Word: ortega
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...before McCandless had a chance to finish hanging all the paintings, Daniel Ortega of the leftist Sandinista Front was elected president on November 5, turning McCandless' retirement plans upside down. "I'm outta here; I'm gone," said the North Carolinian. "It wasn't supposed to happen like this; it's like someone rose from the dead...
...McCandless decided on election night to sell his dream home and leave the country, after the first vote returns showed Ortega poised for victory. Less than a week later, he had sold his home at a fire-sale price and left for Costa Rica...
...McCandless' isn't the only reaction among the U.S. expatriates living in Nicaragua to the unlikely reelection of Washington's old Cold War nemesis. While some are cashing out and preparing to leave before Ortega takes office January 10, others are hoping the Sandinista return to power will drive away many of the growing herd of foreign profiteers here to make a quick buck on the country's post-war real estate market...
...Most investors and expatriates, however, seem to be taking a more calculating wait-and-see approach with Ortega. Lori Estrada, head of the newly formed Nicaragua Association of Investors and Developers, sent out a letter informing her members: "Mr. Ortega stated that he is fully committed to promoting foreign investment and tourism, realizing that it was the future of the country's economic growth. We believe he is serious." The association is already planning to hold a congratulatory cocktail for Ortega in December...
...Ortega's election has thrown a wild card into the real estate investment game. Some realtors claim property prices have already dipped 25% since he won the elections, but most expect the slide won't continue much beyond that. Of course, much depends on what happens next...