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I
have had the opportunity the past few weeks to take clients to many
parts of the Bay in search of real estate. These tours have given me
the opportunity to talk to the AMPI brokers and agents in whose offices
we have been.
La Cruz de Huanacaxtle
The
new marina in La Cruz is receiving a lot of interest. Marina La Cruz
can accommodate up to 400 vessels, and will have a fuel station, dry
dock, yacht club, hotel site, and condominiums along with retail and
restaurants. The first docks with slips are expected to be ready this
December for long-term or short term leasing. The developers tout that
85% slips are already reserved.
So this new amazing facility has
created a great deal of real estate interest in this once small fishing
village. One of the local brokers told me that they expect the high
season to continue to bring more clients looking for opportunities to
purchase residential and commercial sites because of the anticipated
growth in the area.
La Cruz is located near the center of the Bay. The development of a
major marina with more commercial and retail brings in condominium
housing and other “roof tops” for living, as well. The synergy
created from this center point gives vitality to the center of the Bay
as well as Punta Mita and Vallarta areas.
In La Cruz, we were told that the prices for land (with tear down
buildings) are $4,000- $5,000mn ($370-$463USD) a square meter.
These are prices within the streets and cross streets nearest the
marina project and commercial frontage on the highway. Other zones on
the west side can command $3,500-$4500mn per meter or $324-417 USD per
square meter.
Preexisting custom homes built on the water where the new marina is coming, have seen an increase in prices.
Bucerias
In this popular community just south of La Cruz, Bucerias is divided by
the highway. The area west and toward the ocean commands the
highest prices for land, residential, commercial and retail. The
area closest to the ocean on this side can be $5,000USD a square meter.
It is a small area of a few blocks, but what a price!
Further toward the highway, but still in the beach section, the prices
can be $1,000USD a meter. This seasoned agent told us that many people
are looking to buy land in the zone between the highway and the beach
for condo projects. Many of the condominium projects in this part
of Bucerias are not large, but you can say there is a land rush for
construction projects.
Across the highway and to the east, properties are being priced for
their land value. Most of the buildings we saw were tear downs.
The asking prices were in the $70-85USD range a square meter.
Alamar is a planned tropical community with its own “pueblito” set in
the mountains overlooking La Cruz and Playa Manzanilla. 600 units are
planned on over 90 acres of land. Plans are being developed for
terraced condominiums and villas. The idea is to create the feel
of a village with commercial and retail to sustain and enrich the
community.
On the beach side between these two towns, there is a new construction
ocean front condominium of 42 units on 13 levels, beginning in price
close to $200,000 USD a unit. There should be beach amenities and pools
as well.
Both these new developments are announced this year and still in
preconstruction. The developers want to offer more affordable
product since the in town areas have become expensive.
Punta de MIta
Punta Mita is the area of the tip of the Bay which includes the Punta
de Mita 4 Seasons Project of over 1500 acres, and the small villages of
Anclote and E.Zapata nearby.
This well-known area has become a brand name. Clients walking off the
planes talk about going to Vallarta or Punta Mita. The Punta Mita
Master Project recently hosted a full day seminar to train the areas
AMPI agents on the procedures and properties available within the gated
community famous for the 4 Seasons Hotel and Resort.
Builders in the North are constructing spec homes in gated communities
in the $3 million to $5 million dollar range. Lots on the ocean within
Punta de Mita are up to $5 and 6 million dollars…… just for the land.
Another boutique hotel, the St. Regis Resort is under construction to
open late this year. There will be a second Jack Nicklaus
Signature golf course within the private gated community. If you
want to belong to these clubs, the membership is available to home
owners within the community. There are condominiums and town homes, as
well as lots and single family homes for sale.
Puerto Vallarta and South Shore
Clients looking recently for a luxury second home commented that the
homes in the price range of $2 million to $2.5 million dollars, offered
more amenities, view and quality furnishings than it was possible to
find in their own market on the US West Coast. They were amazed
at what this “medium million dollar price range” offered them.
They commented that when we moved up to this price range, the
“WOW” factor came into play,
This couple was surprised at first to learn that the majority of homes
in the $2.5 million dollar range are not on the ocean or beach side,
but in the green forested foothills of the Sierra Madre.
The south shore has fewer new developments, but what is available is
unique, stylish and can compete with any luxury area of the Bay. The
topography of the coast line south lends itself to single family homes
or smaller condo buildings. Private gated communities are offered,
since there are few land areas large like Conchas Chinas with city
streets.
On the south shore, lots can command $1,500,000USD and completed home
prices are in the $2 plus million dollar range to a current high of
$12,000,000USD for a unique ocean front custom home. Remember,
the south shore means ocean front and mountain side.
Near the Bungee Jump, first-rate pre construction in a small oceanfront
condominium project will be priced an average of a million dollars per
unit.
As in the north end, gated communities offer private beach clubs on the public beaches of Mexico.
View lots within a gated community on the mountainside are up to
$445USD per meter. These lots have underground utilities, cobble stone
streets, and are only 40 private home sites.
To some other North Americans, these lot prices sound like “retail
prices,” which are traditionally more than the cost of land for homes
in the US and Canada. The land prices here reflect the demand for ocean
view properties in one of the most desired destinations in the
world.
The profile of the client has changed the past few years. Buyers are
looking not only at several beautiful locations in Mexico, but
locations in Asia and Europe. How exciting to have the choices!
This global search for a primary or second home is becoming more
prevalent. These buyers want beauty, climate, community
character, and infrastructure with health care, safety, lack of
pollution, entertainment and restaurants, efficient airports and
flights to home ports.
Harriet Cochran Murray, Broker
Cochran Real Estate
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