In this case I own it out right. While mortgages for foreign buyers are available, the costs to borrow and terms aren’t very favorable so most buyers choose not to carry a mortgage
Questions: 1-Can you sell your property if you do NOT yet have a deed? 2-How long should a "normal" deed process take on a fractional condo? (i.e. 1-month fraction in Cancun area). 3-What is the cost of getting a deed on, say, a $50K usd fractional condo? Gracias.
I was hoping to learn about the financial side of a Canadian relocating to Mexico - nope it’s the cost of tomatoes and how to make friends. Good video nonetheless the less. Thanks
Hey Gary… Canadian here (Hamilton Ontario) looking to move to PV. I saw your video ‘what every Canadian needs to know before moving to Mexico’.I found the love of my life in NV and I’m extra my serious of this move and the next chapter of my life. Your video really inspired me. I was the happiest I’ve ever been in PV. I went for pride and it was life changing. I lived in Toronto for 13 years… I’ve been in Hamilton for 2.5 years. I need a new life… with the love of my life. Help me please?
21:11 It always amazes me how certain people distort data to their perspective. The PV market has massive months of supply. There will have to be large price reductions to generate sales. I don’t see what purpose it serves to misinform people
Thats crazy!!! To buy a condo for 400k in mexico!! .. i have 2 brand new condos in Playa and didnt pay over 300k in total for both … !!! W 6k condos coming on the market!! Those gonna be stale listings!! .. just unrealistic prices for mexico!!! 👎👎👎
I'm not sure what your main point is here. Playa and Tulum have hundreds of new construction projects underway and there is a lot of competition for sure. No doubt that you can find a place there for cheaper. Folks who are buying in PV are doing so mostly for the fact that it is PV. They like the proximity to their home city, the art scene, the theater scene, the ability to drive to mountain towns and villages or a short hop to Guadalajara. Additionally, many folks are very wary of sargassum and hurricanes. The demand is high here and prices follow.
PV is great. The problem I have when I stayed at the Grand Venetian and the Icon was the noise from the beach clubs next door. The Grand Venetian was especially terrible. I contemplated leaving and checking into the Marriott. Excellent restaurants especially Trio and Bravas. Conchas Chinas may be quieter. I will check it out. I thought the condo prices were on the high side when I looked in 2021 and 2022.
That is unfortunate for those in tower 3 of the Venetian, and those at the Peninsula, the Chicabal club is rare though as it is the only major open air night club on the beach.
Puerto Vallarta right now is way overpriced. The median price in 2023 was $336k and in February 2024 the median dropped to $300k. The average sales price in 2023 was $400k snd has dropped in February 2024 to $393k. The other important aspect which I think pinches the pocketbook is the peso which was $16.79 to $1 USD. This makes purchasing power a lot less. Right now, even with interest rates high, the USA is still a better real estate investment. If I was going to purchase anywhere in Mexico I would wait till November or December to see if the peso actually does drop to $17.50 as anticipated by the federal reserve of Mexico. I love my country of Mexico having been born here but l am also realistic of the markets in both beautiful countries, Mexico and the USA. Hasta luego amigos 😊
Hola, my name is Nik and I work with Gary. I spend a lot of time analyzing the real estate data, and unfortunately I have to let you know that you are incorrect. As of April 19, the average sold price for condos is $439,042. I analyze the data monthly and it has not gone down since 2021. I'm happy to share these data with you if you like.
Deeded properties listed in our PV MLS, which is part of Mexico's national real estate association (AMPI), are normally priced by looking at similar comps in their neighborhood - regardless of whether they're owned by Mexican citizens or foreigners. There is a market outside of AMPI, but most brokers here recommend that foreign buyers stay within the MLS
@@hoppeanofasgard1365 You may in fact be able to find some properties that are not listed on the MLS for less, but likely they would be in areas that you would not want to live in. Let's use the Marina area as an example, and this is an actual example. I was driving through the neighborhood and spotted a for sale by owner so I pulled over and knocked on his door. He was kind enough to let me in and chat with me even though I told him I was an agent. He had his home over priced relative to the other AMPI listed homes on his street (there were several). Getting back to your question (and Gary's answer) homeowners in general, but especially Mexican nationals have a tendency to overprice their properties. The national mentality here is I'll start way high and we can negotiate down. What they do not understand is that when a property is seriously overpriced, you won't have anyone to negotiate with. Buyers agents and buyers in general won't bother looking at properties out of their price range or if they are overpriced. Several other factors why agents stay away from non AMPI sales are: 1)How are you going to find these homes? Craigslist? Facebook? Road signs? Each of those techniques have been around for a long time and do work, but they are a ton of work, and they are very hit and miss. When/if you do find such a property for sale, you will have to dig for information, call ask about the size, number of bedrooms etc etc - all the stuff that you would find in a second by looking at the MLS listing. 2)In order for a property to be listed on the MLS, a variety of legal factors need to be verified, homes that are not on the MLS are immediately suspect. As a buyers' agent, I won't take a client to a property that is not listed on the MLS. If a buyer finds a property that they really want and it's not on the MLS, it's also highly likely that I won't take that job. It's a ton of extra work. If the house is being represented by an agent, then the agent is non-AMPI and I'll have to do all the legal work for him (if he is not AMPI likely he has no clue what he is doing), if the property is for sale by owner, same answer - I'll end up doing all the work. There may be one or two exceptions where getting involved with a non AMPI property is feasible, but it would be rare.
