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castaway$
Senior Nomad
Posts: 742
Registered: 7-31-2007
Location: Gold Hill, Oregon
Member Is Offline
Mood: Fish on!
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Real Estate Prices
I'm curious to see what my fellow Nomads think is happening , or is going to happen with the real estate prices in Baja. It would stand to reason that
americans have been the principal buyers for homes and land in the coastal regions. With our current market conditions throughout the U.S. declining
and the dollar weakening it seems Americans will be less inclined to purchase second homes especially given the risk of buying in a foreign country.
I'm wondering if this is going to cause an eventual down turn in the Baja market and a subsequent overload of properties on the market which will lead
to lower prices, not that it's that bad now compared to the U.S.
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Slowmad
Nomad
Posts: 243
Registered: 3-24-2005
Location: Alta California
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"When the U.S. sneezes, Baja gets double pneumonia."
The only requirement for love or chorizo is confidence.
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Woooosh
Banned
Posts: 5240
Registered: 1-28-2007
Location: Rosarito Beach
Member Is Offline
Mood: Luminescent Waves at Rosarito Beach
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Yup, you nailed it. The current lack of security in northern baja has indeed "killed the goose that laid the golden egg". Consutruction is slowing
or stopping on some Rosarito projecets as sales deposits (used to fund the construction as the ygo along) are drying up. Some slowing is seasonal.
When more Mexicans lose their construction/tpurism jobs and more tourist stay away- then maybe Mexico will figure out how to fix their mess-but I
wouldn't hold my breath waiting. Until then I don't know how anyone can determine the value of properteis for sale. I would think people with money
to play with are more inclined to do stateside foreclosures than baja second homes right now. Take 30% off the price and start from there.
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Slowmad
Nomad
Posts: 243
Registered: 3-24-2005
Location: Alta California
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"And when the U.S. gets double pnuemonia, Baja gets...?"
In 24 months you might get the keys to a Rosarito condo with each purchase of Bimbo bread.
The only requirement for love or chorizo is confidence.
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gnukid
Ultra Nomad
Posts: 4411
Registered: 7-2-2006
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Baja could use a tad of realism in real estate pricing. Now just like the US its a great time to buy.
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bajajudy
Elite Nomad
Posts: 6886
Registered: 10-4-2004
Location: San Jose del Cabo,BCS
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Americans arent the only people buying property here. The RE agents here expect a rush of Canadians using their strong dollar to buy up property
here.
Quien sabe?
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Woooosh
Banned
Posts: 5240
Registered: 1-28-2007
Location: Rosarito Beach
Member Is Offline
Mood: Luminescent Waves at Rosarito Beach
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They are marketing and selling Rosarito Beach as the "New Cancun". Once Canadians find out it's not 100 degrees with 90 degree water and ancient
ruins- they'll head further south where the snowbirds belong.
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bajajudy
Elite Nomad
Posts: 6886
Registered: 10-4-2004
Location: San Jose del Cabo,BCS
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Yea I dont know too much about your area Woooosh.
I was talking about Los Cabos.
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Don Alley
Super Nomad
Posts: 1997
Registered: 12-4-2003
Location: Loreto
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In Loreto, Mexicans are moving here and buying land as well, and Fonatur is developing a big project for Mexicans here between Centro, Infonavit and
the hwy.
I think there's a lot of wishful thinking behind some of the asking prices of property being marketed to gringos, and I would not be surprised if some
of those prices come down. But then I think they'll rise again in a couple of years.
Loreto is one of those places where you can fly in, over the bad stuff up north. We just hope the crime here does not get as bad as it is up north.
For now, the market problems up north will hurt some sales on the middle to low end. But the real pricey stuff is immune to all that. I've read that
while boat sales are down, sales of BIG yachts is very strong now.
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DrTom
Nomad
Posts: 183
Registered: 6-17-2007
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Theres lots of press on CBC about safety issues in mexico now. It comes and goes....I think sur will be less effected but norte gonna get financially
hammered.
