9/25/2006

Costa Careyes, Mexico: A Pacific Resort Where the Air Kisses Are Understated

Costa Careyes, Mexico: A Pacific Resort Where the Air Kisses Are Understated


Adam Wiseman for The New York Times

A sunset cocktail party at Costa Careyes, a laid-back luxury getaway in Mexico favored by many celebrities.

By JULIA CHAPLIN
Published: September 24, 2006

THE sun was setting above Costa Careyes, a luxury development on the Pacific coast of Mexico, and as it lowered into the foam-capped sea, its light was refracted through a massive, puzzling structure on the dunes that looked like Freddy Kruger’s knifelike finger nails.



Among the accommodations are colorful casitas. The out-there creation — actually the beginnings of a giant sculpture of an upturned hand — was that of Gian Franco Brignone, the eccentric Italian-born financier and artist who founded this exclusive beach community in the late 1960’s. He had invited two dozen or so guests, who now stood obediently with their margaritas on his terrace, to watch the quasi-spiritual spectacle.

“Say goodbye!” ordered Mr. Brignone, 80, waving a carved tree branch and wearing a long caftan. “Say goodbye to the sun.”

Such was a typical early evening cocktail hour in Careyes, well known among jet-set internationals and fashion-world inhabitants but hardly, it seems, by anyone else. Which, of course, is the point for frequenters like Giorgio Armani, Francis Ford Coppola, Uma Thurman and Heidi Klum and Seal, who own a villa here.

A laid-back, word-of-mouth alternative to hard-charging party spots like St.-Tropez or Punta del Este, Careyes is small (there are only 42 villas, 40 casitas and one hotel — El Careyes Beach Resort) and conspicuous consumption is considered déclassé. There is no marina for yacht envy, nor an airstrip, and not only are there no designer boutiques and glitzy nightclubs, there’s not even a town.

The crowd here tends to be young, or young at heart, wealthy and on the make. During the Christmas-to-Easter polo season — yes, there’s an up-to-date polo facility, a big draw for European and South American playboy types — lavish dinner and cocktail parties unfold in the villas, which rent for up to $6,000 a night for their infinity pools, sprawling thatched roofs and open-air living areas with steep cliff-side views instead of doors or windows.

The parties often stretch into the wee hours, with well-dressed revelers plunging into the pools, hot tubs or the silk-textured ocean. (The mysterious invitations to these late-night gatherings arrive via the house managers who do double duty as blue-chip social connectors.) As at a surrealist country club, after several nights of these boozy fetes you still have no idea what these people do in the real world, and it’s considered bad form, after all, to make such direct inquiries. Which was why when I visited last January, I kept racing to the computer at my hotel’s business center to Google my new best friends. If only the Internet had existed during Gatsby’s time!

“Careyes draws a very affluent international crowd, but they are more attuned to aesthetics then status,” said Tim Parsa, a businessman and writer in his 30’s who lives in Mexico City and Manhattan and goes to Careyes for the polo. He was perched in a shaded corner of the beach typing a screenplay on a laptop one recent morning. “Here people aren’t overwrought with that aggressive pursuit of a good time,” he added.

Mr. Brignone developed Careyes as a leisure-class utopia where social standing would be measured by eccentricity and caftans, not big yachts and golf courses. He discovered the eight-mile stretch of land on a tip from a friend, Antenor Patino, the Bolivian tin baron who developed Las Hadas, the luxury resort featured in the movie “10.” Mr. Brignone commissioned architects like Marco Aldaco and Diego Villasenor to build a handful of brightly painted, whimsical Mexican-Mediterranean-style bungalows. One villa, Casa Mi Ojo, in homage to Mr. Brignone’s missing left eye, has a hanging bridge suspended 90 feet above the ocean that leads to a little island and a huge eye carved into the side wall with a pupil that doubles as a peephole window.

