Welcome to the Cuenca Property Update for July 2023! In this edition, we dive into recent property sales, key statistics, and enlightening trends in the real estate market. Join us as we take a closer look at the world of Cuenca property sales with special guest, Xavier Amoroso, a renowned YapaTree Property sales specialist.
Cuenca Property Sales Overview
Last month was a fruitful one for Xavier, who managed to close seven property sales. This number represents a significant leap from the previous year. But what contributed to this increase in sales?
Selective Choices for the Win
Contrary to working twice as hard, Xavier adopted a strategic approach by focusing his marketing efforts on new developments. By being selective in the properties he listed, Xavier honed in on areas with high potential for resale. His secret ingredient? Personal preference. Xavier sought out properties where he himself would feel comfortable living, ensuring a higher likelihood of buyer satisfaction.
Quality Over Quantity
One of the defining characteristics of Xavier’s approach is his discerning eye. He rejects listings that do not meet his standards, ensuring that he only lists properties that have a lot of immediate potential. With a rejection rate of about three to four visits before finding the perfect listing, Xavier’s commitment to quality is clear. He conducts thorough home inspections, leveraging his extensive market knowledge to save both his time and the customer’s time.
Property Sale Prices
Apartments offer a range of options for different budgets. Investment-grade apartments, including small suites and one-bedroom units, started at an affordable $70,500. These properties are popular for their downtown or close-to-downtown locations, making them excellent choices for a short-term rental in Cuenca.
For those seeking larger spaces, two-bedroom units in middle-class areas average between $130,000 and $170,000. Three-bedroom units are available in the $200,000 to $250,000 range, and luxury options exist for those with discerning tastes.
On the house front, Xavier sold one VIP qualified house in the outskirts of Cuenca, located in the Misicata area, for a mere $99,000. VIP loans, mainly designed for locals, provide lower interest rates and down payments, making homeownership more accessible.
Land sales take a backseat due to their longer processes and paperwork requirements, but Xavier hints at potential opportunities in the Paute area, a short 30-minute drive from Cuenca.
Market Trends and Lessons Learned
The Cuenca real estate market is currently hot, with quality properties selling at full price and a scarcity of available listings. Xavier emphasizes the significance of catering to the preferences of the local market, as they are the primary drivers of sales. Contrary to popular belief, expat newcomers have minimal impact on the market dynamics.
Lessons can also be learned from Xavier’s rejection of overpriced listings. He advises against wasting time on properties priced above market value, reiterating the importance of fair pricing to facilitate successful sales.
Case Study 1: Kira $165K
This three-bedroom apartment in Puertas Del Sol captivated a buyer’s heart and sold for $165,000. Located just one block from the river, it boasts a brand-new construction and a lovely terrace overlooking a charming square park. The buyer’s immediate connection with the property showcased the power of love at first sight.
Case Study 2: Casa Corral $70.5K
A new development located a stone’s throw away from Parque Calderon, Casa Corral offers investment-grade properties. One unit, sold for $70,500 in cash, caught the attention of a local buyer planning to leverage the short-term rental market. The fantastic location, convenience, and appeal of downtown living made this property an irresistible investment opportunity.
Case Study 3: Racar Home $78.9K
In the Racar area, a 100-square-meter, three-bedroom house sold for $78,900. While slightly outside the bustling downtown area, this property offers an excellent option for budget-conscious buyers. The buyer was enticed by the prospect of owning a spacious home at an affordable price, highlighting the value that can be found beyond the city center.
Paute Area: Emerging Hotspot
The Paute area has become a subject of increasing interest in recent months. Located just a 30-minute drive from Cuenca, Paute offers clear air, good water, and attractive land prices. Xavier anticipates a rise in demand for properties in this area, making it an exciting prospect for buyers looking for affordable options, agricultural potential, and a change of scenery.
Educating Buyers for Informed Decisions
Understanding the market trends and lessons shared by Xavier can empower buyers to make informed decisions. The Cuenca property market’s current heat and scarcity of listings require swift action and realistic expectations. Xavier’s commitment to quality and fair pricing serves as a valuable lesson, emphasizing the importance of finding properties that align with personal preferences and meet market demands.
