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Twelve Killer Real Estate Deals for $50,000—or Less!

Want to make this your front yard without draining your bank account? We’ll show you how....

A Pathfinder Report

www.pathfinderinternational.net

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Table of Contents

INTRODUCTION ..................................................................................................................................... 3

BELIZE ................................................................................................................................................... 4

BRAZIL: CUMBUCO................................................................................................................................ 9

COSTA RICA: PACIFIC LOTS .................................................................................................................. 13

COSTA RICA’S LAKE COUNTRY ............................................................................................................. 17

COSTA RICA: COUNTRY, CITY, OR BEACH…OR ALL THREE? ................................................................. 21

URUGUAY: The Next Coastal Hot Spot ................................................................................................ 26

RE-SALES ............................................................................................................................................. 31

Ecuador ........................................................................................................................................... 31

Re-sales: Uruguay ........................................................................................................................... 32

Re-sales: Panama ............................................................................................................................ 33

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INTRODUCTION

Dear Reader,

At Pathfinder, our mission is to scout the globe to find the most unique and value-oriented real estate opportunities the world has to offer. We’re your eyes and ears on the ground, working to get you in early for the best possible deal… often at prices you thought were consigned to the history books.

I have scouted real estate opportunities in fifteen countries in the past year alone. Every time I visit a new location, I look to see what opportunities are available for $50,000. I’m only interested in quality, so I rarely get to write about these $50,000 opportunities.

Thing is, I’m having more success lately.

Global economic problems mean that today there are opportunities...opportunities that didn’t exist one, two, or three years ago. If you think you can no longer afford the retirement you planned or the second home you dreamed of, you’re wrong. As financial markets have fallen, the deals have got better.

The deals in this report are the best I’ve found. These deals offer the biggest bang for your buck...or 50,000 of them. The report includes lot deals for less than $50,000, and selected home re-sales in Costa Rica, Ecuadorand Uruguay.

Study this report carefully. Deals like this won’t last long. Once the world economy turns around, they’ll be consigned to the history books.

Ronan McMahon

Executive Director,

Pathfinder

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BELIZE

Belize, a Country That Will Grow on You!

Belize is an affordable Caribbean paradise

Dear Reader,

Once you stroll Belize’s unspoiled beaches and explore the flora and fauna of its rainforests, you may become afflicted with what’s known as the “Belize Factor.” Simply put: you find that once you return home, you have an uncontrollable compulsion to return. Time and again ...Perhaps even to stay.

After all, where else in a country the size of Massachusetts will you come upon mile after mile of fragrant pine, counter-pointed with swaying palms; forests where no man has set foot for over 1,000 years; atolls, islands, and barrier reefs with a rainbow kaleidoscope of tropical fish; stark savannah; majestic mountains; and Caribbean waters so crystal clear you can see the shifting sands of the sea floor 150 feet below?

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Rainforest, and ruins: Belize is rich in history and natural beauty

Belize is a land with more than 4,000 species of flowering plants (including 250 varieties of orchids) … 700 different types of trees … 100 species of birds (including the awe-inspiring jabiru, with a wingspan of up to 12 feet) … 200 types of butterflies (some as large as a foot wide) … and, of course, the largest cat in the Western Hemisphere.

That’s why Destinations Magazine called Belize “A showcase of natural phenomena that takes your breath away”, and why AAA’s Go Magazine termed it “one tropical paradise that lives up to its postcard depictions.”

But Why Live or Invest Here?

Belize is unique in many ways. One is that the official language is English. So you can throw away your phrase book and dictionary…and start making friends the moment you arrive.

Belize encourages offshore business…and financial privacy. Belizean laws allow asset-protection trusts, for example. There are no local income taxes, and no currency exchange controls.

Residency is easy through the Qualified Retired Persons (QRP) program, run by the Belize Tourist Board. You can qualify with income of $24,000 a year…and then enjoy a range of benefits. Income earned from sources outside Belize is tax-free, and you can import your household goods, a car or a boat, without paying import duty.

And property doesn’t cost the earth, even in this little Caribbean haven. You can own a lot here from just $44,000…

The Newest Hotspot

Corozal is snuggled along the shores of Chetumal Bay some 90 miles north of Belize City’s international airport. It’s a picturesque seaside fishing village famed for its breakers, breeze, and fragrant canopies of poinciana trees adorning its central park.

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One of Belize’s best-kept secrets, Corozal hit the headlines last year, when the AARP ranked it as a top retirement hot spot. They cited Corozal’s laid-back, affordable lifestyle: "with year-round outdoor play (boating, hiking, swimming, diving)… only 20 minutes from the malls and cineplexes of Chetumal…"

The turquoise waters of the bay invite you to swim, or spend a few hours boating or fishing (the bay is good for tarpon, bonefish and permit). The town itself is peaceful, set around a central park with a historic Clock Tower and plenty of shade trees.

With a population of less than 11,000, Corozal feels like a quaint seaside town, with small local restaurants and stores. But it’s only a half-hour from the Mexican city of Chetumal, where you’ll find big-city conveniences.

Large chain retailers offer familiar North American brands. A duty-free zone with more than 300 stores stocks bargain-priced goods (electronics, clothing, perfume, alcohol). A modern movie theater complex shows first-run movies in English with Spanish sub-titles. More than a dozen clinics and hospitals (public and private) provide inexpensive medical care. Chetumal’s restaurants, bars, casinos and clubs create an active nightlife scene.

