MLSVallarta has announced that four new local real estate agencies that have recently joined its MLS service for Puerto Vallarta and Riviera Nayarit. The new members are Usvemex, headed up by Macdai Dueñas, Realty World Paradise, represented by Jorge Sama, G&G Realty represented by Guillermo Cuevas and MexHome, located in Sayulita and headed up by Mark Vavra and Aaron Fisher. For more information about these real estate agencies, please contact them directly.
Puerto Vallarta is one of the Best Cities in the World
Every year, Condé Nast Traveler readers cast hundreds of thousands of votes for their favorite cities around the world (not including the USA) in their Readers’ Choice Awards survey. This year Puerto Vallarta made the list for being one of the “Best Cities in the World”, coming in at #38 out of 40 destinations. The description for Puerto Vallarta was; “Beaches. Water sports. Nightlife. What more could you want? If you’re in Puerto Vallarta, probably not much. Occupying prime real estate on Mexico’s Pacific coast, this sandy, LGBT-friendly resort town is backed by palm-covered mountains and has nary a bad angle. Sunbathe on Yelapa Beach, stroll along the malecón, or get offshore for snorkeling at the uninhabited Islas Marietas National Park. Looking for love, or at least a romantic meal? Make a reservation at Café des Artistes, which fuses French and Mexican cuisine for standouts including lobster chilaquiles, a butter tamale and ratatouille, duck leg with mole, and more.”
FSBOs: Should You Sell Your Home on Your Own?
FSBOs
- Speak the language?
- Available to show the property?
- Understand sufficiently Mexican real estate law?
- Understand sufficiently how it could affect you fiscally?
The acronym FSBO stands for For Sale By Owner, and is commonly used in the USA and Canada to denote a person or family who have decided to sell their home on their own rather than the services of a real estate agent. It may work for some north of the border, and there are a number of services available today to assist with the process. But in Mexico, it is another matter and anyone considering taking the selling process into their own hands should consider the following:
Are you available at all times to show the property?
Most Canadian/American homeowners in Puerto Vallarta are here only part of the year, so it can become difficult to show the property at times, especially when you are out of the country.
Do you speak Spanish?
Not all prospects may speak English, so if you don’t speak Spanish, you’ll be at a disadvantage. It is also important when it comes to closing the sale, for in order for contracts to be legal they need to be in Spanish and you are going to want to ensure you understand every clause of the agreement. The same goes with working with a Notary, who will have to be involved in the sale, and perhaps a real estate lawyer.
Do you understand Mexican real estate law?
Just because you may have sold a property back home doesn’t mean you understand how real estate law works in Mexico. If you don’t, you’ll want to have someone represent you, such as a lawyer or real estate professional, to ensure that what you are selling is properly defined in the agreement.
Do you understand how the sale may affect you fiscally?
Capital gains laws seem to be changing or being adjusted every year, and if you don’t know how to best set yourself up fiscally for this, you could end up paying capital gains taxes, or more than you should.
How will you market your property?
Most real estate in Puerto Vallarta is marketed and sold using a MLS service, and these services are only available to real estate agents and agencies. The MLS, or Multiple Listing Service, distributes information about all properties currently on the market to all the member agents through an online portal. As well, it is available for the public to use and see. But only real estate agents can publish properties on the MLS systems mostly used in the region; Flex and MLSVallarta. There are other outlets available for marketing your property, not as good and they have a cost, which you have to pay for upfront. Whereas if you are using a real estate agent you only pay marketing costs (a commission) when the property has sold and then, only at the closing, and then only for a price that you are willing to accept.
So, if you didn’t answer yes to some of the questions above, you may want to talk with a realtor.
Related Links: Should I work with a real estate agent?
Mexico Back in the “Top Three” Destinations with Expats
Every year Internations publishes the Expat Insider, one of the largest surveys worldwide offering an in-depth analysis of expat life across the globe. More than 12,500 respondents representing 166 nationalities and living in 188 countries or territories answered their questions, providing unique insights into what it means to be an expat in 2017.
This year they ranked 65 destinations based on how these countries were rated by their expat residents. They looked at more than 40 individual factors that influence an expat’s experience of living in a foreign country, from family life to finances. The picture that emerged is an interesting one, with some of the results differing noticeably from other country rankings.
Mexico, is a consistent favorite in this index, which saw it jump up to being in the top three this year, with Bahrain (interesting) and Cost Rica rating above it. Coming in just after Mexico were Taiwan (also interesting) and Portugal.
