The Weekly Journal - May 22, 2019

Wednesday, May 22-28, 2019 - // no. 004

Puerto Rico and the Caribbean

www.theweeklyjournal.com

Business

Sports Betting Just Around the Corner P6 World Travel & Tourism Council Will Inject $8M P8 Shovel-Ready Opportunity Zone Projects P10

lifestyle

Real-estate market

on the upswing

A

>Gabriel López Albarrán

22.7 percent increase in sales between 2017 and 2018

Rosario Fajardo

Santurce’s Growing Art Scene P18

rfajardo@wjournal.com

@RosarioWJournal

phoenix is rising from the ashes.

That is how those in the know are describing Puerto Rico’s ongoing recovery after the devastation of Hurricane Maria in September of 2017.

The real-estate market in wellknown areas, such as Old San Juan, Condado, Isla Verde, Guaynabo and Dorado are thriving, while there are many other investment alternatives out of the San Juan area. In the east, Río Grande and Palmas del

Mar in Humacao are doing well, while in the west, Rincón, Isabela and Aguadilla have seen a rise in home sales in recent months.

“This is a great time to invest, to buy in Puerto Rico. Not to buy and resell tomorrow. We are talking about longer investments of five to 10 years,” said Milton Serrano, manager of Reality Realty’s San Juan Branch. “In the past, we used to sell a lot of properties at $150,000 or less.

Nowadays, we are selling a lot of properties over $250,000. The market is recovering very nicely.”

In terms of the hubs of activity in the San Juan GO TO PAGE 4 area,

THE WEEKLY JOURNAL > WEDNESDAY, MAY 22, 2019 > 2

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/ Wednesday, May 22, 2019

a week in review Gov. Rosselló Against Pension Cuts Gov. Ricardo Rosselló insisted that he will not abide by the Financial Oversight and Management Board’s (FOMB) insistence on cutting pensions for thousands of Puerto Rico’s elderly.

“Given the abuse of the board on our people, I wish to call all sectors of our society, including political parties, to join the actions that I will be taking in defense of pensioners in Puerto Rico,” he said in a televised message. “I will go to all the necessary forums to demonstrate that this hit is not justified. I do not rule out any action in defense of our pensioners.”

The governor said that the cuts would affect more than 700,000 retirees on the island, many of whom are living in poverty. More than 70,000 retirees receive pensions of $1,000 or less every month, while 120,000 receive $2,000 or less monthly, he said. These figures do not include Social Security benefits.

“Who can expect these pensioners to live with less? Many already suffer making arrangements to pay for their medicines, food,

home, electricity and water,” Rosselló added during a broadcast TV message.

The pension cuts called for by the board are based on a formula, and depend on the monthly pension and Social Security benefits received.

The back-and-forth battle between La Fortaleza and the FOMB on the government budget includes issues such as pension cuts and eliminating the Christmas bonus for workers. The board has said that the pension cuts are integral to the Puerto Rico government’s debt-adjustment plan. The governor, meanwhile, has consistently said that he opposes such austerity measures and that his administration has made the necessary budget cuts in its yearly budgets.

As a result, the governor said nearly $2.5 billion has been duly allocated “for the total payment of each pension.”

“Hitting pensioners is, in addition to being unfair, bad fiscal policy,” Rosselló said. >Carlos Rivera Giusti

Local Government Bets on natural gas to Lower Energy Rates Gov. Ricardo Rosselló explained that his administration is taking measures to lower the costs of energy rates in response to critics of his administration’s restructuring support agreement (RSA), struck with the Puerto Rico Electric Power Authority’s bondholders and creditors. The governor is working on a series of projects in key energy centrals that should reduce energy rates with the change from diesel to natural gas. >Carlos Rivera Giusti

Powered BY El Vocero de Puerto Rico, 1064 Ave Ponce de León 2nd floor San Juan, PR Postal Address: PO Box 15074, San Juan, PR 00902

senate Minority leader will fight Prepa’s RSA Senate Minority Leader Eduardo Bhatia argues that the debtrestructuring support agreement of the Puerto Rico Electric Power Authority will raise rates and hinder transition to renewable energy use. Former President of the Senate will submit his opinion that the agreement should be rejected to Judge Laura Taylor Swain.The agreement has already been submitted to the court and is expected to be evaluated in June. >Brandon Cruz

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/ Wednesday, May 22, 2019

FROM PAGE 1 Serrano mentioned that he regularly receives inquiries from retirees asking about properties in Condado, within walking distance of Ashford Presbyterian Community Hospital. Other pockets around San Juan, such as Ciudadela, Calle Loíza and Calle Cerra in Santurce, are seeing a lot of movement.

The real-estate market in the west responds in part to the popularity of the area among those from the states. “You’ll see a lot of restaurants in Aguadilla that are owned by Americans. The old [Ramey] base is there, as is Lufthansa, and JetBlue has direct flights to Aguadilla [from Ft. Lauderdale, Orlando and JFK airport in New York]. It’s very accessible,” Serrano said to THE WEEKLY JOURNAL. Recently, he also completed a sale with a Puerto Rican military veteran who bought property at Palmas del Mar in Humacao, with the help of the Veterans Affairs Home Loan program.

According to the Office of the Commissioner of Financial Institutions (OCIF), 807 new units were sold in 2017, along with 7,998 used or repossessed units, totaling 8,805 units. The average price per unit was $142,350. This data is based on banks’ reports to OCIF on mortgage loans.

After Hurricane Maria hit the island on Sept. 20, 2017, causing widespread destruction, the data show there was a significant drop in home sales, which began to pick up again a few months later.

In 2018, there were 1,435 new units were sold,

aguadilla

isabela

rincon

community,” she said to EL VOCERO. The reality is that services like Airbnb and Uber are changing people’s lives, especially in urban areas, Pastrana indicated. Sharing-economy firms like Airbnb have disrupted the hotel sector, while Uber and Lyft have done the same for taxi Bidding Wars in Old San Juan operators. “There’s now a scarcity of long-term Nick Pastrana, founder of the San Juan Realty rentals for properties.

Group, concurred with Uber is making Serrano. “Puerto Rico transportation easier is definitely on the and there’s less need upswing. Investors for parking,” he said. are here, and they are Because of the actively looking. You island’s demographic see this reflected in changes, he said he is real-estate prices. I’ve seeing smaller units of seen a bidding war one or two bedrooms for several properties being sold to singles, in Old San Juan. One —Mari Paz Catalá, professionals and building reached a retirees. These smaller president of the Puerto Rico record price for price units are also being Real-Estate Association per square foot. bought as second Usually the price is homes, and in some around $375 per cases as short-term square foot. This one rentals. sold for $500 per square foot,” he said.

Ciudadela in Santurce, which features This information is consonant with reports apartments and retail space in an urban from other real-estate agents in the Old City, with environment, is a great model for the future, he many investors coming from Puerto Rico to buy said. “It has a nice quality of life; good location and properties for their own residences as well as the size of apartments are of smaller units.” for rentals. Some critics, like Margarita Gandía of Gandía B. Realty, are concerned about the impact on the local community and the historical value of The New Normal Old San Juan. “In recent months the major cause of For Mari Paz Catalá, president of the Puerto Old San Juan becoming a great ‘short-term’ hotel Rico Real-Estate Association, the new normal is the official promotion from the government and after Hurricane Maria has now become standard.

Tourism. This is displacing the neighborhood, the “Today, the top question that clients ask first is

along with 9,365 used (including repossessions) units, for a total 10,800. This represents a 22.7 percent increase from the year before. The average price per unit rose slightly to $143,527.

Today, the top question that clients ask first is ‘does the place have a generator and a cistern?’

We have all learned a lot from [Hurricane] Maria.

Nick Pastrana, founder of the San Juan Realty Group, remarked a bidding war for several properties in Old San Juan. >Gabriel López Albarrán

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/ Wednesday, May 22, 2019

sponsored by

dorado

old san juan & condado

rio grande

guaynabo isla verde, carolina

right next to Condado and Miramar, but the three neighborhoods are completely different markets.

Certainly, condo prices around Condado have gone up… especially if the buildings have a generator and a cistern. Places like Levittown, where there has been flooding, and in the rural, mountain areas, where there have been mudslides, have seen prices drop a lot.”

Humacao was hit much worse than Mayagüez, so the prices in those two regions reflect that difference, Serrano said.

Homebuyers are also analyzing the economic positions of the various areas where they want to buy. “They look at the state of the streets, the highways, lights and services. After Maria, they are looking at accessibility issues. Is a supermarket nearby, a pharmacy, doctor’s offices, restaurants? … Can they walk there? It’s about the quality of life,” Catalá said.

In other words, the importance of urban planning has been underscored by our collective experience of Maria and its aftermath.

Benefits and Risks

Humacao Areas with more home sales in recent months

‘does the place have a generator and a cistern?’” she said. “We have all learned a lot from Maria.

Six months after Maria there was still a lot of uncertainty but today, we are recovering. There is movement. People are coming back, not just professionals but also retirees.”

“Metro Plaza in Santurce and Quantum Metrocenter in Hato Rey are doing well and prices have gone up because they have generators and cisterns… Alamanda in Guaynabo is in its second phase and [the developers] have installed a generator and a cistern, but the prices have

remained the same. That is added value for homebuyers,” she added. Prices start at $190,000 at Alamanda, a walk-up development that features three-bedroom and two-bath apartments.

Wire Consulting, an international company focusing on real estate, estimates that median housing prices dropped by 16 percent after Hurricane Maria, but have since rebounded by 8 percent, with the upward pattern expected to continue.

