The Perfect Time to invest in Puerto Peñasco
While retaining its Old Port charm, Puerto Peñasco is transitioning from it origins as a fishing community to a community focused on tourism and visitor services. Puerto Peñasco is visited by 1.7 million international visitors each year, and that is expected to double over the next four to six years. So, for those who have ever considered buying property and calling Puerto Peñasco home, now is the time to make your move because prices for vacant lots are creeping higher due to rising consumer and investor demand.
Land Prices are Rising
According to Joseph Toland, Real Estate Broker at Rocky Point Best Realty located on Blvd Fremont in town, vacant lot sales are up by more than 50% in the first quarter of 2017. This is not surprising because, with strong job growth, rising wages and the overall improving economy in the U.S., consumers are once again regaining the confidence to spend money putting Puerto Peñasco on an aggressive trajectory upwards for continued growth, as was the case back in the early 2000s. This surge of demand will force vacant land prices higher as the year progresses.
Another reason to make a purchase this year is the fact that the cruise terminal is coming. Estimates vary as to the exact day it will open, but work is visible and progressing steadily. With cruise lines such as Holland America having already shown interest in serving Puerto Peñasco, history shows that the day the cruise terminal opens; prices for vacant land/property should double as happened in Cabo San Lucas and Puerto Vallarta when they received their cruise terminals.
Purchasing a Lot
According to Toland, there are many deals available on lots especially in Las Conchas. For example he says beachfront lots start as low as $199,000 and non-beachfront lots start at $19,000 with the average cost around $25,000, plus closing costs.
When searching for a lot it is important to find a lot that is relatively level and does not require a lot of fill and grading. This will save you a tremendous amount of money when going to build your home in the future. Other things to consider are the availability of electric and water. The Las Conchas community has both electricity and city water services available making it one of the more desirable communities in town.
Building a New Home
Building your dream home in Puerto Peñasco is not a difficult process and there has never been a better time to start construction, given the strength of the dollar and the competitive lot prices. But, if you are considering building a home in the near future make sure to protect your money by choosing a company who abides by Mexican Federal Labor Laws, has a good reputation in the community, who uses American Construction Contracts and American Escrow accounts.
Building a home in Rocky Point Mexico is a big decision that makes most Americans nervous. Make sure the company you choose has a presence and notoriety in the community. In order to protect yourself during the process you want to contract with a company that holds an American corporation in the United States. A typical home build is in the six-figure range so you want to protect that money by working with a company that utilizes a 3rd party American escrow bank accounts that are responsible for the distribution of funds per your contract agreement to the construction company.
About the author: Joseph Sanchez is president of Rocky Point Home Builders a design/build contractor specializing in custom home design, construction and renovations. He resides here in Puerto Peñasco with his wife and two children and is originally from Chicago. For more information email him at firstname.lastname@example.org
Special thanks To Joseph Toland, Rocky Point Best Realty, for contributing to this article he can be reached at Jtoland@rockypointbest.com
If you have ever considered buying property and calling Puerto Peñasco home, now is the time to make your move because prices for vacant lots are creeping higher due to rising consumer and investor demand.
With strong job growth, rising wages and the overall economy improving in the U.S., consumers are once again regaining the confidence invest in Puerto Peñasco.
Building your dream home in Puerto Peñasco is not a difficult process and there has never been a better time to start construction given the strength of the dollar and the competitive lot prices.