March AMPI Puerto Penasco Chapter 51

Mar 7, 2014 by AMPI

AMPI Puerto Penasco Chapter 51

March Rocky Point Times

The Puerto Peñasco Chapter of AMPI (Mexican Association of Professional Real Estate Agents) has set its goals and objectives for 2014. They broadly include continuing to provide education and training to its membership, but also seeking opportunities to educate our clients and the population at large. Much time has been spent in understanding the new tax laws relative to real estate that were initiated in September 2013 and January 2014. Furthering this mission, AMPI sponsored a conference in January, open to all, that discussed and explained the new tax law as it relates to rental properties. Experts spoke on both the new legal and accounting obligations to homeowners who rent their property in Mexico.

AMPI has finalized its 2014 officers and directors. These individuals volunteer their time and resources to make a positive impact on our industry here in Puerto Peñasco. The directors are:

 

Rommel Bustamante, President

John Fagundes, Secretary & VP Internal Communications

Rebecca Palomino, Treasurer

Jonni Francis, VP MLS

Ricardo Borquez, VP Legal

Wayne Corcoran, VP Ethics

Susie Flinn, VP Membership

Jared Cranford, VP Events

Richard Savino, VP Public Relations

Gretchen Ellinger, VP Education

Fernando Curiel, VP Language & Culture

Jorge Valdes, President Elect

 

In my role as VP of Public Relations, I will be providing relevant real estate information and statistics to the community each month here in the Rocky Point Times. Should you have any questions or suggestions regarding the topics I will be covering, feel free to contact me to discuss.

Looking back on 2013 it is clear that by a number of measures, we had a very good year. The market continues to improve slowly but surely. Here are some statistics that bode well for our local Rocky Point real estate market:

Solds   2012    2013

Residential      200      252

Land/Lots        11        24

 

Listing Inventory

Residential      502      468

Land/Lots        96        79

 

Absorption Rate (months)

Residential      32        21.5

Land/Lots        197      135

 

Median List Price

Residential      189,000           199,250

Land/Lots        67,200             65,000

 

Median Sold Price

Residential      116,500           159,000

Land/Lots        29,000             23,750

 

January 2014 results continue to show a reduction in inventory and another increase in median sold price. For sellers, the reduction in inventory is the most important factor in maintaining and increasing the value of their property.  So as the number of residential units for sale decreases, the choices for buyers are reduced and competition from other buyers increases. This scenario is a basic element in economic supply versus demand. After several months of reduction in inventory the market at some point will begin to favor sellers rather than buyers when it comes to value and pricing.

If you have questions about buying or selling in Puerto Peñasco, I urge you to contact an AMPI member. All members are listed on the AMPI website;www.puertopenascoampi.com. Members are bound by rules and regulations concerning real estate activity and agree to abide by AMPI’s Code of Ethics. All member agents are either licensed by the State of Sonora or are in process of licensing this year.

Note: Richard Savino is AMPI Chapter 51’s Vice President for Public Relations and is the Designated Broker for Realty Executives

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