Hello Elena, first I would like to point out that I do both follow and enjoy your videos, and for the most part do agree with you. I also was, like yourself, a realtor in the Vancouver area for 8 years. I am now a broker here in Vallarta and have been in the real estate business here for 8 years and am also on the board of our local AMPI chapter. I have to disagree with two points you have made on this latest video. 1st we do not have an over abundance of inventory, despite all of the new construction we can see. Much of it is already sold before it even hits the MLS. 3 years ago we had approximately 3,000 properties on our MLS system and were in a "Buyer's Market". Today, we have approximately 1,400 properties in our MLS inventory and the vast majority of that is indeed pre-construction. The demand however has never been greater as we are seeing very large populations of both Americans and Canadians flocking down here and looking to buy for investment purposes and/or to live here full time. We are also seeing a large escalation of Mexican buyers from mostly the Guadalajara area and they have money to buy properties outright. It honestly is the biggest flood I have seen since I started here. We are now, for the first time anyone can remember working in a "Seller's Market". A lot of this is driven by what you have spoken about in your video, but as well, we are now receiving a huge amount of "Digital Nomads" who have learned that they can work remotely. That is one thing the pandemic has taught us. The 2nd issue I have is the idea of price dropping. In 2008 and 2009 prices did indeed drop in the USA, but not in either Canada nor Mexico and for different reasons. In Canada, the banking laws are very strict and did not allow sub-prime mortgaging, while here in Mexico, most buyers (foreigners) pay in cash and do not have a mortgage, and for the average Mexican buyer, they either pay in cash as well, or use the government Infonavit program, which is a Government subsidized mortgage program, very few actually use the banks mortgage programs as the rates here are very high. No one lost their homes from this. We did however at that time, see an increase in our inventory, mostly due to Americans selling off vacation homes, if they became in distress in the USA. One thing we did see, was that prices here in Vallarta stagnated for the most part until late 2017 and have been steadily climbing since. Overall in Mexico, in the past year, we have seen an average increase in home prices of about 12%, whereas here in Vallarta, depending upon the neighbourhood, the price hikes have been much higher. Personally, I would very much like to see a cooling off of the pricing, but as you very well know, we have been talking about that in Vancouver for the past 30 years. That bubble still has not burst. Vallarta has indeed become one of the hottest markets in all of Mexico and as you did point out, low crime rates here has been a great reason. I look forward to watching more of your videos in the future and possibly speaking with you some time.
Hi Barry, thank you for a great comment and sharing the info. I never said the prices will fall :) I agree with most of the points you make except the MLS system and the numbers it offers. MLS system in Vallarta is in its infancy and in my view only offers about 50%-60% of the listings that are actually available for sale, hence the numbers can't be trusted. Other than that - all on point! Thanks for sharing and watching.
@@ElenaNevza Hi Elena, I am not sure what you mean that the Flex MLS is in its infancy, it has been 11 years since it was brought in to Vallarta and when I left Vancouver Real Estate in early 2008, we did not yet have a computerized MLS, we still had the weekly catalogues. Yes, we do still have quite a few "Realtors" working independently, but AMPI boasts more than 160 offices in PV with more than 600 registered agents and many of the independents are joining every day as both Nayarit and Jalisco have given notice they are wanting to implement licensing for all realtors in our 2 states. I see that as a very good thing, for our clients. The issue with so many of the pre construction projects not getting onto the MLS system until most are 75% sold out, has to do with the very strict guidelines set by AMPI in order to list them. The checklist is pretty thorough and to its own detriment. We also do have an issue with many out of town developers that do not always want to do things by the book and that is something that buyers need to have a big concern with. Many aspects of real estate are still in the dark ages here in Mexico and the term "Buyer Beware" is something to take seriously. I would love for you to make a video that can help the buyers be aware of exactly what they should be looking for when it comes to pre construction purchases, including the differences in the building codes between Mexico and US and Canada and the many types of construction we have here. Keep up with your great videos.
Hey Barry I would love to learn more about the market myself! I'm actually going to enroll in Century 21 University. Do you have any recommendations or pointers 😁
@@barryewert Thanks Barry! Would you be interested in being a guest speaker to share your professional opinion on how buyers can protect themselves? I have done a number of videos on this subject and discuss it in depth in my master class, but would love to hear your view and share with our community. Email me if you are interested elenanevza@hotmail.com
I have been vacationing in PVR for over a decade now, and I still love it!!. I feel bad that they are building so many new condominium complexes now, and way too tall, also. But that's progress, in Mexico....!! The area is still amazing and yes, the people (who are slowly but surely being bought out and leaving the area) are happy. I hope they are getting fair prices for their land, and can then retire in an area they like. I hope they are not being forced out.
