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elgatoloco
Ultra Nomad
Posts: 4332
Registered: 11-19-2002
Location: Yes
Member Is Offline
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COWABUNGA! 
MAGA
Making Attorneys Get Attorneys
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woody with a view
PITA Nomad
Posts: 15939
Registered: 11-8-2004
Location: Looking at the Coronado Islands
Member Is Offline
Mood: Everchangin'
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oh, the mysto spots..............
edit: foto
[Edited on 9-8-2007 by woody in ob]
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
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Man.....That looks like steep-beach Balboa shore break. If you can deal with that in a fun way, you can deal with anything.
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Hook
Elite Nomad
Posts: 9010
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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| Quote: | Originally posted by grover
Best laugh about the bust: "conservative" commentators urging a government bailout...
<priceless>
Who knew there was such compassion? |
Not to mention the conservative president.
Then, there's the Dems who are willing to back ANY faction for their votes...........yup, they want a bailout for the speculators, too.
And the lesson learned? Why, speculate all you want. Extend yourself all you want and the government will bail you out.
Let 'em twist in the wind..........
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
Member Is Offline
Mood: Peacefull
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| Quote: | Originally posted by MrBillM
This is the news most of us have been hoping to see.
The rampant construction and escalation of property values in Baja were a threat to established residents who simply want to stay where they are.
No one should feel any sympathy for the speculators. They are justly paying for their greed. |
Speculators have ruined the housing market in southern california and it looks like the same thing is happening in baja.
They are getting what their greedy hearts desire.
I sincerely hope the market continues its adjustment.
Maybe regular wage earners will have a chance at the dream of homeownership again.
CaboRon
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
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Mood: Peacefull
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| Quote: | Originally posted by JZ
No one in their right mind would buy in Rosarito. The area is terrible and prices quoted are ridulous.
In San Carlos, Sonora 3 years ago you could have built a custom 3,000+ sq ft water front house with 4 br, 5 bath on a 10,000 sq lot for under $500K.
I'm talking 100% custom and directly on the water.
Today you can still buy a 3br 2,400 sq foot condo or ocean view casa with a 2,000 terrance for under $500K. High end stuff.
Plus the coast line views are spectular and the water is nearly 90 degrees in the summer time and there isn't a ripple on the water a lot of the time.
Yeah, you can actually swim in the water, imagine t
[Edited on 9-8-2007 by JZ] |
JZ.
PLEASE rezize your photos....they are streaching the dialogue off my screen.
Thanks
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
Member Is Offline
Mood: Peacefull
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| Quote: | Originally posted by DENNIS
| Quote: | Originally posted by elgatoloco
How long did the original Calafia tower sit before it was finished?
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I thought the original tower was condemed long ago for it's leaning profile. How many years has it been sitting vacant? This can't be urban folklore.
The building was stillborn. |
Oh yes,, i remember, the leaning toweer of Calafia
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
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| Quote: | Originally posted by CaboRon
Maybe regular wage earners will have a chance at the dream of homeownership again.
CaboRon |
HAHAHAHAHEEHAHEHAHAHEHAAHEHEHAHEHAAHEEHAJEJAJEJEJE..gasp..HAHAHAHEEHEEHA
What the F is a regular wage earner in an economy with government sanctioned wage busters like our friends from the south?
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oldhippie
Banned
Posts: 742
Registered: 6-25-2006
Member Is Offline
Mood: muted
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"government sanctioned wage busters like our friends from the south"
Guatemala??? There is a lot of bad guate there. 
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Bajabus
Senior Nomad
Posts: 892
Registered: 8-30-2002
Location: Elias Calles B.C.S. or NC USA
Member Is Offline
Mood: My friends..it's good.
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I'm just real glad we bought our 10,000 square meters on the ocean back in 95. There have been a few times we were tempted to sell but rational minds
convinced me otherwise and I am sure glad we still have it.
No need to sell and I hope it makes for a fun place for my new son to someday learn how to surf when he grows older.
Elias Calles is even getting electricity now. I would never have believed it but apparently the poles are going up. I fear for the change that will
bring to our little community.