Mexico was in the top 5 for three indices: Ease of Settling In, Personal Finance, and Cost of Living. A significant number of respondents say they primarily moved to Mexico for a better quality of life (14%). Though healthcare and safety damage its overall ranking in the Quality of Life Index, it ranks first in the Personal Happiness subcategory and does well in the Leisure Options subcategory, ranking first for socializing and leisure activities.
The climate, respondents said, is almost perfect, the people are friendly, and the food is to die for.
Expats in Mexico are also happy with their financial situation. In fact, 80% considered the cost of living a potential benefit before moving. The country ranks fourth in the Personal Finance Index and second in the Cost of Living Index, and 74% of expats say they’re generally satisfied with their financial situation.
Cost Of Living #2
Will Vallarta Benefit from the Caribbean’s Troubles?
The situation in the Caribbean continues to worsen, with Puerto Rico estimating that some places on the island could be without electricity for 4-6 months. And that is just one aspect of the problems Puerto Ricans are having to deal with. And it is not limited to Puerto Rico, The British and U.S. Virgin Islands, St. Martin, Dominica, Guadalupe, Turks & Caicos, and other islands – all were severely affected by hurricanes Irma and Maria. And the hurricane season isn’t over yet.
There is a shortage of food, water, medical supplies, fuel and housing. And there will most certainly be a tremendous loss in tourism revenues this upcoming season because so many hotels were so badly destroyed. It is absolutely devastating and will tremendously costly getting these places “livable” again.
What won’t change is that people will still want to vacation somewhere warm this winter, and there will still be people looking for a secondary home somewhere in the sun. The odds are, however, that it won’t be in the Caribbean, which will only make things worse for this region, unfortunately. It will recover, but for the short-term, places like Puerto Vallarta and Riviera Nayarit will certainly benefit.
A good number of the homes that were damaged or destroyed were secondary homes, owned primarily by from the U.S. and Canada. They lived there part- or full-time, and many rented out their properties. Now they’ve lost the use of their homes and will need to invest heavily to get them back to what they once were. Hopefully most have insurance, but even if they do, what are premiums going to be for the next year?
And what is going to happen to the value of their real estate? These homeowners will recover, get their homes back in good shape, but how quickly will the value of their real estate recover? Won’t people, who could be interested in real estate in these regions, be hesitating just a little, when two hurricanes in one season plowed through the Caribbean with devastating consequences? Do they really want to buy somewhere where this could happen again? Perhaps the odds are slim, but it is people’s perception that is their reality, and right now things don’t look good for real estate in the Caribbean.
Just being on an island itself has shown how difficult things can be, such as just getting back to the U.S. or Canada. And then there is access to supplies needed, as it all comes from elsewhere, by either boat or plane.
Puerto Vallarta, and others places in Mexico, will benefit from this disaster. It is terrible to say that someone benefits over another’s troubles, and it is the reality of the situation.
If anything ever were to happen to Puerto Vallarta, there a number of ways supplies can reach the destination, and numerous ways people can return home. It is not an isolated island. Already local real estate companies are seeing an uptick in rental demands because people have had to cancel in the Caribbean. Next will likely be an increase in real estate prospective buyers, as they discover the benefits on owning real estate in Puerto Vallarta.
New Vallarta Development – URBAN
Tropicasa Realty recently announced it latest downtown Vallarta project – URBAN situated on Av. Carranza. URBAN is a boutique collection of condominiums designed for a modern vacation lifestyle. Owners can choose from spacious two bedroom and one bedroom floor plans, all featuring private terraces and stylish finishes. There’s a rooftop pool and sun lounge, and it located just minutes to the beach, galleries, trendy eateries and the city’s most happening hotspots.
An interesting feature is the URBAN will include solar power for all common areas, bringing sustainable real estate features to market. The rooftop sun lounge boasts an infinity pool and BBQ and lounge area, perfect for entertaining friends.
URBAN comes with low monthly maintenance fees and very reasonable property taxes, along with a great location, especially for the rental potential on these pet-friendly units is unmatched.
Visit Tropicasa Realty for more information regarding URBAN, Vallarta’s newest downtown project.
Real Estate Summit 2017
MEXLAW, a new Mexican/Canadian law firm that recently opened offices in the Puerto Vallarta/Riviera Nayarit region, will be hosting a real estate conference called the “Real Estate Summit 2017,” primarily for real estate professionals but also open to the public. Short 30 minute real estate themed presentations (with simultaneous translations) will be given from 9AM to 2PM. The Summit will be held on August 22nd at the HILTON PUERTO VALLARTA RESORT, Salón Vallarta Av. De las Garzas 136-1 Zona Hotelera Norte, Puerto Vallarta. Tickets are available online at www.mexlaw.ca/conference or email [email protected] for ore information.
Current Highway #200 Improvements – What do they mean for Vallarta?