However, the housing market in Puerto Rico is one that varies a lot, noted Serrano. “Santurce is

Mari Paz Catalá, president of the Puerto Rico Real-Estate Association, along with Milton Serrano, manager of Reality Realty’s San Juan Branch. >Carlos Rivera Giusti

The benefits of investing in Puerto Rico are clear. The island’s tropical climate, beaches, natural beauty, gastronomic offerings and the warmth of its people are self-evident, as are the joys of walking around Old San Juan and El Yunque. The island is a U.S. territory and offers many services that are of stateside quality. There are also several tax-incentive programs, such as Acts 20 and 22 and the federal Opportunity Zone program, which are bringing in investors.

For Catalá and Serrano, the main risks involve natural disasters, such as future hurricanes, but both were quick to note that climate change is affecting not just the Caribbean, but the world as a whole. “We all need to focus on prevention and preparation. We are building better and more resilient infrastructure. Puerto Rico is still under construction, but the electricity system is more stable. We are moving ahead,” Serrano said.

For his part, Pastrana focused on the risks that his industry faces involving the local government.

For example, he noted that it is often difficult to purchase and renovate abandoned properties in Puerto Rico. “We need more robust public nuisance laws. No one knows who the owners of these abandoned buildings are. What’s the legal process for reclaiming them? It’s quite difficult,” he said.

By contrast, in the U.S., if the owner of an abandoned property isn’t located within a certain period of time, the government can take possession. If the owner is found but doesn’t care to or is unable to maintain the property, the government can buy it at a fair price and then resell it, he indicated.

Pastrana also remarked that the issue of property taxes is another headache for the realestate industry. “We were about to sell a property in Luquillo until we found out that the homeowner owed more in property taxes than the building’s price. The property could not be sold,” he said.

“There was another case in which the owner had not paid property taxes since 1982—that’s 37 years. The government needs to act on these issues.”

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/ Wednesday, May 22, 2019

Double Bet on Sports

The government plans to legalize sports betting as a measure to subsidize pensions

H Giovanna Garofalo

ggarofalo@wjournal.com

@giopgarofalo

ouse Bill 2038 to legalize betting on sports events, fantasy leagues and eSports in Puerto Rico is projected to create a substantial impact on the island’s overall economy, said the president of the local Chamber of Commerce, Kenneth Rivera.

A study conducted by Global Market Advisors (GMA) indicated that the revenue success from sports betting would depend heavily on the Puerto Rico Tourism Company’s effectiveness at shutting down illegal betting activities on the island.

Moreover, the firm reported that, if successfully implemented, sports betting would generate roughly $77 million in sales. With an estimated tax of 10 percent, the fiscal impact would be around $7 million.

However, Rivera said that the Chamber of Commerce conducted its own study, which places tax revenue at approximately $8.8 million.

Fifty percent of the money collected would be used specifically for public retirement funds.

Governor Ricardo Rosselló is expected to provide a budget plan that includes sports betting as a measure to subsidize municipal PayGo payments

by May 22 or 23.

The president of the Chamber Commerce the government could also assess possible cases of added that, because sports betting is an informal addiction. economic activity, there is no way to measure how “If there were to be cases of money laundering many people currently incur in these practices or or people who became addicted to sports betting, how to determine its present economic movement. we could assess and tackle that problem. If this “But if you open it to the public, a big chunk of the remains an informal economic activity, then we population will start betting,” he stated. cannot handle this issue,” he affirmed.

Rivera also stressed that sports betting would have a positive effect on other economic sectors, We Must Protect the Integrity of Sports mainly in the tourism and services industry.

Meanwhile, José “Che” Pérez, president of the “Sports betting encourages the creation of Committee of Sports and Recreation of the Puerto activities surrounding the sports event. Bettors Rico House of Representatives and former Olympic could go to restaurants, wrestling and Judo athlete, bars, hotels or other said that, although he establishments that are favors the legislation, he is showing the event and 50% assigned to concerned with the effect it these would in turn reap public retirement could have on “the integrity economic benefits as well,” funds of sports.” he said.

10% assigned to “We must implement Aside from directly sports programs for affirmative measures to impacting the economy youth and athletes protect the integrity of by means of higher sales sports, so it is not affected and tax collection, sports by betting. People who try betting could include to manipulate the results in benefits for its participants. order to benefit a group of According to the president of the Chamber bettors should face consequences,” he stated. of Commerce, providing a safe and secure The representative suggested amending the environment in which to trade monies is at the top Penal Code to impose specific fines on people who of the list. try to manipulate the outcome of a sports event, “Firstly, it provides a guarantee to people who as well as providing orientation on the negative bet because, under an informal setting, if a person effects of this type of practice. wins a bet but the other player doesn’t want to As it stands, ten percent of the contributions pay back, they can’t take the case to court or they collected because of the legislation would be cannot sue, because it is an illegal activity,” he earmarked toward recreational programs for remarked.

Rivera also said that, with thorough regulation, Puerto Rico’s youth and athletes.

Tax revenue

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/ Wednesday, May 22, 2019

Balancing Act: Environment and Public Health

While the Trump Administration rolls back environmental regulations, experts point out that caring for the environment is not an economic burden

A Economic vs

Development

Environmental regulations can not be seen as a setback in economic development, according to experts.

Cynthia López

clopez@wjournal.com

@cynthia_lope

s Regional Administrator for the Environmental Protection Agency (EPA) Region 2, Pete López claims that the agency can find an “optimal balance” between its mission to protect the environment and public health while promoting economic development.

“EPA is achieving President (Donald) Trump’s mandate to the agency: continue to clean up the air, continue to clean up the water, and continue to provide regulatory relief to create jobs, and keep the economy growing,” López said.

Like Trump, he stated that the United States has the cleanest air on record and the safest drinking water in the world. But this assertion clashes with the findings of a recent American Lung Association study that found that smog, also known as ozone pollution, worsened in the U.S. between 2014 and 2016.

The report also revealed that eight cities recorded their highest number of days with unhealthy spikes in particle pollution since the country began monitoring this pollutant 20 years ago.

Not only that. Four weeks ago, a Michigan district judge ruled that residents of Flint can sue the EPA over its poor handling of the city’s drinking water crisis.

At the request of THE WEEKLY JOURNAL, López shared his views on the subject of environmental regulations and economic development. In a written statement, he indicated that in the past two years EPA has finalized 37 deregulatory actions, “saving Americans more than $3 billion”.

He also stated that the agency will change or eliminate another 40 actions that are projected to save almost $100 billion.

“I would like to see a divergence from penalties like taxing, fining and regulating and a move toward providing technical support and incentivizing. I think if we encourage businesses to make good decisions, we will still realize the desired environmental results while building better working relationships. Economic use of the resource and the protection of the resource does not have to be at odds,” López.

While the Trump Administration views deregulation in a positive light, environmentalists are warning about its negative impact, and are rejecting the premise that environmental protections cripple economic development.

Javier Salgado Trabal, a professor at the Institute for Environmental Education of the Ana G. Méndez University System, said: “no, environmental regulations do not affect the economy.”

No doubt that there are compliance costs, but in the long run the benefits outweigh the inversion.

“Environmental regulations don’t affect the economy because cleaning and health costs will emerge eventually,” Salgado Trabal explained.

“Environmental regulations try to create a balance between economic development and environmental protection and public health.”

Others agree. In a paper published by Wharton School of the University of Pennsylvania the same day Trump was elected president, Hannah Li stated that environmental regulation actually creates jobs by requiring prevention efforts and pollution cleanup.

For example, she noted that an EPA-mandated clean-up of the Chesapeake Bay is anticipated to create 35 times as many jobs as the proposed construction of the Keystone XL pipeline, and jobs in the coal industry actually increased by 10 percent after the EPA cracked down on mountaintop-removal mining in 2009.

Moreover, Li stated that the costs of environmental regulation do not significantly change overall productivity or GDP. Nevertheless, as a presidential contender, Trump pledged to roll back environmental regulations and promised to chop the EPA because “they aren’t doing their job, they are making it impossible for our country to compete”.

And he delivered immediately.

Within days of taking office, the businessman and television personality signed executive orders to approve two controversial oil pipelines (Keystone XL and Dakota Access) and to revise the Clean Water Rule. More orders followed.

Trump also proclaimed that the U.S. would cease all participation in the 2015 Paris Agreement on climate change mitigation because “The Paris accord will undermine (the U.S.) economy,” and “puts (the U.S.) at a permanent disadvantage.”

According to The Washington Post during the first 18 months of the Trump administration, nearly 1,600 workers left the EPA, while fewer than 400 were hired. The paper noticed that the exodus shrunk the agency’s workforce by 8 percent, levels not seen since the Reagan administration.

The environmental overhaul is moving at such a high-speed that The National Geographic created a running list on its website to track the changes “as they happen”.

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/ Wednesday, May 22, 2019

Discover Puerto Rico foresees major investments

after WTTC Summit The estimated economic impact of past summits ranges between $4 million and $8 million

T Giovanna Garofalo

ggarofalo@wjournal.com

@giopgarofalo

he World Travel & Tourism Council (WTTC) will celebrate its 2020 World Summit in San Juan, in a move that is expected to generate substantial impact to the island’s growing tourism economy.

The event will be co-hosted by the Puerto Rico Tourism Co. (PRTC) and Discover Puerto Rico, the island’s destination marketing organization (DMO), from April 21 to 23 of 2020.

In an interview with THE WEEKLY JOURNAL, Brad Dean, CEO of Discover Puerto Rico, stated that the estimated economic impact of past summits ranges between $4 million and $8 million.

Beyond revenue generated from flights, lodging, and other services, the DMO anticipates “tremendous” positive publicity and global investor interest.

Dean explained that “most destinations that have hosted this event in prior years report that for every dollar of economic impact, they were able to attract even more in future investment.”