Corozal is still a sleepy town. There’s not much in the way of real estate development, although 300-400 expats now live here. The premier community in the area is Orchid Bay.

Orchid Bay … Corozal’s Premier Waterfront Community

Orchid Bay is…

· A luxurious stretch of beachfront with 115 acres of untouched rainforests and one-and-a half miles of coastline on a tranquil turquoise bay perfect for swimming, diving, snorkeling, fishing, sailing, or simply strolling along the shoreline admiring the powder-blue sky.

· Conveniently located just two hours from Belize City by car. And thanks to a planned private airstrip, it will be less than 15 minutes in one of the low-cost charter planes that hop about Belize.

· Only 10 miles across the Bay of Chetumal from the bustling metropolis of Chetumal, with its modern American-style mall, state-of-the-art cinema plazas, crowded city sidewalks, beachfront eateries, first-class restaurants, and vibrant nightlife.

· A short boat-ride away from Ambergris Caye, the alluring tourist hot-spot made famous by FOX Network’s mini-series, Temptation Island.

· Within driving distance of the 2,000-year-old Mayan ruins at Altun Ha. It’s here the Temple of the Sun God reaches 60 feet above the jungle floor. And only a few yards away lays the Temple of the Green Tomb, where

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archeologistsuncovered the solid jade head of KinichAhau, the largest jade carving ever found in any Maya country.

At Orchid Bay, you’ll enjoy the comforts and convenience of a modern, close-knit, luxury community – combined with the easy ambiance of a beach front, tropical setting. The streets will interconnect, and hardwood boardwalks will encourage walking and biking.

Belize is a water-worshiper’s paradise

Six years back, owners at Orchid Bay were buying a master plan and a vision. The developer promised a beach club and restaurant…private beaches and a boat dock…and little beachfront casitas. But six years back, all buyers could see was heavy machinery cutting in roads and utilities…

Today, however, it’s a different story. The beach club, restaurant and bar opened last year. You can enjoy tasty meals and snacks…or shoot the breeze with friends and neighbors over a local Belikin beer. The first beach and the dock are complete, and a second beach is underway. Eight homes are under construction. The 24 little beachfront casitas are finished (the first owners have already moved in). The community Wi-Fi is up and running…and the first of two swimming pools is under construction.

Homes in Orchid Bay use locally-sourced and hand crafted hardwood

Yet home sites in Orchid Bay still start from only $44,000.

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The Affordable Caribbean

If you’ve read this far, I have a feeling you will agree that for anyone who wants to enjoy a Caribbean lifestyle … with all of the comforts and convenience of modern living … and the close-knit camaraderie of friends and family, the community of Orchid Bay is well worth considering.

It’s affordable. It’s amenable. And it’s a world removed from the hustle and bustle, the hurry and worry, we’d all like to occasionally escape.

When you consider that home sites in Orchid Bay start at only $44,000, I think you’ll agree this is a once-in-a-lifetime opportunity that warrants your careful attention. If you want to build a little home on your site, good quality build costs are $100 per square foot...or up to $125 for high quality finishes. There is no minimum home size. The folks at Orchid Bay will build you a 998 square foot home for $114,000.

That’s $158,000 for your home and lot if you decide to build…incredibly affordable for a Caribbean home…

If you want to discover more, email sales@orchidbaybelize.com.

Margaret Summerfield

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BRAZIL: CUMBUCO

The beaches here are stunning

I didn’t think I’d ever see Brazil in a report with properties for $50,000 or less. But if you know where to look, you can find a bargain…

Cumbucoon Brazil’s northeast coast is truly is a special little beach town. The pace of life is slow…but funky, active and energetic. The streets are lined with little fishermen’s homes. Blooming flowers drape over freshly painted exteriors. For a playground, the kids have miles of beach and a soccer ball. The beach is also mum and dad’s workshop…where they repair fishing nets and touch up the paint on their fishing boats.

For neighbors, the fishermen’s homes have Italian restaurants, a German grill, a trendy kite surfing shop and beach bars where bronzed adventurers come to enjoy caipirinhas at sunset to the soft melodies of chill out tracks.

Miles of white sand beaches stretch out, uninterrupted, east and west of here. This is the type of beach town I’d expect to find way off the beaten track. Like the ones I saw in Thailand over a decade ago. A place beautiful enough to draw an eclectic mix of residents and visitors from far afield. But usually places like this are too secret…or too far off the beaten track... to grab the attention of the mainstream.

But in this little beach town we are only thirty minutes from downtown Fortaleza with her shiny boardwalk. Fortaleza plays host to more domestic tourists than anywhere in Brazil….more than three million last year…and tourist numbers are growing strongly. Standing on the white sand beach at Cumbuco…where I have seen baby turtles take their first staggering steps towards the water…if you look to your right, you can see Fortaleza’s glimmering skyline. The international airport is 35 minutes away.

This would be a great place to have a beach home.

And the little community of Summerville in Cumbucowould be a great place to have that beach home. It’s private, with a gated entrance, paved roads and utilities, landscaped

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grounds, and the social area (complete with swimming pool and tennis courts) already finished. A few minutes' walk got you to the beach. The beach is stunning...a soft carpet of white sand, unfurling into the distance...dotted with lofty coconut palms...and the warm ocean calling out for a quick dip.