I remember when we were the second gringos to actually buy down there and you could see for miles up and down the coast with not a single other house
within eyesight. I loved it. still do but now our humble rustic beach casita is being surrounded by million dollar houses.
We still have the high ground though and enough buffer to wander out and pee in the open without my neighbor looking down at me.
lots of fond memories from living there full time for about 7 years.
"Preventive war was an invention of Hitler. Frankly I would not even listen to anyone seriously that came and talked of such a thing."
Dwight David Eisenhower
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oldhippie
Banned
Posts: 742
Registered: 6-25-2006
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Mood: muted
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EJ Elias Calles is a nice place, good for you! I remember one night in the late 90s I drank waaaay too much tequila with a blond guy that lived there.
He actually had a teepee on his property in addition to the palm log supported palapa roof house.
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BajaNews
Super Moderator
Posts: 1439
Registered: 12-11-2005
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Real estate stall spreading to Mexico
http://www.sltrib.com/ci_6905089
By Marla Dickerson
PLAYAS DE ROSARITO, Mexico - The ripples of the U.S. real estate boom began washing up on the shores of this beach town a few years ago. Californians
and others from the West, feeling flush from the steep run-up in housing values stateside, pulled equity from their primary homes and snatched up
vacation properties in northern Baja California as if they were buying $10 lobster dinners.
Ground zero was this midsized community about 20 miles south of Tijuana, where developers sold hundreds of condominiums on spec. Most jacked up
their prices as their projects filled, fueling a sense of urgency among U.S. buyers to get in while the getting was good.
''We nearly had fistfights'' over choice units, said Michael Coskey, sales director of the Residences at Playa Blanca, a 274-unit development
under construction north of Rosarito whose average condo is priced at $500,000. ''We were all appealing to people's greed.''
Greed has turned to regret for some investors who now can't sell their Mexican properties.
Upward of 40 percent of the condos in some northern Baja projects were purchased by flippers who intended to resell them even before construction
was finished. Their aim was to pocket a fast profit in an area where prices had been appreciating 20 percent to 30 percent annually in recent years.
But with contagion from the U.S. subprime mortgage debacle spooking many would-be purchasers and credit drying up, the Baja real estate market is
flagging.
Speculators are starting to sweat.
Californian Chris Romero's biggest worry two years ago was missing out on the action. He had his eye on a $200,000, two-bedroom condo in a project
called La Jolla Real in Rosarito.
But by the time he was ready to commit, the developer had raised the pre-construction price to $250,000.
Instead of folding, Romero doubled down, handing over a $120,000 down payment to lock up two units - one for $238,000, the other for $270,000 -
before prices increased again. The retiree and his wife reckoned they would sell the less-expensive one just before closing and use those profits to
help finance the other.
''The market was booming,'' said Romero, 60.
No more. He's finding buyers scarce and competition fierce. Rosarito is littered with so-called resale units whose owners are looking to unload
them. Romero is offering a $5,000 bonus to anyone who can bring him a buyer.
More inventory is on the way. About 7,000 condominiums are in the pipeline from Tijuana to Ensenada, with another 5,600 in the planning stages.
The average price is $300,000, but some luxury units run into the millions.
Developers say that's still a bargain, compared with oceanfront property in the U.S. Still, some people say prices here soared more quickly than
was rational in an area known for budget motels and cut-rate seafood.
''The ones who bought multiple units are going to be in real deep doo-doo,'' said real estate agent Roberta Giesea, owner of Baja4U Properties.
Speculators likewise are smarting in Puerto Penasco, also known as Rocky Point, a beach resort in Sonora state 60 miles south of the Arizona
border on the Sea of Cortez.
Egged on by soaring real estate prices at home, Arizonans and others snatched up Puerto Penasco condos at prices that topped $1 million for some
penthouses, according to Dee Brooks, owner of Twin Dolphins Real Estate in Rocky Point.
She said many flippers haven't been able to sell their units. The rental market is so saturated that most can't cover their costs by leasing their
properties.
It's not just buyers who got caught up in the frenzy. Some northern Baja developers paid top dollar for oceanfront lots where they built luxury
homes with million-dollar-plus prices. Some of those houses are languishing unsold, according to real estate agent Kerry Kay Sims, president of Baja
Relocation.