As we wrap up this Cuenca Property Sales Report for July 2023, we invite you to explore the vibrant real estate market in Cuenca with us. Xavier Amoroso’s success is a testament to the importance of selective choices, understanding market trends, and catering to local preferences. Whether you’re seeking an investment property, a first home, or a relocation opportunity, Cuenca offers an array of options to suit different budgets and lifestyles.
For a closer look at current listings and to get in touch with Xavier, either visit for sale listings on the YapaTree website or submit your buying preferences here and we’ll find the property for you. Also, feel free to reach out to Jason with any property-related questions. And remember, as the market sizzles, be prepared to act swiftly and make informed decisions.
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View full video transcript
Cuenca Property Sales Report July 2023 – Transcript
Welcome to the Cuenca Property Update for July of 2023. I’m Jason and I’m here with property sales specialist, Xavier Amoroso. In this video, we’ll share with you some recent sold properties, key sold statistics and some high level trends and lessons that we’ve learned over the past month. Vamos.
Hola, we’re YapaTree Properties -Cuenca’s go to destination for property sales and rentals. I’m joined today by someone I consider to be one of Cuenca’s best real estate agents, Xavier Amoroso. Xavier has been in this industry for a very long time and we’re very proud to have him on board as one of YapaTree’s key sales agents. Welcome Xavier, and thank you so much for joining us today.
Gracias, Jason. Hello everyone. It’s my pleasure. I know the Cuenca real estate market can be difficult for expats to understand. So I’m very happy to share some property sale insights and hopefully our audience can be better informed when the time to make a purchase or decision comes.
Awesome. I know pinning you down in one spot long enough to shoot a video is always a challenge, but I guess that is the nature of being a successful property agent here in Cuenca. Let’s get to those sales results starting from a high level. How many properties did you sell during the last 30 days?
Well, in June I made seven sales. That’s double of June 2022 which is a really good month for me.
That’s a massive increase. So what do you put that down to? I assume you’re not working twice as hard compared to this time last year.
No, actually I’m enjoying my time on my month bike now. Actually I’m focusing my marketing efforts to new developments. So we’re just focusing on new developments. And I’m choosing some areas of town that I think they are more productive in terms of sale and resale. Actually I’m running out of listings right now.
So you’re basically being more selective in the types of properties that you’re selling.
Basically, yes. I choose places that I think they have a lot more potential on terms of resale. Also I choose places where I think I will live, and where I would be happy to live. It doesn’t matter if it is one bedroom, small tiny suite, or a luxury palace on the hills, but it has to be something where I can be comfortable myself – where myself can be comfortable.
Sure, it has always impressed me the not so much the properties that you list, they’re great. But the properties that you don’t list, for me, that’s the real difference in a quality agent versus an agent that’s just trying to sell everything under the sun. I know that you don’t list everything. I think what one out of three properties that you visit to potentially list, you would end up actually listing. Is that around the benchmark?
Yeah, probably 3, probably 4 visits to one listing. I reject a lot. I do a home inspection. I’m not a orofessional home inspector, but I’ve been in the market for a long term so I know what to check and what not to check. And I know the market, so I’m not gonna waste my time or my customer’s time.
Sure, and getting back to the sales for the past month, what would you say would be the average in terms of the dollar value for the sales?
The average price on the units, it was 100 and twenty five hundred. yeah it was eight hundred and forty thousand dollars total, so yeah, 100 and twenty three five hundred.
For the units? What about for the houses? How does that work?
Actually, it’s a fun market because you’re going to think that the houses are going to be more expensive. But the houses I – the only house -I just sold one house. The only house what I sold it was a VIP qualified house in the outskirts of Cuenca in an area called Misicata. It was sold for ninety nine thousand dollars. It was fun – it was a three story house in a gated community with 3 bedrooms. You know, we talk about VIP loans before you should put the link.