Mr. Brignone’s well-heeled European friends, including the Fiat scion Gianni Agnelli, Egon Von Furstenberg and the billionaire financier Sir James Goldsmith came to visit, and soon the word spread.

(Sir James bought land down the coast in the mid-1980’s and set up his own private Xanadu called Cuixmala for his extended clan and guests, who included Henry Kissinger and Ronald Reagan. He died in 1997, and Cuixmala is now run by his daughter, Alix Marcaccini, as a 32,473-acre biosphere reserve and an exclusive estate-and-breakfast, where guests like Madonna and Mick Jagger rent out the apocalypse-proof Indian-themed palace, La Loma, for $9,000 to $15,000 a night.)

A few more villas have been added at Careyes over the years, but you still rarely see another car or person on the cobblestone streets that laze past the lushly planted mansionesque villas with names like Parasol and Candelabro. Strolling on the beach one warm starlit night, my traveling companion and I happened upon a dinner given by Ms. Marcaccini. A long table for 40 lighted by torches and sprinkled with bougainvillea and copa de oro had been set up on the main beach by the charming pink and thatched Italian restaurant that’s the nexus of the social scene. Both beach and restaurant are named
Playa Rosa

The guests, a whirl of slender shoulders draped in shawls, clinked glasses of red wine and margaritas in a scene that could easily have been airlifted in from a fashion show afterparty in New York or London. They included the model Jacquetta Wheeler, the English fashion designer Alice Temperly, the actress Minnie Driver and the actor Danny Huston.

“Celebrities like it here because it’s private, and there’s no paparazzi,” said Viviana Dean, who manages several of the villas. “People looking for a glitzy, loud vacation tend not to want to come here anyway. ”

During the day the best eye candy is at the Playa Rosa beach, which plays out like a jet-set version of “Gilligan’s Island.” Just-rolled-out-of-bed guests begin to show up around noon and lounge on the straw mats strewn about on a lush green lawn shaded by big stately palms. Sun chairs, umbrellas and jet skis are not allowed by Mr. Brignone. I didn’t see a single pair of designer sunglasses or logo beach totes. Instead the statement tended toward a label-free array of exotic muumuus and wraps that looked like they were from far-flung medinas and bazaars.

At lunchtime, groups slipping into and out of English, French, Spanish and Italian pulled up to tables under a shaded patio at the restaurant and ordered delicate salads, ceviche and half portions of risotto. The very rich often don’t carry cash so the restaurant’s manager, Augusto, is always forgiving bottles of Pellegrino and margaritas, especially for bikinied women.

There are several little rocky islands that are close enough to the beach to swim to. We were told that one had a human nest built by the Sky Cries Mary singer-turned-sculptor Roderick Romero, who fashions elaborate tree houses for clients who have included Donna Karan and Sting. We decided to swim out, but as we made our way through the clear warm water, we were intercepted midway by some handsome men in a Zodiac outboard who invited us for drinks and backgammon aboard their boat followed by a helicopter ride over the area.

After a few days, we had stopped being surprised by such idyllic social encounters. It was just another day as usual in Careyes.

9/22/2006

Travel Insiders Reveal Early Indicators for Fall Travel and Beyond

Travel Insiders Reveal Early Indicators for Fall Travel and Beyond; Travelocity Summer Data Analysis Confirms Record Fares While Offering a Sneak Peek at Consumer Behaviors for the Holidays

SOUTHLAKE, Texas--(BUSINESS WIRE)--Sept. 21, 2006--Following a record-high summer travel season, Travelocity forecasts more busy skies and full rooms ahead for the holidays. The latest travel data analysis yielded the Travelocity 2006 "rules of the road," helping U.S. consumers prepare for this season's holiday travel rush.

Consumers must be ready to secure hotel rooms first this year. Already, occupancy rates are running 12 percent higher for Thanksgiving and 20 percent higher for Christmas compared to the same time in 2005. While airfares have started to come down slightly with the anticipated drop in leisure travel for fall, consumers also have to stay alert for drops in fares to their holiday destinations, while planning as far ahead as possible for peak periods.