“Already, we’ve heard from several corporations outside of the U.S. that are interested in attending, as they know little about Puerto Rico, but are interested in learning more,” he added.

The hosts hope to attract more than 1,000 tourism leaders from 50 to 60 countries.

According to the head of the DMO, the key topics that will be addressed in the summit are resiliency, recovery, infrastructure, and spreading tourism activity out beyond traditional points of interest.

This is aligned to the DMO’s marketing strategy, in which they showcase Puerto Rico’s diverse tourism offers, as opposed to focusing exclusively on beaches and Old San Juan.

“I’m also hopeful we can use this as an opportunity to demonstrate how we are relying upon the rich, vibrant culture of Puerto Rico to market the tourism industry, and what better way to demonstrate that

Brad Dean, CEO of Discover Puerto Rico along Carla Campos, Executive Director of Puerto Rico Tourism Co. and Gov. Ricardo Rosselló. >Courtesy La Fortaleza

than to a large audience of travel leaders,” Dean affirmed.

The announcement also comes at a time when both the PRTC and the DMO have reported that Puerto Rico’s tourism industries have seen significant rise in demand compared to 2018 and the latter part of 2017, after hurricanes Irma and Maria hindered the island’s communication systems and essential services, such as electricity and water.

“Beyond the economic impact of the event, hosting the Summit will position Puerto Rico center-stage and provide us with a unique opportunity to demonstrate how quickly the island has recovered in tourism,” Dean commented.

The WTTC originally intended to host its 2020 Summit in Mexico, but after rumors spread that

it wanted to relocate, Dean spoke to the council’s board of directors and invited them to the island so they could “see firsthand the amazing pace of recovery and several key facilities like the Puerto Rico Convention Center.”

With more than 170 members, the WTTC represents the travel and tourism sector globally.

The council works to raise awareness of travel and tourism as one of the world’s largest economic sectors, which supports one in 10 jobs worldwide and generating 10.4 percent of world gross domestic product (GDP).

According to Discover Puerto Rico, the local travel industry employs roughly 77,000 people and impacts 17 other sectors in the economy. Tourism alone contributes to 6.5 percent of the island’s GDP and that percentage is expected to grow.

Tourism in Puerto Rico: 17

sectors impacted

77

thousand jobs

6.5

percent GDP

9

< EL VOCERO DE PUERTO RICO > WEDNESDAY, MAY 22, 2019

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/ Wednesday, May 22, 2019

Puerto Rico Tourism Co. is hoping that the island’s tourism industry will get a big boost from Opportunity Zone investments. >Courtesy Discover Puerto Rico

Shovel-Ready Projects Raring to Go for Opportunity Zone Investments Focus is on hotel development

P Rosario Fajardo

rfajardo@wjournal.com

@RosarioWJournal

uerto Rico Tourism Co. Executive Director Carla Campos is hoping that the island’s tourism industry will get a big boost from Opportunity Zone investments, as there are many hotel projects that are considered shovel-ready

to begin.

“We have 300 hotels projects in the pipeline but they have not seen the light of day because they don’t have the right financing structure,” she said during the recent Opportunity Zone Summit that was sponsored by the Puerto Rico government.

“They have good local partners, local financing… and are shovel ready. Opportunity Zone [tax benefits] can be stacked with tourism tax incentives that Puerto Rico already has,” she said, adding to the lure among investors present at the activity.

Among the hotel projects that are shovel ready

fast-track process. “Our goal is to break ground by the end of the year,” he said.

Plans for Bay Harbor Village near the Rafael Hernández International Airport include a 160room hotel and 720 residential and condo units.

“It will be a resort community on 200 acres of beachfront property and all the entitlements are in place,” he said. “Aguadilla is very different from San Juan. There is a lot of beach and nature… while Honeywell, Hewlett Packard and Lufthansa have facilities nearby.”

Campos added that the Aguadilla area is showing a lot of economic activity because of these multinational companies. “The Aguadilla airport is the second largest in Puerto Rico. Every year more than 600,000 passengers go through there,” she and have not begun construction include the site said, highlighting airlift accessibility. on Ashford 880 in Condado, in which the previous An Opportunity Zone is an economicallybuilding was demolished in 2015. At the time, a distressed community $30 million hotel project was where new investments, envisioned for the site, with “under certain conditions, 164 rooms. may be eligible for Generally, shovel-ready Among the hotel preferential tax treatment,” projects are those that have projects that are according to the IRS. the planning, permitting and shovel ready and The projects could have not begun infrastructure development construction include involve investing in for utilities either ready the site on Ashford new development or a or advanced enough that 880 in Condado property upgrade, funding with adequate funding, a startup business or construction could begin in a financing any other local relatively short time. initiative.

Meanwhile, two other In Puerto Rico, projects were highlighted by almost the entire island—about 98%—has been Interlink Group, Bahia Urbana Village in the Puerta designated as a Qualified Opportunity Zone. de Tierra area of San Juan, and Bay Harbor Village According to the U.S. Treasury Department: in Aguadilla.

“Investment benefits include deferral of tax on Plans for Bahia Urbana Village include a prior gains as late as 2026 if the amount of the gain 150-room hotel in the 15-acre site, along with is invested in an Opportunity Fund. The benefits residential units aimed at the rental market, office also include tax forgiveness on gains on that and commercial space, and a parking garage, investment if the investor holds the investment for explained José Delgado, Interlink executive vice at least 10 years.” president. The site plan has been approved with a

In fact,

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/ Wednesday, May 22, 2019

Tourism Businesses Exempt from Taxes

Local law provides incentives to investors

B Giovanna Garofalo

ggarofalo@wjournal.com

@giopgarofalo

esides the Opportunity Zone Program, The Puerto Rico Tourism Co. (PRTC) highlighted the island’s “ample opportunity” for investment in the service industry, as provided by tax exemptions under local and

federal laws.

PRTC Executive Director Carla Campos emphasized that Puerto Rico’s investment environment is “very fertile right now,” especially within tourism. Campos specifically pointed out the P.R. Tourism Development Act of 2010 as a driving force in the island’s thriving business ecosystem.

Act No. 74-2010 was implemented to incentivize growth in the sector by offering tax exemptions and investment credits for a 10-year period to eligible entities and activities.

“There are tax credits under Act 74 that allow for

investors to receive up to 40 percent tax credits on eligible investments,” Campos said.

Businesses that qualify receive the following exemptions: income tax, 90 percent, or 100 percent if the activities are conducted in Vieques or Culebra; dividends, 90 percent; royalty tax, 12 percent; real estate and property tax, 90 percent; Sales & Use tax (IVU by its Spanish acronym), 100 percent; and excise tax fuel exemption, 100 percent.

Furthermore, license, excise taxes and other municipal taxes receive a 90 percent exemption, or 100 percent for new businesses.

In order to be deemed eligible, the business must be centered around one or more of the following: lodging and hospitality, theme parks, hotel-owned or operated golf courses, nautical tourism, medical tourism, agritourism, natural resources operations for entertainment, and recreational activities that promote internal or external tourism.

Act 74 also allows for a tourism investment tax credit (TIC), which can be claimed against Puerto Rico’s income taxes. They may also be sold in the island’s tax credit market.

TICs are available to investors who make equity

investments in their respective eligible entities, known as the Investor’s Credit, or the entity, known as the Eligible Entity’s 30 Percent Credit.

According to the PRTC, the Investor’s Credit is equal to the lower of 50 percent of the investor’s “eligible investment,” which refers to cash, land, and other structures transferred by the investor in exchange for an equity investment in the eligible entity. This investment must be used exclusively for constructions and/or substantial renovations.

Moreover, the eligible Entity’s 30 Percent Credit is equal to 30 percent of the project’s cost. Ten percent of the credit may be claimed or sold in the year that the investor receives complete financing for the tourism development, and the remaining 90 percent may be claimed in three equal installments.

In addition to local law, the entirety of Puerto Rico qualifies as an Opportunity Zone under the federally established Tax Cuts and Jobs Act of 2017, which allows for investors paying U.S. taxes to invest capital gains on local projects on a taxadvantaged basis.

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12

/ Wednesday, May 22, 2019

Underway a Public Procurement Reform

The acquisition process’ transformation involves an understanding of the government’s behavior and purchasing patterns

each agency has its own set of rules.

“We have 188 different ways to buy goods,” he underscored. “By law ASG is the state agency in charge of purchases, but exceptions have been included within the organic laws of many agencies making its involvement optional or simply allowing the ASG to be bypassed.”

But this situation is about to change. Last Wednesday, the president of the House of Representatives, Carlos Méndez, presented a bill Cynthia López clopez@wjournal.com @cynthia_lope that centralizes the process, a piece of legislation that Chávez Piñero helped draft. he head of the General Services In the meantime, he is taking other steps to Administration (ASG by its change the culture in an agency where the Spanish acronym) Ottmar words transparency and accountability Chávez Piñero swims against the seem to be foreign terms. Now concepts like current. Every day he drives his strategic sourcing and category management old black Acura to work contrary are part of the daily conversation. Also, for to other public servants. the first time in the history of the ASG, all To outsiders, it might seem like the obvious documents related to government purchases thing to do. But cruising around in an official and tendering processes are posted online. vehicle -driven by a chauffeur- is still one of Chávez Piñero explained that the local the coveted perks of public service in an island procurement drowning in a $70 reform follows billion-plus debt load. the American In his first taste Bar Association of public life, Chávez Model Piñero turned down Procurement the two cars and Code for States chauffeurs that and Local came with the job.