Its location is hard to beat. It's only thirty minutes from Fortaleza, a city with more than 3 million residents, the international airport, and all of those big-city conveniences (hospitals, shopping malls, large supermarkets, hardware stores) and fun (nightclubs, restaurants, theaters, cinema, bars and cultural events).

The private gated entrance to Summerville

Summerville is also close to the center of Cumbuco. Scandinavians have come here for many years, mainly to kite surf, but it's off the radar of North American tourists.

Two years ago when I first visited Summerville, the community's location felt a little awkward. Sure, it was only a five-minute beach buggy ride to Cumbuco and a half-hour from Fortaleza. But it felt isolated, oddly positioned on the edge of Cumbuco. But that changed with the arrival of a new five-star hotel, the Vila Gale Cumbuco.

This new resort places Summerville in between the center of Cumbuco and Vila Gale. Vila Gale plans to add a golf course and residences in the next phase of their development. Brazilian and Spanish groups snapped up land parcels adjacent to Vila Gale, who also plan on developing residential projects.

For now, Vila Gale's hotel is an oasis of luxury. Designed to blend in with the gorgeous scenery around it, the hotel's roofs are sand-colored, fading into the dunes around it. The large swimming pool is natural, too, without the bright turquoise tiling you usually see in hotel pools. The social areas and lobby feel elegant and comfortable. Guests pay an average of $350-$450 a night for a standard double room at the hotel (which is all-inclusive). You can also buy day passes to the hotel for 220 reals ($118).

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Vila Gale brought in a new access road to the hotel, too, much of which is complete. It's wide, smooth, well-lit, and comfortable to drive. Cumbuco's little streets were also getting an upgrade when I visited last month. And new little residential developments and pousadas in the town feel distinctly upscale.But it still feels like a low-key, laid-back beach town.

Summerville has landscaped grounds, a social area...and sits next to the beach

In Summerville, two years ago, we checked out a model home. I didn't like it. It was decent, but lacking in inspiration. The layout and finishings were okay...but only okay. It didn't have much in the way of outside terraces or patios. It just didn't feel like a dream beach house.

But newer homes here have upped the ante. They could easily grace the pages of a glossy magazine. They are large, stylishly designed, with plenty of outdoor living space.

So, you have a great location in Summerville:

· Five minutes from Cumbuco, a friendly, charming little beach town · Close to Vila Gale, a 5-star resort...and large planned residential communities,

that should push land prices up here · Thirty minutes from Fortaleza, when you need the international airport, or city

amenities · A tranquil community that sits right next to a beautiful beach

But what about property prices?

Well, that is the interesting part.

You can buy lots in the project for 85,000 reals ($45,736 at the time of writing).(This is for cash buyers only. Other lots are available, with a higher purchase

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price, but they come with low down payments and monthly payments spread over two years.) Condo fees on lots come in at 160 reals ($86) per month. This includes the maintenance of common and social areas.

That's a good price when you consider that today, beach front land in Cumbuco is selling for 600 reals ($322) per square meter. Summerville lots are priced at 220 reals ($118) per square meter.

Home construction starts at 120reals ($65) per square foot. The cost of a lot plus a 1600-square-foot house runs around 277,000 reals ($149,044).

There is a rental market at peak times. Easter and Christmas/New Year are traditionally busy. So is October, which is prime for kite surfers.

But Summerville is not really a rental opportunity. Instead, it's all about having a perfect beach house... for chilling out, swimming, kite surfing, and exploring the rugged coastline in a beach buggy.

To find out more, contact sales@investinfortaleza.com, and quote Summerville.

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COSTA RICA: PACIFIC LOTS

This place is home to some of the most stunning landscape you'll see in Costa Rica. Sharp, spiny mountain ridges, cloaked in thick, rich rainforest, wind into the distance. They slope down to a curving coast, with mile after mile of pristine beaches, backed by immense national parks. Hot-orange tropical flowers stud the roadside verges...waterfalls cascade from rocky overhangs...and the rhythmic sound of the surf greets you at every turn.

Costa Rica's north Pacific coast boomed in the 1990s. But this area stayed under the radar...with its mist-shrouded mountain peaks, pristine beaches and vast forests...a secret known only to adventure tourists, a small group of expats, and the locals.

It should have attracted swarms of property shoppers...and resort and residential developers, looking to cash in on the real estate boom. But it didn't...because it was tough getting here.

I'm talking about Costa Rica's Southern Zone.

Sharp mountains, vast rainforests, miles of sandy beach...this is a dramaticlandscape

The Costanera (coastal) Highway was, quite frankly, one of the worst roads I've come across on scouting trips. Unpaved...filled with lunar-sized craters...with rickety bridges and whole sections that washed out in rainy season. In dry season, clouds of dust obscured other drivers heading straight for you, on the wrong side of the road...trying to avoid the potholes. The drive wasn't for the faint-hearted.

There is an airport, but it's a small, domestic affair, lacking basic amenities. You won't find duty-free, VIP lounges, or airport food here. You'll wait for the tiny planes alongside

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the bumpy strip in an open-sided hangar with wooden benches, with your fellow passengers--all eleven of them...

