Puerto Vallarta and Riviera Nayarit Real Estate Blog

Parade of Homes

2011-02-09T15:08:00.003-06:00

Tropicasa Realty has launched the Parade of Homes program.
Every Saturday from 10am to 2pm Tropicasa will have Open Houses for the public and the Real Estate Agencies in the AMPI community.
While there are Open Houses in Puerto Vallarta regularly, they are normally held for brokers only.
There is an ongoing marketing campaign in local publications, radio and electronic media as well but you can check the properties that will be participating here

Mexico tourism sees increase despite drug violence

2010-12-23T18:43:00.000-06:00

An article featured in Businessweek.com says that Puerto Vallarta will be named one of the top destinations by Orbitz travel website as holiday travel to Mexico is up from a year ago as vacationers cash in on low-cost tropical holidays.
Read the article here

Puerto Vallarta Luxury on a Budget

2010-11-16T16:19:00.000-06:00

Kathleen Peddicore of Live and Invest Overseas Publishing Group has published her list of The World's Top Retirements Havens for 2011 and Puerto Vallarta made it to the top of the list of best place to retire for "Luxury on a Budget"

Tourism in Mexico is coming back

2010-10-20T11:04:00.000-05:00

An article published in http://www.mexicorealestateinvestment.org/ states that tourism in Mexico has increased already in 2010.
Here is the article:
http://www.mexicorealestateinvestment.org/mexico-tourism-is-making-a-comeback/001261

Two good articles if you are considering to invest in real estate in Puerto Vallarta

2010-09-25T12:43:00.002-05:00

Here are two articles that support the idea that buying real estate in Puerto Vallarta is a good investment:
This first article is by a journalist from New York that spends a lot of time in Puerto Vallarta and gives us an insight of what is really like living here versus what the media makes it look like to be.
http://www.pvrpv.com/blog/safety-in-mexico-one-journalist%E2%80%99s-view-by-linda-ellerbee/

This second article is about a company that has in the past proven that know when it is time to invest in the real estate market and when it is time to get out.
They are wanting to come back to Mexico after selling their last investment here in 2008.
http://www.bloomberg.com/news/2010-09-24/billionaire-zell-in-talks-to-invest-in-mexican-colombian-property-firms.html

Puerto Vallarta is probably the best option because of it is easily reachable from the US and Canada (direct flight availability), the good weather we have, affordable living, great medical care services but the best thing is probably the people...even if I say so myself.

AARP The Magazine Travels the Globe to Reveal the Top 5 Best Places to Retire Abroad

2010-07-27T15:39:00.001-05:00

Are you looking for a great place to retire?
See what the experts recommend
http://www.aarp.org/about-aarp/press-center/info-07-2010/best_places_retire_abroad.html

Market Stability

2010-07-05T16:22:00.000-05:00

At times I have written about the state of the Real Estate Market in Puerto Vallarta and the Riviera Nayarit.

Today I received an e-mail with a list of properties in different parts of our country that are being auctioned by banks or other entities.

The thing that strikes me the most is that there are none in Puerto Vallarta nor the Riviera Nayarit.

While there have been very few fire sales and auctions in our area this still speaks highly of how stable our Real Estate Market is over here.

If anybody is interested in this list please let me and I will e-mail it to you.

Is the Fideicomiso (Trust) obsolete?

2010-04-21T13:16:00.005-05:00

There is an interesting article posted on the International Living website that talks about the initiative of some Mexican senators to simplify foreign investment in Mexico and basically lift the restriction so foreigners could acquire direct title to real property in the now called "Restricted Zone" (100 kilometers from any border and 50 kilometers from any coast).

Last October I wrote about Foreign Investment in Mexican Real Estate a course we took with Lic. Diego Robles Farías in which he stated that the conditions that prompted the Mexican government to create the prohibited Zone have changed...

There have been several initiatives in the past from other politicians to lift this restriction and while their arguments maybe valid this is a political issue which could be used by other political parties to gain votes with the Mexican people by arguing that all these politicians want is to sell our country.

You can read the article in the following link:

http://internationalliving.com/2010/04/20-foreign-investment-in-mexico/

Still, the Fideicomiso is the way for foreign nationals to acquire title to real property in the restricted zone and if you are interested in reading more about it please log on to the following link:
http://alfredoherrera.point2agent.com/Buying_Property_in_Mexico/page_2292621.html

A good article about real estate in Mexico

2010-04-20T12:25:00.002-05:00

Here is a good article about the update of the real estate market conditions in Mexico and Puerto Vallarta and the Riviera Nayarit.

http://www.veteranstoday.com/2010/04/11/follow-the-money-why-the-u-s-mainstream-media-has-mexico-under-seige/

Los Altos Villas Open House/Art show

2010-03-11T13:53:00.000-06:00

As previously stated and because of the great success it has had, Tropicasa will be doing an open house/ in Los Altos Villas once a month and the next one is this Saturday.

