Just back from Belize, no not a vacation, but an opportunity to see the next Cabo San Lucas or Hawaii. They are not immune to the overall downturn in the real estate business world wide but, they are still selling and it's the best value for ocean front real estate that I have seen in a long while. We looked a new development on Ambergris Caye called South Beach. While its still in the "rough" phase, the developers are moving quickly and expect a build out within 5 years. While we were there, lots and units were selling and money was coming from different places around the world.
I believe that there is an increasing anxiety around the world as to the value of our dollar and what inflation might do to that value so there is an increasing rush to place those dollars in a hard asset, and real estate is the best hard asset you could invest in. It's the first time I have traveled to a foreign country and paid for things in the local currency and been paid back in US dollars-not very comforting when it used to be that those dollars would of been coveted especially in countries less developed.
