George Puckett
Hello to All,
Today ( 7/7/11) I sent out a query to all of the members of the classified ad website inquiring as to the condition of the Real Estate market in their area. I gues the results were not shocking. They were pretty much as I had expected in all parts of Mexico. Where it was different it was because of the individual agent and not the existing market conditions. I'm referring to our own Michele Kinnon. She seems to be swimming upstream and doing a good job of bucking the trend.
I feel that in this market, one has to work harder and smarter. You probably feel that it's easy for me to say since I'm not selling Real Estate but living my "Back Nine" Golf Course retirement in Tucson. That's true but I have been involved in boom or bust markets in San Jose, Ca and here in Tucson. I know of several Realtors who committed suicide in San Jose during the decade of the 70's. They were driving Maseratis and chauffeuring their buyers around in limousines one month and the next month they were being chauffeured to their final resting place.
Enough of that. Here are the responses.
Responses to my Question on RE Sales in Mexico:
How are Real Estate sales in your area? I had a member from La Paz ask what I had been hearing from other parts of Mexico.
1. George,
YES, things are "bad all over". Just had a friend get back from Playa del Carmen and she said the place was extremely quiet for this time of year. Everything seems to be for sale she said. Many projects at a standstill.
The asking prices I see on your tours seem to be from another era. Don't these folks know that it is 2011 and not 2004?? You are doing a great job and thank you.
Vic
2. Frank Slater- Cuernavaca
George, Real Estate agents in Cuernavaca are reporting an increase in people looking to purchase a home in Cuernavaca and more purchases being made. Some of the purchases come from people in Mexico City looking for weekend homes or to move to a beautiful area within commuting distance of Mexico City. Additionally, more and more USA and Canadian citizens are becoming aware of this city as a retirement place. Year round spring like weather in this colonial city that dates back to at least the 1500s, great prices of homes and a safe area to live is bringing more and more buyers. Now is the time to buy with prices stable over the past few years and great homes at great prices are available."
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3. Very slow in Mazatlan. I have buyers in town next week that are relocating from Chihuahua. I feel that the next high-season will see an improvement for me as I have several sets of clients that want to buy and are not afraid of the “violence” in Mexico. Mazatlan still feels safe. I have been here for 16 years, the last 8 full-time. I have a construction business http://www.mazatlanconstruction.com/ as well and get an occasional remodel. Things are slow. The economy sucks. Gringos perception of the violence as hammered by the NOB media hurts us. You know all of this George!
Saludos,
Jim
James Goodman
Invest Mazatlan
Sales Associate & Lifestyle Advisor
Mazatlan: (669) 981.2427
US/Canada: 1.817.210.6416
4. I dont have figures yet for Vallarta, we have been converting from an old MLS system and migarting to a REAL MLS system which is used in Penasco, and Ariizona, and all over the U.S., so figures are not accurate yet, but I did pull a report of solds since Jan 1 this year, and although not everyone is reporting yet, the number was 19. Skewed, but that's what we have.
hope this helps
robin
- Show quoted text -
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Robin Miller
Vallarta Beach Bum, at
Carpe Diem Real Estate
Puerto Vallarta & All Mexico
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5. Pina to Me:
You are correct. Things are pretty, pretty dismal. A friend of mine who had a real estate office SMA Centro closed up. She was surviving on just rentals and obviously could not do it. My house has been on the market for 2 years, and it is a very nice house, in a very nice community and I have reduced the price just to break even, and still nothing. Depressing is the word I would use. I have had some "tire kickers" come and look, some could not get financing, etc., etc. This is in San Miguel de Allende.
6. Things are pretty bad here in Lake Chapala area. Our house is on the high end so we knew that it would take longer than usual. After 3 realtors and no offers we are pretty discouraged. Please do not use our name only location.
7. Heck yes!! We have sold 12 units since January!!
Warmest regards,
Michele Kinnon
These are the places where you can find Michele. All of this helps!
http://www.LifesaBeachBlog.com
http://www.facebook.com/BuyPlaya
http://www.twitter.com/BuyPlaya
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8. Real Estate is not what it used to be, that is for sure. I’m sure many agree, we are working 3 times as hard, for less than half the earnings we started in many years ago. As prices slide, so did our income. And as buyers became more internet savvy and at the same time this drove them to be less loyal to one realtor. Which means, that most of the time .. your buyer is making “5 of us work” .. and as the book said …”buyers are liars sellers are too”. Such is the new real estate age – in USA, Mexico and Canada!
