ligui
Senior Nomad
Posts: 833
Registered: 2-9-2008
Location: Fraser co.
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Mood: love Baja !
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loreto realestate
Spoke with a realitor in loreto this morning , he said that he has 8 homes under contract and is writing up 2 more this week .
Anyone in loreto also seeing some changes in things picking up ?
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desertcpl
Super Nomad
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Registered: 10-26-2008
Location: yuma,az
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sure looks encouraging,, I so hope things are on the mend
we also have seen a big up tick here in Yuma's real estate
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dougf69
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Could the Yuma market up-tick be due to snowbird activity?
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desertcpl
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sure it helps,, but its also a sign that every segment of the real estate market is on an uptick, commercial and residental
the last previous years even with the influx of snowbirds
the real estate market was DOA
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Paula
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I see lots of for sale signs, but they never seem to come down, doesn't look like sales are happening much, just listings.
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backninedan
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I haven't seen a house sell in a long time and many stores are now vacant as well.
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ligui
Senior Nomad
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Paula and backninedan , you are right nothing ha been selling in loreto . But with 8 of his listing now under contract with buyers . I would just
take a guess that may be things are on the up swing.
Sure hope so  lots of people in need down there .
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Islandbuilder
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On average, the average life of a real estate mortgage is 3 years. People would typically re-fi after 3 years, and sell after 6 years. The drop in
home values and the return to tougher loan requirements has caused a sort of log jam in the normal flow of real estate transactions.
In the last few months there have been an increasing number of leaks in the dam. If it breaks, and new money is able to enter the markets, the dam
will break and all of us who have been forced to the sidelines waiting for our homes value to exceed the loan payoff, will be back in the market.
Not sure how long the flood might last, certainly rising interest rates would slow things down again, but a lot of property is going to change hands
in a pretty short time.
Just make sure that you're in a place you wouldn't mind sitting for a while, because I think that once it starts, the music may not play for very
long.
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gnukid
Ultra Nomad
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Not sure that it matters, but I disagree with everything from Islandbuilder.
First, Gringo realestate deals in Mexico do not depend on Real Estate loans, these are largely cash deals for second homes that have no bearing
directly on hoe loan interest rates or typical loan amounts.
Second, changes in finances, loan rates, bonds, markets dont affect cash for home purchases in Mexico either, though certainly extra cash can fuel
cash for purchases on the other hand a poor market in the US may also fuel purchases in Mexico as retireees flee to Mexico for retirement. IT's hard
to know what fuels the increase of Gringos to Mexico or Mexicans returning home to Mexico after a lifetime in USA. 6 of 1 1/2 dozen of another.
The flood will always exist as long as the options for living in Mexico cost less than USA.
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rhintransit
Super Nomad
Posts: 1588
Registered: 9-4-2006
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well I bought/closed on a home in Loreto on the 18th of January...does that count as an uptick?
reality\'s never been of much use out here...
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BajaBlanca
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good for you rhintransit !!
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J.P.
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| Quote: | Originally posted by ligui
Spoke with a realitor in loreto this morning , he said that he has 8 homes under contract and is writing up 2 more this week .
Anyone in loreto also seeing some changes in things picking up ? |
I guess. It's not in a Realestate persons best interest to tell anyone that buisness is slow.
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ncampion
Super Nomad
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Location: Loreto
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| Quote: | Originally posted by ligui
Paula and backninedan , you are right nothing ha been selling in loreto . But with 8 of his listing now under contract with buyers . I would just
take a guess that may be things are on the up swing.
Sure hope so lots of people in need down there . |
I suspect that most if not all of this listings are in Loreto Bay. That place has been pretty active lately, looks like it may take this time. I
don't know of any sales in town.
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