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Another thing unfamiliar to many foreign house hunters, says Casa Granada Properties agent Darrell Bushnell, is that there are few exclusive listings in Nicaragua and that there is no multiple listing service. “This means that most properties can be purchased from anyone. Just because the property has a sign on it from one real estate company does not mean you cannot purchase it from another realtor.”
Nicaragua Property Buying Basics
Real estate costs are often priced in United States dollars in Nicaragua.
Buyers pay a registration fee equal to 1 percent of the property value as determined by the municipal government, which is often less than the sale price or market value. An additional 1 to 1.5 percent of the sale price in legal fees goes to the lawyer who researches the title and drafts the closing documents, and 3 to 4 percent in real estate commission.
Annual property taxes are 1 percent of the assessed value.
Cash deposits to a Nicaragua bank escrow account or cashier’s check at closing are the recommended payment methods. Wire transactions direct to seller, lawyer, or realtor are not.
For Sale in Granada, Nicaragua
Here are a few high-end properties that were for sale in early 2012 and are representative of what should be available in the future, though of course prices will vary.
This luxurious two-bedroom, two-and-a-half bath colonial home on a quiet side street in the heart of Granada’s historic district was fully renovated in 2008 with modern conveniences like air conditioning, Jacuzzi tubs, gourmet kitchen, swimming pool, and one-car garage. Stylishly furnished and move-in ready, this two-story house could be used as a vacation rental or single-family home.
Upstairs, the master suite has a shower, Jacuzzi tub, king size bed and balcony, perfectly situated for lake breezes, overlooking the pool. $425,000 USD. Contact: Details Management, +505. 8432.4724; mavericks_granada (at) yahoo.ca.
Located on Granada’s main street, just one block from the Central Park, this fully furnished, four-bedroom, five-bath home is custom designed by Matthew Falkner, an innovative Nicaragua-based English architect and furniture designer. Fusing the traditional open-air colonial style and sustainably harvested handcrafted Nicaraguan woodwork with modern amenities, it includes a 32-inch flat screen TV with surround sound, wireless Internet, gourmet kitchen, and air conditioning.
The highlight of Casa Yalula is its 25-meter pool, which runs the length of the home. $475,000 USD. Contact: Granada Property Services; +505.2552.7954; gpsnicaragua (at) gmail.com.
Casa Aqua LunaCompletely renovated in 2007, this two-story, four-bedroom home is located on Calle La Libertad, just a short distance from the center of town. Casa Aqua Luna features a fully equipped kitchen and unique elevated living area situated over the swimming pool. On the lower level are three bedrooms, each with full bath and air conditioning, in addition to a guest bath and laundry facilities.
Upstairs is the master suite with king bed, Jacuzzi tub, separate shower, toilet and bidet, large walk-in closet and stunning views of the Granada Cathedral and Mombacho Volcano. $475,000 USD. Contact: Granada Property Services; +505.2552.7954; gpsnicaragua (at) gmail.com.
Quality built to U.S. and Canadian codes, this new construction 3-bedroom turnkey home with rare two-car garage is located on Calle Calzada (Granada’s popular café-street) on a quiet stretch midway between the city-center and Lake Nicaragua shoreline. Boasting a large adjoining empty lot currently being used for garden space, Casa Dante could easily be expanded from its current single-family residence status into an intimate hotel or Bed and Breakfast.
With exemptions for future construction costs and property/income taxes for 10-years under the current Tourism Incentive Law 306, this property offers maximum potential as a tourism investment. Lot size: 5,380 square feet. $315,000 USD. Contact: Casa Granada Properties; +505.2552.0313; casagranada1 (at) yahoo.com.
This fully restored 6-bedroom, 6-bath 9,600 square-foot colonial mansion boasts large corridors, patios and a swimming pool. Located in the heart of the historic city center on Calle Calzada. It has stunning second floor views to Volcán Mombacho and great boutique hotel potential. $525,000. Remax Colonial Properties; +505.2552.3199; info (at) remaxcolonialproperties.com.
The visionary dream of American expat Doug Hughes, this 40-acre planned green community is situated in a tranquil pastoral setting in the foothills of Volcán Mambacho two paved miles from Granada’s city center. When Mr. Hughes relocated to Granada from Boulder, Colorado, he purchased a city-center colonial, but soon found he was gravitating more to the casita he’d built on this property. Eventually, he constructed a custom home and moved in full time to begin developing the property for land and home sales to like-minded nature lovers.
Today, the private community includes two custom homes, new model home, communal green space, fruit orchards and walking trails, with future plans for horse stables and community center. Lots priced from $29,000 USD; 1,600 square-foot model home on a 1/3 acre lot for $119,000; $85 annual community fee; Custom home construction upon approval. Contact: Casa Granada Properties; +505.2552.0313; casagranada1 (at) yahoo.com.
Granada is a city in western Nicaragua and the capital of the Granada Department. With an estimated population of 110,326 (2003), it is Nicaragua's fourth most populous city.
Granada is about a 45-minute drive from the international airport in Managua. The popular beach town of San Juan del Sur is an hour and a half away.
Article and general Granada photos by See more Ellen Barone, home photos by the author and area agencies.