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msteve1014
Senior Nomad
Posts: 947
Registered: 12-2-2006
Member Is Offline
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I still think my place in Baja is worth twice what I paid for it, but only because I'm not looking to sell.
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Sharksbaja
Elite Nomad
Posts: 5814
Registered: 9-7-2004
Location: Newport, Mulege B.C.S.
Member Is Offline
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It could very well be Steve. It's a double wammy for folks that lost value from the hurricanes though I guess that this current situation has leveled
the playing field pretty much. People are forgetting the floods in favor of worrying about current and future values and options.
I say it won't be 4 yrs till things turn around. People can't wait that long to get their retirement etc. moving along. Methinks a couple years and
we'll be seeing a whole new bunch of alternative lifestyle seekers arriving.
They will probably be a much more savvy crowd given the feedback, print and news they can't help but absorb. It would be nice to hear some positive
predictions come out of the mouths of Nomads but, alas, so many echo the political hype and agenda.
That's their obsession I guess. Pointing fingers at others because of their bias has literally become a venue on so many undeserving posts. It's
part of my reluctance to post new topics, but thank you Jorge, I do enjoy your cogent non-politically motivated contributions.
DON\'T SQUINT! Give yer eyes a break!
Try holding down [control] key and toggle the [+ and -] keys
Viva Mulege!
Nomads\' Sunsets
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Udo
Elite Nomad
Posts: 6364
Registered: 4-26-2008
Location: Black Hills, SD/Ensenada/San Felipe
Member Is Offline
Mood: TEQUILA!
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Thank you, Sharks!
Well said, especially about Jorge!
Udo
Youth is wasted on the young!
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toneart
Ultra Nomad
Posts: 4901
Registered: 7-23-2006
Member Is Offline
Mood: Skeptical
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Well, my house in Nevada City and my casita in Mulege have both taken hits, but these are two great places to be stuck in. These two places are where
I chose to live, so therein lies the value.  
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tripledigitken
Ultra Nomad
Posts: 4848
Registered: 9-27-2006
Member Is Offline
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Sharks,
You want good news? Here is some.
Retail sales rose in May for the first time in three months, mostly from consumers returning to auto showrooms.
Jobless claims fell last week.
The number of Americans filing claims for unemployment fell for the third time in 4 weeks.
Inventories at US businesses fell in April for an 8th straight month, the longest stretch since 2002.
Building material, clothing, grocery stores and pharmacies were among the other retailers that showed gains in demand.
Source Bloomberg News...Bob Willis
The average prices of homes quoted in the press exaggerate the general market because:
45% of the sales Nationwide are foreclosures and distressed properties that banks sell at deep discounts pulling down prices for other sellers.
Non distressed properties not in foreclosure in many neighborhoods are not selling at 40% off from 2 years ago.
Ken
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Bajaboy
Ultra Nomad
Posts: 4375
Registered: 10-9-2003
Location: Bahia Asuncion, BCS, Mexico
Member Is Offline
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| Quote: | Originally posted by toneart
Well, my house in Nevada City and my casita in Mulege have both taken hits, but these are two great places to be stuck in. These two places are where
I chose to live, so therein lies the value. |
I'm right there with you Art. I love both San Diego and Bahia Asuncion. One of the houses is paid for and the other is not...I'll let you guess
which is which.....
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Skeet/Loreto
Ultra Nomad
Posts: 4709
Registered: 9-2-2003
Member Is Offline
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If I were to buy at this time i would go first to Mulege and buy a distressed House on the River. Just thunk it might be 100 years before there is
another Flood!
I would also go across to the Pacific and buy or Lease something near San Giorgio{SP}. I think that will be an excellent place for those who like more
isolation than Asuncion.
For those who like the Moutains i would suggest Purisimia?Commodu off of Kilo 79 toward the pacfic.
dikigen: I do not share your outlook, I think we may have another "Blurb" before the true comeback starts, but in the States If I wanted to make a
Million Dollars there are several places to invest in the Lower end of the Rental House Business
You can make your Investment pay off sooner in the States than you can in Baja. The place you buy in Baja is more emotional.
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Bajaboy
Ultra Nomad
Posts: 4375
Registered: 10-9-2003
Location: Bahia Asuncion, BCS, Mexico
Member Is Offline
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Skeet-San Gregorio....one of my favorite places in Baja...plan to do some camping there in a month or so.
