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Punta Mita Releases New Oceanfront Estate Sites

DINE, the master developer of Punta Mita, has announced a new track of oceanfront home sites on Iyari Point, which stretches out into Litibu Bay on Punta Mita’s north facing coastline just west of Kupuri Estates. This new enclave will feature only eight oceanfront home sites, with allowances for future expansion for up to twenty elite hillside residences. Iyari offers unique ocean views, a private gated entry, and exclusive access to Playa IYARI, set on a secluded soft sand beach.

Punta Mita is situated on the most northern point of Banderas Bay. It encompasses 1600-acres with 9.5 miles of beachfront and uninterrupted views. The Four Seasons and St. Regis resorts, beach clubs, villas and services located within are the ultimate in luxurious comfort. There are two Jack Nicklaus golf courses, tennis and fitness club and a community pier. Visit here for more information about Punta Mita.

For more information about Iyari, email Punta Mita Properties at [email protected].

Vallarta Real Estate Fair 2017

On March 4th, at the Rivera Molino Plaza on the southside of downtown Vallarta, the annual Vallarta Real Estate Fair, produced by the Timothy Real Estate Group, will be taking place from 9AM to 2PM.

Whether you’re a buyer, seller or currently holding a piece of real estate in Mexico, there’s a good chance you’ll learn something at this unique event. You will hear the latest market statistics and industry trends, meet the professionals and gain insight and practical information on all aspects of buying and ownership in Mexico. Topics that will be covered will range from legal and notarial services, escrow, loans, property insurance and local banking to rental services, property management, construction and design.

A panel discussion, on topics from the basics of the buying process and closing costs to the intricacies of cross-border taxation, will complement the exhibitors’ booths. The Fair also offers important information about living and enjoying life here in the Banderas Bay area. Meet talented health, wellness and lifestyle specialists.

March 4th from 9:00 am to 2:00 pm. Admission is FREE! For more information, visit VallartaRealEstateFair.com.

Costalegre Update 2017

I wrote about Costalegre a few months ago, but recently had to go to Manzanillo to visit family and friends, and so had the opportunity to see how things are progressing along this coastline south of Vallarta. The ride down on highway #200 and through Costalegre is a beautiful drive, but it can also be very slow, especially around El Tuito and again just north of Barra de Navidad. In these locations the road is narrow, very windy and can be quite slow if you get stuck behind large trucks. In between these two points the road is being widened and repaved, still with two lanes but now wide enough for a car to pull over a bit and allow someone to pass. Construction continues on the highway, while also widening some of the bridges, but at the pace they are going, they are going to be working on this road for some time to come.

I have travelled this road numerous times over the past 30 years, and although the highway has improved, there really haven’t been a lot of changes on this coastline. Careyes, Cuizmala and Las Alamandas are still there, but the hotels of Tamarindo and Hotelito Desconocido, are not. El Tucan has been shut down for many years now, but it seems the hotels around the bay of Tenacatita, such as Punta Sirena and Blue Bay Los Angeles Locos, are still quite active.

The hotel at Tamarindo is suppose to become a Four Seasons, although I’m not aware of how far along that project is. And there is supposed to be a new Luis Vuitton hotel (Cheval Blanc), going in near Chamela, but it was difficult to see any sign of activity from the highway.

Work has been going on for some time on building a new airport near Chalacatepec and the new mega-development of Xala, where there is supposed to be a One & Only hotel being developed. On my return I saw a large sign for this airport and project, with a brand new paved road leading off towards the coast. I took it and all was fine for a couple of kilometers. But then the road turned to a gravel and then finally just ended. No airport, no Xala, just a dead end. On the way back I met a rancher on horseback on the side of the road so I stopped and asked him what was going on. He said that the runway was there, (and I can see it on Google Maps), but not paved, and there is no easy access to it. And he wasn’t sure if they even were still working on it.

Progress on the airport seems to be like many of of the supposed projects taking place along Costalegre; whatever progress there is, it is slow going, and information regarding it is even harder to come by. Seems not a lot has changed over the past 30 years. Maybe that’s exactly the way many prefer it to remand, unspoiled, on this amazingly picturesque coastline.