Governments His life is not in any standards. danger, he is quick to “When we point out. But more looked at the importantly, the action whole picture, is a metaphor for the -Ottmar Chávez we saw that the changes he wants Piñero, Administrator General lack of uniformity to implement in the Services Administration created a fertile agency, whose last ground for two administrators bureaucracy. But resigned amid charges we were also of official malfeasance missing a holistic view of what we did and and alleged corruption. didn’t spend,” he insisted.

“My employees are not going to change, if I -as To change that path, Chávez Piñero with a leader- don´t change,” Chávez Piñero told THE WEEKLY JOURNAL. the help of other government officials from Giving up the car was the first step. He the Treasury Department and the Office of embraced the concept of radical transparency and Management and Budget conducted a study embarked on an ambitious procurement reform to understand the government’s behavior that aims at standardizing and centralizing all and purchasing patterns. government purchases. Not an easy task since “In 2017-2018, we spent over $6,000

T

millions in supplies and services, but didn’t have an entity overseeing what had been purchased and who was supplying the goods,” he revealed.

When the analysis was finalized, all 10,000 suppliers were categorized. With this information at hand, the ASG elaborated a strategy and started purchasing goods for all public agencies in one process. The result, according to Chávez Piñero, was millions of dollars in savings.

For example, the government saved $2.9 million recently when it purchased 19,849 boxes of pens and $3.2 million in IT hardware. In both cases, three local suppliers won the bid.

In 2017-2018, we spent over $6,000 millions in supplies and services, but didn’t have an entity overseeing what had been purchased and who was supplying the goods

>Courtesy ASG

13

< EL VOCERO DE PUERTO RICO > WEDNESDAY, MAY 22, 2019

23 junio 1 pm coliseo de puerto rico

14

/ Wednesday, May 22, 2019

FOMB’s bark worse than its bite?

Economist warns the alternative is defaults yet again

coming down the pipeline. This is not an end game,” Feliciano said.

Add to this scenario the social and economic upheaval that could ensue, such as massive job losses and protests, strikes and other civil unrest, Rosario Fajardo rfajardo@wjournal.com @RosarioWJournal and the chances of the federal government walking away looks even more unlikely.

Regardless, to help resolve the island’s aying that the Financial Oversight economic stagnation, the Puerto Rico government and Management Board (FOMB) should implement the measures that the FOMB is works like the International calling for, Feliciano indicated. “No one likes these Monetary Fund (IMF), an economics changes, but the situation cannot continue as it is… professor at Queens College in New What’s the alternative?

Defaults again.”

York City, rhetorically questioned the Among the austerity measures that the FOMB consequences for the Puerto Rico has outlined in its fiscal plan include cuts in government if it continually balks at carrying out pensions and eliminating the Christmas bonus for the austerity measures called for by the federal workers.

However, the Puerto Rico government entity. has consistently said it will not enact these When the IMF bails out a country, there are measures. strings attached. “As long as you follow these The restructuring conditions—decrease process, indicated tariffs and government the Puerto Rican spending, and privatize economist, is also assets, for example, important for the you’re OK,” said island’s future, as Zadia Feliciano, an it has an impact on associate professor of access to capital economics at Queens markets and economic College, City University development. of New York.

— Ignacio Álvarez, Demographics show But if the country president and CEO of Popular Inc. that Puerto Rico’s does not follow population is not only through, the IMF continuing to shrink withholds its funding. but is also aging rapidly.

“It is misguided to ignore “What the IMF does has similarities to the FOMB the fact that pensions are too generous, given the in Puerto Rico. It’s not new and not much different economic situation of Puerto Rico,” she said. than a restructuring loan by the IMF,” she said.

While cutting pensions is not palatable for The issue for Puerto Rico is what would the any government in part because of the fear federal entity, and hence the federal government, of losing elections, Feliciano said the Puerto do if the central government balks at the Rico government and the FOMB must fund a conditions set, as it has been from the beginning? compromise.

“Maybe they can cut less than “What are they going to say? We’re not going what the FOMB wants.

Maybe they can raise the to help you? Would that possibility really happen? retirement age.

It’s a balancing act.”

Politically it doesn’t look good and elections are

S

The board is our reality and it will continue to be our reality, so we have to work with it. This will not change

Cuts in pensions for the elderly are among the austerity measures called for by the FOMB. >Archive The Weekly Journal

The general public needs to understand that paying pensions as they are now is at the expense of the country, she pointed out. “It means less money for something else. It means not investing in the future, which is the younger people. Puerto Rico needs to bring them back,” she stressed.

Feliciano, who follows the island’s economic situation, is currently working on a paper analyzing the impact of Section 936’s repeal in Jan. 2006 on Puerto Rico. The origins of Puerto Rico’s economic and fiscal crisis have been attributed in part to the phaseout of Section 936, which provided tax credits to U.S. multinationals operating on the island.

Need to ‘accept reality’

For Ignacio Álvarez, president and CEO of Popular Inc., the constant battles between the Puerto Rico government and the FOMB is an impediment to progress.

“I would like the government and the board to cooperate more and not be in this public battle because there are many problems to solve and in this case it would be better for them to sit in a room until two o-clock in the morning, fight between them, solve the problems and try to cooperate,” he said. “The board exists and will continue to exist. There is no movement anywhere in Washington, [D.C.] or in Puerto Rico to eliminate the board. It will exist. My opinion is that we must work so that [the board] goes away as quickly as possible, but that requires us to do what we have to do.”

15

/ Wednesday, May 22, 2019

UPR’s President:

“The federal board is not one of the biggest impediments that I have” “They (members of the FOMB) have not director, Carmen Bachier vice president of micromanaged the UPR. That was a fear I had External Research Funds, Antonio Tejera, Finance when I accepted this job. They have gone beyond director, and Oscar Rodríguez, Budget director, the president insisted that the institution will what I expected in terms of how specific they have been in these determinations, but on the other soon unveil three new online graduate programs hand, the biggest and has already concern of a president established the is the day-to-day UPR Foundation to micromanagement, facilitate donations, Cynthia López clopez@wjournal.com @cynthia_lope which has not among other happened. The FOMB initiatives. en months after he became is not one of the Also on the agenda president of the University is the inventory of biggest impediments of Puerto Rico (UPR), Jorge properties that the that I have,” Haddock Haddock Acevedo has embarked stated.

UPR receives when a on a mission to transform the person dies and has “The budget remains academic and organizational -Jorge Haddock the biggest challenge, no heirs. culture of the island’s premier Acevedo, UPR’s president “We are developing not the Fiscal Board, higher education system amid fiscal woes. the criteria we are and we are working Others before him tried with mixed results, going to use to classify hard so it doesn’t but the industrial engineer contends that this them. We have to become an obstacle in time will be different even though he faces the this transformation,” he added without mentioning decide which we are retaining, selling, putting up exceptional challenge of the Fiscal Oversight and for rent or working as Private Public Partnership,” that the FOMB oversees and demands budget Management Board (FOMB). Why? Because he’s Haddock explained. adjustments. done it before.

When the classification process is completed the In the face of this challenge, Haddock Confident that his past experiences at the properties will be showcased in the government’s surrounded himself with an experienced group Robins School of Business at the University of Assets Map. At the time of the interview, Haddock of professionals that he is convinced will help him Richmond, the School of Management at George didn’t have the number of properties that are ride out the storm. “Before you can think in the Mason, and the College of Management at the being examined. organizational chart, you have to pick your team,” University of Massachusetts in Boston have While the merging of some administrative Haddock said before introducing his team. equipped him with tools for the task, Haddock and academic programs is underway, Haddock Surrounded by Ubaldo Córdova, vice sat with THE WEEKLY JOURNAL to chart his indicated that -for now- the plan doesn’t president, Margarita Méndez, vice president for plan to keep the ship afloat, while navigating Philanthropy, Evelyn Muñoz, Information Systems contemplate the elimination of academic units. the tumultuous waters of a $451 The UPR system has 11 campuses million debt, an $86 million budget throughout the island. reduction, and a tuition increase The institution is actively from $115 to $124 per credit in a promoting that professors country besieged by a $70 billionpursue federal research funding plus government bond debt. and grants, and promoting the Contrary to Governor Ricardo commercialization of patents. This Rosselló’s position -who sued the year the institution saw a growth in fiscal board for its overreaching inventions, according to university power-, Haddock asserts that officials.

The number grew from the FOMB doesn’t micromanage five to 15 in such diverse areas as the institution, giving him the new materials and pharmaceutical space to implement a plan that and medical devices. concentrates mainly in three “We have to redesign the areas: organizational redesign, organizational structure in order improvement of academic to find new sources of income that offerings with an emphasis on can compensate for the budget online courses, and administrative Jorge Haddock and his team are betting on philanthropy to help the UPR’s finances. cuts,” Haddock concluded. agility and productivity. >Gabriel López Albarrán

Jorge Haddock Acevedo and his staff set out to transform the institution in the midst of budgetary uncertainty

T

The budget remains the biggest challenge, not the Fiscal Board, and we are working hard so it doesn’t become an obstacle in this transformation

16

/ Wednesday, May 22, 2019

Microsoft & Inteligencia Económica

Launch New Digital Economic Forecast Tool

Power BI collects data from more than 100 indicators

companies need to be able to make intelligent business decisions based on the markets’ history in combination ggarofalo@wjournal.com Giovanna Garofalo @giopgarofalo with algorithmic predictions.

He added that the historical indicators icrosoft Puerto Rico and and projections prevent Inteligencia Económica reactionary business Inc. have partnered up to decisions based on shortprovide a digital economic term findings. forecast tool that allows The website’s staff companies to make continuously updates and informed decisions based organizes all indicators from on the island’s macroeconomic projections and a variety of independent market tendencies. sources. They also write Power BI is an artificial intelligence mechanism On the left, Herbert Lewy, Microsoft Puerto Rico’s General Manager along synopses for each graph in Chantal Benet y Gustavo Velez from Inteligencia Económica. >Courtesy Inteligencia that collects data from more than 100 economic indicators from Puerto Rico, the United States, and order to “contextualize” the Económica information presented. the Dominican Republic.

