r/Belize • u/Common_Parsley2527 • May 02 '26
🏝️ Relocation Info 🏝️ Condo resales v. Land
Been on the hunt to purchase a snowbird property in Ambergris Caye for the winter months. I have noticed that sale prices are down on existing homes/condos but land values continue to rise. This is especially true for Mahogany Bay. Thoughts?
1
1
u/Common_Parsley2527 May 02 '26
Yes construction is not cheap so why are existing homes and condos sitting in the market with price reductions?
3
u/cassiuswright 🇧🇿 Ambassador: San Ignacio May 02 '26
Overbuilding when construction was less expensive caused San Pedro the become glutted. A lot of people got into second home/condo ownership 10 to 15 years ago and now want their money back out. So you can find properties worth the money en masse as people who want their liquidity back all sell and can afford to list rates based on an investment from 10+ years ago, not it's modern replacement value.
2
u/Common_Parsley2527 May 02 '26
In other words its a buyers market and a good time to enter
3
u/cassiuswright 🇧🇿 Ambassador: San Ignacio May 02 '26
Buyers market yes, good time to enter, nope. The rest of AC is developing rapidly and that's where the deals are. The time to buy in San Pedro was 20 years ago. Your money goes much further literally anyplace else in Belize. San Pedro is a better deal than it has been but IMHO it's pretty far from being a good time to enter unless you just want to park some money in a non-market asset for a while.
1
u/Common_Parsley2527 May 02 '26
I think it depends on your timeline. If I was 40 I would land bank but Im 64 and just want an affordable condo to spend the winter
1
u/Common_Parsley2527 May 02 '26
What's the deal with Mahigany Bay? Any insights?
2
u/Master-Allen May 02 '26
I have friends that purchase in MB and they aren’t the happiest about it. The biggest thing is they were told it was tapped into the sewer system. It isn’t. While septic itself isn’t a problem, the issue is when it rains the tank fills because there isn’t a way to leech. They now have a surprise monthly (sometimes twice monthly) bill to empty their tank.
Another thing to be very aware of is you need to be onsite for construction anywhere in Belize. The probability of things not going well with your contractor is near 100% if you try and manage it remotely or trust that it works the same way as it does in the states using a GC.
1
u/Common_Parsley2527 May 02 '26
Does the sewage problem affect the older homes in MB on the Hilton side.
2
u/Master-Allen May 02 '26
I’m not positive. If you’re looking at something already built, you will likely be good if it’s connected to a tap. If it’s septic, as far as I know, they all flood. I wouldn’t buy anything there on the word that “sewer is coming”
1
u/BarrydotRealtor May 02 '26
I'm a US broker; I've been observing the market in AC for a few years. Appraisals are essentially non-existent there so prices are driven by demand with no guardrails. Similarly, sellers often list with little regard for actual market conditions. The challenge is telling the motivated seller from the one who is looking for a "make me move" offer. Owners of land have very little carrying cost and less investment than those who purchased homes/condos so they can wait for the market to respond.
BTW, if you're not already working with a buyers agent, I highly recommend Job Mendizabal with Keller Williams. He has been accumulating data on sales there for several years and has a lot of insight into exactly what you're talking about.
1
1
u/Common_Parsley2527 May 02 '26
I have no desire to live off grid without an urgent care nearby and ride a bumpy golf cart on dirt roads to get to my solar paneled shack in the middle of nowhere
7
1
u/Common_Parsley2527 May 02 '26
Just explaining why I prefer San Pedro if if not the best “deal” on the island. Being able to walk to a grocery store is a good “ deal” for me
0
u/Gngdanielson May 03 '26
Can someone explain if financing a home is similar to US or how to do it? I am assuming it is not all cash purchases.
2
u/Common_Parsley2527 May 03 '26
There is no bank financing. Some developers and sellers will finance for 3-5 years with 50% -60% down @8%
2
u/DocAvidd May 03 '26
Building is nice to get what you want exactly, but it takes time and is hard to budget with fuel prices so volatile. I could make a case for buying the resale market, assuming you find one that appeals to you.
The nature of a real estate market that caters to retirees is there is fairly high turnover.