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msteve1014
Senior Nomad
Posts: 947
Registered: 12-2-2006
Member Is Offline
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| Quote: | Originally posted by msteve1014
I still think my place in Baja is worth twice what I paid for it, but only because I'm not looking to sell. |
That was suposed to be a joke I'm lucky if it's worth what I paid for it, but I
like where I am and I'm not selling
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JESSE
Ultra Nomad
Posts: 3370
Registered: 11-5-2002
Member Is Offline
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You would be surprised about the number of americans looking, and holding on a few more months before they buy. The sellers (Mexicans), are not
lowering their prices, they dont have that market mentality and seem to understand this is no time to sell, and most dont hold large amounts of debt,
so why lower your prices? they didnt have the money 10 or 20 years ago, and they dont need it now.
Properties in La Paz keep selling, by now is the Mexicans buying because theres no crazy offers for buildings that are simply not worth it. Theres at
least one property i know of, that was bought for 250k a few years back and the owner (foreigner) wanted 900+k before the collapse. Off course, that
will never happen now, i think people will never again get to be that stupid again when buying here. I still think most americans should buy the way
the mexicans buy. look around, ask, buy direct from owners and skip middlemen and speculators that only steal the money from the locals, and the
people that really want to move into the community.
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longhairedbeatnik
Banned
Posts: 32
Registered: 6-3-2009
Location: California
Member Is Offline
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The property in Baja is not worth what you think it is, its worth what someone will pay for it and these properties will not sell like they use to for
many years The California market is shot and that was the feeding funnel for Baja for the most part.
How many people were using their US homes as a piggy bank to finance the Baja purchase. Those days are long gone and will not come back.
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shari
Select Nomad
Posts: 13049
Registered: 3-10-2006
Location: bahia asuncion, baja sur
Member Is Offline
Mood: there is no reality except the one contained within us "Herman Hesse"
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Here in La La Land...there are lots of people selling off lots they put a bit of money down on years ago and now in the financial crisis...fishermen
havent been paid for nearly 3 months)...so there are lots of peices of dirt for sale and it seems like a fair amount of people wanting to buy
them...many canadians and northern states folks...
there are fewer californians looking... that's the only slump here.
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aldosalato
Nomad
Posts: 183
Registered: 10-20-2002
Location: La Paz
Member Is Offline
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At moment there is a market disruption not only in Baja but worldwide between bid and ask price.
According to my experience in Baja, prices averages tripled in USD term between 1995 and 2003. And doubled again between 2003 and 2007. That was an
average appreciation of 16%.
Now there are very few buyers around and market has to discount at least the Peso devaluation of 25% to 2007 prices.
Main problem is that there are too many empty buildings and overcapacity that could drag on prices a few more years.
Flooding of money by federal reserve and worldwide central banks is trashing the dollar and all currencies in general.
Increasing inflation expectations could bring back potential buyers looking for a real estate safehaven but making money will be much more difficult
since taxes and transaction costs eats between 15-25% of every real estate investment.
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C-Urchin
Nomad
Posts: 234
Registered: 12-17-2008
Location: La Paz
Member Is Offline
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Real Estate
I have been looking for property in La Paz for the last 5 years. I have been looking at the same sad listings are in the windows of the real estate
offices on the Malecon. Most of the photos are faded, paper yellowed, cracked, fit for a museum. Can't help notice that prices still what they were in
Newport Beach before the collapse of real estate!
Has you wondering if they read the newspapers...But too late, you let your guard down and here comes the "smarty pants" 20 something "real estate"
agent. Oh NO! I made eye contact!
Smarty pants now who will proceed in telling me that La Paz is "BOOMING"!
It is virtually impermeable to what is happening in the rest of the world! Properties can't keep up with demand.
They are going to build a Shopping Mall on every street corner!
With condos and bowling alleys! ...and casinos!
Hey, for 89 million dollars they will sell you the WHOLE Mogote!!!
They are SOOO busy, swimming in money! They even have mortgages for anyone who needs one! No papers required.
The bleached smile almost looks sincere. He smells the blood. I see the fangs.
That's where you run for cover, get in your car for a fast get away, as your shaky hands are trying to get the key in the ignition you catch a glimpse
of your own reflection in the mirror and in an instant the world stops.