"With continued high demand for hotels and airline tickets, the best way to save in 2006 is to buy a package," says Amy Ziff, Travelocity's editor-at-large who monitors travel trends around the world. Ziff also encourages consumers to plan ahead this holiday season, as she is forecasting another record breaker.

SUMMER 2006 REPORT:

-- Average airfare prices increased by nearly 7 percent over 2005 and by 20 percent over 2004
-- Overall summer airfare averages paid by consumers (domestic and international fares included): -- Summer 2006 = $373

-- Summer 2005 = $350

-- Summer 2004 = $311

*The above data is based on air tickets purchased on Travelocity departing between May 26 - Sept. 4, 2006; May 27 - Sept. 5, 2005; and May 28 - Sept. 6, 2004*

"Following such a banner summer travel season, winter is expected to outpace last year as well," says Ziff. "The volumes for the 2006 holiday are already ahead of where they were last year."

HOLIDAY 2006 HOTEL REPORT:

-- For travelers with more flexibility in their holiday schedules, try to book for off-peak days and when shopping remember fare sales are often released during the middle of the week.

-- On average, consumers are booking hotels nearly two weeks farther in advance than for the 2005 holiday season.

-- Top domestic hotel bookings for Thanksgiving:

1. Las Vegas 6. Maui
2. Orlando 7. Los Angeles
3. New York 8. San Francisco
4. Honolulu 9. Dallas
5. South Florida 10. Phoenix

-- Top international hotels for Thanksgiving:

1. Cancun 6. Aruba
2. Puerto Vallarta 7. Jamaica
3. Paris 8. London
4. Bahamas 9. Ixtapa Zihuatanejo
5. San Jose Cabo 10. Dominican Republic

-- Top domestic hotel bookings for Christmas:

1. Las Vegas 6. South Florida
2. Orlando 7. Los Angeles
3. New York 8. New Orleans
4. Honolulu 9. San Francisco
5. Maui 10. Denver

-- Top international hotels for Christmas:

1. Cancun 6. Mazatlan
2. Puerto Vallarta 7. Cozumel
3. San Jose Cabo 8. Bahamas
4. Paris 9. Sydney
5. Jamaica 10. London

HOLIDAY 2006 FLIGHT REPORT

-- Look for early bird pricing on transcontinental routes - such as New York to Los Angeles and New York to Las Vegas - because these longer routes typically book up more quickly.

-- Packages are still THE way to save.

-- Consumers can find savings up to $600 for Thanksgiving and
Christmas trips to Hawaii (versus booking the hotel and flight separately)

-- Savings up to $270 to Mexico

-- Savings up to $215 to the Caribbean

*All prices do not include taxes and fees.*

-- Top Domestic flight destinations for Thanksgiving 2006

1. Orlando 6. Los Angeles
2. Las Vegas 7. Dallas
3. Phoenix 8. Ft. Lauderdale
4. Denver 9. Chicago
5. New York 10. Tampa

-- Top Domestic flight destinations for Christmas 2006

1. Orlando 6. Honolulu
2. Las Vegas 7. Fort Myers
3. Denver 8. Los Angeles
4. Ft. Lauderdale 9. Tampa
5. Miami 10. Phoenix

9/15/2006

What a boomer wants

What a boomer wants

Housing, community trends emerge for baby boomer generation

By Amy Hoak, MarketWatch

Last Update: 7:49 PM ET Sep 14, 2006

CHICAGO (MarketWatch) -- The country's more than 77 million baby boomers represent more than a quarter of the U.S. population and have a substantial build up of spending power. As more of them move toward retirement age, businesses are paying attention to what this generation's real estate needs are.

And if they learn anything about the boomer consumers, it's to not classify them as over the hill.

