Deciding to invest in a foreign real estate market can be a scary decision when the construction projects is finished and even when they are turn key ready, a lot of uncertainty and doubts arise when it comes to purchasing real estate outside of your home country; this uneasiness only increases when there is partial or no actual construction assuring the investor of their purchase.
Rosarito Real Estate – Two Developments with Construction Well Under Way
Costal Baja has long been a preferred choice of retirement, relocation or vacation for Americans who want the lower cost beach front living experience, and the closeness to the US. This brought a growing number of real estate developers to Northern Baja, and construction of resort communities designed for expatriates were being developed all along the coast.
Since the slowdown of the real estate market in the US, several construction projects in Baja slowed down or completely stopped in the past year; as a result of this some of developers refunded the investment partially or completely, others transferred the property to another development, but still a number of investors were left with out money and property.
With all of these less than reassuring stories you are left with uncertainty and doubt. What then, are you to do if have your heart set in purchasing a home in Baja?
As with everything, the best advice any one can give, is to do your homework. When interested on investing on pre-construction and pre-sale developments, a few of the questions to be answered should be the following:
- Who is the developer heading the project?
- How many years have they been in business?
- What other projects have they finished and what is the quality they have presented?
Proper research to answer these questions along with a reputable Mexican real estate broker with experience in pre-construction and pre-sale can bring pace of mind to what otherwise could be a daunting experience.
Two of the developments along Baja’s coast which have continued construction through these tough times, are Calafia Condos Resort and Villas and Palacio del Mar ; the first a well known community in expansion, the second a new development promising luxury at every turn.
Grupo PES, with more than 25 years of experience is one of México’s leading real estate development companies; they have completed projects both beautiful and elegant in central Mexico such as Villas del Lago Residencial, six apartment towers within an old hacienda complex. Residencial Insurgentes 116, a 14 story 76 unit high rise in Mexico City, is also one of their recent developments completed in 2006.
Their current Baja real estate project, Palacio del Mar, located just 10 minutes from downtown Rosarito, has not stalled construction since it began on spring 2006. As a manner of giving peace of mind to prospect buyers, it should be noted that Palacio has escrow. This complex has been designed to provide a lifestyle of unparalleled luxury surrounded by the breathtaking landscape of Baja. This complex offers a 25000 sq. ft. club house and a granite bottom indoor pool as well as a movie theater and business center among many more amenities.
Calafia Condos and Villas, a long established community that Grupo Gor and his partners began in the early 1990’s with the construction of the first tower, since then it has grown to a complex of 2 condos towers and 35 villas, all of which sold out and were delivered with title. The current construction is for the third condo tower, one of the fast moving projects on the coast, as part of the expansion of this community which now includes a new ocean front club house, ocean front pool and a gymnasium; this expansion is also said to bring a conference room, game room and putting green to the many amenities this resort community already offers.
Slowly but surely, the economy will recover, and with this will come a new development boom in Baja with its share of success and discouraging stories. None of that though will take away from the beauty of the region and the peace and nourishment it can bring to resident and visitor alike. Information is the best tool everybody has at their disposal as well as the choice to seek and make use of it.
Comments