The beaches stretch for miles--and you'll often have them all to yourself

These are exactly the kinds of conditions to look for when scouting out a promising real estate opportunity - a stunning setting, with low property prices, that's tough to get to...with infrastructure upgrades on the way.

The upgraded, resurfaced coastal highway, with new bridges, storm drainage systems - all the bells and whistles - opened in January 2010. It cuts the drive time from Costa Rica's capital, San Jose, to just over three hours. And it's a smooth, comfortable, easy drive. One section that took 90 minutes on the old road took 22 minutes when I tested the road shortly after it opened.

The government plans an international airport for this region, though. This would make the Southern Zone even more accessible to mainstream tourists…bring in more resort and residential developers…and push property prices up.

The Hospital de Osa opened in the Southern Zone in April 2008. It has an emergency room, a pediatrics wing, and a neurology center. It's out of proportion to the area as it is now...but an international airport needs a hospital of a certain size and caliber...so they built this one.

The new highway kick-started the opening of this region to mainstream tourists. These tourists will bring residential and resort developers, who'll want to buy the best beach and ocean view properties. They know that once tourists see this place, they'll want to spend more time here...and want to own a piece of it. That all means one thing: property prices should rise...

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Close to the little town of Ojochal in the heart of the country's Southern Zone, you'll find Pacific Lots. This secluded spot is where emerald-green hillsides slope down to deserted beaches...where cloud-ringed mountains tower behind ...and the afternoon sun glimmering through the lush vegetation creates a magical show of light and shadow...

Don't think for a moment, though, that your early-in opportunity in this still-emerging area of Costa Rica means you'll be roughing it.

Pacific Lots is a mature development, with over 150 homes already constructed, and it's fully serviced with roads, water, electricity, satellite TV, Internet, and a modern communications system.The development is close to the new coastal road, and Hospital de Osa.

The nearby village of Ojochal has plenty of tiny restaurants. But instead of serving rice and beans, they serve Indonesian food...French, Italian and even organic food. You can buy crispy French baguettes fresh from the oven...grab an espresso from the coffee shop...or savor a wood-fired pizza. A small deli stocks imported cheeses, wine and champagne, Cuban cigars, Swiss chocolate and other treats.

It feels quite cosmopolitan for such an out of the way place...

If you're an outdoor enthusiast or a nature lover, you'll love the unspoiled, lush landscape, and pristine beaches. It's the perfect spot for swimming, surfing, sea kayaking, hiking, bird watching, whale watching...or chilling out in a hammock, rocked by the ocean breeze.

Choose your view...choose your lot...and design your own dream home

What will really take your breath away is how extremely affordable the majestic views at Pacific Lots are.

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For as little as $40,000, you can purchase a home site, with superb mountain views. There are no requirements to build immediately--so you can lock down your piece of paradise at today's low prices.

If you wait to buy here, the early-in deals will be gone. It's inevitable that values will rise dramatically once the infrastructure upgrades open this coastline up.

Contact pathfinder@pacificlots.com

to find out more.

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COSTA RICA’S LAKE COUNTRY

Costa Rica's Lake Country: Home to stunning scenery, and low property prices

Dear Reader,

The forest-cloaked mountains rise gracefully from the lake shore. The wide, sapphire-blue depths of the lake sparkle and shimmer in the bright morning sunshine. A small white sailboat skims across the lake's mirror-smooth surface, alone in this majestic landscape.

Sitting on your terrace, with a show-stopping view of this breathtakingly beautiful Lake Country, you greet the day with a leisurely breakfast. You almost want to pinch yourself. You still can't quite believe this is real...that you're here...and that you could afford to buy a home in this sensational setting...

However, this is all real. It's a secret paradise...hidden away from the hordes that throng the beach towns of this popular tourist destination...concealed by the lucky few who chanced upon it, and settled here for good...and where you can still buy a property for a fraction of the price you'd pay elsewhere.

The location will surprise you. This place is in Costa Rica...not exactly a shrinking violet when it comes to self-promotion of its natural assets. But while most vacationers and home buyers tread the well-worn paths of the country's north and central Pacific coast, and her Central Valley, this location plays it cool...

It's Costa Rica's Lake Country...a glorious jewel that's under-appreciated--and under-valued.

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Life's a Beach...or Is It?

Set in the north of the country (see it on this map, marked with a green star), Costa Rica's Lake Country is a three and a half hour drive from San Jose, the capital city, or two hours from the international airport in Liberia. It's easy to get here. But it stays off the map of most of Costa Rica's visitors...

You see, most of the travelers and property buyers in Costa Rica look for one of two things: beach living on the Pacific coastline, or cool highland living in the Central Valley, close to San Jose. They don't consider other possibilities...so they skip Costa Rica's Lake Country. They have no idea what they are missing out on...

You can enjoy sailing, fishing, kayaking and swimming on the lake

Those beach lovers could indulge all their water sport fantasies in Costa Rica's Lake Country - without the sand and salt. The huge lake (the largest in Costa Rica) provides a perfect arena for kayaking, swimming, wind-surfing and fishing. Onshore, you can try horseback riding, hiking, bird watching, or canopy tours.