Value of Real Estate to the Puerto Vallarta Community

When most people think of real estate as an industry, it brings up images of tracts of single family homes, large commercial and condominium towers and shopping malls. But are there benefits other than providing housing, office space and shopping opportunities? If this is all that is taken into consideration, the real estate industry can seem to be doing whatever it can to fulfill its own interests, sometimes above the best interests of the community. But there are benefits that arise from real estate that too often are not considered, shortchanging the industry and, in some respects, giving it a bad image.

Let’s reflect on the real estate industry in the Puerto Vallarta area.

Golf Courses

Real estate developers learned a long time ago that, if you want to sell real estate, you have to deliver amenities. Building tracts of homes or condominium towers is not enough. If you want a project to sell well, add extras such as golf courses, marinas and commercial spaces. In this region, there are currently nine playable golf courses. Of these, only two were developed by the government: Flamingos, which faltered and eventually was sold to a real estate developer who has done an excellent job of restoring it to its original condition, and Litibu to the north in the state of Litibú. All the rest were built by private corporations, most of them real estate developers. Visit here for a complete directory of golf courses in the region.

After Flamingos, the first course to be developed was the Marina Vallarta golf course by Grupo Situr. It was eventually sold to Club Corp, which also built two more courses behind Vallarta that also have a real estate component to them. Next to follow were the courses of Mayan Island, Paradise Village (El Tigre) and Punta Mita, very good examples of golf courses built to facilitate real estate sales. It’s probably safe to say that if it weren’t for real estate developers, there’s a good chance we wouldn’t have golf available today in Vallarta.

Building golf courses is a major investment, and involving the sale of homes along the fairways goes a long way toward paying for the course. Golf is one of the main drivers behind tourism promotion throughout North America and, especially, here in Vallarta. Promoting this destination is simply easier with the availability of good golf courses, just ask any hotelier.

Marinas

Another important amenity offered by real estate developers are marinas. There are currently four in this area, three built by real estate developers (Marina Vallarta,Nuevo Vallarta and Paradise Marina). The fourth is the new marina in La Cruz, which also has a very strong real estate component, strong enough that I’m sure the developer would not object to being called a real estate developer who built a marina to attract real estate buyers, rather than a marina developer who included real estate to attract boaters. Real estate can pay for a marina investment much faster than moorage fees can. Of the secondary industries, these would probably be the most obvious, although it is amazing how few people have thought about this when I bring it up. But there are other benefits, as well. Probably, the most obvious would be the additional revenues for the municipality through property taxes. Next would be home decoration and art galleries.

Decoration and Art

Most condominiums and homes are sold unfurnished, opening a major market for those selling furniture and home decor items. It wasn’t too long ago that most people either shipped furniture down from the USA or purchased what they needed in Guadalajara. Today, we have a number of fine furniture stores, so there is no need to go out of town to furnish your home. And as homes and condominium sizes have increased, so has the need for more furniture. The same goes for the art galleries. These homes need art on their walls, and Vallarta has plenty to offer. The past five years have created a small boom for gallery owners and their artists.

Employment

It takes people to build all of these homes and condominiums, a demand so great that Vallarta has had to attract workers from other parts of Mexico. One interesting trend we are seeing is that many of these workers are bilingual, having returned to Mexico from the USA because of either the slowdown in the homebuilding industry or the tightening of immigration laws. Sometimes the workers speak better English than their employers!

Employment is also created by the need for people to manage and administrate the homes and condominium complexes, including gardeners, maintenance, security and property managers. There actually is a lack of people to fill these types of positions and a demand for qualified, professional administrators.

There is also a demand for professionals such as notaries, lawyers, accountants, engineers and architects, all important aspects in the purchase, sale and constructions of real estate properties.

Restaurants

Vallarta has seen nearly every hotel in the region begin offering an all-inclusive program. For many, that’s all they offer. So, what does that do for the restaurants in Vallarta? They suffer from it. If it weren’t for full-time real estate and timeshare owners, we would not have the quality of restaurants we do. Real estate provides a base that the restaurants can depend on, even during the low season. A study done a few years ago showed that home owners in Vallarta dine out two to three times a week when they are in town.

