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 Business News | October 2006 
Don Jr. Trump-ets Mexico's Pacific Coast
 Bloomberg
 |  | Their plans incorporate golf courses, marinas and shopping centers to appeal to American retirees and vacation-home buyers. |  | | Lynn Feenaughty bought a builder's promise and an empty lot near the village of Loreto, on Mexico's Baja California coast, after being priced out of Puerto Vallarta, his first choice for a retirement home.
Feenaughty, part of a wave of U.S. buyers in new coastal communities, made the $201,000 leap of faith into an undeveloped area last year after Mexico relaxed foreign-investment laws and U.S. companies began offering escrow service and title insurance, reducing risks.
The change in Mexico's real-estate climate is drawing U.S. developers, including Donald Trump, to build communities on the Baja peninsula.
Their plans incorporate golf courses, marinas and shopping centers to appeal to American retirees and vacation-home buyers, said Donald Trump Jr., vice president of development for the Trump Organization.
"People in the U.S. can't afford oceanfront property anymore," Trump said. "In Baja, you can get oceanfront for a fraction of the price."
The peninsula of desert flatlands and mountains between the Pacific Ocean and Gulf of California stretches for 1,000 miles south from San Diego.
The five largest projects aimed at foreigners will attract $5 billion of investment by developers and homebuyers within 15 years, according to Mexico's National Trust Fund for Tourism Development. |
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