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fishbuck
Banned
Posts: 5318
Registered: 8-31-2006
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At my place in SQ a similar lot to mine is advertised at $55000 and I think it is the last waterfront avilable. Two years ago I paid $25000 for each
of my lots.
Across the bay at Don Eddies they are selling similar lots for $50000.
So far no price depreciation but who knows!
"A ship in harbor is safe, but that is not what ships are built for." J. A. Shedd.
A clever person solves a problem. A wise person avoids it. – Albert Einstein
"Life's a Beach... and then you Fly!" Fishbuck
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bajalou
Ultra Nomad
Posts: 4459
Registered: 3-11-2004
Location: South of the broder
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I think some building projects - developments - condos etc - might be delayed or stopped with lack of additional funds coming in.
No Bad Days
\"Never argue with an idiot. People watching may not be able to tell the difference\"
\"The trouble with doing nothing is - how do I know when I\'m done?\"
Nomad Baja Interactive map
And in the San Felipe area - check out Valle Chico area |
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Roberto
Banned
Posts: 2162
Registered: 9-5-2003
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Don't forget the Mexican business principle:
When business is slow, raise your prices.
So, slowing of business may or may not be an indicator of where prices will go. 
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djh
Senior Nomad
Posts: 936
Registered: 1-2-2005
Location: Earth mostly. Loreto, N. ID, Big Island
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Mood: Mellow fellow, plays a yellow cello...
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You have to wonder...
With all the "boomers" retiring and many tired of snow, shovelling, mowing, and the same old thaaaang..... if Mexico will see the same property sales
slow down.
I still see lots of Northern folks looking for a little piece of Loreto. And prices seem to be still going in an upward direction. I don't know
about volume right now.... I know a few years ago, when the LBC and Alaska Air boom started, there were more folks wanting to buy than there were
properties available and many locals were hanging on, knowing prices were going up significantly. I think there may be a little slowing of volume
because some prices are rather startling!!
djh
Its all just stuff and some numbers.
A day spent sailing isn\'t deducted from one\'s life.
Peace, Love, and Music
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jimgrms
Senior Nomad
Posts: 664
Registered: 9-30-2005
Location: oceanside ca
Member Is Offline
Mood: its always good
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| Quote: | Originally posted by fishbuck
At my place in SQ a similar lot to mine is advertised at $55000 and I think it is the last waterfront avilable. Two years ago I paid $25000 for each
of my lots.
Across the bay at Don Eddies they are selling similar lots for $50000.
So far no price depreciation but who knows! [/quo
Is that asking price or selling price |
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Russ
Elite Nomad
Posts: 6742
Registered: 7-4-2004
Location: Punta Chivato
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Here in Punta Chivato lots are going for around $200,000 for waterfront. Actually they're not going but that seems to be the asking price today. With
all the PROFEPA problems nothing is moving and construction is really slow because of PROFEPA. At these prices maybe development will slow to a crawl.
Newest rumor is that a 4 or 5 story hotel will start construction next month.
Riiiiiight!
Bahia Concepcion where life starts...given a chance!
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conquestkm
Junior Nomad
Posts: 59
Registered: 9-8-2006
Member Is Offline
Mood: "I could have been a Rhodes Scholar, except for my grades."
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There is only 20 ocean front lots in San Deigo county.I would not want to guess the prices
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Paula
Super Nomad
Posts: 2219
Registered: 1-5-2006
Location: Loreto
Member Is Offline
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Pompano,that looks like one of those North Dakota...er...uh... Montana jokes to me
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reefrocket
Nomad
Posts: 224
Registered: 8-30-2002
Location: Idaho
Member Is Offline
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Haven't read all the post on this thread but last night I happened to wander on to http://sfbay.craigslist.org/ then on to Mexico and on to Baja California Sur "properties"
D*%#! People got more money than ..............
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Cypress
Elite Nomad
Posts: 7641
Registered: 3-12-2006
Location: on the bayou
Member Is Offline
Mood: undecided
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Thanks Pompano. That's a good one on this rainy Mulege morning.
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