Demand for Airlift

Hotel operators sometimes complain that people who own full-time real estate are taking away air seats from potential clients for their hotels. I believe it’s the other way around: there is more airlift because of the increased demand by homeowners. In order to attract airlines and increased service to a destination, there needs to be strong demand, and the numbers need to be high. Real estate, including timeshare, provides the numbers. This is one of the reasons Vallarta has the wide variety of carriers servicing the destination today, more than many other Mexican destinations.

Non-Profit Service

And we can’t complete this piece without mentioning one very important component that receives the attention of property owners, especially those choosing to retire here. They have time on their hands and many get involved with non-profit organizations. They benefit greatly through their direct participation or donations. Many NPO’s simply would not survive without this important input.

There you have it. There is much more to real estate than meets the eye. Real estate contributes greatly to the community. There can, of course, be negative aspects to real estate growth. It’s inherent in most developers, if they are to be successful, to get the most they can out of their investment, which sometimes can mean building too high or too much. But that’s where local government needs to step in and regulate the industry. However, too often that side of the business gets much more coverage than the positive aspects of the real estate industry. Real estate does contribute more than its share to the community and should be recognized for it.

Vallarta & Nayarit Marine Living

Marina living appeals to a variety of people for many reasons, and this prestigious lifestyle is readily available in the numerous harbor developments of Marina Vallarta in Puerto Vallarta, Paradise Village in Nuevo Vallarta, and just off the highway to Punta Mita in La Cruz de Huanacaxtle. Homes along the canals of Nuevo Vallarta provide beautiful coastal scenery with easy access to wider waters. Whale watching, fishing and cruising are just moments away if you have your own boat docked outside your door or charter a craft for sailing, water skiing or just watching the sunset.

When not out enjoying the water, marina dwellers can enjoy the many amenities of their attractive and well-planned communities, which usually combine tourist, residential and commercial development. Golf, tennis and a health club and spa will likely be nearby, as well as restaurants and shops and the beautiful palm tree-fringed beaches of the bay.

The marinas of Vallarta provide tranquil waterfront living in a wide variety of homes and condominiums, from studio apartments to million-dollar mansions overlooking world-class boating facilities packed with stunning pleasure boats, sailboats and yachts. Residences may overlook the bay or a lagoon, and many have views of the spectacular Sierra Madre Mountains. A marina is generally the heartbeat of a resort area —a vibrant and vital center. Certainly “picture perfect” marina living in Vallarta will transform the lifestyles of both water enthusiasts and leisure lovers alike.

AMPI – Mexico Real Estate Association

Currently in Mexico there is no licensing required for real estate sales professionals. In order to assure that realtors are performing in a professional and ethical manner, the Mexican real estate association, AMPI, (Asociación Mexicana de Profesionales Inmobiliarios), has taken on this responsibility on behalf of buyers, sellers and the general public.

AMPI has published ethical and fiduciary standards that its members are required to maintain. Those standards provide some assurance that the often complex process of a real estate transaction is less likely to go awry through a lack of due diligence on the part of the real estate professionals.

In addition, AMPI standards require that their associates be involved in the community they are servicing. Among the requirements for membership in AMPI, there is a need for 100 hours of continuing education and testing, and foreigners working in real estate must be approved to do so by immigration. In a real estate market as active as the Puerto Vallarta area, it is important to know that your realty agent will still be around the day after the ink has dried on the sales agreement.

Top Five Great Central Vallarta Condo Projects

In 2016 the most popular region for new home buyers in Puerto Vallarta was most certainly the downtown area, where a number of new real estate developers are offering a great variety of condominium styles, types and amenities. Being situated in the heart of the town means not needing a car as one can walk to the markets, restaurants, shops and beach. It also means never being bored as there is always something going on in this very active part of Vallarta.

Another great common-area feature that seems to be a staple with these projects, are amazing rooftop terraces with infinity swimming pools and other great amenities. There are five projects that really stand out, all currently being marketed by a few local real estate agencies:

D Terrace is situated just a couple blocks from Los Muertos Beach, just a few steps from the Romantic Zone. It is another project by Octavio López, who for nearly 20 years has been building in the Vallarta area with projects such as Paramount Bay, Horizon, Avalon and La Cima. D Terrace is comprised of 43 units, most with two bedrooms and some offering ocean views. On the roof is a large common area terrace with an infinity pool, jacuzzi, gym, fire pit and sky bar with 360º degree views. It is currently being offered by Applegate Realtors. Prices start at US$225,000.

