by Russell Faulkner
Cochran Real Estate
Puerto Vallarta, Mexico
- Access to data: The world is quickly changing to a global economy where there are few trade borders. The Internet is accessible from practically every country in the world. Web sites display information about real estate opportunities to potential buyers regardless of where they live. Research data about Mexico or any other nation or region is just a mouse click away. Buyers are informed and prepared.
- Diversified investment portfolios: Having a personal real estate portfolio is no longer the domain of only the super rich. New buyers (baby boomers) are interested in buyer and selling real estate and see foreign markets as a way to further diversify their investments. And besides, spending time in a condo or villa in a tropical resort is much more fun than looking at a monthly financial report.
- Comfort level: These same buyers (again, baby boomers) have traveled internationally their entire lives and do not see retiring or wintering in another country as the big leap that their parents did. With high speed internet, satellite TV, and modern international airports, we are all virtually connected and physical distances have become less important.
- High quality options: The same high level of construction quality is available in Puerto Vallarta as in the United States and Canada. Architects and designers have outstanding educations and training and have been exposed to what is going on in other parts of Mexico and the world. There is also access to high quality finishings from sources throughout Mexico as well as imports. Mexican craftsmanship is world famous and the apprenticeship model of training still exists.
- Real estate standards: Just like in the United States and Canada, the real estate industry in Mexico knows it must offer a high level of competence in order to sustain the confidence of buyers who are in need of representation. Foreign buyers certainly require skilled representation in order to navigate the legal, cultural, and language differences. The two Vallarta chapters of AMPI (the Mexican equivalent of NAR) have strict requirements for membership that brokerages are required to follow. Member brokers and agents are required to maintain high ethical standards. A professional real estate environment is important for all of us, and AMPI member brokerages in the Vallarta market are working hard to maintain and improve the real estate profession.