March 02, 2013

Retirees: Yes, Cuenca’s Great But Quito Might Just be Better!

Everyone has their reasons for moving to a certain area, but it seems to us that many people have been duped.  Cuenca’s property prices are already sky-high for Ecuador, and they have been for years, especially since the retirement press started going “cocoa puffs” over it about four years ago!

So, what about Quito? For a certain type of retiree, those who are healthier, maybe even younger, and like to do things, Quito Ecuador has a lot more going for it than Cuenca. From the perspective of things to do such as excellent mega shopping, International restaurants to dine in, and day-time cultural activities, and evening time musical fine arts, Quito comes out as A-One on all fronts. And remarkably, the people of Quito are just as friendly as they are in the smaller city, Cuenca.

We have a lot of positive things to say about Quito and we have a lot to show you about Quito because we had the opportunity for several extended visits, and more are planned. We actually rented an apartment in the colonial district and did the Quito adventure! In fact, we may just decide to move there ourselves because property prices have not risen there like they have in Cuenca. They are about 20 to 30% lower on rents and same with the real estate market.

If anyone has done the research on the real estate market in Cuenca, you’ll know what we’re talking about. This is Ecuador (it is still a developing country) and to pay what their asking for a “nothing special” small home on a small lot in Cuenca is absolutely outrageous!!

Check this out. You can buy a 3,500 sq ft colonial in Quito for $99,000, still today...and that's the asking price! In Cuenca the same building (Not restored) goes for $350,000! And if it is restored over half a million dollars!  What’s going on? We all know what’s going on and it isn’t going to get any better!

But most northerners come here and compare the Cuenca market to the Northern country markets and think the real estate market is great here in Ecuador…boy, have people been deceived.  Cuenca Ecuador is the most expensive city for real estate purchase and rentals, in all of Ecuador.  And it’s all fueled by foreigner money. 

We’ve already compared national wages for Ecuador/u.s.a  and then factored in the prices. And don’t forget about the rule of 3 and 4 either; it sure has gotten us out of a financial self deception on several occasions.

Just because something appears to be a good value to you doesn’t mean you aren’t getting ripped off.  To pay tourist prices for visits is understood, but to pay tourist prices for year round living, well, what do you think?  We’ve also seen people behave in strange ways toward a foreign country, in such a way that they would never act back home, such as believing the hype and the fear of loss high pressure selling tactics pushed by real estate agents.

We have to change the way we look at things when we move to developing countries, especially real estate.If we retire in a country that is still in its development stages it means that real estate prices are still developing as well; it does not mean they are already developed, but here in Cuenca it seems as if the market is at its high point (for a 3rd world city).

Back to Quito. Why don’t we see much writing about Quito? All over the internet articles keep hyping up and glorifying Cuenca as the ‘cheapest place to retire’…NOT!   New articles keep coming out all the time about how great Cuenca is. And these new articles keep raising the cost of living every few months.

Go ahead and type in the google search, “Quito Ecuador International Living”. You’ll see about 6 articles written by IL Writers. And then type in “Cuenca Ecuador International Living”. Wow!   It keeps going on and on about Cuenca.

Does that mean Cuenca is a better place to live than Quito? Absolutely NOT! It appears that there could be an agenda to continue hyping up Cuenca Ecuador, at this time, for whatever reason.  We’ve certainly had expats whisper things in our ears.  We don’t like to speculate especially when we do not have all the facts. More in the DIY Cuenca Landing Guide, it’s not just a welcome guide, it is a lifesaver.

Soon, or already now, you may see write ups and publicizing of the “new paradise” to prepare for in a few years when Cuenca becomes old news or too expatriated! We’re just saying, take a look at Quito or, why wait for the International Press to glorify a city, when we can get there before the herd does.  Why have your eyes set on Cuenca only? Open up and see more of Ecuador, or of some other paradise. And remember, paradise is what we make it not what some popular retirement press magazine says.

“You know we have blinders on when we are unable to set our retirement sights on any other city than the one that is being hyped up for that year.”

Learn more about Quito, the other paradise that doesn’t get all hyped up and glorified. Yet!  Our commentary about Quito coming soon, so be on the lookout for “Why We Like Quito Ecuador” coming soon!!  Quito may well be worth your consideration.

1 comment:

  1. Are you finding homes to rent for people outside of Cuenca. We are planning on moving in about a year but have not decided on the area yet.

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