We have, but just for people that don’t know a VIP loan or VIP house or loan to get a house with a VIP program is considerably lower than a lot of other prices on the market.
So it’s focused to to locals and unfortunately locals living in Ecuador, locals living in overseas. If the rate is lower, the down payment is lower and the prices of the houses are usually lower.
The idea is like a starter home or, you know, first home buyer.
Yeah, is your first home.
Exactly that’s awesome. And so in terms of land, did you sell any land in the last 30 days? I know you don’t concentrate a lot on land.
Actually I just have three listings, three land listings. And I don’t focus on land because it takes a little longer. There’s a lot of restriction and paperwork to do before you buy land. So I just want to make sales on housing.
Sure, sure, it’s more complicated. I understand. So in terms of the houses, you’ve said you’ve only sold one, so there’s no highest or low and that was one at about a hundred thousand dollars. In terms of the apartments, what was the range there in terms of the prices?
Ok. I’m going to make, I’m going to separate two different kind of apartments. Investment apartments and living apartments. The units you’re going to use to live in are usually really inexpensive and what we’ve been looking for and we’re working with a couple of developers on creating. New developments on investment property, the small tiny suites, one bedroom, the cheapest one matter of fact was seventy thousand five hundred in cash. That was the asking price and that was the selling price. People are paying full price, you know, that’s located in downtown or close to downtown. And it’s good to put it on Airbnb and sometimes on long term rental, you know?
Sure so that’s for the investment grade properties in terms of the other type of properties.
The other ones are in the Puerto Del Sol area, or Primero del Mayo area, Tres Puentes, some different middle class, middle high class Cuencano areas. Those are between 130 and 170 thousand dollars as an average price. Of course you can find them. Those are the two-bedroom units. The three bedroom units you will find probably in the 200 thousand dollars, 250 thousand dollar range. And of course there are some luxury units in the area.
Sure. And something that you just said that people are paying full price at the moment, that’s what I want to dig into. So in terms of the overall trend for the past, let’s say three months, how do you see the market? You mentioned people are paying full price. Obviously there is a lot of, I guess a lot of heat in the market?
The market is hot. I’m running out of listings. Is really hard to get listings now. That’s why we’re working on new developments. Yes, they are paying full prices. Credit is easy for locals. Most of the market is local. That’s really important because sometimes you think the newcomers are affecting the market and it’s not.
And there is this perception amongst expats that properties can take forever to sell. And sometimes they can, but obviously not every type of property. In the properties that you know, the investment grade properties, the ones that you’re deliberately going after to list.
Well, that’s why I reject listings. You know, I’m not, I’m not going to lease the property that is going to take me 3 months to sell, OK? I’m going to lease the property that is going to be sold within days so I can move into the next project, You know, yes, sometimes I take some units. But most of the time, it’s not.
Awesome. So we’re gonna get into some very specific case studies in a minute. But beforehand, can you share some trends or lessons that you’ve learned over the past 30 days? I know you’ve already mentioned that things are selling at price at the moment.
Yeah, well people are paying full price and we still have the bargain culture here, but it doesn’t mean that the sellers are going to be willing to go down in price.
So sellers aren’t at the moment willing to budge basically for all the developments?
Yeah for the developments are not and, I’m not selling just developments. But in this kind of particular market where the market is going to be hot, they’re not. So you’re going to be willing to pay. Of course, I’m not going to list on a gringo price. That’s another way to reject if the price is high, bye. I’m not gonna waste it.
You’re not gonna waste your time. You’re not going to try and sell something above the market for us, yeah.
No, I’m not gonna do that.
Sure great. So let’s move on to some of the specific case studies. The first one, I understand you have about four to run through today. So let’s jump to the first one. Which property do we have right now?
Okay let’s talk about Kira three 301. That’s a three bedroom. Three bedroom, two and a half bathroom, little terrace facing a little square park in Puertas Del Sol. It’s just one block away from the river. It’s a brand new construction. Actual pre construction is going to be delivered on October this year. It’s really well done.
What did it sell for?
One sixty five. One sixty five and the asking price was one sixty five.
