RetireRoatan

Homes in foreclosure top 1 million

NEW YORK (CNNMoney.com) -- More than one million homes are now in foreclosure, the highest rate ever recorded, according to a trade group which warned Thursday that number will continue to climb.

The Mortgage Bankers Association's first quarter report showed that a record 2.5% of all loans being serviced by its members are now in foreclosure, which works out to about 1.1 million homes. That's up from the 2% of loans, or about 938,000 homes, that were in foreclosure at the end of 2007.

The report also showed that 448,000 homes, or about 1% of loans being serviced, began the foreclosure process during the first quarter. That's up from about 382,000 homes, or 0.83%, that entered foreclosure in the last three months of 2007.

Roatan's market continues to be strong and full of great buys compared to other Caribbean Islands. Maybe now, with the economy in the States in the dumpster.... it's a good time to look at investing abroad.

Roatan Real Estate - West Bay

This begins our series on real estate broken down by each major location on Roatan. We start with Roatan's most famous and sought after beach, West Bay Beach. West Bay actually extends far from the beach and rumor has it there is a new exciting project coming about 300 meters from shore. So what can you purchase right now on West Bay? Here is a quick breakdown of property types and prices.

Land: $89,000 - $900,000 
Beach Lots (2) - $500,000
Check out real estate listings in detail

Homes/Condos:  $150,000 - $3,900,000
On the beach: $215,00 and up
Check out real estate listings in detail

Commercial (1): 675,000
Check out detail

West Bay Beach - Mayan Princess Condos from $240,000

Mayan Princess Beach Resort offers comfortable, elegant accommodations, ideal for couples, friends, honeymooners and families…in Roatan's most sought-after location!

This is real estate right on West Bay Beach that will only increase in value.

If you're imagining your very own island getaway, the Mayan Princess is perfect for you. And, if you're looking for some extra income, your villa can be placed in the rental pool when you're not using it.

INQUIRE NOW, contact TJ Lynch, Roatan's Most Experienced Realtor.

Purchasing Property in Roatan

When you decide to buy property on Roatan, carefully examine your options and your reasons for buying. If you’re buying property for your new home, evaluate location and proximity to the things you want or need. Is there easy access to the property or are you going to have to build a road to it? Check on the availability of water, electricity, cable TV, and Internet. These are all considerations that could ultimately affect your building costs and monthly living expenses.

Steps to purchasing property in Honduras -- (full details from Investment & Relocation Guide, click here)

1. Real Estate agent creates a simple sales agreement, and after review you sign and initial it.

2. You have seven to ten working days to get a 10% earnest money deposit wired to your real estate agent’s escrow account. If purchasing title insurance, wire the title insurance application to title company.

3. Receive survey and title usually within the first 10 days after you sign the sales agreement. At this time attorney submits documents and if buying as a Corporation submits names of adminstrators.

Roatan Exposed -- 2nd Home Haven

After a three-year run on real estate that has driven prices up by at least 20% annually in parts of Florida, Las Vegas and other retirement havens, buying the ideal retirement home seems like a pipe dream for many folks.

But then you hear stories from people like Jack Molan, 50, of Cannon Beach, Ore., who picked up an 1,800-square-foot three-bedroom home overlooking a pristine beach for $260,000. Or Ernie and Marti Williams of Riverside, Calif., who bought a half-acre hillside lot overlooking miles of ocean for just $35,000.

Their secret: They bought real estate overseas. Not in places that have been drawing retirees for years, such as Spain, Barbados, the Cayman Islands, Costa Rica and the like, where you need $1 million or $2 million for a piece of paradise. The Williams' lot is on one of Honduras' Bay Islands, Roatan.

These are some of the newest, off-the-beaten-path retirement destinations that recently have been attracting Americans who dream of warmer climates and affordable living.

In these places, beach-front and other prime properties can be had at a fraction of the cost in the U.S. What's more, Americans often find they can afford a much higher standard of living than they could dream of at home. "For maybe $1,200 or $1,400 a month, you can live in a foreign country, have a really nice place, have a domestic servant and eat well," says Tony Macaluso, owner of Portside Properties, a real-estate firm in Palm Beach Gardens, Fla.

Miami Style in Roatan - Pic of the Day

HGTV House Hunters Back at Roatan

TJ Lynch of the Lynch team once again gets to be a star. House Hunters returned to film a purchase for an Arizona client buying on Roatan's Flowers Bay. "Roatan is a great location to shoot," says Producer Katie Hall, "I wish you were our Realtor every shoot". Take a read . .

Quick Tip: Investing in Roatan Island Real Estate

If you’re interested in purchasing or building a rental property  there are several factors to consider. Location as in all real estate dealings is the most important aspect to consider. On Roatan,  beach front properties and properties with an ocean view and a pool are easiest to rent. Higher end properties with amenities including a/c, cable or satellite TV and internet rent the best for as much as  $2,500 to $3,500 a week during the high season.

Real Estate still GREATLY affordable

Can you do what Judeth Allred and her husband did? Absolutely.

There are still great opportunities in real estate -- affordable and beautiful.

• Design a house atop a hill, to see the breath taking Caribbean sea and the jungle of Roatan. Blue Ocean Reef, lots start at just $125,000. (2006 was $119,000)

• Condominium project with elevators and swimming pools. Pineapple Villas, where units list for $195,000 and up. (2006 was $179,000)

• Picture nestling in the trees (mangos, cashews, almonds) at Casa Can-Do, a home wrapped around a dipping pool with total privacy and serenity…but with a mile long white sand beach, large swimming pool, and a soaring A-frame open-air restaurant just a short walk away at Palmetto Bay Plantation. Asking price is $459,500 (2006 was $459,500)

• Upscale resort environment. At the sophisticated, south-side Parrot Tree Plantation, there are established condominiums, beachfront homes, and hillside lots. Preconstruction prices on the beachside condos start at $259,900. (2006 was $249,900)

• Key Hole Bay a striking planned community, gorgeous. They have won two Honduran awards for environmental innovative methods of protecting the reef from run-off. An easy walk from the pristine West Bay Beach, 1500 sq ft. condominiums start at $305,000.

• Infinity Bay Resort and Spa on West Bay Beach. Ocean view units here are priced (pre-construction) from $269,000 for a one-bedroom and up. (2006 was $258,760)

• Sunset Villas is a quiet retreat behind West End, a young person’s paradise. Music at night, plenty of nightlife and entertainment. Great Bars and eateries all around. Units here start at $265,000 -- First phase SOLD OUT. (2006 was $99,000 - $199,000)

Rent or Buy . . .

That is the question you have to ask yourself when deciding to retire here. The easiest one is to rent a condo or home, work out a great deal with a landlord or split costs with a roommate and enjoy every day of paradise here in Roatan, until you are ready to buy. You will of course have to become a resident of Honduras and if you want to drive you are required to retake your drivers license tests in all cases.

There are many available condos and homes for purchase on the market, click here to browse