There has been a lot discussed and written about lately regarding highway projects planned or under development that will, or could, provide better access to the region. One project was recently completed, another nears completion, and others, well, it is uncertain how much may just be talk and not so much action. For those that remember the completion of the highway from Mascota to Vallarta, for years it was said that the project would be finished “next year.” It took more than ten. These projects, all in different stages of development, if and when finished, will eventually improve traffic flow and at the same time, provide safer and more secure traveling times.
The Puerto Vallarta/Riviera Nayarit region is primarily situated around the Bay of Banderas, meaning traveling nearly anywhere involves traveling around the bay; there are no short cuts for getting from downtown Vallarta to Punta Mita. As the region has grown traffic has increased, putting an increasingly larger burden on Highway #200, which arrives to the bay at La Cruz on the north shore and then follows the shoreline, travels right through the middle of downtown Vallarta and continues on to Costalegre. Getting from one town or place to the next along the bay, #200 is usually the only route to take. And when there is an accident, or problems with one of the bridge going over the Ameca, traffic can come to a standstill and backs up. So it is essential to understand what the projects are and how their eventual completion could affect the region.
What are these projects? Let’s list them out.
- – Highway 200A: La Cruz – Punta de Mita extension/improvements
- – Highway 200 North: Guadalajara – Puerto Vallarta
- – Highway 200 “Perferico” or “Macro-Libramiento” extension, or Vallarta By-Pass
- – Highway 200 South: Puerto Vallarta – Manzanillo
Highway 200A: La Cruz – Punta de Mita extension/improvements
The first in the new highway from La Cruz to Punta Mita, which is actually a second phase of improvements that started a number of years ago and have been stalled for any number of reasons. But finally it was recently finished, and for those that visit or live in Punta de Mita or Litibu, this is a welcome change. The narrow road that led out of La Cruz along the coast was extremely windy and narrow, and because of this there were frequent accidents, especially at dusk. This will certainly make the journey north quicker and safer. One down.
Highway 200 North: Guadalajara – Puerto Vallarta
The second is a new highway from Jala to Vallarta (coming from Guadalajara), which most importantly will by-pass the extremely narrow, winding and dangerous current track of highway between Compostela and Las Varas, and skip (although still providing access) coastal towns such as Las Varas, Guayabitos, San Pancho and Sayulita, providing a more direct and safer route to Vallarta. Portions of this new highway have been in development in stages for years, with the first stage to supposedly be finished sometime this year, with the whole route opening sometime in mid’ 2017.
As the first stage is already late (they first said 2015), it will probably be in 2018 before we’ll be able to travel a better route to and from Guadalajara. This was recently confirmed by Bernardo Gutierrez, Director General of the Jalisco SCT Center, who said it will most likely now be sometime in 2018. The new route will encompass 266 km and should reduce travel time to about 2 1/2 hours from the current 4 hours. This is another highway project we’ve been hearing of for years, but we’ve seen the pictures, it is being worked on, and in a couple more years, it should be a reality.
Highway 200 “Perferico” or “Macro-Libramiento” extension, or Vallarta By-Pass
The third project is a complete by-pass around Puerto Vallarta that would allow south-bound, pass-through traffic to avoid Vallarta completely. Currently there is a “micro” version of this that utilizes the two tunnels behind the town (Libramiento). But, although it does go around the town, it doesn’t go far enough and just empties traffic back into town at Venustiano Carranza, which then continues southward hugging the coastline. Although the southern shore portion of the highway has recently been improved, it is still narrow and a very highly-used highway that passes through Conchas Chinas and on to the southern coast of the bay. Highway 200 doesn’t actually go around the town using the Libramiento but passes right through the middle of it. The new project would move the highway out from downtown and skirt around it, starting in Bucerias, go by the golf courses of Vista Vallarta and then continue on, above and behind the mountain range behind Conchas Chinas, Garza Blanca and Sierra del Mar. It would allow all traffic going south to completely bypass the city. Unfortunately, although it seems a contract has been awarded for a portion of this project was recently to Grupo Carso, (confirmed by Bernardo Gutierrez), the funds are not available from the state or federal government for the complete project and they are currently looking for private investment to fund the entire project. So, unfortunately, this project is still a long ways from the light of day, especially considering the magnitude of the project.
Highway 200 South: Puerto Vallarta – Manzanillo
The fourth project involves improving the highway leading south out of Vallarta, primarily from El Tuito to Melaque. Currently there is work underway, (primarily in the Tuito-Chamela section) to improve the road, giving it an “A3” distinction which means it would be safe traveling between 70-90 km per hour (that’s if they also get rid of all the speed bumps). But it is having its setbacks, dealing with ejido properties aligning the highway and environmental concerns. For Costalegre this highway is very important as most airlift arrives at the Vallarta international airport and then has to travel highway #200 to reach southern destinations such as Careyes and Tenacatita. So work is being done but it will still be a two-lane highway with a limit on speed, and it is still under construction.