''The real estate market in California was so strong and so crazy that it was like they were stoned on it,'' Sims said. ''The thinking was that
somebody will pay no matter how high the price is. . . . Conditions have changed.''
You wouldn't know it from motoring along the coastal toll-road that connects Tijuana with Rosarito.
Billboards in English beckon prospective home buyers to purchase a slice of the good life. Flags flutter in the sand at oceanfront real estate
sales offices. Roaring earth-movers are busy clearing building sites.
One of the most closely watched projects is the Trump Ocean Resort Baja north of Rosarito. The Trump Organization, headed by Donald Trump, is a
partner in the development, which will include 500 luxury condominiums, upscale restaurants and a spa.
Builders recently broke ground on the resort's first tower, whose condo prices range from $279,000 to $3 million - or more than $500 a square foot
on average. That's about double the going rate around Rosarito.
Yet, nearly 80 percent of the tower's 230 units have been sold. Pre-sales are slower in the second tower, with only about 80 of an estimated 200
units sold. Still, a June sales event yielded $45 million in contracts in just five hours.
Market turbulence represents opportunity, according to project spokesman Brendan Mann, who said investors know that Trump has a proven track
record and the deep pockets to ride it out.
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
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Mood: Peacefull
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I hope the '"Flippers" choke on their greed.
CaboRon
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Gadget
Senior Nomad
Posts: 851
Registered: 9-10-2006
Location: Point Loma CA
Member Is Offline
Mood: Blessed with another day
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Another Cabo, won't be able to get on the beach anywhere. I've surfed this area for 30 years and it's all but gone. My brother and I had a place at
Baja Malibu through the 80s but got rid of it because the water pollution was getting so bad. The sellers will be in "deep doo doo" is not just a
concept. Where will all the sewage generated by all these units go? There aren't any treatment plants in the works that I'm aware of. Their 1/2
million dollar condos will be overlooking a sesspool!!! Enjoy
"Mankind will not be judged by their faults, but by the direction of their lives." Leo Giovinetti
See you in Baja
http://www.LocosMocos.com
Gadget |
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rogerj1
Nomad
Posts: 265
Registered: 4-29-2004
Location: Gig Harbor, WA
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I've been looking for a story like this for awhile. Perhaps it's wishful thinking on my part, as I haven't bought anything yet, but I'd been thinking
this was a possibility. So, the riskier the real estate (Mexico is riskier than US property), the greater the drop. The greater the inventory(Northern
Baja, Cabo, PV), the greater the drop. The farther away from town centers and existing development, the greater the drop. The big question is, how far
down and how long? The thinking on the vacation home market is that the swelling size of the baby boomers retiring will drive the second home market
for many years to come. I don't plan on becoming too complacent.
BTW, how anyone could ever consider buying property in Rocky Point is beyond my comprehension.
[Edited on 9-17-2007 by rogerj1]
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TMW
Select Nomad
Posts: 10659
Registered: 9-1-2003
Location: Bakersfield, CA
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[how anyone could ever consider buying property in Rocky Point is beyond my comprehension.]
Why do you say that?
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rogerj1
Nomad
Posts: 265
Registered: 4-29-2004
Location: Gig Harbor, WA
Member Is Offline
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I think Rocky Point is butt ugly. There's a huge tidal exchange, no character in the village, the developments sit in the middle of nowhere.
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SDRonni
Nomad
Posts: 481
Registered: 8-28-2006
Location: Serra Mesa/Rosarito
Member Is Offline
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Any Nomads out there who've purchased at Las Olas Mar Y Sol?
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TBcountry
Junior Nomad
Posts: 52
Registered: 9-19-2007
Location: Ontario, CA
Member Is Offline
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Las Olas Mar y Sol
My wife and I also bought at Mar y Sol SDRonni. things a little slow it seems but at least progress is being made. Also bought at Grand with a
friend and we are supposed to get that unit by end of year. We will see.
Tom
Been browsing this forum since we bought back in Jan 06 but have never posted before so I guess I'm a newbie
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SDRonni
Nomad
Posts: 481
Registered: 8-28-2006
Location: Serra Mesa/Rosarito
Member Is Offline
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TB Country--Tom--please check your U2U....
Thanks!
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