Our real estate market achieved a milestone in 2022, surpassing $100 million in total “Dollar Volume of Sold Listing,” for the second year in a row, making that the first time in history that Rocky Point Real Estate has had back-to-back years of over $100 million or more in sales production.
While the real estate market has stalled in the United States due to high interest rates, the news for us in Rocky Point is that sales remain steady and construction is at all-time highs with many new home developments under construction giving consumers the dilemma of, “Do I buy an existing home, or do I invest in new construction?”
I am a proponent of new construction homes because in my opinion, there is no comparison to walking into a newly constructed home with all the modern finishes, new appliances running on all the latest energy-efficient technology.
Many of the existing homes here in Puerto Peñasco are older needing modern renovations but one benefit of buying existing is that new construction can’t compete with location in most cases because existing homes occupy the best land/lots typically.
Real estate in Puerto Peñasco is entering a generational shift where the current property owners, who are mostly of the baby-boom generation, are cashing-in and selling their investments to the new generation of buyers mostly from Generation X.
More notable, are the baby boomers essentially built Puerto Peñasco into what it is today when they bought and/or built their homes. The developers, responsible for the growth and prosperity who worked with the boomers, are now mostly retired but a new class of developers is rising taking the reins of progress to continue the path forward.
I believe a new generation of buyers need a new generation of modern homes. With that said, projects such Islas Del Mar and Encantame Homes subdivision are certainly filling the void but in breaking news last month, Sandy Beach will soon join the progress with a planned custom home subdivision of its own set for 115 homes that will start in June. The project is called Vivente and you can sign up for the pre-sale and news by visiting https://viviente.mx/.
So, when shopping for a home do you choose an existing home or a new construction? That’s a decision based on what is desirable and important to you. There are pros and cons to both but just know that you have options. My advice is to work with your local real estate advisor who are happy to show you all your options.
About the author: Joseph Sanchez is a real estate agent with RE/MAX Legacy and president of Rocky Point Home Builders a design/build contractor specializing in custom home design, construction and engineered renovations. He resides here in Puerto Peñasco with his wife and three children and is originally from Chicago.