Central Valley aficionados will find the climate in the Lake Country a surprise, too. Temperatures here hover in the 70s year-round, with refreshing lake breezes. It's not cloudy and misty either (unlike the Central Valley, which is frequently overcast in rainy season).

And So Much More

Costa Rica's Lake Country has a unique twist. The scenery looks a lot like Switzerland or Italy, with mountains, forests, pastures...tumbling streams and cascading waterfalls...with an exotic touch. The heady perfume of tropical flowers drifts on the

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breeze. Howler monkeys swing through the tree tops, their growling barks echoing across the hills. A rainbow-billed toucan or an ultramarine butterfly may join you when you dine alfresco. And then there's the volcano...

The wildlife here is spectacular...and right on your doorstep

Costa Rica boasts many volcanoes. Some smoke, smolder and steam...ooze scarlet streams of lava...and mesmerize onlookers with their fiery displays. And the Lake Country' s volcano is a scene stealer. Its tall, sharp cone rises majestically over the lake.

It doesn't simply look pretty. It also provides another bonus: thermal spas. Sink into one at the end of a busy day...and soak away your aching muscles and niggling stresses. You'll emerge, feeling like a brand-new person...and ready for dinner with friends.

Good Food...but What about the Company?

And that's when you'll discover the Lake Country's gourmet delights. In the local towns, you'll find pastry shops and bakeries stacked with mouth-watering treats...little cafes serving seafood dinners and local delicacies...and a small restaurant that offers the best food you'll eat in Costa Rica. Period.

You can enjoy good food and good company here

And you'll enjoy your meal with convivial company. Costa Rica's Lake Country is home to a friendly group of expats, who love this place, and welcome newcomers.

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But now on to the hidden treasure...property bargains that you'll find hard to beat...and even harder to resist.

There really is a property for every budget here.One of the best is a private community offering half-acre lake-view lots from only $19,000.

See it For Yourself

If you want to get a feel for Costa Rica's Lake Country, surprise yourself with its hidden charms, and check out the best property deals in the area (including those $19,000 lots), contact local broker Terry Moran atarenaldeals@moranlakearenal.com. Let him know you’re interested in the Preserve lots, and a personalized tour. Terry can help you discover this hidden corner of Costa Rica...before the mainstream catches on.

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COSTA RICA: COUNTRY, CITY, OR BEACH…OR ALL THREE?

Colinas de Miramar offers quiet country living, close to the city and beach

Dear Reader,

It's a seashore resort popular with Costa Ricans. Islands speckle the deep blue waters of its bay. It's the gateway to the gorgeous Nicoya peninsula. It's close to cloud forests, lush highlands, and pretty beaches. It was a port for shipping coffee overseas in the 1940s. Today, 18 different cruise ships call here.

It's easy to get to, and it's highly affordable.

It's Puntarenas, on Costa Rica's Pacific coast.This area offers quiet country living, close to the city, and close to the beach. Yet you probably haven't heard of it. It's overlooked and undervalued.

But if you're thinking of retiring or buying a second home in Costa Rica, this area should be on your shortlist. Here's why...

It's Easy to Get To

For starters, it's accessible. A new highway opened last year, connecting the port city of Caldera (south of Puntarenas) with San Jose, Costa Rica's capital. The new road cuts the drive time from San Jose in half. It now takes around an hour.

It takes an hour and a half to get to San Jose's international airport. But you can also fly into Liberia, Costa Rica's second international airport. The drive time from Liberia is roughly two hours.

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It's a quick, easy and comfortable drive to Puntarenas from San Jose. So you can take advantage of San Jose's city amenities. These include top-class hospitals like ClinicaBiblica and CIMA...cinemas, restaurants, cafes, bars and clubs...supermarkets and shopping malls. But you're not in a remote outpost here. You have a world of amenities on your doorstep...

Fun & Adventure Awaits You

The setting is beautiful. Mountains and hills tumble down to the wide, sparkling-blue Gulf of Nicoya. Sandy beaches, dotted with palm trees, run for miles along the coast.

Head into the Tilaran Mountains behind the coast and the scene switches from beach living to country living. Farms and small villages are scattered across this pastoral landscape, including the village of Miramar.

It's a little hidden gem. A small white church with twin red-roofed towers sits on the central plaza. It's a scrubbed-clean, tidy village. Exotic flowers in shades of pink, scarlet and cream spill over walls and fences. Miramar was a gold town. Some of the older, grander houses are historically important. Others are simple homes in brightly painted wood. There's also a sprinkling of newer, larger homes in landscaped grounds.

The little town of Miramar is a lovely place to spend time

Miramar boasts a doctor, dentist, supermarket, bank, butcher, and hardware store. Little bakeries, cafes and restaurants offer light snacks and hearty meals at low prices. You can shop at the little family-owned stores. Thursday through Sunday, the local farmers market offers fresh fruits and vegetables, cheeses and herbs. It's a lovely peaceful place to spend time...

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If you carry on driving through Miramar, up into the mountains, you reach a mirador (lookout point). You can look down the valley, across the farms and forest-covered hills, out to the Gulf of Nicoya. It's an awesome view. A restaurant at the mirador serves chilled beers and freshly-prepared food.

You have beautiful beaches 10-15 minutes away, including Playa Blanca with its white sand beach. You have surfing, horse riding, sport fishing, white water rafting, zip lining, canopy tours, and nature hikes...all on your doorstep.

