Interview with Tessoro Resort’s Property Manager, Manuel Martinez
There has been a lot of talk about Tessoro Resort in Las Conchas so what is actually happening at the resort right now?
MM: Tessoro, just like all of the other resorts and real estate projects in town suffered from the collapse of the real estate market back in 2008. The developers did manage to sell 14 condos out of the 55 that were built, and those 14 owners kept the resort open, carrying the responsibility of the maintenance and upkeep of the resort.
The rumors that Tessoro had closed, that it had no electrical power and that it went bankrupt were not true?
MM: No, the resort did not go bankrupt, it did not close, but we did have a power issue due to a late payment which was immediately rectified.
We have heard people saying that there is no condominium regime nor an HOA. What can you say about it?
MM: We have both, a condo regime and an HOA. Every development must constitute a condominium regime before they can start selling condos. Tessoro’s regime is registered under the number 36140 at the public registry in town and the regime has its rules or CCR’s registered at the same office.
Does Tessoro now have condos for sale?
MM: Yes, actually there are 26 condos available for sale right now. Some brand new and some are resales.
There has also been a rumor that there was a lawsuit against the developer, is that true?
MM: Yes, that was true. After 12 long years of litigation, the lawsuit came to an end and the contractor won the lawsuit and received the condos.
Now that you are back on track with the sales, how many condos have been sold and what are the prices of the remaining condominiums?
MM: there are currently 42 condos sold out of the 55. The 2,200 sq. ft. units start at $369,000 USD and $549,000 USD for a 3100 sq. ft. end unit. (Six of those condos from the lawsuit are end units.) We have a broker from Mexico City who has 12 condos, and they are being offered at a lower price if you don’t mind acquiring it “as is” and then finishing its interior. Those prices could be as low as $293,000 USD for a 2,200 sq. ft. unit.
What would someone have to do to purchase one of those units? Who do they contact?
MM: The broker decided to write a contract with a local realtor, so any real estate agent has access to the listings. As for the rest of the resale condos, each owner decided which realtor they wanted to personally hire, and those listings are also public. For more information, particularly about the condos released from the lawsuit, anyone interested can contact me at the resort or through my cell phone number at +52 638-380-5179 or by email at manuelmartinezp@hotmail.com. The owner of the 8 condos acquired from the lawsuit is offering a 3% commission to any agent that brings a buyer.
Thank you for clarifying and sharing this exciting news with us, what else can you tell us about the resort?
MM: The resort from day one has been Peñasco’s best kept secret. Its location and size make it a unique destination. Visitors love the calm and lack of traffic around the area. With 42 condominiums contributing with their maintenance dues, maintaining the resort is getting easier. A sea wall was built to protect it from rising tides, and it was possible thanks to the collaboration of the original and new owners. We welcome everyone to come out and take a look.