Pacifica is also being represented by Applegate Realtors, and again by an experienced developer with previous projects such as Amapas 353 and The Park. Situated on the very active Basilio Badillo, Pacifica will have 39 residences with ocean, mountain and city views with studio, 1 and 2 bedroom opportunities. There will be a rooftop terrace with an infinity pool, jacuzzi and bar, and workout room. Prices start at US$179,000.

Pavilion is represented by Elengorn Realtors and is part of the portfolio of the developers CRAGSA, who also are the builders of Zenith Condominiums, also in this area. Pavilion consists of 62 units over six levels with again, a roof top terrace and gardens with infinity pool jacuzzis, fitness room, and lounge seating. There is also a common area lap pool located on the fifth level. Prices start at US$160,000.

Pier 57 is represented by Tropicasa Realty and is situated just a couple blocks from the beach in old Vallarta. The project offers 1 and 2 bedroom units which allows, however, for each home the ability to convert to an oversized one bedroom with larger living areas or spacious open studio loft-style apartment all in about 1,100 sq. feet of living space. Rooftop amenities include an infinity-edge swimming pool, raised sundeck, private cabanas with entertainment systems, full bar, restaurant facilities, and full-feature gym facilities. Prices start at US$280,000.

Zenith is another development represented by Elengorn Realtors and developed by GRAGSA (who have also developed the Banderas Bay projects of Velmar, Velmar II, Punta Plata, Nova, Diagonal, Playa Seis, Punta Arena and Azul). Zenith features 46 units with 1 and 2 bedroom residences featuring contemporary design and stunning panoramic views towards the city, mountains and sea. For common areas, Zenith offers a fitness center, infinity pool, jacuzzi, BBQ area, business center and concierge. Prices start at US$245,000.

Mexico is the #1 Place to Retire for 2017

For more than 25 years International Living has been ranking and rating the best places in the world to retire, creating their well-read and followed Annual Global Retirement Index. And for the past 14 years, Mexico has continually ranked in the top 10, with five first place finishes. For 2017 it was #1 again, narrowly beating out Panama and Costa Rica.

The criteria followed are: ease of buying & renting, cost of living, ease of obtaining residency, entertainment opportunities, healthcare, infrastructure, and climate. Out of a possible 100, Mexico ranked 90.9.

International Living states that, “questioning and assessment ultimately leaves us with a definitive list of the best retirement havens from around the world. All of which share the values that you can expect from an International Living approved retirement destination, while also maintaining aspects that make them stand out as individuals, meaning our index has a place to suit every taste.”

Those familiar with Mexico have known for years that it’s a wonderful place to live and retire, but it’s nice to hear it from an organization that puts its reputation on the line for being an authority as to what are the best retirement countries in the world. “Mexico has always offered arguably the easiest transition to expat life around: Low-cost, conveniently close, friendly locals and plenty of expats—Mexico offers an appealing balance of exotic foreign culture and familiar First-World lifestyle.”

IL reports that even through crime and insecurity have been issues, it tends to be in certain areas of the country, and not the areas that are most popular with retirees. It is a big country, so what takes place in what area should be construed to take place in the whole country.

IL explains, “there’s a reason over 1 million Americans call Mexico home. The cost of living is great—expats report living well for as little as $1,200 a month—and has gotten even better with the weakening of the peso against the dollar in recent years. Your dollars now buy nearly 50% more pesos than they did just a few short years ago.”

The strong U.S. dollar has been a boon for Americans, although not as much for Canadians. And where in the past pesos prices would be quickly increased to follow the dollar, this has not occurred so that there are really some great bargains when it comes to restaurants, shopping and grocery purchases.

“The cost of living in Mexico allows me to live a fun life on my Social Security check,” says San Francisco-native Jack Bramy. Living half a block from the beach in Puerto Vallarta, Jack’s not scrimping. “There are great restaurants and tons of cool bars on the malecón (promenade). My rent is $575 a month for a two-bedroom apartment with a great modern bathroom and nice kitchen.”

IL concludes, “Mexico isn’t perfect—no place is. But its flaws pale when weighed against the vividness of life here.”