You'd think the new properties being sold by builders would be cheaper than what they are because they're not being sold by Americans or Canadians that are in no hurry to sell, and because Mexican home builders can build for super cheap, normally like 10,000 pesos a sq meter or something like that. So that just brings up the question then, why are all these newer properties so expensive in PV?
Several years ago you could build for approximately $11,000 pesos, the price for building over the last year or so has been in the $25,000 to $28,000 pesos/m2.
@@hoppeanofasgard1365 Unfortunately, that is not the case. It has to do with the price of steel , concrete, aluminum, and other commodities. There is also a shortage of workers, so that increases your costs. I am involved with several large development projects so I hear these details direct from the developers.
@@nikvalcic1875 So is this a phenomena in only Puerto Vallarta or are these shortages and higher prices effecting all of Mexico? where does Mexico get it's steel and concrete?
Hey Gary, Just reviewed your video and the market here in the USA is worse than when your video was made. The federal reserve is not going to be lowering the interests rates anytime soon as inflation is still over 3% snd the hoss ask is 2% or less. The speculation is if the federal reserve does reduce rates two adjustments may occur at the most. In closing you will see more prices drop daily in PV, just check out the daily MLS. This wasn’t occurring six months ago. Your video is misleading and more of a sales presentation plus your not boots on the ground here in the USA so you don’t see the reality of life here today.
Hey there, this is Nik and I work with Gary. I do check out the MLS daily and download buckets of raw data from them weekly. As of April 19 prices are up 8% vs the same period last year (Jan 01 - April 19) average prices are up 10%. Sales are down, as is normal in a US election year, but prices remain. With Mexican consulates in the USA and Canada jammed with folks looking for their residency and with the continued retirement of the boomers and early retirement of the X'rs, I don't anticipate much slowdown over the next few years.
Gary helped me buy an amazing 2 bed condo in Vallarta 3 years ago. Nick is helping me sell my condo now for 5k over asking. if you are looking to buy or sell in Vallarta there is no better or Trusted than these Realators or Caldewell Banker in the area.
I understand that the city can barely keep up with the changes, water, electricity and internet, also there's problems with the sewage system backing up. Is there a possibility that these issues could drive down home prices in PV?
Canadians don’t want Mexicans in Canada. In my trip to Niagara Falls must immigrants accepted and liked by Canadians are Asian then you should go to China or India.
Also, their resentment of everything American and the U.S was tiring. Fawning over Mexico, when that country has FAR more problems than the U.S. White liberals like this like to go to Mexico and pretend it’s utopia because of their own distaste for the United States. Very, very bizarre
This couple is sweet but the city itself doesn’t look that appealing. Much more beautiful beach towns but as this couple said, they’re not big beach people so it makes sense
I’ve had the pleasure to meet some Canadians in Mérida, you guys are really amazing and easygoing people. You keep a smile even in the most unbearable hot summer days, which is pretty amazing. Not even we can. I recently had the privilege to stay some weeks in British Columbia and it was the experience of my life! I’m definitely visiting it again soon.
Running numbers on 3 months of the year during the high season is a terrible way at looking at real estate investing. Investors look at 12 months and not 3 months. Show us how it performed over a 12 month period.
You guys are full of crap. It sounds like you guys are just salesman. Try to get a sale. I just looked at some places that I put offers in before Christmas. They have come down from 512 and they dropped $37,000 on average.you guys are delusional about paying 2% above asking price like you said generally you pay 102%.
Those were the statistics taken direct from the MLS at the time of filming. We don't make this stuff up. We are salesmen for sure, but we base our information on legitimate statistics that we get from the official AMPI MLS portal.
@@nikvalcic1875 I hope realize that MLS portal doesn't cover all properties listed in PV. without looking at other sources like inmuebles and icasa, you'll never have a full understanding of the market.
It's the optimistic outlook I'd expect from a realtor but anyone looking at the actual economic indicators for 2024 would tell you otherwise about the US economy and the subsequent domino effect it will have on every other country. If your news station of choice is still talking about a "soft" landing then you should consume your financial planning advice elsewhere.
I tend to agree, and once Americans and Canadians can no longer afford these inflated prices they're going to drop like a brick. Heck some foreign owned properties might need to be liquidated to help some families stay afloat if they over extended them selves.
