|Puerto Vallarta Real Estate Expert Says End of 2009 will be Defined by Low Prices|
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October 13, 2009
In an interview with TopMexicoRealEstate.com, Puerto Vallarta Real Estate expert, Jim Scherrer, points out that, while sales are low at the moment, there are a lot of Mexico condos in the area being offered at significantly lowered prices, and that there is a high level of interest from the international market, despite low sales at the moment.
|In Puerto Vallarta, real estate prices of recently built condos have dropped by anywhere from 20-35% during the past year alone. (photos by Promovision)|
In the pre-2008 market, the low price range for Mexico Condos in the Banderas Bay area was $350,000-$700,000 USD. Scherrer points out that these prices have been reduced to prices between $200,000-$350,000. There are also some new buying options being offered, such as fractional ownership, which according to Scherrer "could offer some interesting possibilities."
Scherrer gives the example of one developer that had significantly lowered the prices of its luxury beachfront condo development, located in one of the prime areas of the city. For example, a condo which was being sold for $835,000 at its original price is now being offered at $550,000 USD, which even surpassed the 35% average reduction offered by this developer.
The price reductions come as a result of a large supply of condos available in the market - 7000 new condos currently unsold, according to Scherrer, meaning that there is a large range of choices for buyers.
The price reductions and large number of options for buyers have not gone unnoticed. Many international buyers have been searching on the Internet.
"July was my most active month ever," says Scherrer, "in terms of viewers on my website." He continues to point out that August was the second most active. "Although the number of clients moving towards finalizing purchases is low," points out Scherrer, "Puerto Vallarta Real Estate is catching people's attention. Now it remains to be seen how many buyers begin to act on this interest, and how long the super price reductions last."
The founder of Puerto Vallarta Real Estate Buyers' Agents (PVREBA), Jim Scherrer is a retired entrepreneur who has owned property in Puerto Vallarta for more than 25 years. Utilizing his experience and extensive knowledge of the area, Jim's series of informative articles about travel to and retirement in Puerto Vallarta reveal the recent changes that have occurred in Vallarta, while dispelling the misconceptions about living conditions in Mexico.
To read articles by Jim Scherrer, click HERE or visit PVREBA.com.