BajaNews
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House Hunting in ... Mexico
http://www.nytimes.com/2010/01/06/greathomesanddestinations/...
Pictures:
http://www.nytimes.com/slideshow/2010/01/06/greathomesanddes...
By JEFF VANDAM
January 5, 2010
A THREE-BEDROOM THREE-BATH OCEANFRONT HOME IN ROSARITO, MEXICO
$895,000
This 20-year-old house, with its six fireplaces and sloping brick ceilings, is in Rosarito, about 30 kilometers (19 miles) southwest of Tijuana. In
local parlance, it is at “KM 40,” 40 kilometers (or about 25 miles) down the Ensenada highway from the American border in the Mexican state of Baja
California.
This 5,000-square-foot house is in a 20-home gated community called Rosamar. At the back is a grand lawn overlooking the Pacific Ocean, a large patio
(with fireplace) and a circular meditation pit dug into a hillside. In the summer, dolphins can be seen swimming by; in February, on occasion, there
are whales. Mexico’s Coronado Islands are in the distance.
Many of the rooms on the main floor have arched cupola ceilings made from brick made by artisans from Guadalajara. Off the entrance foyer, to the
right, is a library. Beyond that room is a 500-square-foot artists’ studio with a grand piano. On the other side of the entrance foyer is the dining
room and an oceanfront terrace. The kitchen has Mexican-style tiles and cabinets. The living room has several seating areas, a large fireplace, a pool
table and, of course, more views. Here and there are sunlit nooks appropriate for reading and/or dozing.
Upstairs, the master bedroom has wooden plank floors and a double entry into an en-suite bathroom with a Jacuzzi and midnight-blue tiles; there’s also
a 600-square-foot outdoor terrace with 180-degree views up and down the Baja coastline. The house has a second bedroom on the top floor, as well as a
bedroom and bathroom below the library.
Rosamar is one of several communities on the Ensenada highway near Tijuana and Rosarito, many of them gated and catering to Americans and other
foreign buyers. The development has a pool, Jacuzzi and tennis courts for community use. The nearest border crossing is to San Ysidro, Calif., from
Tijuana, about 45 minutes away; a five-year $129 pass called a Sensor Enabled Neural Threat Recognition and Identification card, or Sentri, is sold by
the American Customs and Border Protection agency to reduce border waits by around 10 to 20 minutes.
MARKET OVERVIEW
In recent years, with Mexico’s well-reported crime problem, prices in the Tijuana area have dropped around 10 to 15 percent.
“About two and a half years ago, it was booming,” said Pam Chisholm, owner of Discover Baja Real Estate in Rosarito. “A lot of the sellers jacked
their prices up so high, thinking they had a goldmine. They’re coming down to reality now, and they’re pricing them better.”
David Biondolillo, president of Baja 123 Mexican Real Estate, said that the negative coverage of local crime had begun to recede, helping prices
stabilize.
“It was brutal a year ago,” Mr. Biondolillo said. “Now the market that should have been here all along is starting to come back. We just had the best
two months in the last three years.”
Real estate agents in the area are quick to point out that most communities along the oceanfront have their own security forces, and that they all
feel safe living and working around Tijuana and Rosarito. (Tijuana has implemented a police reform program over the last year, with plans to hire 150
new officers in 2010.) Oceanfront homes in the area range from $500,000 to $1 million, said Diane Gibbs, owner of Gibbs and Associates in Rosarito
Beach, the listing agent for the property featured here. Houses within view of the ocean, but built behind the oceanfront properties, begin around
$300,000, she said.
There are a number of condominium developments along the coastline, including a complex called La Jolla Real just south of Rosarito. There, Mr.
Biondolillo said, he has recently sold 10 units, with prices ranging from the low $200,000s to the $600,000s. Larger units can sell for as much as $1
million, he said.
Inland, prices come down significantly, starting around $100,000. There, “you won’t hear the water,” Ms. Gibbs said, but you can probably see it.
WHO BUYS IN TIJUANA AND ROSARITO
Most of the buyers near the ocean are Americans, typically from California, though vacation home-seekers from Texas and Chicago are not uncommon. In
addition, Mr. Biondolillo said, Canadians have arrived, thanks in part to their currency’s performance against the dollar (and the peso).
