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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.
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.
There are two BASIC problems: GREED & STUPIDITY.
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.
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!
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.
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.
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.
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?
1. Visit Cartagena, Colombia. Check out one of the safest, most beautiful, romantic, low-cost-living, Caribbean city in the world! Only a 2 hour and 30 minute flight direct from Cartagena (CTG) to major airports (MIA or FLL) in Florida.
2. Before your visit send Paul Juan an E-mail to establish that you may be interested in checking out Cartagena. Check with your accountant, and you will find that this trip will establish your written interest in investing, and will offer you tax savings in reducing the cost of your trip.
3. No pressure as you will find that Paul is a helpful, honest and factual friend. Want to think further....great because we understand that this interesting and exciting decision can be important.
*NOTE: Full Disclosure: As the author of this article, I’m also proud to be a Jr. partner with Paul Juan Realty. As a Gringo, I have lived and worked here in Cartagena for seven great years. As a Florida Real Estate Broker for nearly 30 years of my total nearing 70, I feel completely safe and comfortable. In Cartagena, I have chosen my best option: living here along with visits to family and friends in Florida.
Thanks for your time. Send me an E-mail for your comments or questions.
E-Mail: email@example.com. Phone Call Reception: Mon Thru Friday 9:30am - 1:00pm and 2:00pm - 6:00pm. Saturday 9:30am - 1:00 pm.
Office: Bocagrande, Cra. 1 Calle 13 Edificio Cartagena de Indias - Local 1. Tel.: (57 5) 665 0515. Celular: (57) 311 660 2756. Cartagena de Indias, Colombia.
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