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Potential lured Canadian
Gerald Vander Pyl, For the Calgary Herald
Published: Saturday, July 07, 2007
Recalling when he decided to leave Canada in 1998 and move to the Honduran island of Roatan, ex-Vancouver native T.J Lynch jokes it was "to relax on the beach and maybe sell a few coconuts."
But the realtor and developer admits it was not just the beaches that lured him to Roatan, it was the potential of the island as an affordable place to purchase real estate in the Caribbean.
"Roatan is not unlike the Cayman Islands back in the 1970s when land was cheap," says Lynch, now a sales associate with Re/Max Bay Islands on Roatan. "Real estate here is about one-third the price of the rest of the Caribbean."
Prices vary depending where on the island you look for real estate, he says.
Beachfront property in one of the more populated areas represents the high end of the market, with real estate prices dropping as you move away from the beaches or into less populated areas on the island, says Lynch.
Condominiums are a popular choice for second home owners and can be found for about $150,000 US in one of the main communities, or $100,000 in a less populated area, he says.
Developers have started creating subdivisions with beach access for residents, with a typical fully-serviced lot priced at $60,000 to $70,000, he says.
Residential houses within walking distance to beaches can be found for about $150,000 to $175,000.
A very high-end condo right on the beach would be priced starting at $500,000 up to $900,000, but Lynch says a similar unit in someplace like the Cayman Island would probably cost $2.5 million.
When he arrived in Roatan in 1998, the outside world was only just starting to realize the real estate deals that could be found, says Lynch.
Now the word is getting out.
"There were six realtors when I moved here -- now there are 76," he says.
A growing number of people have realized Roatan has more to offer than just affordable real estate prices.
Lynch says the climate is wonderful, with warm temperatures year round that are moderated by cooling trade winds.
Most rainfall is confined to a couple of months in the fall, and the Bay Islands of Honduras are not in the Hurricane Belt that affects some tropical regions.
The islands are famous for scuba diving and snorkeling because of the crystal clear waters and their location near the Belize Barrier Reef, the second largest barrier reef in the world.
Lynch says Roatan also has most of the amenities you might need, such as medical facilities, cellphone service and satellite Internet access.
Owning real estate is straightforward, with foreigners able to purchase properties up to three quarters of an acre without any restrictions.
The recent influx of people buying property includes many Americans and Canadians either looking for a vacation home or moving to Roatan full-time.
As the island becomes more developed, many new services will be needed, says Lynch says, adding that people are already moving there from North America to open up new businesses.
Even so, he says Roatan remains a far cry from many of the more famous Caribbean resort areas.
Lynch says it's still a tropical paradise where the pace of life is laidback and the beach is the place to be. Perfect for relaxing, and maybe selling some coconuts.
© The Calgary Herald 2007
