Former Yahoo! Chairman Develops Land in Mexico
Former Yahoo! Chairman Develops Land in Mexico
Former Yahoo! Inc. Chairman and CEO Tim Koogle is developing 100 acres of oceanfront property in Puerto Vallarta, Mexico.
El Banco will feature estate homes, beach villas, and a boutique hotel. Estate lots are priced from $4.75 million, and the 14 beach villas to be finished in late 2006 will have price tags of $3 million-plus. Koogle was drawn to Mexico's location as well as its affordable labor and construction costs, noting that the project is about a third of the cost of a comparable project in California.
Other residential projects in the works in Puerto Vallarta include the 92-home Costa Careyes and resorts from the Four Season and Starwood. U.S. real estate professionals who specialize in Mexican property say a growing number of Americans are flocking to their southern neighbor to escape skyrocketing second-home prices to the north.
Source: The Wall Street Journal (12/23/05); McMullen, Troy
Former Yahoo! Inc. Chairman and CEO Tim Koogle is developing 100 acres of oceanfront property in Puerto Vallarta, Mexico.
El Banco will feature estate homes, beach villas, and a boutique hotel. Estate lots are priced from $4.75 million, and the 14 beach villas to be finished in late 2006 will have price tags of $3 million-plus. Koogle was drawn to Mexico's location as well as its affordable labor and construction costs, noting that the project is about a third of the cost of a comparable project in California.
Other residential projects in the works in Puerto Vallarta include the 92-home Costa Careyes and resorts from the Four Season and Starwood. U.S. real estate professionals who specialize in Mexican property say a growing number of Americans are flocking to their southern neighbor to escape skyrocketing second-home prices to the north.
Source: The Wall Street Journal (12/23/05); McMullen, Troy
posted by La Punta Realty at 11:15:00 AM
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