You ask yourself...
"Do I look THAT stupid"??????
We will be smart and find a nice property to rent until we find what we want.
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longlegsinlapaz
Super Nomad
Posts: 1685
Registered: 11-18-2005
Location: La Paz
Member Is Offline
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Dang C-Urchin, that's enough to give you nightmares! You'll do fine! Sounds like you're a pretty savvy wannabe property owner!
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C-Urchin
Nomad
Posts: 234
Registered: 12-17-2008
Location: La Paz
Member Is Offline
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Thanks Longlegs. My ears are open to common sense, experience and wisdom!
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comitan
Ultra Nomad
Posts: 4177
Registered: 3-27-2004
Location: La Paz
Member Is Offline
Mood: mellow
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Curchin
You have a u2u, click top right hand corner of page.
Strive For The Ideal, But Deal With What\'s Real.
Every day is a new day, better than the day before.(from some song)
Lord, Keep your arm around my shoulder and your hand over my mouth.
“The sincere pursuit of truth requires you to entertain the possibility that everything you believe to be true may in fact be false”
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rogerj1
Nomad
Posts: 265
Registered: 4-29-2004
Location: Gig Harbor, WA
Member Is Offline
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Damn Hook, well put
| Quote: | Originally posted by Hook
This recent influx of "potential" buyers and investors looking for bargains has been greatly reduced in the last month, thanks to the very significant
rise in the 10-year note yields. Many were looking to take advantage of prices that SEEMED to be bottoming out in some areas and historically low
mortgage rates.
We might be better served asking this question in about two months, especially if mortgage rates continue (going up) which many predict they will.
......the bottom in US real estate prices might not now be reached until 2012. This is based on the job market and the likelihood of further increases
in mortgage rates which will force the bottom even lower.
And real estate prices in Mexico will follow the downward trend.................
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There is nothing left for regulators to do to keep interest rates artificially low. As rates rise to their natural levels the speculators who've
played the "dead cat" bounce in real estate step back and prices continue to sag reflecting the huge oversupply on the market. Add on top of this
aging baby boomers leaving the market in greater numbers and you have a lengthy decline.
Fortunately, those aging baby boomers need a place to live and they like sunny places so there will be a steady demand market for recreational
property, which Mexico has in spades. But as Hook (and Sharksbaja) pointed out it will be a long time for the market to find equilibrium so I'm
keeping my powder dry.
[Edited on 6-14-2009 by rogerj1]
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rhintransit
Super Nomad
Posts: 1588
Registered: 9-4-2006
Location: Loreto
Member Is Offline
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| Quote: | Originally posted by C-Urchin
I have been looking for property in La Paz for the last 5 years. I have been looking at the same sad listings are in the windows of the real estate
offices on the Malecon. Most of the photos are faded, paper yellowed, cracked, fit for a museum. Can't help notice that prices still what they were in
Newport Beach before the collapse of real estate!
Has you wondering if they read the newspapers...But too late, you let your guard down and here comes the "smarty pants" 20 something "real estate"
agent. Oh NO! I made eye contact!
Smarty pants now who will proceed in telling me that La Paz is "BOOMING"!
It is virtually impermeable to what is happening in the rest of the world! Properties can't keep up with demand.
They are going to build a Shopping Mall on every street corner!
With condos and bowling alleys! ...and casinos!
Hey, for 89 million dollars they will sell you the WHOLE Mogote!!!
They are SOOO busy, swimming in money! They even have mortgages for anyone who needs one! No papers required.
The bleached smile almost looks sincere. He smells the blood. I see the fangs.
That's where you run for cover, get in your car for a fast get away, as your shaky hands are trying to get the key in the ignition you catch a glimpse
of your own reflection in the mirror and in an instant the world stops.
You ask yourself...
"Do I look THAT stupid"??????
We will be smart and find a nice property to rent until we find what we want. |
I'm local, I look it. yet I cannot scan the local real estate boards without a salesman running out to give the canned spiel. usually 'investment'
is in the second sentence. my translation: run, Bambi, run!!!!
reality\'s never been of much use out here...
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wessongroup
Platinum Nomad
Posts: 21152
Registered: 8-9-2009
Location: Mission Viejo
Member Is Offline
Mood: Suicide Hot line ... please hold
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Any new thoughts on real estate now....
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