BUYING BASICS
Americans buying property in Mexico first need a tourist visa, which is in turn required to obtain an FM3, a permit to live in Mexico that must be
renewed annually. An FM3 can be obtained at a Mexican Consulate in the United States, of which there are over two dozen, or an immigration office in
Mexico; bank statements, copies of passports and a fee of about $150 are required. (After five years, foreigners can apply for an FM2, a more
permanent form of residency. The step after that is Mexican citizenship.)
When a property sale is initiated, foreigners typically submit their funds to an escrow company, Ms. Gibbs said. The money is held there until the
sale is final and approved by government officials. (Escrow fees can run as high as $1,000, Mr. Biondolillo said.) After that, the money is
transferred to the seller, and the title to the buyer. Baja Mexico is within a restricted zone, foreign buyers are typically required to set up
50-year trusts, called fideicomisos, with Mexican banks; the cost is about $500 per year, Ms. Chisholm said. The trusts can be renewed in perpetuity.
Title insurance can be acquired through American companies like Stewart and First American.
Buyers pay a 2 percent transfer tax at the time of sale, Mr. Biondolillo said. Annual property tax is typically quite low, he added — $150 to $200 for
a $300,000 property. Notary, survey and appraisal fees, as well as a certificate of no liens, make up an additional 4 percent of the purchase price,
Ms. Gibbs said.
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TAXES AND FEES
Taxes: $400 a month; condo fees: $350 a month
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Woooosh
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I wish them luck. Plenty of suckers out there who will bite.
[Edited on 1-6-2010 by Woooosh]
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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Bajahowodd
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Geez. Other than the featured house, when I saw the prices quoted, I had to scroll back up to double check the date of the article.
So, prices have fallen only 10-15%? 
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Dave
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| Quote: | Originally posted by Woooosh
I wish them luck. Plenty of suckers out there who will bite.
[Edited on 1-6-2010 by Woooosh] |
I know this home. I think 895k for 5000ft of oceanfront home in a gated community is a pretty good deal. Especially since this property was
designed/built by Jose Orozco.
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toneart
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Gee!
I wonder if they will take cash?
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Woooosh
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Mood: Luminescent Waves at Rosarito Beach
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| Quote: | Originally posted by Dave
| Quote: | Originally posted by Woooosh
I wish them luck. Plenty of suckers out there who will bite.
[Edited on 1-6-2010 by Woooosh] |
I know this home. I think 895k for 5000ft of oceanfront home in a gated community is a pretty good deal. Especially since this property was
designed/built by Jose Orozco. |
I built a 4200 square foot home by the AIA top architect from san diego for $130K in Rosarito and built it about the same time those went in. Foolish
people. It ain't Acapulco.
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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CaboRon
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Strange posting by a "super moderator" in the wrong place..
Perhaps Baja Classifides under Baja Real Estate would have been more approprite
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DENNIS
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| Quote: | Originally posted by Dave
Especially since this property was designed/built by Jose Orozco. |
That makes it special...Why?
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Dave
Elite Nomad
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Hey Woosh!
| Quote: | Originally posted by Woooosh
I built a 4200 square foot home by the AIA top architect from san diego for $130K in Rosarito and built it about the same time those went in. Foolish
people. It ain't Acapulco. |
No offense but:
I don't think there's a chance of anyone staking claim to the beach in front of this Rosamar home.
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Dave
Elite Nomad
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| Quote: | Originally posted by DENNIS
| Quote: | Originally posted by Dave
Especially since this property was designed/built by Jose Orozco. |
That makes it special...Why? |
Son of a famous Mexican muralist painter and well known architect, now deceased.
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Woooosh
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| Quote: | Originally posted by Dave
| Quote: | Originally posted by Woooosh
I built a 4200 square foot home by the AIA top architect from san diego for $130K in Rosarito and built it about the same time those went in. Foolish
people. It ain't Acapulco. |
No offense but:
I don't think there's a chance of anyone staking claim to the beach in front of this Rosamar home. |
... but I won't feel bad- with what modest amount I have invested- if it does happen. I'll duke it out because it's in my nature- but in the end
living two houses away from the water doesn't suck (and I could build higher I guess).
Rosamar has its beach- but you'd be surprised how much manipulation and real estate scams take place within the FMZ. Most of it got grabbed up a few
years back- so people are fighting for the scraps now. Just too much easy money in it for them not to try. No shame in Mexico... remember?
I'm sure Nomads have stories...
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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