Property prices take a beating in paradise too

Let's face it... what happens in Vegas... doesn't always stay in Vegas.... The US economy deficit that has plagued the world over the past 15 months has indeed hit Roatan and other tourist destinations in the tropics.  With so many in the States (our biggest supporter) losing their jobs, their homes and their nest eggs.... secondary home markets like the Bay Islands are fast feeling the pinch.  Less and less people are buying, or even looking for that matter.  The Roatan Realtors Association MLS board is reporting more than 70% down in sales this year over last.  70%!!  That means that there's 3 sales this year, to every 10 sales the year before.  Personally, I believe many are waiting to see what President Obama will do to secure the economy in the US before "spending" again...

     We're seeing prices drop as Sellers are anxious to cash out of their "retirement" plans and use these moneys to recoup losses on Wall Street.  Reductions in listed prices of up to $300,000 USD have been seen on the "Hot Sheets" during the past 90 days.  More and more listings are being labeled "Reduced" or "Motivated Seller" as the Roatan market softens...

     Prices are now what they were a couple years ago, which suits me just fine.  An over abundance of buyers drove property values in the Caribbean to hyper-inflation levels... with some properties doubling in value every year since 2005!  Woah!! Slow down we kept saying... but there was no slow down... until now.  Finally, prices are becoming once again... reasonable.  There's great value down here right now.... so if you have cash, now is a good time to explore what Roatan has to offer... and get a great deal at the same time!!