Is Mexican Real Estate For Real?
 NBCSandiego.com
| | Deals heating up south of border. |
Hot deals in Mexico and skyrocketing home prices in the U.S. have baby boomers looking to buy in south of the border.
Rosarito Beach, once known only as a party town, could soon become a retirement community with beachfront condominiums selling in the low- to mid-$300,000 range, NBC 7/39 reported. Housing advertisements cater to Americans with English phrases like “Your dream is right here” and “Only 40 condos left.” American companies are offering everything from loans to title insurance.
"There is a huge demand, especially because of the baby boomers and people looking for second homes," said Gustavo Torres, of Remax Baja Realty.
Roy Landers paid $152,000 for his two-bedroom, two-bath house with an ocean view. Landers said the 16-floor, two-tower complex where he lives is 95 percent American-owned.
"A view like this would cost more than $1 million (in the U.S.)," Landers said.
"You can find developments and residential products down there that are every bit as good as they are here in San Diego," said Mitch Creekmore, of Stewart Title.
Still, there has been a cloud over Baja real estate ever since a group of Americans lost their retirement homes near Ensenada. Laws are different in Mexico - instead of a deed, landowners must take out a 50-year renewable trust. There is a yearly trust fee.
"If you’re going to buy a residential piece of property, it (the title) has to be vested in something called a fideicomiso - a bank trust established with a federally-chartered Mexican bank," Creekmore said. |
Vallarta Weddings
Puerto Vallarta Real Estate | July 2006 
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