Take a short ferry ride across the gulf, and you're in Nicoya. Nicoya's beaches are popular with surfers and celebrities alike. You could spot Mel Gibson, Bruce Willis, Harrison Ford, or Gisele Bundchen strolling on the sand...

A Boom Town

The port city of Puntarenas feels a little gritty round the edges. It won't win awards right now for charm or cuteness. But this city is moving ahead. Many of the older, smaller homes in Puntarenas are changing hands, or getting a facelift. New condo blocks are going up.

Development is spreading outside the town, too. A Hilton Doubletree hotel opened on the outskirts a couple of years back. An upscale private residential community close to the hotel has plans for a golf course. Land prices have shot up in this area in the last 2-3 years.

An Opportunity You Should Check Out

Colinas de Miramar is set in 647 acres of gentle hills, with streams and centuries-old trees. Situated at the base of the Tilaran Mountains, many of the lots in the community have panoramic ocean views, over the Gulf of Nicoya. The developer is a Miramar local. His well-connected family has lived here for generations.

Colinas is a master-planned community. Plans call for a community center, commercial center, swimming pool, tennis and squash courts, and a gym. Road construction is already underway in the first phase. And they're building the first model home.

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Stunning sunset views in Colinas de Miramar

Colinas de Miramar is around 5 minutes from Miramar, and 20 minutes from Puntarenas.

Home lots in this community are large, averaging 1.25 acres. Mountain-view lots start from $50,000. You pay 1/3 of the price down, and then have two years interest-free financing on the remainder.

Owners can either hire their own builder, or choose a home/lot package. But there is no requirement or timeframe to build; you can sit on your lot for as long as you like.

Why Not Visit and See For Yourself?

There's an easy way to see this area and Colinas de Miramar for yourself.

Just contact the developer. Then, choose a lot, and reserve it with a fully refundable $2000 deposit. Now, you have 60 days to come and check out Colinas de Miramar -for free.

Just get yourself to the airport at San Jose, and the Colinas team will meet you there. You'll stay in a boutique hotel in Escazu, the nicest neighborhood in San Jose.

Over three days, you'll explore Puntarenas, Miramar, the views, the beaches...and get a first-hand look at Colinas de Miramar. The Colinas team will pick up the tab for your accommodation, airport transfers and transport.

This isn't a high-pressure sales trip. If you don't like what you see, you can ask for your deposit back. That's it. No strings, no obligation. You'll have enjoyed three days in Costa Rica, partly at someone else's expense. Not bad at all...

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Remember, this is an early-in opportunity. Prices won't stay this low here for too long. If you want to get the best lot...at the best price...now is the time to act. Contact John here today: details@colinasdemiramar.com.

Margaret Summerfield

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URUGUAY: The Next Coastal Hot Spot

A typical beach in Rocha: beautiful, untamed, and empty...

Dear Reader,

As we crested the dunes, the beach came into view. It was gorgeous: a wide silky ribbon of white sand, bordered by the sapphire ocean sparkling in the sun. The rhythmic swoosh of the waves rolling up on the sand and the call of seabirds broke the peaceful silence. The beach was empty. We had it all to ourselves, for swimming, sunbathing, and walking barefoot in the sand...

This is the province of Rocha, on Uruguay's eastern seaboard. While it holds a certain cachet for a select few, it's not particularly well-known. Punta del Este, Uruguay's (and South America's) most glamorous resort town overshadows Rocha.

Rocha is very different to Punta. It doesn't have the swanky high-rises or the fairy-dust magic of celebrities. It's more tranquil...more discreet. And it's a lot more affordable than Punta. You can buy a spacious home site from only $31,900. More on that in a moment.But first, why you should seriously consider the Rocha area.

Rocha: A Beautiful Coast at a Beautiful Price

For starters, the beaches here are the best in Uruguay. Wide and untamed...with soft white sand...and white-capped breakers running across the navy-blue ocean. Sand dunes crouch protectively behind the beach. On the other side of the dunes lies a different watery oasis: a huge lake, Laguna de Rocha. It's protected, and covers more than 22,000 acres. Both the lake and the beach are open to anyone to enjoy.

The landscape around the lake is a rural one of rolling grassland, pine forests and fields dotted with cows and sheep.

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Close by, you have a choice of two popular beach towns. La Paloma, favored by Uruguayans, is the larger of the two. It has more amenities: a bank, post office, supermarkets, clinic, taxi ranks, bus depot, and many restaurants and cafes. A new boutique hotel on the edge of town offers chic modern style.

The beach at La Paloma with the town's famous lighthouse

The town's lighthouse (one of a series dotted along the Uruguayan coast) is a much-photographed landmark. La Paloma's pretty beaches fill with vacationers, surfers and backpackers in peak season.

La Pedrera is much quieter, and attracts Argentineans and Europeans. It lacks many of Paloma's amenities. Two boutique hotels, a handful of little restaurants and a small grocery store stocking the basics...and that's about it.

La Pedrera: chic, upscale, and tranquil

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The homes in the town are a mix of ultra-modern architecture and upscale rustic. Set on a low cliff, the town overlooks sweeping curves and coves of white sand. Rocky reefs and outcrops shoot ocean spray skywards.

