Developments, Rentals
The Ease of Belize
February 21, 2009 by OceanHome · Leave a Comment
When real estate lawyer Jimmy Crawford started looking for a family vacation home two years ago, the foreign investment had to meet several criteria to be considered. Most importantly, the tropical destination had to be English-speaking by nature and located in a stable environment. The destination also had to have a similar legal system to the United States and be within close proximity to Crawford’s Orlando, Fla. area home. Being relatively affordable would be a bonus. Belize, as it turns out, fit the bill perfectly on all counts. An added bonus of purchasing real estate here? Capital appreciation with no capital gains tax.
For those not familiar with Belize, and contrary to what many might think, this Central American nation is not a single island. Rather, the mainland of this democratic country (formerly known as British Honduras) is landlocked alongside the Caribbean Sea by Mexico to the north and Guatemala to the south and west. Its more than 100 cayes (islands) sit offshore.
Regardless if anyone can properly place Belize on the map, one thing is clear about this ex-British colony: It is quickly becoming a Caribbean hot spot. Crawford, for one, now owns a 1,700- square-foot luxury condo in the fishing village of Placencia, as he fell in love with Belize at first sight.
And what’s not to love about a country full of untouched waterfalls, rain forest jungles and Mayan mountains full of historic ruins? Or a country rated one of the top 10 diving destinations in the world courtesy of a coral barrier reef second only in size to Australia’s Great Barrier Reef? Of course, fueling much of the foreign investment and tourism growth in Belize—a country the size of Massachusetts—is its pro- Western roots. For instance, Belize has been a democracy since 1980, pegs its currency to the U.S. dollar, and features a mostly tax-free environment.
Belize is also a very safe, familyfriendly country and the diversity of activities includes everything from cave tubing to world-class fishing to horseback riding and more. Belize’s pristine ambience, coupled with the affordability of property, clearly appeals to a growing number of well-traveled individuals.
In fact, Belize is even quietly attracting the celebrity crowd; Francis Ford Coppola owns three high-end resorts, including Blacaneaux Lodge, Turtle Inn and La Lancha (visit www.blacaneaux.com), and, rumor has it, Leonardo di Caprio is also involved in a development project.
One group bullish about the longterm future of Belize is Hopkins Bay Development, a consortium of Canadian, American and South African investors who are behind the eponymous Hopkins Bay Resort. Located two hours north of the town of Hopkins, and the closest mainland property to the worldfamous reef in southern Belize, Hopkins Bay is a 7,000-acre, eco-sensitive, mixed-use development that will encompass nearly three miles of linear beachfront, four branded hotels, three golf courses and an 800-slip marina.
For now, the primary buying opportunities are at Hopkins Bay Resort and Sittee Point, a 48-acre enclave of resortstyle villas and a gated luxury single-family home community, respectively. Of the 48 planned villas, 18 are completed and already occupied at Hopkins Bay, and four homes are completed in the upscale Sittee Point neighborhood. Three- and four-bedroom villas are priced around $900,000, while custom home sites at Sittee Point start at just $220,000.
“Belize is clearly an emerging hot spot,” says Michael Anderson, one of the developers whose Hopkins Bay project is conforming to Audubon International sustainable development standards. He notes the country’s diversity of activities, its relatively small population of 300,000 residents, and its laidback atmosphere as key selling points. Says Anderson: “With no buildings higher than four stories and most of the travel by golf cart or boat, everybody is able to take off the watch and shoes and just really relax.”
Homeowner Crawford, who practices law for Clermont, Fla.-based Schmid Development, seconds this notion. “I always feel more relaxed and healthier when I’m down there.” This healthy approach also translates to the pace of development in the country. “Belize is going to develop very slowly because there are no major roads, which means everything has to be brought in by barge,” says Anderson. “The infrastructure needed for quick development is just not there. So it will develop, but slowly, which fortunately, is great for the existing home owners.”
Meanwhile, ambergris caye, the most developed of Belize’s 100-plus islands, is home to a number of new luxury waterfront developments. Among them is The Phoenix, a 30-unit beachfront condominium complex that was scheduled for completion by the end of still available for sale, ranging in size from 1,800 to 2,200 square feet, and in price from $400,000 to $550,000. Each offers views of the Caribbean Sea from a private balcony, and use of the two pools, spa, fitness center and business center. An on-site management company offers the opportunity to place each unit in a rental pool. http://www.thephoenixbelize.com
Another beautiful development on Ambergris Caye is Las Terrazas Villas and Condominiums, offering fully furnished one- to three-bedroom units ranging in size from 1,000 to 2,700 square feet. Each includes unlimited high-speed Internet access, a highefficiency air-conditioned system and a large open-air indoor/outdoor living space with private verandah offering ocean views. Each penthouse residence has a balcony with a private pool. The development, which sits on the largest private beachfront parcel of land, features a state-of-the-art fitness center and spa; a 70-foot infinity lap pool plus an additional infinity pool with swim-up bar; a Jacuzzi; an on-site boutique and gourmet shop, plus a rooftop garden. Prices start at about $275,000 for a onebedroom and around $380,000 for the three-bedroom units. http://www.lasterrazasbelize.com
One of the newest beachfront developments, Grand Caribe Belize, is located just a mile north of San Pedro on 2.5 acres of land fronting 500 feet of white, crushed-coral sand. Upon completion in early spring, there will be a total of eight buildings constructed in a horseshoe shape to maximize sea views. Owners have access to one main and two “quiet” swimming pools. A marina located on the main pier will serve as the launching are a for transportation to town as well as diving, fishing and snorkeling excursions. The town is also accessible by road, and the installation of a new bridge allows for easy 24- hour access. Available units range from about $400,000 to $600,000. http://www.grandcaribe.com
“Belize is completely unspoiled,” says Crawford. “And if developed correctly, it can stay that way.”