Yep, Great. And what were the owners really interested in, in terms of that particular apartment?
You know, it was a fun sale. It is an expat who’s looking to relocate in Cuenca. It was like love at the first sight. She just went into, she sell the bushes behind the windows and she said well it’s mine and I didn’t have to show anything else. Just ok, let’s do it.
It sold itself.
It sold itself, yeah. It’s a great location across the river, brand new. As I’m saying, the convenient location is close to markets, restaurants, most of the people who lives in Puerto Del Sol is local, but there are a lot of English speakers which is going to help you in just in case you’re going to be moving into. Some expats as well are living in the area, I think it’s a good spot to live.
Was this buyer, were they in the market for a long time or was this one of the one of the first properties that they came across that really ticked their boxes?
Well, the the building itself has been in the market for a while because there’s a lot of units there for sale – Ii is a large high rise. However, she saw 2 units with a different agent and we had a plan to see some other 3 units, so I took her first to Kira and we couldn’t leave.
That was it. She saw Kira and she just fell in love.
Yeah, well, Kira is nice.
That’s great. And when you get that, such a strong reaction, that’s really positive.
Yeah, well, I’m not gonna waste her time. She wants to buy there. Just do it awesome and anything else that the audience can potentially learn from this particular sale.
If something goes calling you, just make a decision.
Sure if you see something that you like in the market.
Yeah, just shut it. Like do it. Somebody else is gonna jump on it.
No, that’s important to note too. So in terms of the next property, what is this property and what was the price that?
Let’s talk about a Casa Corral, OK? Casa Corral, I think we made a video about.
Casa Corral? Yeah, we’ll provide a link to that one as well.
Yeah, Casa Corral is a new development, same developer. Rental. It is an investment. It is a really good investment. Location is on Calle Bolivar, one block away from the main square, Parque Calderon. You know, everybody wants to be close to downtown. This is actually downtown. Nobody is going to be there. It’s going to beat that location.
The location is incredible.
Yeah, well, you just open your door, the gate, and you’re in downtown. Yeah, it sells on its own. There’s only two units left, just in case you’re interested, The price, the asking price was seventy thousand five hundred in cash and it sold for the full price as well.The request of that down payment was a 30% down payment, but the guy just decided to pay 30% down payment in the next end. Of course you have to wait a year to pay the balance, but this guy just didn’t want to take the chances. Pay the 30 % down and he’s making payments of 5 to 7000 each month to complete it.
Is this a local or an expat buyer?
That’s a local buyer, Yeah. Yeah, that’s a local buyer. And you know, locals are buying a lot, yeah.
So obviously they want to use it for investment. Are they planning on living in it at all or just renting it straight away?
No, no, no, no. They’re renting. They’re going to rent it out and I think they’re going to put it on short term rental.
Do you know roughly what they’re looking at in terms of the short term rental price for that particular apartment? They haven’t got that.
Well, I haven’t gone that far yet, but the unit, there’s a unit next door to that development that is the highest price in town. So, of course they’re not going to go on the lower market, they’re going to go on the high end.
The locals are really gravitating towards the Airbnb style rentals for their apartments and so that is something that you need to know is that you are competing, for those investment grade properties, you’re definitely competing with a lot of locals that really want to move into that short term rental market.
Well, it’s not just competing. It is also learning from them, from the locals. The locals know the market because they are here. So if you’re going to… If you go to Rome, do what the Romans do.
Very true. Fantastic so that’s the first two properties. What does property three look like and how much did it sell for?
Ok, it was the little… it’s about 100 square meters. About eleven hundred square feet three bedroom two and a half bathroom with a little patio on the back, one parking spot. It sold for 78, 80 thousand dollars. Seventy eight nine hundred ninety eighty thousand dollars.
Where was this one?
That one is in the Racar area, Okay. It’s on the West side of town, up on the hill. It’s a little bit chilly in the area, but it has everything you know. It has a shopping mall, it has some high schools around and schools. It’s a perfect spot for locals.
Yeah so this was a local buyer?
