I am sitting in my office on a Saturday morning....looking at some contracts for a new project in Austin, Texas, and looking for a weekend flight to Angulla. Yes, the prized Caribbean island that is the relaxation spot for celebrities and just plain old rich people.
I own a one bedroom condo there. It has not been built yet, so I can't really say it's mine, but on paper it looks damn good. And I can drop that line about my place in the Caribbean easily....I really will have one someday...2008 to be exact. The best part is that ....(oh, there are so many best parts!) we bought the one bedroom place in the first phase of the luxury hotel development. But, first, my family was treated three days in a beachfront bungalow, complete with gourmet meals, snorkeling trips and a great massage by a strong island woman.
We couldn't resist the lure of owning there. It killed us to come up with the 20% of the $900,000 price tag, but we did it. And, wouldn't you know that the same unit, in Phase 2 and less than a year later, will be $1.45MM. This is what I call the "duh" factor. Cool condo on killer island that will rent for a fortune, great family vacation, and, that crown jewel, appreciation. Duh! What's not wrong in this picture?
So, Phase II is around the corner. I've been invited down to see what's happened since the Phase I launch and I have my eye on a beachfront studio. I am trying to get a friend to go with me, but it really seems too good to be true for most people. Fortunately, I am not one of them.