According to Vélez, the platform is highly usereliminates geographic barriers and “democratizes” Some of the data collected is about local and friendly. computing and access to information, because U.S. labor markets and inflation; municipal and regional demographics; data from commercial Once an account is created, the user can browse it is readily available “to any individual and any banks and credit unions; and tendencies in through all collected data under “My Graphs.” “A organization from any corner on the planet.” construction, manufacturing, tourism, trade, auto business owner can look for data that directly “Nowadays, there is no reason for Puerto Rico’s sales, real estate, and impacts his or her economy not to become a solution for a company more. business,” Vélez said. in Japan, a company in France, a company in the Power BI then The user can then United States, or any other place in the Caribbean,” creates visual create a customized Lewy declared. representations and dashboard based Vélez informed that Inteligencia Económica Inc. advanced analyses on the selected currently has 10 clients who have successfully to improve individual indicators, on which implemented Power BI. Economist Chantal Benet business strategies the business can see works with Vélez and provides an econometric and feasibility studies whether it is on par model and the team helps businesses understand based on the system’s with macroeconomic the analyses generated by Power BI. economic forecasts. tendencies. For “The tool allows us premium subscribers, The website offers standard and premium to foresee the future the website creates subscriptions with annual or monthly payment from an economic a monthly business methods. standpoint and tie the performance report.

The standard package includes a biweekly - Herbert Lewy, general company’s data with Herbert Lewy, newsletter and the database with more than 100 manager of Microsoft Puerto Rico the macroeconomic general manager of economic indicators, with an annual fee of $1,495. and the Caribbean data, so that the Microsoft Puerto Rico Meanwhile, the premium package includes company can visualize and the Caribbean, the biweekly newsletter and database, plus an possible outcomes,” explained that economic forecast and the Power BI tool. Payment explained Gustavo Vélez, president of Inteligencia Power BI combines external information with a options are $250 per month, or $3,000 annually, the Económica Inc. company’s internal data in a way that results in the latter of which also includes a yearly presentation Vélez stressed that, because of Puerto Rico’s company seeing a “fantastic impact”. for businesses by Vélez. present sociopolitical and economic climates, Moreover, Lewy emphasized that the tool

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Nowadays, there is no reason for Puerto Rico’s economy not to become a solution for a company in Japan, a company in France, a company in the United States, or any other place in the Caribbean

17

/ Wednesday, May 22, 2019

By Manuel Cidre

By David R. Martin

Entrepreneur & Founder of Los Cidrines

Managing Attorney of D.R. Martin, LLC

Y

So Oversight Board Sued You?

ou’re in good company.

This week in the federal district court for Puerto Rico, the Financial Management and Oversight Board filed a tsunami of lawsuits against government suppliers. The defendants include a handful of large multinationals but mostly small local businesses. For the former, these claims will be disputes in the ordinary course of business, essentially a slight inconvenience. On the other hand, for the smaller players, who made their livelihood on local government contracts, the threat may be existential.

The majority of the claims allege that the defendants were paid sums without a written contract or received payments in excess of the fair value of the goods and services sold to the government.

There are more than 200 lawsuits of this nature. The smallest claims exceed $1 million and some of the claims are in the tens of millions of dollars. Many of the claims are against consultants and suppliers in the education and health sectors. In certain cases, the lawsuits involve payments received as far back as 2013.

The challenge for many firms will be to hire experienced bankruptcy attorneys on reasonable terms and who do not have conflicts of interest. Many local bankruptcy lawyers have already been retained in other lawsuits involving the local government under PROMESA. To defend against the claims may also require the services of experts in valuation and appraisals, accounting, and other specialized areas. Certain smaller firms will simply lack the resources to defend themselves against the Board’s legal team. The Board’s onslaught may have serious negative knock-

on effects.

Rest assured, some of the Board’s lawsuits will rightly uncover fraud and misuse of public funds. Yet, in any case, certain members of Puerto Rico’s limited entrepreneurial class may be faced with a financial death blow. Expect more private sector closures and firings and further shrinkage of the island’s employment base.

Regrettably, these lawsuits may do more harm than good. In the worse cases, they will vaporize small local businesses that acted in good faith and did absolutely nothing wrong.

For those small firms faced with this litigation risk, I offer a few basic tips: • First, determine the deadline to respond to each lawsuit to avoid judgment by default.

The 30-day response period starts from the date that the summons is issued by the court, not when the lawsuit papers are received. Please note that the lawsuit papers may be served by regular mail, and not be hand delivered or served by an official process server. For businesses registered with the Puerto Rico State Department, an accurate, updated registered agent’s address should be confirmed.

• Second, firms should gather all relevant contracts and records concerning their business with the government. This will be vital evidence concerning the fair value of goods and services sold.

• Third, firms should hire experienced bankruptcy counsel.

Experience in general civil litigation may not be sufficient to adequately protect a business against these claims in the bankruptcy context.

• Finally, defendants should mount a vigorous defense on each element of the Board’s claim. Justice does not arrive on its own, and is often only attained after diligent pursuit.

Opportunities & Challenges for the East Region

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he transportation service provided by the ferry which the government operates is the most cost effective means of transport for the residents of Vieques and Culebra. Unfortunately, the service is abominable. What has caused this situation and why has it lingered for so long?

Turnover at the managerial level is one important element of this disastrous situation, but certainly not the only one.

Preventive maintenance is practically nonexistent. As a result, maintenance that could potentially save thousands if not millions of dollars are not performed adequately. However, it is the residents of these islands-and not the government- that must pay a steep price for this inadequacy, as they become de facto banished from the main island of Puerto Rico.

Recently the ferry terminal was moved from Fajardo to the former naval base of Roosevelt Roads in Ceiba. As a quick look on a map shows, the travel time of the ferries is substantially reduced as Roosevelt Roads is closer to Vieques than Fajardo. However, what might have been an obvious solution had a “few” significant shortcomings that any due diligent study regarding this matter would have highlighted.

The existing passenger ferries (which also transport cargo) cannot be used because the dock is too high.

Thus, our bankrupt government is renting a barge at the rate of $500,000 per month to transport cargo to the islands of Vieques and Culebra. These horrific decisions demonstrate the inability of the government to plan long term (or short term) and to exploit the great potential of the billion-dollar naval facility Roosevelt Roads, which the navy had steadily used and improved since WWII.

With proper planning, Roosevelt Roads can improve the anemic economic and social conditions that currently overwhelm the residents of Vieques and Culebra. This situation cannot be treated as unique. It is important to impact the economic development of the east region, with Vieques and Culebra included, so that we may see a substantial increase in their respective tourism activities. This may also see Roosevelt Roads becoming a hub for further expansion throughout the Caribbean.

I firmly believe that it is vital to take advantage of the east region’s strategic location and the facilities at Roosevelt Roads in Ceiba so that it may contribute to the tourism and industrial development of the region, including the island municipalities of Vieques and Culebra. The former base of Roosevelt Roads could; • Become a hub for the maintenance and repair of ships and aircrafts • Become a center for oceanic and scientific exploration housing an aquarium for investigation and tourism • Convert the region in a Center of Goods (warehouses) for the Caribbean, Central and South America delivered by air or sea • Improve and replicate the aerospace model currently in place in the former Air Force base in Aguadilla • Establish areas of free trade in the inner cities of the municipality of Vieques and Culebra Islands to replicate and compete with the model of US Virgin Islands • Finally implement the Master Plan of Roosevelt Roads in full, according to the Department of Defense guidelines and encourage cruise ships in this area.

The situation is challenging as it is not only a matter of transportation, but the opportunity to create an ecosystem to further the development of the region for today and for the generations to come.

18

‘Creative Explosion’

>Gabriel López Albarrán

/ Wednesday, May 22, 2019

Takes Over Santurce Artistic resurgence creates economic opportunities in the city

I

Giovanna Garofalo

ggarofalo@wjournalpr.com

@giopgarofalo

n the heart of San Juan’s urban sector lies Santurce, a neighborhood that, in light of economic hardships, has used art as both a political statement and an opportunity to reinvent the area’s economy.

In interviews with THE WEEKLY JOURNAL, prominent local artists and gallery owners reflected on how Santurce has experienced a resurgence in recent years, ultimately becoming the arts mecca of the metropolitan region.

Alexis Bousquet, artist and curator of Instituto de Subcultura de Puerto Rico (ISPR), has worked extensively for almost 10 years with the project “Santurce es Ley”. This event aims to revitalize Santurce by bringing together Puerto Rican and international artists who wish to express themselves by creating street murals and an array

of sculptures and installations that line Santurce’s Cerra Street and neighboring areas.

“What we want to do is to empower young artists and Puerto Ricans who are eager to rebuild Santurce. We want place it on par with what other countries have to offer... We want to raise awareness of Santurce’s worth, of what our home really means,” he said.

Bousquet, a native of Santurce, states that increasing the region’s aesthetic value, has brought about a surge of activity to the area, from both tourists and locals. This has, in turn, encouraged an array of businesses—mostly eateries—to open their doors in Santurce. From food trucks to gastropubs, Santurce is becoming a hot bed of vibrant culinary activity.

“You can change society with art. By empowering artists, you can use art as a tool to affect meaningful change and to solidify the economy in a stronger way than politicians could,” Bousquet said.