"Don't call them aging, don't call them seniors and certainly don't offer them early-bird specials," said Neale Redington, national director of hospitality practice at Deloitte & Touche LLP. They don't like it, he said. For good reason.

After all, this is a generation that expects to work past the traditional retirement age, said Paul D. Prescott, the national director for Deloitte Tax LLP's home-building sector. It's also a generation with active, healthy lifestyles that are in turn helping them live longer.

Deloitte's recent conference call, "The Aging Population: The Impact on the U.S. Real Estate Market," aimed to give some perspective on what this generation wants from its homes, communities and vacation spots.

Residential

On the residential side, people aren't waiting until retirement to acquire a second -- or even a third -- home, Prescott said. Sometimes the additional home will be located in a favorite vacation spot; oftentimes the intent is to retire there eventually, he said. Many baby boomers want these second homes to be located near a body of water or close to recreational activities.

While retirees tend to gravitate toward places that complement their active lifestyles or provide them a lower cost of living, they're also getting more comfortable with the idea of owning real estate in other countries, Prescott said. Mexico offers retirees warm weather, lower property taxes and more affordable health care, while areas including Panama and Costa Rica offer tax breaks to foreigners seeking to retire there, he added.

On the other hand, many boomers expect to "age in place," given their active lifestyles and plans to work past the traditional retirement age, he said.

What they want from their homes and communities is the flexibility to accommodate a range of physical abilities and medical needs -- along with other amenities including accessibility to services and wired houses that have convenient access to the Internet, Prescott said.

"As a group, the boomers have unprecedented wealth and this wealth gives them choices that earlier generations may not have had," he said.

Although this generation doesn't view itself as being old, the boomers also could create more demand for assisted living down the line. "Even though you think you aren't old, your body is going to have a need for those kinds of facilities," Prescott said.

Retail/hospitality

Teens may frequent their local shopping mall more, but older customers are bigger spenders -- and retail centers have been moving to cater to boomers as a result, said James E. Maurin, chairman of Stirling Properties and a past chairman of the International Council of Shopping Centers.

For one, safety concerns that mature customers have about going to the mall are being addressed in some locations, Maurin said. For example, "malls are starting to clamp down on unruly teenagers," he said, adding that some shopping centers have escort policies for younger customers.

Mall owners also are taking steps to make their buildings easier to navigate, sometimes even offering valet parking services to shoppers, he said. More sit-down restaurants, day spas, even doctors and dentists are being incorporated in malls for convenience.

When it comes to travel, boomers want "adventure without great risk," Redington said. This could mean dog sledding in Alaska with warm accommodations and hot meals or room service in Machu Picchu, he said. "Pre-arrival" Internet research on a hotel's services also is becoming a staple, allowing customers to their homework before they check in.

Good spenders, bad savers

Despite the spending power that boomers have, it's also important to note that they haven't traditionally been the best savers, said James P. Gaines, of the Real Estate Center at Texas A&M University. Gaines wasn't involved with the conference call, but has been studying baby boomers and their housing needs.

"I don't think the boomers are going to retire the same way our parents did," he said. "They're terrific spenders but no great savers."

He also anticipates baby boomers seeking quality over quantity in new homes, more interested in granite counters and Internet wiring than the amount of space they have.

But acknowledging that boomers have much of their wealth concentrated in their home equity, he also thinks that retirees looking to relocate will look for places with lower costs of living, lower taxes and where home appreciation rates have been modest.

"Some of the states that are going to experience some growth (in retirees) are not the ones that have had a run-up in home prices," he said.

9/13/2006

Best international resort: Four Seasons Punta Mita

The world's top "hideaways"

The tribe of Andrew Harper's Hideaway Report, a bible for luxury travelers, has spoken.
Have you been to any of the hideaways highlighted in its 25th annual readers' survey?
Top U.S. city hotel: The Peninsula Beverly Hills, for the third time in the past five years. A lot of the credit has to go to Energizer Bunny general manager Ali Kasikci, whom I followed around for a day last year. The hotel doesn't have the most up-to-date rooms or the most lush grounds in L.A. But its personalized service and ambiance make it a star.