6 months in Cancun is like 3 years in Puerto Penasco for me ….. from a city of 60k to a city of almost a million people… I like to use an adage that Gretchen Ellinger always said .. “im busier than a 1 armed paper hanger” ….. Am I selling more? It seems that will be the case soon. With only 5 months open here coupled with breaking into a very very hostile real estate market where competition is cut throat – “the market here moves”… however with out a reliable and cooperating and open MLS – it’s impossible to talk numbers. The market here is truly international – Mexicans, Europeans, Americans and Canadians are shopping on the internet, flying here, previewing properties and putting in offers to purchase! Comparatively speaking, it seems the market is hopping in the Riviera Maya! If you talk to someone who was here 5 yrs ago.. They may say it’s slow … it is slow all over the market, if you try to compare it to 2004-2006 … but it’s not “dead slow”.
Wow! That just rolled off the top of my head like BOOM …. Sounds like an article already .. LOL!!!
This month we are closing on 3 sales, and 3 rents…. 13 agents, all busy with buyers and renters … so this is encouraging. We are not standing around saying “where are all the buyers”.
Best Regards & Cheers!
Heidi
9.
I can't speak for Cancun and Playa del Carmen, but everything from Pto. Aventuras, Akumal, Tankah, Soliman Bay, Bahia Principe, Tulum and the Sian Ka'an (Southern half of the Riviera Maya) is pretty slow. We are starting to see a slight up tick of Buyers, but nothing like is was a few years back. To my knowledge this area has four closings and or contracts on million dollar plus homes in the last 90 days, three beach front lots under $300k, six condos under $400k, two over $500k and a jungle home for $100k.
I'll look forward to your findings.
Russ
10. Hi there george,
Not bad still buyers in town buying with some great deals good job the mexican ecomony is strong,
What happening you can buy dirt cheap in the usa,and you see many buyer from canada and europe but buying on price,they not thought about whats going to happen in 2012 with the taxes,plus the usa is not a safe place to live,
The next thing is all this media that usa &canada are putting out there about mexico,its a very big place mexico I lived here five years never been shoot,robbed,attacted, threaten,
I feel safer here then the uk, and hate traveling though the usa,
So VIVA MEXICO I SORRY IF WHAT I SAID AFFENDED YOU,
BEST WISHES DANA
Puerto Vallarta
11. Casa Machaya B7B, Oaxaca City
Although tourism has been badly hit here in Oaxaca, and innkeepers are having their worst year since 2007, surprisingly real estate sales and new home construction are brisk. Within two or three blocks of my house there are eight homes under construction or built within the past year. Prices keep rising, at the rate of about 20% per year for land. I know of one foreigner looking to buy here for $500,000 USD. Most others who are buying and building are Mexicans. But Oaxaca is a false economy: http://ezinearticles.com/?The-False-Economy-of-the-Hospitality-Industry-in-Oaxaca,-Mexico&id=6340289
Locals might be anticipating a boom upon completion of the two new highways better linking Oaxaca with Puerto Escondido and Huatulco (toll road to Huatulco and highway widening to Puerto Escondido).
Feel free to quote me on the above. Alvin
follow us on twitter: www.twitter.com/CasaMachaya
find us on Facebook: Casa Machaya Oaxaca
Casa Machaya Oaxaca Bed & Breakfast
http://www.oaxacadream.com
Oaxaca Culinary Tours & more
http://www.oaxacaculinarytours.com
Alvin & Arlene Starkman
Sierra Nevada 164, Col. Loma Linda
Oaxaca, Oaxaca, Mexico 68024
Skype: titosarah
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12. From Jim Moore
George, San Felipe is experiencing a major slow down as is most of Mexico. I have had 5 sales since January. Most tourism has dried up with the exception of holidays. I am looking forward to our "High" season, come October. Traditionally, this is when business picks up. We'll see.
Jim Moore
Saludos y Buen Dia
San Felipe Village Realty
Founding Member
AMPI San Felipe
(Board of Realtors)
www.sanfelipevillagerealty.com
