Rocky Point's "Big Bang" - Real Estate Preparing for Sustained
Foreign Investment As Interest and Market Heat Up
[Puerto Peñasco] -- "Build
it and they will come." These words reflect the state of the
real estate market in Rocky Point today, which continues to grow with each
new service entering the local market, according to Mercy
Dueñas, a local Remax real estate agent.
Developer financing and the arrival of title insurance have
spurred the market higher, Dueñas said. American lenders know
a hot market, and many plan to offer American financing to
properties in Mexico, she said. Still, only a few American lenders
offer financing at this time, Dueñas said.
But changes are coming. In the coming year, Dueñas
expects more American lenders to enter the market. Financing was
only available through developers and Mexican banks, according to Dueñas,
whose residence in Mexico spans more than 30 years. Not long ago,
home buyers had to pay cash for real estate in Mexico, she said.
Those days are now history, according to Dueñas.
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Land
Values Soar With News of Megaport Just 50 Miles South of Ensenada
Ejido Colonet, Baja California, and the five miles between it and the
Pacific Ocean are the subject of a great land grab since the
government announced the construction of a huge port there. Land
sales around the tiny town exploded creating friction among ejido
residents. Many transactions are completed in secrecy, adding to
the frenzy.
Investment in the town and surrounding area could total
$22.2 billion dollars, and would create a new city in Baja California.
The new port will relieve the huge increase in U.S.
imports expected from China and Asia. Punta Colonet will be
bigger than both Los Angeles and Long Beach ports combined, according
to consultants familiar with the project.
Local
News Page Two >>
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