Top international city hotel: Four Seasons George V Paris, for the sixth consecutive year. I can't afford to stay there, but always enjoy the elegant, flower-decked lobby and the divine restaurant for lunch (which costs as much as a nice hotel room in most U.S. cities, but is worth the splurge).

Top U.S. resort: Four Seasons Hualalai on the Big Island of Hawaii. Never been, but sounds great.

Best international resort: Four Seasons again, with its Four Seasons Punta Mita in Mexico.
Lots of publications do readers' surveys, but this one is of particular interest to luxury-minded travelers, because Hideaway says more than 80% of respondents have the title of CEO, president, partner or owner and 92% traveled outside the USA in the past year.

9/06/2006

20 firms register for La Yesca hydro project - Mexico

CFE: 20 firms register for La Yesca hydro project

Published: Tuesday, September 5, 2006 16:18 (GMT -0400)

Mexico's state power company CFE reported 20 firms have registered to build the US$800mn-1bn, 750MW La Yesca hydro project in Jalisco and Nayarit states.

Federal procurement website Compranet shows the companies registered are: Mitsubishi; Isa Ingerniería; Gusta Infraestructura; Power Machines; Techint; Condux; ICA (NYSE, BMV: ICA); General Electric (NYSE: GE); Promotora del Desarrollo de América Latina; Sinohydro; Alstom; México Constructora Industrial; Construcciones y Trituraciones; OHL; Deacero; La Peninsular; Andrade Gutiérrez; Tradeco Infraestructura; Va Tech Escher Wyss; and CNO.

CFE also announced it has extended the deadline to submit offers to October 12 from September 28.

The project will have a 210m retaining wall volume of 12 million cubic meters of water. Construction will take a little over four and a half years.

La Yesca will be built under CFE's financed public works model and the winner of the bidding process can access a development bank loan to help cover project investments.

9/05/2006

El Banco - North Shore Boutique Development

El Banco - North Shore Boutique Development

Tim Koogle, former CEO of Yahoo! Inc. and current venture capitalist, first spotted El Banco while on his honeymoon in May 2003. He was so enchanted by the white sand beaches, rugged cliffs, and lush vegetation that he purchased El Banco, over 120 acres of pristine ocean-front property located on the Punta de Mita Peninsula north of Puerto Vallarta, Mexico. From the beginning, Koogle’s intention has been to create an architecturally significant and low-density luxury development

Tim Koogle, former CEO of Yahoo! Inc. and current venture capitalist, first spotted El Banco while on his honeymoon in May 2003. He was so enchanted by the white sand beaches, rugged cliffs, and lush vegetation that he purchased El Banco, over 120 acres of pristine ocean-front property located on the Punta de Mita Peninsula north of Puerto Vallarta, Mexico. From the beginning, Koogle’s intention has been to create an architecturally significant and low-density luxury development.

Working with Chief Architect Juan Munguia, Koogle plans to build a coastal community with four areas of elegant living: El Banco Estates, Beach Villas, Casitas by the Lake, and Villas by the Park. El Banco Beach Club will be available to all residents and offer an oceanfront haven for swimming, sunbathing, or sipping a cocktail. A luxury boutique hotel, scheduled to open by 2008, with a spa, cultural center, restaurant, and pool will complete the experience and be available to all El Banco homeowners. The Master Plan aims to preserve the natural beauty of the land and offer homeowners and visitors a private refuge for relaxation and recreation.

Munguia’s vision for El Banco is to embrace authentic Mexican architecture by including Spanish Colonial elements—grand arches, gracious courtyards, and hand-craftsmanship—and incorporate contemporary comforts—premium amenities, top-quality construction, and generous floor plans. Living spaces will extend from indoors to out, vibrant colors will grace unexpected spaces, and accents of modern architecture combine to create a planned community like no other. The design of El Banco will celebrate the best—old and new—of what Mexico has to offer.