His sentiments were echoed by Sylvia Villafañe, art collector and curator of the iconic Galería Petrus, just a few blocks away from ISPR. After traveling for many years and noticing that Puerto Rican artists were severely underrepresented in international galleries and museums, she chose to become involved with the promotion of Puerto Rican art. In 1997, Villafañe decided to commit herself to showcasing and supporting local artists through her gallery and various projects.

“I have to defend our artists. I have valiantly committed to local artists because I knew I had to educate people as to who they were, strengthen the roots of our culture, and provide our artists with the opportunity to be displayed in different homes, corporate offices and countries. That is my commitment to Puerto Rico,” Villafañe said.

Three years ago, as a response to the island’s economic hardships and with the hopes of furthering the advancement of Puerto Rican art,

19

/ Wednesday, May 22, 2019

By empowering artists, you can use art as a tool to affect meaningful change and to solidify the economy in a stronger way than politicians could - Alexis Bousquet, artist and curator

she and a handful of artists in the 30 to 40 age range created a group called Generación Reactiva. The group, whose works comprise “90 to 95 percent” of the gallery’s displays, pledged to lower their prices so that more people could acquire art.

“This project has given life to many young artists and new collectors, and it has developed a market where you can obtain large-scale works of art at reasonable prices,” Villafañe explained.

She has also commended Bouquet’s work with “Santurce es Ley”, stating that it has helped her gallery flourish because many

tourists who visit Cerra Street to admire the murals and artistic installations walk by Galería Petrus.

“It has been something important for the zone’s economic development. We are emerging as a door to that area and the gallery is there like a vigilante... it welcomes everyone who comes through that street,” Villafañe boasted.

The owner of Galería Petrus recalled that many artists have used her space to showcase their works, including Bousquet and renowned painter and sculptor Carlos Dávila Rinaldi.

Dávila Rinaldi described Santurce’s current art scene as a “creative explosion” that is having a positive impact “on all artistic sectors.”

However, he noted that the area still has ample space for development.

Both Bousquet and Dávila Rinaldi concurred that they use art as a tool to inspire other artists and to shine a light on Puerto Rico’s socioeconomic realities.

“We see a city in deterioration and we create images of it, and those images broaden our minds with respect to the area, makes us want to invest in it, or to create spaces for everyday use in a creative way... we are working to find a way for artists and area residents to highlight their spaces,” Bousquet said.

The ISPR curator added that this

Carlos Dávila Rinaldi. >Courtesy Petrus

>Gabriel López Albarrán

Sylvia Villafañe, Petrus’ owner. >Courtesy Petrus

needs to be a community effort with support from the rest of the island.

“We need allies from all sorts of social backgrounds. We also believe that there should be better resources available to artists, to creators, to this community,” he affirmed.

For his part, Dávila Rinaldi said that one way to support Santurce’s art community is to stress its cultural and economic significance to local consumers.

“I read many articles from international magazines and Puerto Rico has been highlighted as an artistic hub, but I don’t feel like that story has the same value here in Puerto Rico. I see that it is given value elsewhere, but here, although it is starting to, it is not at the level that it should,” he stated.

Furthermore, Dávila Rinaldi said that Santurce provides the perfect environment for creative minds.

“In this place, you can see fresh art, fresh ideas, things that are happening. The best way to support artists is by shedding light on all the amazing things that are occurring here, which sometimes slip under the radar,” he affirmed.

20

/ Wednesday, May 22, 2019

Rosselló, Lebron James & Bad Bunny, the MostFollowed on Local Social Media Rosario Fajardo

rfajardo@wjournal.com

@RosarioWJournal

Other digital trends include more online shoppers, use of smart TVs

I

n terms of internet followers, it seems that Gov. Ricardo Rosselló is up there with the likes of Lebron James and Bad Bunny—at least among the local population, that is.

The governor is the no. 1 politician followed on the internet by local residents, while NBA mega star Lebron James is the no. 1 sports figure and Latin trap and reggaeton star Bad Bunny (a.k.a. Benito Antonio Martínez Ocasio) is the no. 1 singer/artist.

With regard to general trends, there is a continuing increase of using smartphones to access the internet; shopping online and streaming content.

These were just some of the interesting tidbits revealed in the Puerto Rico Sales and Marketing Executives’ 2019 Digital & Mobile Behavioral Study.

An estimated 78 percent of the local population, representing 2.3 million people, are connected to the internet every day, with 98 percent of them having access through their cellphones. Some 59 percent also have internet access in their homes, with 15 percent using smart TVs to access content such as streaming videos and music.

Smart TV usage has actually increased by 9 percentage points over the past year, going from 6 percent to 15 percent today.

Meanwhile, over 43 percent, or almost 1 million people, buy items or services online, spending an average of $218 a year. “Conservatively, the estimated amount of spending online is $220 million annually, and it is important to note that there has been an increase of 28 percent to 37 percent in users who buy through local websites,” said Anitza M. Cox, director of Analysis and Social Policy at Estudios Técnicos Inc., which conducted the study. The 28 percent dates back to the

previous year, when Hurricane Maria was still affecting communications in Puerto Rico.

For local websites, clothing and accessories are the most-often purchased items, followed by tickets for movies, concerts and events; and gift items.

For off-island websites, the most-often purchased items are clothing and accessories, followed by jewelry and watches, and travel items (airplane tickets, cruise ship vacations, and hotel and car reservations).

As part of the study, 712 local residents, ages 12 and older, were interviewed islandwide on their digital behavior.

>Courtesy La Fortaleza

Importance of Generation X

In terms of internet access, Cox said that Generation X has become a critical age cohort because of their buying power.

Generation Xers (ages 40 to 54) follow the Baby Boomer generation and precede Millennials. About 19.5 percent of Puerto Rico’s population belong to Generation X, or an estimated 767,000 people.

“The group in which there has been the biggest increase [in internet access] is Generation X, from 82 percent in 2018 to 94 percent in 2019. This group primarily uses the internet to carry out transactions or governmentrelated dealings,” Cox said. About 99 percent of this group have cellphones and 63 percent have internet connections in their homes.

They are also Facebook fans, as 84 percent have Facebook accounts. In terms of content, it should be no surprise that their no. 1 activity is streaming videos, followed by listening to music and looking at photos.

The average yearly income of Generation X is $22,500 a year and this group is considered the most educated in Puerto Rico, as they generally have completed “some years of university,” Cox indicated.

>AP

>Brandon Cruz

21 < EL VOCERO DE PUERTO RICO > WEDNESDAY, MAY 22, 2019

Be on trend... be on trend...

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www.elvocero.com/revistas/zona

22

Coa

/ Wednesday, May 22, 2019

Haute cuisine on the grill Warm atmosphere, first-class service and much more

C

“

Yaira Solís Escudero

oa” is what the Taíno Indians called a type of hoe in the shape of a pointed stick that they used to sow seeds.

Widely used in the Antilles and the Americas in pre and post-Hispanic times, the word seemed more than appropriate to the management of the Dorado Beach, Ritz-Carlton Reserve when the time came around to name its new culinary project, which opened in midDecember 2018. Because they have always named the different hotel areas and restaurants of their properties with words related to the local history or place where it is located, nothing seemed more fitting.

The place is about much more than just arriving to sit down and eat. It’s a place to live and enjoy an experience for all the senses that starts the

ysolis@elvocero.com

@yairasolis

second you arrive at the hotel. Upon arriving, the natural beauty of the environment, the warm decoration of the hotel - with wooden details and open spaces overlooking the Atlantic Ocean - in combination with the pool and gardens help you forget your worries and feel more relaxed. In addition, the service provided by the personnel in the dining room, along with its management staff, make you feel appreciated and at home. The hard part will be to leave.

The entrance and the hall of Coa are spectacular. Lined with murals made by ceramist Jaime Suárez, they illustrate the story of the planting and harvesting of our land by the Taíno Indians with the use of the coa. These details foreshadow the culinary concept of the restaurant. An ode to fresh and grilled cuisine, created by chef Antonio Pérez, offers an array of local and global flavors, to remind the diner that after all, we are part of a single world.

This does not mean that Coa is a “farm to table” concept, but rather, one of fresh

cuisine with full emphasis on the main product of the dish, be it fish, seafood or cuts of red meats, among others. All the ingredients present in the dish are meant to enhance and accentuate the main product, and I not only refer to the aromatic herbs and spices, but also the delicate oils, sauces and side dishes cooked according to the diner’s taste and served separately.

No doubt, the representation of 650 wine labels makes Coa’s wine cellar the largest and most varied in the Caribbean region

Warm Atmosphere, First-Class Service and Much More

Once inside Coa, one’s attention is drawn to the decoration, which is an extension of the common areas of the entire hotel, where wood and nature take center stage.

On one side of the entrance is the wine cellar, meticulously designed by sommelier Jonathan Moran and the architects of the place. With the capacity to accommodate more than the 3,600 bottles it currently has, it offers a worthy representation of 16 wine regions, with wines from California, Oregon, France and Spain being those favorited most by the patrons.

No doubt, the representation of 650 wine labels makes this wine room the largest and most varied in the Caribbean region. At the same time, they offer an appropriate variety of Cavas, sparkling wines, champagnes, white, rosé and red wines by the glass. The wine cellar and private dining room are also where Jonathan offers diners up to five different wine experiences, created meticulously to pamper demanding palates, while talking about wine regions, grapes, labels, wineries and the art of pairing wines with food, among other topics.

/ Wednesday, May 22, 2019

During my visit I was struck by the wines chosen by Jonathan for my selection of dishes.

My experience began with a plate of seafood, comprised of lobster, prawns, oysters, mussels, conch and crab, among others, and accompanied by a Swiss wine, Fendant Balavaud Vetroz Grand Cru 2016.

