I am enjoying wonderful old San Juan and have loaded some pictures below. According to the last US census, 350,000 Puerto Ricans have left their enchanting island in the past few years. Such a shame but then the financial crash has been particularly harsh on the island’s economy.
Puerto Ricans didn’t have a sub-prime problem of their own but suffered fallout from America’s crash. And, of course, they had their own property madness with absurd prices and over-development of new homes. Apparently, San Juan alone has 20,000 finished but unsold new units.
Prices have dropped by about half but my island banker friends tell me that they will have to drop further — at least by another 20 percent before the bottom of the market is reached. That will take about another 12 months, they say. Auctions have started but there is still a lack of realism by the owners, who are placing too high reserves on their properties.
Anyway…here are some pics from the Gallery Inn in old San Juan. An excellent place to rest, enjoy good food and wine and conversation and enjoy tranquil surroundings.