Woooosh
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If you build it (NAOS condos).. they (American retirees) will come to buy?
Not sure why these people building in Rosarito think what they think. It's nice to be optimistic about real estate sales returning, but what makes
these people think their development will make sense to retiree buyers?
Yes, the security issue (or at least the perception of it) is getting better, but no economic news on either side of the border makes me think adding
new luxury condo inventory, with hundreds now empty and hundreds more stalled- makes sense. In fact, the development almost across the street from
NAOS (Greenhuis) slashed their prices from $149K to $99K recently. I think they got it right actually- drop your prices and sell the existing
inventory.
http://rosaritoenlanoticia.blogspot.com/2010/07/confian-cons...
\"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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MrBillM
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Build, Build, Build
And let the Market sort itself out.
The Market will ALWAYS win. Individuals in the market, on the other hand, Quien Sabe ?
But, for every person who goes bust, there will be someone to take advantage of that bust.
It is Destiny.
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BajaGringo
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Every time I pass by that project on the toll road I keep wondering why these folks are so hell bent on throwing their money away. Makes zero sense in
today's market. It won't even make sense in next year's market or the two or three that follow that one either...
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Bajahowodd
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What with the optimism of Torres who predicts a quick recovery, how could they go wrong?
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gnukid
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Money laundering
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Bajahowodd
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That's actually a shrewd observation. Inasmuch as reported revenue from the trafficking is a staggering amount. So, maybe they take a hit in the
upfront market, but ultimately, they'll have very valuable real estate.
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Woooosh
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| Quote: | Originally posted by gnukid
Money laundering |
seconded! If you can't deposit it in a bank- spend it making friends and jobs. Welcome to Rosarito "El Chapo"!
But seriously- what amenities would a high-rise developer need to provide to make their condos attractive to their target group- American retirees?
hmmm... an AARP c-cktail Lounge with all day happy hour, a 24 hour Waffle Hut with a 50% senior discount, a AA/NA Meeting Room, a viagra dispensary,
a movie theater with free popcorn for seniors, a free Par 3 course with electric carts, a 7-11 mini mart that sells US lottery tickets, a gas station
with discount prices and with gas pumps in gallons/dollars, and homeowners association for every floor but no HOA fees. That and price it under $99K.
[Edited on 7-16-2010 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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bajajazz
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The rampant development underway all over the Baja is not market driven. If the developers here were operating on the American system of borrowed
construction money they'd be eaten alive by the interest accruing on unsold units.
It's logical to assume then that the seemingly insane development of tacky condos no one wants to buy is being financed by drug money looking for a
place to go. This subsidization of unneeded, unwanted condos, resorts and golf courses -- and the despoilation of the natural landscape such
development entails -- is yet another example of how the drug business corrupts all our lives.
The Mexican people -- and we who have chosen to make our homes in the Baja -- are gradually being excluded from Baja's coastlines by denial of access
for the convenience of elements of organized crime. This is a fundamentally sick situation that's not only tolerated but encouraged by politicians
for reasons of job creation, injection of liquidity into the financial system and for the easy graft that is a component of the permit process.
All of those who participate in the furtherance of this sick system at any level and in any role belongs in a hospital for the criminally insane.
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Woooosh
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Location: Rosarito Beach
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Exactly right. And sadly the Mexican families just shuffle to the next spot of beach until that is taken away from them too. And not only does
illegal beachfront development take the beach away from the people, it takes millions of dollars in property value away from the families who have
owned their family homes for decades and had ocean views and sunshine before the illegal developments went in.
Given the NAOS location site, the former Oasis Resort that was known to be operated by the drug cartels, money laundering disguised as direct economic
investment is likely the culprit IMHO.
[Edited on 7-16-2010 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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