For my second course, I enjoyed a Mediterranean fish cooked with the distinctive method of the place they call “mi brasa” (my grill), which integrates guava wood, hickory and charcoal, a ‘Loup de Mer’ accompanied by white asparagus topped with Parmesan cheese and olive oil and paired with a French Chablis, Louis Michel & Fils.

I was also able to taste a halibut steak accompanied by a variety of sautéed potatoes and a touch of salt from Cabo Rojo, paired with Freemark Abbey 2016, a great Chardonnay wine from the Napa Valley in California.

All the wine recommended by the sommelier enhanced the flavors of the dishes and made for a more joyful experience because I could enjoy them before the dishes were served and when combined with the food they melded deliciously in the mouth. Each of the wines’ particular notes, be them floral, herbaceous, buttery or mineral, were accentuated by the dishes with appropriate acidity. Without a doubt, this was pampering for the palate.

Coa’s menu is not extensive, but it is successful. The menu is divided between cold appetizers, hot appetizers, vegetable salads, creatively prepared vegetables enhanced with local flavors, grilled fish and meats, such as the ‘tomahawk’ steak and a variety of delicate sauces. The menu sums up the culinary concept of the place very well.

To enjoy this culinary experience and the excellent atmosphere that Coa offers, you do not have to be a hotel guest. The place is open

daily for breakfast from 7:00 a.m. to 11:00 a.m., and dinner Tuesdays to Saturdays from 6:00 p.m. to 10:00 p.m. The Coa bar, another experience worth living, is open from Tuesdays to Saturdays from 6:00 p.m. to 12:00 midnight. Thursdays to Saturdays they feature live music from 7:00 p.m. to 10:00 p.m. (Call Coa at 787-278-7217 for more information).

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/ Wednesday, May 22, 2019

Staying safe in

puerto rico’s summer season Tropical weather can trigger skin conditions and viruses

W Giovanna Garofalo

ggarofalo@wjournal.com

@giopgarofalo

ith summer right around the corner, residents and visitors are bound to experience one of Puerto Rico’s hottest and most humid seasons.

But, while this weather provides the perfect setting for a trip to the beach, hiking through El Yunque National Rainforest, or enjoying the island’s vast offer of agritourism services, it can also trigger certain skin conditions and the spread of viruses.

People with sensitive skin or patients with dermatitis, eczema, and/or psoriasis should take extra precaution in the summer heat, as increased degrees can lead to rashes. However, this does not mean that they cannot enjoy typical outdoor activities.

The high salinity found in beaches helps seal wounds and minimize rashes. Pool water can also alleviate irritation and provide a cooling sensation.

Hydration and skin moisturization are essential

to avoid rashes or other symptoms, which include inflamed patches of skin, soreness, excessively dry skin, plaques, blisters, itchiness, and red rash.

Patients who do not have access to doctorprescribed medication can mitigate their symptoms by consuming off-the-counter allergy pills or applying hydrocortisone, aloe vera or Vaseline to irritated areas. To avoid triggering the aforementioned diseases or fungal skin infections, thorough hygiene is a must—including disinfecting shared areas and devices, such as gym equipment.

Contrary to popular belief, coconut oil is not recommended for affected surfaces because it can clog pores and accumulate larger sums of bacteria, which could ultimately worsen the upper layers of the dermis. Creams, soaps, and shower gels with fragrances, as well as alcohol-based toners, should also be avoided.

In addition to hot temperatures, another factor to consider is that, from June until November, Puerto Rico goes through a hurricane season.

While hurricanes do not impact the island every year—the last storm of large magnitude that made landfall was the notorious Hurricane Maria in 2017—the season, particularly throughout summer, is extremely humid. As such, locals are urged to be wary of mosquitoes that can potentially carry viruses like dengue, chikungunya or Zika.

Regarding the latter, on 2017 it became a matter of international concern due to its powerful symptoms and for inciting microcephaly on fetuses when stinging expectant mothers.

The P.R. Department of Health (DOH) indicated that “most people infected with the Zika virus do not get sick. If a mosquito bites an infected person while the virus is still in that person’s blood, they can transmit it to another person through bites.”

“Even if they don’t feel sick, travelers who return to the United States from an area with Zika must take measures to prevent mosquito bites for three weeks, so they don’t transmit Zika through noninfected mosquitoes,” the agency cautioned.

In order to prevent Zika and other mosquitotransmitted viruses, DOH recommends using EPAapproved repellents that contain diethyltoluamide (DEET), picaridin, p-Menthane-3,8-diol (PMD), or IR3535. The Health Department also suggests using mosquito nets if housing or lodging does not have air conditioning.

Despite these risks, with adequate protection, residents and travelers can find Puerto Rico’s summer season to be thoroughly enjoyable, especially for the outdoorsy types. If an unprecedented symptom appears, the affected person must visit a clinic or emergency room to

test for allergic reactions or viruses.

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< EL VOCERO DE PUERTO RICO > WEDNESDAY, MAY 22, 2019

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/ Wednesday, May 22, 2019

>Courtesy EL VOCERO

The art of Equine therapy Carrusel Foundation offer the service in Bayamón

A Laura González

lgonzalez@elvocero.com

@Laura_Isabel8

lan’s smile is contagious. At first glance, you can see how the happiness emanates from the 20-year-old when he walks with Carrusel, a beautiful and imposing horse therapist from Carrusel Foundation, in

Bayamón.

His mother, Vanessa López, watches her son

while he engages in the equine therapy he receives weekly.

“He has been in these therapies for 7 years.

The truth is that one sees a change. This has helped him with his posture, with engaging in conversation, because he has selective mutism; with his grip; it has helped him go up and down stairs. It has helped him to be less shy, walk and be independent. He has acquired daily living skills”, remarks the proud mother, who is also a special education teacher in the public school system.

Because Alan has Down Syndrome, he requires

specialized care and attention. It has been through equine therapy that his social and physical development have improved.

“Children with these needs sometimes do not know what they like. But he loves it, he loves this.

He loves that horse. That’s worth a million”, she says as her glance goes to where Alan is.

Once Alan and Carrusel start their time together, they become one, and you could not ask for more. The young man, with his upright position, gently guides the equine-decked with brown hair and white spots-in the direction he

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/ Wednesday, May 22, 2019

wants to go. Carrusel understands him quickly and occupational In addition, there is also social therapy with horses, which works more with gallops gently to Alan’s request. psychotherapy”, she Meanwhile, María says.

Gómez and her “Here we provide granddaughter, who almost all kinds of has been faithfully therapies. Last year receiving her therapies we were certified in this center since November of 2017, in psychotherapy wait outside. with horses with “She is bedridden the EAGALA method and could not sit (Equine Assigned before, but now she Growth and Learning can. She has more Association), which is - Marta Jaraiz, Carrusel Foundation’s attention, is more the only one approved founder and director alert. She loves to by the American come here. Her Psychological expression changes.

Association. We have When she walks in there, she knows what’s coming. also been approved a proposal to work with She has an incredible connection with the horse. I adolescents who have been abused in some way”, love it”, states Gómez. she adds.

Equine therapy is a technique that uses the horse as a tool to improve physical, social, neurological, sensory conditions through the horse

Other conditions that people suffer and that can be treated through therapy with horses are: anxiety disorders, post-traumatic stress, Alzheimer’s and depression.

Certifying Therapists

Jaraiz explained because of a rise in demand for equine therapies, they have seen the need to certify more professionals.

There is already a group of approximately 15 students that will be certified as therapists in August. The courses are offered in conjunction with the University of Puerto Rico, Río Piedras Campus.

The professional certification for therapists with horses is meant for: counselors, social workers, physical or occupational therapists. An auxiliary therapist certification will also be offered to people who have already had experience working with horses, such as blacksmiths and caretakers of these animals.

A Special Connection

“They feel what we feel”, says Marta Jaraiz, founder and director of this center located in the Julio Monagas Park, in Bayamón.

“They say it’s like a 1,200-pound animal that is a lie detector. You cannot lie to the horse. He feels everything you feel”, states Jaraiz.

And precisely, this level of sensitivity in these beings is what, among other things, helps people with different conditions, both physical and emotional.

The concept of equine therapy is mentioned for the first time in the ancient Greek writings of Hippocrates, 460 years before Christ. However, it is not until the 1960s that it begins to develop as a formal therapy for those people who face different physical and mental conditions.

“Equine therapy is a technique that uses the horse as a tool to improve physical, social, neurological and sensory conditions through the horse,” explains Jaraiz.

This animal has unique muscular characteristics that at each gallop manages to transmit vibrations to the body of the rider, thus promoting the nervous connections of the person.

“When the horse walks and the rider is up, there’s a stimulus that makes the hip move in a smooth and articulated way producing 90 to 110 rhythmic movements per minute which in turn stimulates the participant neurologically, thus producing endorphins and making them more willing to learn. Another benefit is that the body heat of the horse helps when you have contracted muscles”, explains Jaraiz.

Types of Therapies

Jaraiz, who studied philology, explained that there are different types of therapies with horses, most of which are offered at the center in Bayamón.

“There is equinotherapy that works with the recreational and therapeutic needs of the entire person at the same time, both the emotional and physical parts. Hippotherapy, in which the horse is used as a tool by physical therapists,

>Courtesy EL VOCERO

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/ Wednesday, May 22, 2019

Electric Circus When: May 25 | 7:00 p.m.

Where: Bahía Urbana, San Juan The best electronic music concert and the best circus in Puerto Rico combined in one show to host some of the best artists in the scene.

Tickets: www. fangig.com

San Juan’s Historical Area Tour

When: May 25 | 9:30 p.m.-12:00 p.m.

Where: Old San Juan The tour includes a guided walk through the main squares and historic buildings.

