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When the USA Sneezes, Mexico...
There is an old saying in Mexico that goes, CUANDO EUA ESTORNUDA, MÉXICO SUFRE
PULMONÍA!!! which literally means, WHEN
THE USA SNEEZES, MEXICO CATCHES PNEUMONIA!!!. What this actually means is that every time
there is an economic crunch in the USA, Mexico’s economic situation
worsens. However, that is no longer the
case, or at least not in our neck of the woods.
How so? Well, let’s look at the present real
estate economic CRUNCH in the USA. It is
well known that the USA is going through some serious real estate economic problems,
and we would expect that to have a serious impact in Mexico as well, however,
that is not the case. "While we
expected the Mexican economy to slow down for 2008 based on the USA real estate
market present situation, we have not yet experienced any rapid slowing down of
the economy”, (as mentioned by Morgan Stanley Latin America economists Gray
Newman and Luis Arcentales), in a recently published report. “On the contrary, we are seeing signs of an increased
economy since the beginning of the year”.
What all this means, primarily, and with
regards to our real estate market in Playa de Carmen and the Riviera Maya, is
that we are no longer dependent on the North American property purchaser or
investor. Playa del Carmen itself is a
more international resort community with real estate purchasers and investors from
all over the world. As a matter of fact,
we are seeing more Canadian home purchasers than Americans in the last few
months in our real estate market.
Another aspect that is changing is the way
potencial home purchasers are buying property.
One good example is the recent real estate auction of a significant
number of condos at Marian Mia in Puerto Aventuras; a new experience for many. But most importantly, is the new trend of
purchasers for new developments such as The Elements, The Fives, Sian-Kaan,
Corto Maltes, Quadra Alea, Marina Mia-Puerto Aventuas, and others that are now
purchasing through bank financing (Americans and Canadians make up the majority).
There are also new mortgage lending standards
with Mexican lending institutions now funding US dollar mortgage loans for Americans
and Canadians in Mexico. Due to the fact that it is a Mexican loan, with American
Fannie Mae underwriting guidelines, and getting recorded only in Mexico, the
loans do not get recorded in the client’s credit report in the USA of Canada. Due
to this fact loans taken out in México do not affect their purchasing power in
those countries.
What needs to happen is that realtors in our
market area must become more consciously aware of their options to sell
property and get off the old mode of the “cash buyers only!” mentality. In the
USA ,when there is a real estate market crunch, the real estate agent who
adapts to the situation and finds other options to sell their inventory will
survive over the set minded individual who only wants to sell to cash buyers our
local realtors must adapt to the changing times, and learn about other options
of selling through a mortgage loan.
Nevertheless, and being the USA Mexico’s
principal commercial partner in the world, USA consumes 82% of Mexican imports,
which makes it practically impossible for Mexico not to get affected by the present
USA economic slow down. The real estate market can continue to boom as long as
our international image of a Paradise Tourist Destination can be kept alive!
And most importantly, as long as our real estate market continues to use innovative
ways of making deals happen by virtue of new Home Mortgage Lending Program
Opportunities!!!
For more information feel free to contact
Enrique (Henry) Saldana, Mexico Mortgage Solutions (Mexico)/Advanced Mortgage Corp. (USA) at Cel: (984)
116-8528 or e-mail us at:
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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This is an interesting article, but the paragraph above puzzles me. Canada is part of North America, so this is a non-sequitur as far as I can tell.