The 19th century
land grab was resented by Mexican nationals for obvious reasons. As for the
current invasion; “We are loving it!” say a number of Mexican high-end
developers who are putting up American-style residential communities along the coastal
lines in Mexico.
Robb
Gordon, a professional photographer from Malibu,
Calif., bought a villa last spring in the
Costa Baja Resort & Marina near La
Paz. “My wife and I can get there once a month because
La Paz is only a two-hour flight from Los Angeles,” he says.
“The water is 80 degrees, and it’s more beautiful and clear than the Caribbean.
We love Mexican culture and we feel safer there than anywhere else in L.A.”
One reason
for Mexico’s
popularity is, of course, the price. Additionally, the political climate is stabilizing. The
recent election of U.S. Harvard educated Felipe Calderon as President bodes
well for cross-border relations, and of course, a strong Mexican economy.
Buying
property in Mexico
is getting easier and safer. Although the purchase of property along the
Mexican coast is still a complicated process, American title insurance companies,
including First American Title Corp., Stewart Title Insurance Co. and the
Chicago Title Co. are now providing documentation of ownership and acting as
escrow agents while residences are being built.
Just a few
years ago, the only way to buy housing in Mexico was to pay cash. Today, major
U.S. lenders are writing mortgages on Mexican property. New and innovative programs provided by more
aggressive lending standards such as No Condo Regime Requirement and Pre-Sale
Financing (with 40% finished product) are opening more opportunities for condo
purchasing through mortgage loans and permitting developers to capitalize
themselves in the project development process.
Finally,
South-of-the-border resort communities feature marinas, fitness centers, spas
and golf courses designed by familiar names like Jack Nicklaus, Gary Player and
Greg Norman, just like those closer to home. (Julie Bennett, Wall Street Journal)
What lies ahead
is a continuous land grab by Americans and Canadians, which in turn will be
Europeans and other foreigners once the banking industry sees fit to open their
financing options to those groups.
Enrique (Henry) Saldana
Tel: (984) 116-8528
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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