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The reasons are simple human nature: great uncertainty begets fear and fear begets retraction. As a construction business owner, this is a time to conserve cash and reduce expenditures until some sign of increased confidence is seen, but business moves forward. Mean while we are still traveling and heading to Spain for 3 weeks in May (bargains abound), golf trip to Austin in October and back to CR in December.
Sprite, how do you maintain your sanity watching financial news all day?As of January 2008 I believe, you now need a passport for Mexico. Another statistic to remember is that only 20% (75 million) of US citizens have passports, so 80% of the country is so insulated/naive they do not have any desire to travel and/or cannot afford to. Tourism declined 2% in 2008 and is expected to decline another 3-5% in 2009. A 25% reduction would equal nearly 20 million people, which is significant.
I agree with Sprite; it is the preception that is damaging, partly because many Americans are loud, obnoxious and flaunt their success. The American expat population is less than 2% and I would guess that American real estate ownership is less than 5%. The Nicas are by far the largest class of immigrants, just as Guatemalans are to Mexico and Mexicans are to the US. In some parts of the country, such as the southern Nicoya Peninisula, the largest expat population is Italian. Around Arenal, I understand it is Swiss and Germans.
If the housing market semi-recovers we are there with you! In the Pacific NW it has not been as down (10%) as bad as AZ, CA or NV at close to (30%). But we are all shedding jobs and construction firms are in survival mode, including ours. Bankruptcies are up 82% in WA, so if one can survive, competition will be depleted; a market correction. Those of us left will be able to get higher margins. The dichotomy is that lines of credit are extremely cheap @ 3.49%.
We too are involved in the sustainable property (including construction materials)approach with edible landscaping and no physical connection to any utility. I have a british counterpart, who is also a sustainable architect/contractor from Penzance, Lands End.It may be overly optimistic Sprite and I know that. As an owner of a construction company an an architect, I am well aware of how long it takes for the federal procurement process to conclude in an actual award of contract. It is virtually impossible for the government to deliver a designed project to construction start within 24 months, let alone 18. However, if the they would adopt a privatized deign-build or GCCM process like many school districts, universities or medical facilities utilize, a private company could deliver results within 6 months. This is my biggest issue with federal spending on construction/infrastructure, which would be the most impactive employment boost in conjunction with science & technonogy spending. Microsoft (our local tech. dynasty) has recently announced a net 2,500-3,000 layoff, however, they also froze their 8 current construction projects in Seattle alone, which affect a number = to their layoffs in $60,000+/year (in Seattle) construction jobs. It is the “blue” collar impact that rides along with the “white” collar impact.
If you really prefer Euro lines in your furniture, go on a shopping spree in Escazu between the American food joints on the right as your are coming from San Jose and the Scotia Bank on the corner of the road that heads past the embassy to the intersection for Escazu Multiplex (Banco San Jose). But be prepared to spend some $$$. You can sometimes find some non-ornamentaly carved, more euro style pieces in Sarchi, but you have to look harder. Haven’t tried the free trade zone in Golfito yet.
It is not just the US anymore. Has anyone checked Euro and Pound Sterling exchange rates today? The pound is at $1.39, a 33% drop in 6 months!! What % of tourism comes from the US, UK & Europe? Would expect to see stagnant tourism in 2009.
If they bought a house in the Bay Area and sold it at the height of the market, they would have conceivably pocketed some serious equity to live off of. They could well be silicon valley computer types than can consult from afar, but that still does not explain residency status.
I am curious as to how many hundreds of millions of dollars are being spent today on someone has not accomplished anything and continually preaches “sacrifice”.
Amazing that T-bills seem to keep holding their own while Euro & Pound are down. Great time to go to Europe if you reserve lodging & buy Euros now. Socialism obviously works well for populations less than XX million. Maginally effective in larger countries XXX million +, especially with a capitalistic foundation.
Money talks, cash screams, but has discretion. Home Equity Lines of Credit (HELOC’s)are so cheap in the US right now, it is ridiculous. I have one @ 3.29% through credit union and can lock it for 15 years. If you have lived in your home 10+ years and have decent credit + income, now is the time to take advantage of th cheap CASH.
Unfortunately, those “on-call federal response force for natural or manmade emergencies and disasters, including terrorist attacks” are from Ft. Benning, GA have done several tours in Iraq and are used to HumVees, Bradleys, Abrams, artillery, RPG’s, etc. One soldier from that division, now stationed at Ft. Lewis, WA stated “these are hardened, trigger happy combat troops that would shoot first and sort it out later”. Rarely in the history of the US have other than National Guard troops been utilized for domestic purposes.
Great advice alexgil. I have had contact with all the snakes above except F-d-l and several species of rattlers, but unless you are in the business of spending most of your life in the forest, desert or swamp, you really have to seek out these snakes, unless you run across a rattler laying in the road where it is colder. The best rattlesnake boots are at Cabella’s – http://www.cabelas.com , search snake boots $99-$149. I prefer the pull-ons because they double up as water/mud/snow boots.