Unspoiled Chic or High-end Glamour?

These little beach towns are a sharp contrast to Punta del Este. Punta is the traditional summer and vacation resort of Argentineans, and increasingly for Brazilians. For six weeks a year, royalty, the seriously wealthy, and stars from the worlds of fashion, music and cinema gather in Punta to party. Punta's trendy restaurants and designer stores cater to this exclusive market. From the sleek yachts moored in the marina, to the multi-million dollar condos on the boardwalk, Punta oozes money and glamour.

That popularity impacts real estate prices. New condos in Punta now average $3000 per square meter. A lot in a gated community can cost up to $500,000. It hasn't stopped buyers coming. Real estate sales in Punta hit $2.2 billion in the 12 months to April 2011. But those escalating prices are pushing real estate development along the coast, away from Punta, and towards the border with Brazil. That's where you'll find Rocha.

When I first visited Rocha four years back, there wasn't much in the way of development. I only found a couple of small private communities, and some re-sales.

Since then, things have started moving in Rocha. You still won't see high-rises, condo towers, or mega-resort hotels. But a prominent Argentinean developer plans a $350 million project here...the founder of clothing chains Mango and EtiquetaNegra plans to do another one...and smaller developments are starting up.

And we've uncovered one community, close to the ocean and the lake, with spacious lots from only $31,900.

La Serena Golf

La Serena Golf is developer Daniel Ok's second development in this area. His first, Las Tajamares, features heavily in a glossy coffee table book showcasing homes from Argentina's foremost architects. Owners in Tajamares selected some of the best architects to design their homes. It's the only project in the book in the Rocha area.

With 225 acres, La Serena's 179 lots vary from a half-acre to three-quarters of an acre in size. More than 50% of the land will stay as green space. Seven lakes will dot the project, adding to the relaxed country feel of the property. Amenities will include a nine-hole golf course, a putting green and tennis courts. This will be the first golf course in Rocha.

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The landscape around La Serena: pine forests, pastureland...lake and ocean

Many of the lots have ocean views. And La Serena is only 400 meters from the ocean and beach. It's a kilometer to Laguna de Rocha and four kilometers to the beach town of La Paloma.

This beach is 400 meters from La Serena

Despite the amenities, lots in La Serena start from $31,900. That gets you 2120 square meters (a half-acre). If you want sea views, you'll pay a little more. You don't have a build requirement, so you can sit on your lot as long as you like, and only start to construct a home when you're ready.

You'll enjoy spending time on Rocha's beautiful coastline. And La Serena Golf is in the right place...at the right time...ahead of the development path that's sweeping along this coast from Punta.

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In the next five to ten years, I expect this section of coast will change significantly. The pace of development is gathering speed. This is good news for property investors. I just hope that Rocha’s little beach towns preserve their quaint charm…

If you want to snap up one of those spacious lots in La Serena, contact enquires@laserenagolf.com.uy.

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RE-SALES

Ecuador

It might seem almost impossible to get a home for $50,000 or less these days. We asked our in-country broker contacts to scour their listings—and surprisingly, they came up with some gems.

Ecuador’s Pacific coast has miles of sandy beaches

Ecuador has 1400 miles of Pacific coastline. If you're dreaming of a bolthole overseas, but didn't think you could afford it, Ecuador can give you that beach lifestyle you dream of...at a price you can afford. Think California in the 1950s, before prices got out of hand.

Ecuador is the place to go to make your retirement dollars stretch even further...and this applies to your daily living costs and to real estate values as well. This is where you'll find some of the world’s cheapest beachfront. That’s because until now, this country's coast...with miles of unspoiled, pristine beaches, and undervalued property...was overlooked. But that's changing.

Ecuador's coast reminds us of parts of the Pacific coast in Nicaragua and Costa Rica, before the real estate boom in those countries, triggered by an influx of foreign buyers.

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And Ecuador's coast is now on the radar of an increasing number of overseas property shoppers. Faced with economic uncertainty in the US, they're exploring more alternatives. They want a lower cost of living, and a lower-priced home. They want to cut costs without cutting their standard of living. Ecuador's coast fits the bill.

Foreign property buyers are also waking up to the potential of this area. Once word gets out, the trickle of buyers here could become a flood—and prices should rise.

Ecuador’s south Pacific coast boasts coastal cities as well as tiny beach towns. You’ll enjoy warm beach weather year-round here, with low humidity levels. Salinas is one of the most developed cities. It offers big-city amenities: Supermarkets, shopping malls, hospitals and clinics, restaurants and nightclubs. It also offers two marinas, and a choice of watersports, including world-class sport fishing.

The city feels a little like Miami…with gleaming high-rises lining parts of the beach, trendy clubs coming alive in the evenings, and the jet set’s luxurious yachts swaying gently on the ocean. You won’t pay Miami prices for eating out or enjoying the local nightlife here. Dinner for two in a fashionable restaurant shouldn’t set you back more than $20. With lunches costing around $5, you can cut your living costs here…or save some dollars to splurge on household help, deep-sea fishing trips, or spa treatments.

And you won’t pay Miami prices for a property in this area, either. A condo with 70 square meters (750 square feet) of living space comes with ocean views. The one-bed, one and a half bath condo feels bright, airy and spacious. It’s got a parking space, and it’s furnished. Only two blocks from the beach, it’s a short walk to restaurants, shopping, and the boardwalk. The condo is on the market for $47,500.