The area surrounding El Banco is full of adventure for all ages and activity levels. From snorkeling, world-class golf, or deep-sea fishing for the active set to sitting poolside, indulging in spa treatments, or spending an afternoon shopping for the less adventurous, there truly is something for everyone.

The Puerto Vallarta area, only 45 minutes from El Banco, is full of home furnishings, clothing, and jewelry shops, as well as art galleries and restaurants featuring some of Mexico’s most celebrated artists and chefs. For more information on El Banco, please visit http://www.elbancomexico.com/, or for a tour of the property, contact La Punta Realty at
(329) 291-6420 or visit http://www.lapuntarealty.com/.

August, 2006 - Real Estate News

August, 2006 - Real Estate News

FONATUR Signs Up Spanish Developer - New Community Planned for Nuevo Vallarta - FIABCI World Congress - Punta Mita’s Four Seasons Resorts Golf Course Ranks #1 - Introducing Costa Vallarta Boutique Villas

FONATUR Signs Up Spanish Developer
The Spanish group FADESA, who have been very active building hotels and condominium developments in Europe, have purchased four parcels of land in FONATUR’s Litibu development. One lot will be for a 640-room luxury hotel, while the other will be homes and condominiums of approximately the same number of units. This is the largest announcement yet for Litibu, and with only 21 parcels available, FADESA will be one of the major developers in this important development.

New Community Planned for Nuevo Vallarta
Sensara Partners, the company that won three platinum “Best of the Best” awards in 2005 from the National Association of Home Builders (NAHB) in Orlando and Best Retirement Resort in Europe by London-based “Homes Overseas”, is introducing Sensara Vallarta, Mexico’s premier community designed for adults in Nuevo Vallarta.

One of Spain’s most experienced builders, Grupo Suite of Malaga, in partnership with American industry experts, is developing Sensara Vallarta for the homebuyer who likes a getaway from the hustle and bustle while having easy access to a unique range of activities and well planned amenities. Sensara Vallarta will be located in Nuevo Vallarta on the El Tigre golf course at Paradise Village. There will be 250 units, with one to three bedrooms, starting from below $300,000 USD. Sensara Vallarta is represented by Prudential California Realty Vallarta Division. Call (322) 297-2044.

FIABCI World Congress
Cochran Real Estate attended this year’s FIABCI 57th World Congress, hosted in Bangkok, Thailand from 26-31 May 2006. Attendees included representatives from the FIABCI International network of developers and Realtors from across the globe, keen to keep abreast of the world’s growing real estate market. It is clear to those involved in the Vallarta’s real estate market that we need to be fully aware of just how global our industry is becoming. Realtors in PV are no longer competing with Florida alone; the market boundaries are shifting. Citizens from the US and Canada, along with Europeans, are setting up second homes or retiring further a field. This Congress illustrated the need to stay on our toes and not be complacent in our little paradise!

Punta Mita’s Four Seasons Resorts Golf Course Ranks #1
The Four Seasons Resort Punta Mita has taken top honors in three categories of Conde Nast Traveler’s eleventh annual Reader’s Choice survey on the world’s finest golf resorts. In this year’s evaluation, The Four Seasons Punta Mita is named the #1 Golf Resort in the world, as well as the top property for both accommodations and service.

Conde Nast Traveler’s survey polls readers each year, asking them to rank their favorite golf spots in six categories using a five-point scale. Course design accounts for 20% of the overall score while speed of play accounts for 10%. Accommodations, service, food/dining and facilities each account for 17.5%. Readers rank properties as excellent, very good, good, fair or poor. The Four Seasons Resort Punta Mita topped the overall golf resort list with a score of 96.7, the accommodations list with a score of 100, and the service list with a score of 100.