Thank you for your comment! Most of my local friends and people who work with us are happy with the opportunities that come with change, but of course there are some who don’t like it. We (me, my family and company) do our best to help the community here and be kind to all. We also do our best to create awesome opportunities for those who we work with. ❤️
I have a different view on your opinions that you left out. I am Canadian and moved to PV Nov 2023 and been in Nuevo for about three months. Also I golf membership at El Tigre. I purchase a lot of land in Rinconada Banderas here in Nuevo hoping to start the build in November. Mexico is mainly a cash country what mean not many people have car, house or boat loans because the rates are very high compare to Canada and USA. People over live there means because they barrow so much $$$$$" compare to Mexico. My personal opinion Nuevo is the place if you can afford to purchase. Reasons 1. When the new highway is complete from Guadalajara travel time about 3hrs more Mexicans will purchase in and around Nuevo. 2. When Vallarta is fully complete that will increase the real estate. 3. More and more foreigners are relocating full time here in PV and surrounding areas. Temporary and permanent residence has increase apx 60% in 2022 than prior 2019. We can't predict the future but I think its be saving to invest in Nuevo than in any major city in Canada or USA at this point in time.
Thank you for sharing! Banderas Bay is full of opportunities, different areas for different types of investors. I love Nuevo as well, but not for STR’s. Long term rentals or to live its a beautiful place!
Well done! I’m hoping to retire at the end of the year and moving to Puerto Vallarta or San Miguel de Allende and videos like this are quite helpful! Really am enjoying your videos 👏
Hey, Elena. Pleased to see you are looking well... and that you're now discussing more than just locally available properties. I also agree that Mexico will likely weather the coming economic storm(s) better than the US, Canada, Europe, etc. (And BTW...it's looking and sounding a LOT MORE like a 2007- 14 "replay" yet again here, in the US. Fortunately for those "in the know..." the PTB are redundantly predictable, at this point.) KR 🙂
Yes, but if we look at the economy and fiat money system, those who want to protect their hard earned $ will continue to invest in assets. Whether it will be PV and/or other places will depend on where those investing are treated best 😉
Yes, good point. However there are many other ways to come up with $ for property purchase. One of the reasons I enjoy MX is that doing business here is much easier in some ways. A lot less red tape 😉
My opinion and mine only is we will see a steady more controlled escalation of real estate prices nothing like which Vancouver experienced , our interest rates are still relatively low . Baby boomers and now GenX are starting to retire and both have more wealth then later generations. The healthcare in Mexico will also attract more people as Healthcare in Canada and US becomes backlogged and expensive.
I agree with you Lauralee, in one of the next videos I’ll share what I think about price increases vs inflation etc. Looks like this is a topic that many enjoy, so let’s continue the conversation 😉
We are trying to decide between purchasing in PV or the Ajijic/Lake Chapala area. PV is a sexy international destination that will always have tourists. The appeal of the latter is the cooler year round weather and less restrictions on ownership? What do you think?
What are the reasons for your purchase? Vacation / cash flow or retirement? Which area speaks to you more? I think that there is appeal in both, just depends on what you like and reasons you are buying the property. I personally choose PV because lake Chapala’s energy is not for me.
I still think there is room for PV to way out perform Canadian real estate. The Peso has now been named the "Super Peso"...... is based on the tail winds pushing the Mexican economy forward. Canada.....has become more of nursing home type of economy. I think your spot on your analysis of condos away from the water. Good video!
Not sure how anyone can think the Mexican economy, particularly tourist destinations such as PV won’t be adversely affected, when their primary customers would be in a recession. Mexico is far more dependent on US and Canadian dollars being invested into their economy and into their real estate than vice versa.
@@HamiltonRb Check out the Peso vs cad or USD.....over the last year. Unbelievable investments into Mexico from both the US and China. These are long term investments mainly in manufacturing.
Hi @HamiltonRb, look in to the growth of non tourist sectors of MX economy. Currencies and their cycles and history. I am not saying the change will happen tomorrow, I am saying I like where MX is heading vs CAD or the USA.
Not only Puerto Vallarta any place in the Caribbean it’s a mental health. I heard a doctor was talking about that. It’s a fact. USA and canada. Depresión anger ect
Hello my dear Elena. i dont hink will drop soon, unless something happen, like in Acapulco. Acapulco Gerrero burnedout,drugtrafickers took over for for years. Now its getting a bit better. Gerrero has a new governor and she is a lady by Morena Party, she is doing very good.We hope, we will elect new govern in Jalisco by Morena Party.Not soon. Vallarta Its getting more expensive, especially by the ocean. I see ,You look younger.
@@ElenaNevza let me know when is the best time “in your opinion” to buy in this downturn. I’m looking for a beach house like the one in B Nayar around 500k. Thanks!
Not true the homes and condos in puerto vallarta are over priced to begin with, even in a recession in Mexico they don't go down I've been seen this for the past 18 years i remember when the 2008 recession hit the USA the housing bubble they didn't go down in puerto vallarta Tourists was still investing in PV.
I never said the prices will go down :) Most properties here don’t have a mortgage against them and produce cash flow. Its beautiful and sunny, people are lovely, its a perfect mix!