The tour will start in front of the Town Hall.

Free admission. 787-724-0700 x. 1303

Ponce’s Historical Area Tour When: May 25 |1:00 p.m.- 4:00 p.m.

Where: Ponce Urban Center The tour includes museums, main streets and their different residential and public buildings.

The tour will start in front of the Cathedral. Free admission. 787-724-0700 x. 1303

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/ Wednesday, May 22, 2019

Cañon San Cristobal Educational Hike

When: May 25 | 8:30 a.m. – 3:00 p.m.

Where: Barranquitas Deep in the heart of the Cordillera Central, lies one of the island’s purest and most pristine expanses of land: the Cañón San Cristóbal. This 9-kilometer rift, located between the municipalities of Aibonito and Barranquitas, is a unique and spectacular geological feature in Puerto Rico.

More info: 21 Climb & Tour 787 242-0863

Plena Music Workshop

When: May 25 | 3:00 pm – 4:00 pm Where: Cuartel de Ballajá, Old San Juan 787-724-0700 ext. 1315 Learn how to dance Plena music.

Aqua Zumba When: May 26 | 9:30 am Where: San Juan Natatorium, Parque Central Free admission.

Africa’s Second Annual Festival

When: May 24, 25,26 | 3:00 p.m. – 1:00 a.m.

Where: Salón 610.

610 Calle Condado, San Juan Music, dance, pop up shops.

More info: www.pensarafrica.com/events

Frenesí: Opera Bon Jovi Tribute al Fresco When: May 24 | 7:00 p.m.

Where: Paseo Caribe, San Juan Rock Da’ House Band will play Bon Jovi hits until midnight. Free admission.

When: May 25 | 7:00 pm Where: Cuartel de Ballajá, Viejo San Juan Chamber opera in one act, based on The Curious Impertinent by Miguel de Cervantes.

Free admission.

Handcrafts Festival

When: May 24 & 25 | 11:00 am Where: Puerto Rico Convention Center, San Juan This is a kid friendly event with handcraft workshops.

More info: www.prticket.com

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/ Wednesday, May 22, 2019

BVI Unveils Plan to Increase Hotel Beds in Five Years British overseas territory famous for nature, beaches and yachting

T Rosario Fajardo

rfajardo@wjournal.com

@RosarioWJournal

he British Virgin Islands (BVI) is back stronger than ever and focused on an ambitious plan to substantially expand its hotelroom offerings in the next five years.

“Hurricane Irma hit us very hard [in Sept. 2017], but we have recuperated to a certain extent. We look at what happened as an opportunity to refresh our tourism industry,” said Sharon Flax-Brutus, BVI tourism director.

Tourism has recovered in terms of yachting, cruiseship and hotel/overnight visitors, she said in an interview with THE WEEKLY JOURNAL. Tourism is a key industry in the BVI and to that end, the BVI has introduced a tourism development plan that includes increasing the number of its hotel-room stock by 5,000 beds within the next five years.

Before Irma, the BVI had about 2,500 hotel rooms, which is currently at around 1,300 rooms,

The Baths at the BVI’s Virgin Gorda >Courtesy

and providing concessions on import duties, Flax-Brutus said. However, this does not include mostly building materials that would be used in rooms that are available in the sharing economy, such as those listed on Airbnb, as well as the 4,000 construction.

The incentives also include providing beds that are available “at sea” through the BVI’s work permits for the required workers. “The major charter boat industry.

“We wish to increase the room stock, first to pre- unemployment rate at the BVI is very low, with hurricane levels, and secondly to expand,” said BVI many people working in hospitality, so we need to import workers,” Premier Andrew Fahie, she added. “It’s an according to BVI News aggressive goal, but I Online. He added that am confident we can his administration will do it.” provide “incentives” The BVI receives for hotel operators about 1 million visitors to reconstruct and/ a year—400,00 are or expand their overnight visitors and properties. In addition, the remaining 600,000 an effort is being made are either cruiseship to expand offerings in passengers or day wellness and sports trippers. In fact, many tourism.

-Sharon Flax-Brutus, BVI tourism director visitors come from The BVI government the nearby U.S. Virgin also has plans to Islands and Puerto Rico. “improve the access to the territory by way Known as a of air and sea” and invest more in marketing the destination rich in experiences, the BVI is an territory’s tourism brand, which has been focused archipelago comprising 60 islands and cays located 60 miles east of Puerto Rico. The main islands of on the destination as “nature’s little secrets.”

Flax-Brutus explained that since taxes are low in Tortola, Virgin Gorda, Anegada and Jost Van Dyke the BVI, about 8 percent, the incentives are focused are famous worldwide for their beautiful beaches, on fast tracking permits through a “one stop shop” nearly pristine nature and yachting offerings.

Hurricane Irma hit us very hard, but we have recuperated to a certain extent. We look at what happened as an opportunity to refresh our tourism industry

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/ Wednesday, May 22, 2019 / Wednesday, May 1, 2019

Market place ByGiselle Gisellestowell, Stowell, By

Lic. 17560 Puerto Rico Properties 101

Puerto Rico Properties 101

High end residential Brokerage Submarkets – Will they Agreements continue to thrive?

SA

elling a property can be although daunting task, even forand the pros most seasoned cons can professional. be argued Selectingon a both knowledgeable sides and experienced real estate regarding broker should be first on your the benefits and virtues of list.the Thevarious secondtax step is deciding incentives which type of brokerage laws, in particular the Export agreement take20) youand to your Services will Act (Act the goalIndividual - selling your property for Investor’s Act (Act the22), desired price. it is undeniable that in Exclusive Listing: this had type the past years theyInhave of agreement, the seller agrees a major impact on the local to pay commission broker realaestate market.if This is is successful in negotiating terms especially true of mid to highacceptable to bothproperties parties that end residential leadinto a purchase agreement, niche markets such as regardless of Ocean whether theand buyer Condado, Park is found through the efforts of surrounding neighborhoods, theas listing broker, the owner well as the resort areas or of another broker.

Dorado Beach, Bahía Beach, How anddel where a property Palmas Mar and the is marketed will determine historic zone of Old San Juan. how quickly and efficiently Real estate submarkets it sells.

The exclusive listing typically have unofficial broker oversees positioning boundaries and are not of thenecessarily listing and geographically is responsible for contiguous. marketing and selling it can A submarket as quickly and efficiently be defined by propertyastype possible whilecharacteristics getting the and other highest price.

In Puerto Rico,in and can be spread about that“pockets”. means having a wellThe dynamics spoken, bilingual broker with of these new residential a strong network potential submarkets in of Puerto Rico buyers. are unique and greatly Having one by broker in charge influenced the influx of is ainvestors much more efficient and and individuals effective salesmoved technique. who have to Puerto It avoids duplicity and Rico to take advantage of the complications thatIndividuals occur when a tax incentives. property is beachfront offered to the same seeking condos prospect by different brokers. or houses, investors and Most importantly, a broker with millennials redefining an exclusive contract areas in Santurce, will make your end goal a high priority and cryptocurrency and allocate more tools and effort blockchain entrepreneurs intoflocking selling to your property since Old San Juan, and they are guaranteed payment most recently, businesses if they succeed. joining the game to work on Open Listing: With an open the island’s reconstruction, listing agreement, owners can together make up this new

try to sell their property by themselves while listing it with class of residential real estate as many brokers as they want clientele. only paying a commission In spite of the fact that to the firstofbroker to produce an Law 45 2017 replaced acceptable buyer.

Owner will the real estate purchase not have to pay any commission requirement with a $5,000 if they’re able to find charitable contributiona suitable buyer on their own. requirement, demand The downside with an for properties in these open listing is that submarkets remains brokers on arerise. unlikely to rates investhave a lot of the Rental time or money promoting reached record highs with the property.

A property advertised rents in prime beachfront by both the owner and condominiums and homes multiple brokers at the same going up anywhere from time, often with conflicting 15% to as much as 40% over information, previous years.creates confusion and affects property’s Decreasedthe opportunities image and desirability.

An for discounted listing agent with an open listing will prices together with a be less motivated and will limited inventory and undoubtedly provide a more healthy competition from limited service.

Many prospective buyers havebrokers will not accept driven prices up.open New listings since they consider their time construction in these niche best spent on their exclusive markets has also been listings. scarce.

In addition, high end Semi Exclusive Listing: home buyers are less price In this type of brokerage sensitive and more prone agreement, the owner gives to be willing to improve on exclusivity to one broker only their purchase. Deteriorated but retains the rightinto sell on ocean front condos his own in which Condado that soldcase for he does not have to pay the $365,000 and $1.2 in broker 2015 a commission.

Few brokers will now have registered sales of agree to this kind of brokerage $540,000 and price tags of agreement since Resellers it places them $1.7 respectively. in a disadvantaged in these submarkets,position many competing with the owner. of which are exempt from The National Association paying property taxes of as Realtors has found that brokers well as taxes on capital can help sell your forhefty up to 32% gains, are property demanding more than if you were price tags for propertiesto sell it on your own. The owner may they purchased during know their property the best, the market low between but brokers are most familiar 2012-2015 when few were with how to sell it fast buying. A property thatand soldfor the highest price in the for $1.5 in 2016 in Oceanlocal market.

Park is now listed at $3.8 Thinking of selling your after undergoing significant PR property?

Contact renovations.

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PARK OFFICE Call Rosi Alonso (787) 309-6814, Lic. 16224 https://totalcommercial.com/listings/53997

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The most spectacular RIO GRANDE Oceanfrontbeachfront gated community with pool penthouse in the metro area.

Two bedrooms, one Buy for $2M or bathroom, balcony $140,000 lease for $8,500 monthly.

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