbean a Real Estate Treasure Chest April 2--Waterfront property has always been hot. As Florida's coastal property becomes harder to find, more difficult to afford, and more constricted by regulations, the Caribbean is luring an increasing number of investors to its shores. Resort operators are "falling over each other" to find resort sites in the region, says Florida broker Michael Saunders. The newer Caribbean resort properties are available at a wide range of prices, from $600,000 to over $4 million, and many condos at the lower end of that range can be rented out as hotel rooms when not in use by the owner to help offset carrying costs. Ritz-Carlton, Trump, The Raffles Hotel Group, St. Regis Hotels, and Starwood Hotels and Resorts are among the major players joining in the new Caribbean rush, according to Saunders. Although the big resort operators are among the most prominent investors in the region now, the Caribbean market is still in its infancy, says Scott Berman of PricewaterhouseCoopers in Miami. A variety of investors are active in the region, and it is still possible to purchase a penthouse studio overlooking the water for $39,000 in the Dominican Republic, condos on Venezuela's Margarita Island for $60,000, and beachfront condos in Belize for $89,000. Source: Sarasota Herald Tribune (Mar. 11, 2006) Note: Abstract provided by NAR’s Informtion Central |
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