Here is the invitation:

Last Saturday's Open House / Art Show at Los altos Villas

2010-02-15T11:57:00.000-06:00

Last Saturday Wayne Franklin of Tropicasa Realty held another Open House/Art Show at Los Altos Villas.

This is the second one this year as the first one last month was a success attracting a lot of guests.

Franklin said the people like it, the artist participating showing their art like it and the developer likes it so he will be having one every month.

For those of you have not been to one these Open House / Art Shows I will let you know when the next one will be.

Hope to see you there.

New listing

2010-01-30T10:54:00.001-06:00

Here is a rare opportunity to own a spacious and tranquil ocean view condominium at a reasonable price. It is one of only seven units is a lovely hillside complex.
private, side entrance leads to an over sized terrace, overflowing with tropical plants and flowers, perfect for pets, or entertaining. The large chef s kitchen is beautifully tiled and is fully equipped. Tastefully redecorated, this unit is sold fully furnished and ready to be occupied. An excellent property for vacation or rental purposes, the views of the Bay are spectacular from the rooftop terrace and spectacular common swimming pool and entertainment terrace. Some of the amenities of this unit include: remote–controlled mini–split air conditioning throughout, full bathroom with custom tile, large master suite with custom shutters and headboard. This unit is well priced by a motivated seller and should not be missed.
Homeowner‘s Association fees are only approximately $135USD per month and include the following services: all common area, pool and garden maintenance, water, gas, garbage, sewer.

Tropicasa Realty and Los Altos Villas Special Event

2010-01-02T08:46:00.000-06:00

On December 29th Patrick Harrison's sent a press release about this event, here is a copy of it:

Puerto Vallarta, Mexico – Make sure to reserve Saturday, January 9 from 10 am to 6 pm for a very special event of art and design with a backdrop of amazing views of Puerto Vallarta and Banderas Bay. Tropicasa Realty, one of the most trusted names in Vallarta for over 12 years, has taken works from some of Puerto Vallarta’s most beloved artists and moved them out of the gallery and into showcase units of Los Altos Villas, a beautiful new development in the hills of 5 de Diciembre.
Celebrated local artists Michael Costantini, Cherie Sibley, Marta Gilbert and several others will each select one Los Altos Villas condo and turn it into his or her own private gallery for this special one-day event. This is the perfect setting to preview and purchase some of the most amazing works from artists collected the world over all at open-to-the-public pricing. Rather than in a neutral gallery space, experience art as it was meant to be seen: in a home, with soaring spaces and captivating views of Vallarta.
Located in the hills just above the heart of downtown Puerto Vallarta, Los Altos Villas comprises 40 luxury condominiums ranging from 2-bedroom units with 1,350 sq. ft. to convertible 3-bedroom units with 1,700 sq. ft. Finishings include slab granite, high-end appliances and floor-to-ceiling windows. An affordable luxury retreat just steps above the hustle of Vallarta, Los Altos Villas includes an oversized pool, private underground parking and elevator access to all floors. For a limited time, all regular closing costs will be paid by the developer, and each home will come with a complete furniture and décor package. These developer-sponsored incentives are valued from $30,000 to $50,000, depending on the unit purchased. Prices start from $189,000.
Come experience a unique fusion of art and design and rise above it all at Los Altos Villas, Saturday, January 9 from 10 am to 6 pm where Costa Rica Street and Panama Street intersect in the 5 de Diciembre neighborhood highlands. A continually running shuttle service to the event will be provided from Parque Hidalgo parking lot downtown and The Stadium across from the Sheraton. For more information or for a personal preview, please contact Tropicasa Realty at 322-222-6505 (in Mexico) or calling 866-978-5539 (Toll-Free) from the U.S.
TROPICASA REALTY – Since 1997, Wayne Franklin and his team at Tropicasa Realty have been a trusted name in Puerto Vallarta real estate. Tropicasa Realty is the region’s representative for ”The Leading Agents of the World” and with over 100 years of combined experience in real estate, all agents of the company are affiliated with NAR and AMPI. Wayne Franklin or any member of his knowledgeable team can be contacted in-person at their Romantic Zone Office - Pulpito 145-A at Olas Altas or in their San Marino Office - San Marino Hotel at Rodolfo Gomez 111-4. While in PV they can be reached at 222-6505 or by calling 866-978-5539 (Toll-Free) from the U.S.

