“Sorry?” I ask, thinking of the Branch Davidians.
“WeCo -- West Condado,” Juvelier says, pointing out the window and explaining that she and her daughter, also a Sotheby’s broker, have decided to give some of the neighborhoods catchy names, such as New York’s SoHo and Tribeca.
Relatively Cheap
By New York standards, prices are cheap: A 3,800-square- foot penthouse with water views from every room is listed for $1.99 million; and a four-bedroom duplex with two terraces in the city’s financial district is on sale for $900,000. Yet the housing isn’t enough to lure potential converts.
The real challenge, she says, is convincing people they can replicate their life. Will they have well-traveled, well- educated friends? Are there decent schools for their kids? Are there charities that wives can join? Is crime an issue? She takes her clients to dinner at outdoor cafes to show them it’s safe at night, and she organizes luncheons to introduce newcomers to native Puerto Ricans.
In late April, Puerto Rican officials helped set up a conference in San Juan to educate potential residents about the new laws and tell the world that Puerto Rico is a fine place to live -- at least if you’ve got dough.
Beaches, Restaurants
The conference was the brainchild of Alberto Bacó Bagué, secretary of economic development and commerce, and Paulson, who the territory’s government says plans to invest about $1 billion in real estate this year and next. Two hundred people showed up for panels, tours and information sessions with private schools, real estate brokers and a tax expert.
The message from every speaker was the same: Puerto Rico isn’t just about low taxes. It has white-sand beaches and temperatures in the 80s year-round. There’s an art museum with a world-renowned pre-Raphaelite collection. It has luxury apartment buildings, over-the-top resorts such as Dorado Beach, and a handful of private international schools that send their graduates to Ivy League colleges. It has restaurants with award- winning chefs. It’s a four-hour flight to New York. And the island operates under U.S. law.
Paulson Plan