I received an email question from Rick a few days ago about real estate. He is coming to visit with his family in the next month or two (wife, children 10 & 16 and his father in law). Since I am no real estate expert (I am a renter, have always been a renter and probably will always be), I went to one. These answers are from my friend, a real estate agent. Here are the questions posed by Rick and some answers. If you have any additional questions, feel free to contact me at firstname.lastname@example.org and I can direct you to the right person and hopefully get you the right answer.
I hope this helps!
What is the cost of buying a home vs. building a home in San Pedro?
In general, the cost of building is less than the cost of buying by a substantial amount. The reason is that sellers want a premium for having gone through the ordeal of building here. Building the home with good quality concrete construction with good finishes will cost you about $125 to $150 USD per square foot depending on the finishes and the architectural design. Another factor influencing the price is location. 10 miles north, the costs will increase because the materials will need to be barged in. (Scoop’s note…there is no way for a truck to get that far north on the roads.) In general, you can build for a little more than half of what you pay when you buy. Keep in mind, that the number does not always account for motivated sellers and construction that is not up to the standards that most buyers are looking. A major influence of the resale, as in all real estate, is the property location and what else is available in the area.
What is the median price of a home and are there plenty of homes for sale?
We really don’t track that number here because there are so many variables involved. If you look at it as the average price of the homes for sale, it would work out to be around $450,000 USD. Again, that number does not really mean much because of the variables (constructions type, quality, location, etc). There is a large selection of homes for sale in just about every budget range.
Are condos less expensive to buy than single family homes?
This depends on where you are and what you expect from the complex as well as the amenities and services provided. For the most part, condos are a less expensive purchase considering most of them are within a couple hundred feet of the Caribbean sea.
What is the median price of a 3 or 4 bed/2-3 bath home close to the beaches and yet close to town?
There are not a lot of 4 bedroom homes on Ambergris Caye so in general 2 and 3 bedroom homes are the standard with 1 or 2 bathrooms. You can use $450,000USD as the average asking price and in terms of SOLD homes, the number would be $300,000USD.
For tons more information and listings of all types, check out http://seaside.mlsambergriscaye.com/
And read the “Buying in San Pedro Real Estate 101”: http://www.ambergriscayebelizerealestate.com/buy.html
And the “10 Guidelines for Purchasing Real Estate in Belize”: http://www.ambergriscayebelizerealestate.com/buy2.html
And since SanPedroScoop loves pictures in a blog, here are some private houses in all price ranges, all in or close to town. And the links so that you can take a look. There are lots more north or south if you are looking for a bit more privacy.
High end: http://seaside.mlsambergriscaye.com/listing-luxurious-beachfront-estate-521.html
$1,650,000. Just south of town. Great property. Probably one of a kind location. HUGE…this one’s the beaut I am buying when I win some sort of lottery.
Medium: $450,000USD. Lagoon south of town. 3 bedrooms. http://seaside.mlsambergriscaye.com/listing-charming-home-on-inland-waterway-320.html
Lower: I chose this one because I like the name “Reggae Rage”. It’s a cutey. $180,000USD.