Jaltemba Sol
Puerto Vallarta: It's a Buyer's Market!
The resilient demand for primary and secondary residences in
Puerto Vallarta and the outlining north and south coastal areas continues to
thrive. As a result, developers are capitalizing on baby boomers retiring and
bringing their dreams of ownership in Puerto Vallarta to fruition.
Currently, over 8,000 units are under construction in the Puerto Vallarta region
and this figure will continue to grow over the next few years as the number of
retirees also continues to grow.
With the rapid increase in prices over the past four years and before the
sub-prime financial crisis in the U.S., a great deal of speculation occurred in
the market. Thus, as developers continue to start new projects they are finding
that they are competing against this speculative market.
Although this may be unfortunate for developers, this is extremely beneficial
for buyers. We are experiencing stagnation in the market place where
construction costs continue to rise, while new product prices remain flat and in
most cases are falling. As a result, many developers are offering incredible
incentives and in some cases financing.
Over the past year, the average price per sq/ft has been approximately $180 USD,
however, we are now seeing prices as low as $130 USD a sq/ft. A brand new luxury
1,800 sq/ft condo with panoramic views of the Bay of Banderas can be purchased
for as low as $250,000 USD.
"It is a great time for buyers. Prices will definitely go up as construction
costs continue to rise." says Miguel Fernandez, Managing Partner of the G3MEX
Group.
A wide spectrum of products are available, such as active adult living and
health oriented communities, ocean front properties, condos offering panoramic
views of the jungle, bay, and ocean, and homes ranging from $150,000 USD to
multi-million dollar estates. Even taking into consideration the drop in prices
in the U.S. real estate market, new construction pricing here in Mexico remains
below that of the U.S.
G3MEX Group is a Real Estate Investment, Development and Broker Services company
that offers full service representation and consulting on buying in Mexico.
Miguel Fernandez says "We are able to realize our buyer's future now."
With mortgages becoming mainstream in Mexico, 30 year fixed 80% loan to value
programs are available with interest rates as low as 7.5% for qualified buyers.
G3MEX has selected a few projects and re-sales that provide incredible value,
including Alamar, Las Vistas, Tahima, the Renaissance, Paramount Bay and La
Joya Huanacaxtle.
Many more options can be found at
G3MEX.com. For more information, call their U.S. toll free line at 1 (877)
688-3874. Be sure to ask about their fly and buy program, whereby if you buy
from G3MEX Group, they will reimburse air fare and accommodations for two upon
the closing of your dream home.