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 Puerto Vallarta Real Estate | June 2008 
Boomers Flying, Buying Mexico Properties
 PVNN
| | Riviera Nayarit has rapidly developed into a boomtown for Americans looking to buy vacation properties and second homes. (PlayaLasTortugas.com) | | |
New figures show home prices in major U.S. cities dropped this past year to what they were in the summer of 2004. That news has developers luring Americans across the border to buy - and some of the hottest properties are along Mexico’s Pacific Coast.
It’s known as a "fly and buy." The Riviera Nayarit, just north of Puerto Vallarta, is one of the hot areas. Mexico's newest Pacific destination, Riviera Nayarit unfolds just minutes north of Puerto Vallarta's International Airport.
Boasting an ideal climate, 100 miles of pristine Pacific coastline loaded with luxury residential developments and resort areas such as Punta Mita, Nuevo Vallarta, Flamingos and Bucerias, Riviera Nayarit has rapidly developed into a boomtown for Americans looking to buy vacation properties and second homes.
Property prices in Mexico are significantly more affordable than in the U.S., and the forthcoming retirement of the baby boomer population is likely to create huge demand for property markets offering the pleasant climate, glittering beaches and rich cultural traditions for which Mexico is famous.
The "fly and buy" process is part sell, part sightseeing and part seminar. It’s doing so well that a risk manager for a San Antonio real estate company traveled south of the border to learn more.
"I heard an astronomical figure about how many, I forget what it was, about how many U.S. citizens will be retiring to Mexico in the next ten years," said Hank Braunstein with Keller Williams Heritage Realty.
About 78 million baby boomers are expected to retire in Mexico in the next 15 years. Developers anticipate more Americans looking for the next big place to buy will cross the border. |
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