Sales activity

2009-11-12T11:34:00.002-06:00

There seems to be an upbeat of activity in real estate sales.
There are offers being made and properties being sold.
Other colleagues seem to have the same opinion although they also seem to agree that the activity is in the $500,000 and below.
Properties in the $1,000,000 and above seem to be "quiet" still.
But this is good news anyway as we seem to be getting over a difficult year in sales.

Foreign Investment in Mexican Real Estate

2009-10-25T21:02:00.008-06:00

Last Friday we attended a conference by Lic. Diego Robles Farías.

Lic. Robles Farías is a professor of law at the Universidad Panamericana in Guadalajara as well as a notary in that same city and he is the author of several books.

The conference was about the Foreign Investment in Mexican Real Estate, specifically in the Restricted Zone and the role of the Fideicomiso (Trust) in this matter.

Basically he said the the conditions that prompted our government to create what was known as the Prohibited Zone (now called Restricted Zone since the 1993 Law of Foreign Investment) have changed and while it should not disappear, the way in which is regulated should change to adapt to the new economic and political conditions of today.

What he proposes on one side is to decrease the current Restricted Zone to promote foreign investment and help the economic development of the regions that are in it today and on a different side, after a carefully study and because of objective reasons that justify it, to identify those regions in which, because of their importance (whether it is archaeological, cultural, historic, ecological, touristy, economical or for natural resources) it is still convenient to protect its acquisition and declare the prohibition to foreigners.
Interesting point of view but a goal not easy at all to achieve as it would require an amendment to our Constitution, even though it has had amendments before.

Good deals in the market

2009-10-16T09:54:00.007-05:00

In May I wrote about the market and how Franklin of Tropicasa Realty had done a Survey to see what the market was like in regards of sales. He found that the majority of the sales in the last year have been within less than 10% of the asking price in re-sales.
However, there are always a few good deals to be found in a market like this.

These three units are being discounted for immediate sale:

Avalon 203 South Tower (second floor, middle unit).

Avalon 302 South Tower (third floor, middl unit).

Avalon 407 North Tower (fourth floor, middle unit).

The first two have black kitchens, and 407 has a red kitchen. None of the units have the dipping pool.

Each of these is now on the market at $475K.

Avalon is located on Amapas just a few minutes from down town Puerto Vallarta and the photo shown here is the sundeck at the pool (click on the image to get a better view).

One of the features of this developer is that even the condos of the first floor have views of the bay.

These are excellent opportunities for those of you who were waiting for a deal to take advantage of.

Paramount Bay Owners ready to get their deeds

2009-10-09T17:00:00.005-05:00

Recently I learned that everything is ready for Paramount Bay owners to get the deeds of their condos.

All they need to do is take their respective documentation to Jessica Reidesser's office to start the process and complete their dream of owning a piece of paradise in Puerto Vallarta.
Congratulations to all owners!

http://www.youtube.com/watch?v=CZ2kgu9k-xk

State of the Market

2009-10-01T14:46:00.001-05:00

May 27th, 2009

To get an idea of the state of the Real Estate Market in Puerto Vallarta my boss Franklin, the owner of Tropicasa realty did a survey with information available to members of the MLS Vallarta of properties sold since the middle of 2007 up to date.
Now this is not a scientific survey since not all real estate agencies report their sales but it does seem to represent how our real estate market is doing.
Here is what the survey showed:
Number of Sold Properties Surveyed: 392
Number of Properties Sold Above Asking Price: 16 = 4.08%
Number of properties Sold at 100% of Asking Price: 33 = 8.42%
Number of Properties Sold up to 10% Less Than AP: 185 = 47.2%
Number of Properties Sold up to 20% Less Than AP: 115 = 29.33%
Number of Properties Sold up to 30% Less Than AP: 33 = 8.42%
Number of Properties Sold more than 30% less of AP: 10 = 2.55%
Again, maybe not scientific but this analysis seems to represent quite well our present real estate market.
I guess our market is stronger and more stable than some people have thought and one of the reasons maybe that it is a cash market… even if some of those people paying cash had to re-finance a property in the US or Canada to take advantage of their equity and buy their dream home in Puerto Vallarta.