8 Great Vallarta South Shore Million Dollar Properties for Sale

The South Shore of Banderas Bay, just minutes from Puerto Vallarta, is where the foothills of the Sierra Madre mountain range, rich in lush green jungle foliage, reach the turquoise-azure waters of the bay, creating a backdrop, coastline, and setting for some of the finest luxury real estate properties available close to downtown Puerto Vallarta.

Currently there are eight stunning properties for sale here, ranging from high-end condominiums to luxury estate properties, situated high on the hillside overlooking the bay or nestled close along its shores.

Spectacular Duplex Condo at Garza Blanca

At the top of the list, currently for sale at just over US$4 million, is a spectacular 5,000 sq. ft. penthouse-duplex condominium at Garza Blanca, with amazing panoramic views of the bay.

Casa Peregrina

Next is Casa Peregrina, a grand home on a scale with any of the traditional old-world haciendas in Mexico, situated within the luxury hillside development of Sierra del Mar at US$1.8 million.

Villa Karon

Villa Karon is a spectacular five-bedroom hillside home in the hills Lomas de Mismaloya, overlooking the natural reserve of Los Arcos, and listed at US$1.5 million

Luxury Condominium at Sierra del Mar Los Arcos

If you want to be situated right on the water you won’t find a better setting than at Sierra del Mar Los Arcos where a luxurious condominium with over 3,200 sq. ft. plus 450 more of terrace is currently listed at US$1.3 million.

Casa Corazón

Casa Corazón is also an oceanfront estate property, situated to the Palo Maria river with over 600 m2 of living space and priced at US$1.219 million.

Villa Suzannah

At US$1.2 million, Villa Suzannah is available, perched high in the jungle and hills and overlooking Mismaloya Bay and offering an amazing 940 m2 of living space.

Casa Romántica

Casa Romantica, situated on the hillside of the gated community The Ridge/San Xoaquin, provides 7,300 sq. ft of living space with five bedrooms, for US$1.195 million.

Casa de Arriba

And last, but not least, Casa de Arriba in Lomas de M i smaloya is available with owner financing at US$1.250 or for cash at US$950,000!

There are truly some amazing properties currently available on the South Shore of Banderas Bay, just minutes from downtown Puerto Vallarta. You can check out many more at MLSVallarta.com

U.S. Election Promises of Deportation and Infrastructure

There is growing concern in Mexico as to what may happen if president-elect Donald Trump stands firm with his pre-election promise to deport millions of Mexicans from the United States. It would involve a substantial number of people returning to Mexico looking for jobs, in an country whose economy is already being challenged at numerous fronts.

It was recently stated, however, in the Real Estate Institute’s 2017 annual Emerging Real Estate Trendsreport, that one of their primary concerns for next year in the U.S. will be labor scarcity. And one of the reasons given for the shortage is because of the deportation of hundreds of thousands of Mexican immigrants by the Obama administration.

The report states that, “We do not have to wait to feel the effects on real estate. Our interviewees are telling us that they feel the pinch right now, and they expect it will get tighter over time. A multifamily housing specialist says, ‘Labor availability and shortage will continue to have a significant impact on the market.’”

“The shortage ranges from laborers to more skilled labor. This is pushing up the development time on projects and is cutting into returns. The shortage of labor has slowed the number of units being delivered to markets and may have helped prevent overbuilding in 2016. Executives for a firm intermediating offshore wealth into the U.S. real estate market note that they see ‘five-to-seven-month construction delays due to labor shortages, while costs are inflating.’ “

The causes of the labor shortage are many, but it is suggested in the report that the “clampdown on Mexican immigration alone reduced the labor pool by several hundred thousand construction workers.”

Mexicans make up a good proportion of the workers in the construction industry. So if the industry is reporting a shortage of skilled workers, and Trump intends to deport millions of Mexicans (many who work in construction), then who is going to help build the $500 million in infrastructure projects that Trump has also promised, when the unemployment rate is already at historic lows?

Trump is in the real estate development business, so surely he must realize how many construction workers are Mexican and that the industry is already suffering from a shortage of workers, not a glut.

He may need to rethink his deportation plan if he wants to move forward with improving America’s infrastructure, as it may be difficult to fulfill one promise that will certainly jeopardize is ability to fulfill another.