Yeah, it was a local buyer and yeah, it’s a 3 bedroom and I wanted to point it out for the low budget people. There are still 3 bedrooms under the eighty thousand dollars.
Sure, but you’re not going to find them within walking distance to El Centro, for example.
Well, no, 3 bedroom for eighty. Thousand dollars, no, no, no, no, no, no. But let’s say you have family or you need space. You need an office for him and office for her in the bedroom. Yeah, you can find it. And of course you can get a cab ride for two or three dollars to downtown, so.
But the reality is it’s going to be a little bit outside.
Little bit outside of downtown, Yeah, not in the outskirts, but still you won’t be able to walk.
Sure, sure. Yeah, it’s good to know.
You know, we live in the Andes, so you’re going to have to climb some hills and go down hills, so walking there is going to be a little tough.
Si si si. All right. So the last property that you’ve got to share with us today, what type of property was it?
I’m not going to share property because all of them are pretty much the same the ones I sold. But I want to tell you that I’ve been receiving a lot of requests on the Paute area. Yeah, is really interesting because even I do not list outside of town, I think the Paute area is going to get hot again in the next couple of months.
Why do you say that?
Man, everyone is requesting Paute. Paute is 30 minutes away from town. It’s clear air, good water, good services, internet service. You have farmers market two – three days a week.
It doesn’t have like a Supermaxi though.
No, we don’t have a Supermaxi. But it has a farmer’s market, You know, you go and get your fresh veggies for less money.
But like so it has a lot of facilities but people still need to come into Cuenca for hospitals.
Oh yeah. Well, you have a little hospital, two or three little hospitals and you know, for emergency, but you still have to come. But it’s only half hour, half an hour. And I’m telling you, I’ve been receiving a lot of requests the last two months. I reject to do it, but I’m gonna have to about Paute.
So you think you’ll be spending a little bit more time out in Paute day listing properties?
Yeah, I’m gonna, I’m gonna have to do it. I’m gonna have to do it because I’m seeing some potential there. If you’re interested on knowing what’s gonna happen in the market, I’m giving you a highlight and if you’re looking for some land. Yes, houses are not as nice as the houses in town, but rebuilding, redoing them is not really expensive, you know. Labor in Ecuador is really inexpensive and it’s good labor.
You just need to have someone managing the labor.
Yeah, and we can recommend two or three, four different people who speak English and you can get. You you can do it on your own.
It’s definitely a good option for those guys that are thinking of doing a little bit of building.
Yeah, well, let’s see. If you decide to to buy a house with land and you go to Challuabamba, the area where you used to live before. You go to Challuabamb and you’re going to be spending 400 thousand, five hundred thousand dollars. For half of that you drive 20 more minutes and you just…
The basic land cost. If you can just compare, I think that’s a really good one. So if you just compare the price per square meter in Challuabamba, yeah, verse Paute, what exactly are we looking at?
Let’s say that in the middle of Challuabumba, right where you house where before, we’re talking about $300 per square metre. Acre is about four thousand square. Meters so so, we can translate a little bit. Because we’re metric, but in Paute you can find it between ten and sixty dollars. It depends where you are buying.
So that’s a huge difference.
It’s a huge difference. So you drive 20 more minutes and you have land and the weather there is just perfect all year round and you can grow avocados you can grow cherimoya – they don’t know what a cherimoya is…
You can grow cherimoya and you can grow also limes, oranges and stuff like that.
Awesome. That sounds like a really good option. I’m excited. Let’s do some videos out there as well.
Great, that’s super helpful Xavier. Thank you very much. Now what is the best way for potential buyers to contact you?
Well, you can view the current listings online on yapatree.com. Or you can send as an email with the information you’re looking for and I’ll find you. I’ll find the property for you.
Awesome, so we’re gonna have some links to these services in the description below and thank you very much Xavier. And a big thanks to you for watching. Do feel free to hit me up with any property questions that you may have too – [email protected]. And if you got value from this video, please do consider giving us a cheeky “like” as this does help a message reach more people. Thank you very much for watching and we’ll catch you next time. Ciao.