Mexico: A Healthy Market
With the peso-to-dollar ratio at 13-to-1, health-conscientious residents and officials, and a scarce foreclosure market, buyers are finding security in Mexico.
“Land is well-priced and building material costs are the lowest in years,” explains Harriet Cochran Murray, owner of Cochran Real Estate. “Those who have a strategy of what to build can take advantage of these factors.”
For approximately 8,600 square feet of land in a prime, South Shore Puerto Vallarta locale, buyers will spend roughly $1 million — 80-degree-Fahrenheit weather included.
Recently, reports of Swine Flu and violence have put Mexico in the spotlight; now, the country, known for its weather and culture, is showing its crisis management skills. “Mexico set an example to the world on how to handle a health concern,” says Cochran Murray.
According to Cochran Murray, more Canadians and Americans live in Mexico than any other country outside their own. Mexico also hosts millions of tourists each year. “These visitors and residents know Mexico’s daily life is not what has been written about in the press,” she adds.
In San Carlos, Mexico, a town of 2,500 summer residents and 3,500 residents in the winter, if a buyer finds a luxury real estate offering, it’s not likely to be a foreclosure.
“San Carlos avoided getting overbuilt,” says Richard C. Baca of Sunshine Realty in San Carlos. “We have not been stung by the foreclosure mess.”
The luxury price range in Baca’s market is currently between $800,000 and approximately $1.8 million, but there are instances where a homeowner is in need of cash and sells below market value.
—Lauren Varga
Photo courtesy Jim Manson
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