If you dream of building your own beach house, then an on-beach lot, 800 square meters (8608 square feet) in size, makes sense. It’s further up the coast, close to Montanita, a hip beach town popular with surfers. In a private community with only twenty lots, the price is $45,000.Contact info@pathfinderinternational.net to find out more.

Re-sales: Uruguay

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Montevideo’s Plaza Independencia

Uruguay is the final country for our re-sale picks. Montevideo, the capital, has a very European flair. From its tree-lined streets to the grand buildings that surround the peaceful plazas, the feel is civilized and cosmopolitan. Ciudad Vieja, the historic part of Montevideo, was neglected and forgotten for decades. However, today, infrastructure investment and the restoration of properties are reversing that trend, and Ciudad Vieja is an up-and-coming area for overseas property buyers. A 75 square meter (800 square feet) centrally-located apartment in Ciudad Vieja is listed at $45,000. It’s in good condition (recently renovated), with three bedrooms and a bathroom, and close to shopping, restaurants, and banks. Another 65 square meter (700 square feet) apartment in need of complete restoration is listed for $40,000. It’s on the pedestrianized walkway, and dates back to 1935. In fact, when looking for bargain apartments, I found 21 in Ciudad Vieja for less than $50,000.

Re-sales: Panama

Known as the “Crossroads of the Americas” and with a dramatic coastline stretching for more than 3000 kilometers, Panama has attracted large numbers of expats and real estate buyers in the last decade. From the bewitching highlands beauty of Boquete…the quaint colonial villages in the interior… to the tropical, white sand beaches of the Pearl Islands…it’s easy to understand why so many people are tempted by Panama’s charms.

In the early years of Panama’s property boom (2004/2005) it was easy to pick up a prime waterfront condo in Panama City at a bargain price, from as little as $1000 a square meter. But that was then…

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Today, Panama has a shortage of buyers...and a glut of city condos. Many buyers bought a pre-construction condo three or four years ago, who need to find 70% of the purchase price to close, but who no longer have access to those funds. Other owners need to sell to shore up finances elsewhere. It all leads to one thing: fire sales. We are starting to see more and more of those…

What does this mean for the potential real estate buyer in Panama? Don't buy in Panama right now for short-term appreciation. Don't buy expecting high rental yields--the days of hotel shortages, 84.7% hotel occupancy rates, and double-digit net rental yields are over. Don't buy pre-construction whatever you do...there's always a risk with pre-construction, even in a rising market. In a stagnant market like Panama today, pre-construction is not a risk worth taking.

But Panama still makes sense as a place to live. If you plan on relocating or spending a chunk of the year here long-term, and you want a home base, then look for a fire sale. The key is not to over-pay. That lack of buyers combined with distressed sellers equals some great opportunities. You’ll find some bargains.

A local broker contact has a lot 15 minutes outsideBoquetepriced at $50,000...and that price is negotiable. With excellent views of VolcanBaru (a dormant volcano), this 1.24 acre site comes equipped with water, electricity and has road frontage. Boquete has a large group of expats, gourmet restaurants, and an active social scene. If you are considering a home in a relaxing, cool, highlands setting, this lot is worth a look. If beach living is more your thing, then perhaps you should consider El Uverito. Overlooking the endless Pacific Ocean, El Uverito is a small seaside village in the Azuero peninsula. Azuero is Panama’s traditional heart…the home of folklore, tradition and festivals (there’s said to be a festival for every day of the year in Azuero). It’s also one of the most affordable…and most tranquil…locations in Panama. A home site with a stunning ocean-view is on the market here for just $45,000. The property comes with water and power close by and a paved road within 70 meters of the lot. If you want details on any of these re-sale properties, contact info@pathfinderinternational.net, and let us know which one you are interested in.

And remember…you’ll get more great deals like these ones in your free e-letter, The Pathfinder Alert…so watch your inbox!

© 2011 Pathfinder Ltd. All Rights Reserved. Protected by copyright laws of Ireland and international treaties. Do not reproduce, copy, or redistribute this work either online or in print without the express written permission from Pathfinder.

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Neither Pathfinder nor its employees and agents are licensed to give personalized advice about securities investments. Nothing in this email or in communications from our employees to you should be construed as personalized to your investment situation.

Pathfinder is in the business of recommending a wide range of real estate and relocation services from developers and lawyers to real estate agents and tax specialists, to name but a few. Pathfinder requires developments to meet basic criteria before bringing them to you. However, any vetting we do on projects or professionals should not be construed as a guarantee by Pathfinder. Pathfinder is not responsible for the management and delivery of real estate agent or developer-sponsored real estate tours and chill weekends. We bring these to you for informational purposes on behalf of our developer and real estate agent partners. As with any other overseas trip, we advise that you purchase travel insurance.

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© Copyright 2011, Pangaea Ltd., trading as Pathfinder, Elysium House, Ballytruckle, Waterford, Ireland. All rights reserved. No part of this report may be reproduced by any means without the express written consent of the publisher. The information contained herein is obtained from sources believed to be reliable, but its accuracy cannot be guaranteed. Registered in Ireland No. 441952.