What is all this going to mean for Puerto Vallarta?
There are serious and legitimate concerns that the city is not ready to accommodate all the vehicles that will soon be arriving from Guadalajara and Guanajuato in just a few hours. The attraction of making it to PV in half the usual time will certainly attract more visitors. And as the highway passes traditional vacation areas to the north, we may be seeing even more people choosing Vallarta over these coastal towns since it will be easier to get to. That’s great for business, but can the current road system handle this increase in traffic?
Right now there is only one road around the bay from Boca de Tomatlan to Punta de Mita; everyone wanting to get from one place along this stretch of coastline has to travel on it, and it is often overloaded as it is. For those who have experienced what an accident on this road can do to slow or stop traffic, or if one of the bridges needs to be shut down, traffic backs up quickly and significantly. Is enough municipal planning being done to ensure the city can handle this inevitable wave of cars, buses, and commercial traffic? Puerto Vallarta has experienced critical budget cuts and rising debt, are the funds even available to do the work? We’ll be looking for information regarding this, but if you happen know something, please pass it along.
New Feature for MLSVallarta: My Favorites
MLSVallarta recently added a new feature which will allow users to save a list of properties that they find most interesting, and to which they can return to at a later date. By simply clicking on the link “add to favorites” situated on each property description, the property is added to “My Favorites.” When one wishes to see the properties that have been saved, simply click on “My Favorites” which is located on the navigation bar at the top of each page. Here you’ll find a list of the properties you have selected, which you can edit or print out. Properties are stored only while you are on the website. However, if you wish to save your list long-term, so it is available in the future, simply add your email address and create a password and it will be there when you return. We respect your privacy and will not share your personal information nor will we contact you – your information is safe with us.
Once you’ve built your list you’ll be ready to contact an agent or agency of your preference to arrange showings and/or provide more information. MLSVallarta does not sell real estate, we simply are an intermediary connecting prospective buyers with agents who can show the properties they may be interested in.
New Marketing Director for Punta Mita
Punta Mita, the high-end luxury real estate and tourism development to the north of Puerto Vallarta and a the northern most point of Banderas Bay, has named Carl Emberson as their new Marketing & Operations Director. Carl, an esteemed figure in the hospitality industry with more than 30 years of experience operating some of Latin America’s most successful and celebrated resorts, is no stranger to Punta Mita. For many years he was the General Manager of the St. Regis Punta Mita Resort, and a vital and important part of the Punta Mita community. Many of the homeowners count Carl as a good friend, and are surely very happy to see him returning “home.”
Carl was very active in Mita, creating, amongst other achievements, The Punta Mita Gourmet & Golf Classic as well as the Punta Mita Beach Festival. Bringing Carl to Punta Mita is exactly what the development was in need of, and will certainly be in good hands under his guidance and leadership along with Managing Director Andrés Rossetto.
Rossetto remarked that “Carl, whose first day will be on July 1st, brings his energy and excitement with him wherever he goes, and we could not be more thrilled to welcome him back home to Punta Mita, where he will fill an exciting new role and be instrumental in consolidating Punta Mita as the premier resort community in North America. Our current members know Carl’s enthusiasm and charisma well, from his time here, and we know he is not only an ideal fit for us but will also build upon the recent momentum Punta Mita is experiencing.”
Punta Mita is in the midst of the master plan re-imagination, with several new destination amenities already being enjoyed by Club Punta Mita members. Updates include the new Kupuri Beach Club, featuring Navi Spa Services, the Coritas Kids Club and the Punta Mita Ocean Sports Program, the Playa Fortuna Ocean Club, extended recreational trails, and a new main entrance to the resort.
Punta Mita lies on a private spear-shaped peninsula surrounded by white sand beaches, Pacific Ocean waters and lush tropical flora. It is home to private villas and residences, two 5-Diamond rated Resort: The St. Regis Punta Mita Resort and Four Seasons Resort Punta Mita, a Tennis Center, four Resident’s Beach Clubs, and two Jack Nicklaus Signature Championship Golf Courses. Pacifico Golf Course is best known for its famous island green, “The Tale of the Whale”. The world’s only natural ocean island green. The Bahia Golf Course in Punta Mita offers more slopes around the greens and heavy contours to create more movement on the fairways and greens. More information regarding Punta Mita can be found at www.puntamita.com