Introducing Costa Vallarta Boutique Villas
This month Producciones Viva will be introducing a new concept of booking and promoting luxury rental villas for the Costa Vallarta area called Costa Vallarta Boutique Villas (CVBV). The concept of CVBV came about as a way to better professionalize the villa rental industry in Vallarta. For too long the manner in how rentals were established has been overshadowed by unprofessional service by some operators, doubt for renters as to what the actual level of quality will be for the property, and a very inefficient manner on how one can actually find a property that’s available for the date you want, without having to contact many properties to find one that works best for you or your client.

What the goals are for CVBV

For Villa Homeowners:
• A brand of quality to differentiate your villa from the others who do not meet your level of quality service and attention to detail.
• Easy-to-use reservations system that you can check and update from anywhere where there’s an Internet connection.
For Villa Renters:
• An easy-to-use, online reservations system where one can quickly search availability for a number of properties for any dates.
• Reservationists are personally familiar with each property and can handle your calls (1-800 Number) in English, Spanish, French or German.
• Concierge service available at a level you would expect from a Five-Star or Boutique hotel.

Costa Vallarta Boutique Villas will function as an extension of the brand Mexico Boutique Hotels. MBH is a collection of small, boutique hotels in Mexico (currently 46 properties in 26 locations) and that offer a high level of service and a unique vacation experience. In most cases hotels have less that 50 rooms (commonly just 20) thereby making is easy to provide very personalized service. Each property is rigorously inspected before it can become a member and a follow-up inspection is done each year. MBH provides reservations service similar to CVBV, as well as offering public relations and marketing services for the group and individual hotels. MBH has become the mark of quality for small boutique hotels in Mexico. For more information call Sylvie Laitre at (322) 221-0106

July, 2006 - Real Estate News

July, 2006 - Real Estate News

Venegas Goes International! - Venegas Million-Dollar Sale #1 - Venegas Million-Dollar Sale #2 - Las Moras Starts Second Stage

Venegas Goes International!
Venegas Realty has changed its name to Venegas World Star Realty and is now part of the World Star Realty International Offices. The World Star Headquarters will be located in Beverly Hills, California and the Mexico offices will be headed up by Venegas World Star Realty with offices throughout Mexico, Latin America and Europe.

The World Star Realty Mexico Division will focus on new development projects in Campeche with the investors from Spain, Cabo San Lucas and throughout Mexico. World Star Realty also has offices in Chicago and plans to open offices throughout Europe. The marketing focus for World Star Realty is toward the international buyers, retirees and investors from the United States. For more information call (322) 222-2111.

Venegas Million-Dollar Sale #1
Venegas World Star Realty is proud to announce that their clients from California has purchased the beautiful Casa Las Palmas West in the Los Ranchos development in Punta Mita for $4.5 Million USD. This beautiful villa will be available for the high end rentals for over $4,000.00 USD a day. Please contact Mark Anthony Venegas at Venegas World Star Realty for rental details.

Venegas Million-Dollar Sale #2
Venegas World Star Realty is proud to announce the sale of all the remaining Castillo’s de Vallarta Villas in Conchas Chinas for $4.6 Million USD. Venegas World Star Realtys clients are from Beverly Hills, California and the beautiful villas will be available for high end rentals. Please contact Mark Anthony Venegas for rental details.

Las Moras Starts Second Stag
Las Moras recently announced that is has successfully sold out on its first phase and has opened sales on its second stage of development. Centrally located, Las Moras proven to be one of the more successful residential developments in Central Vallarta since its inception last year. For more information call (322) 224-6222.

Mortgage Financing - Do your Homework!

Mortgage Financing - Do your Homework!

Just like the old days in California the Gold Rush is on again right here in Puerto Vallarta. This time the gold is real estate equity, of which there is an abundance here after 30 years of ‘all cash’ sales, scarce financing and burgeoning real estate development.

Gold Rush Days are Here Again

As with the old gold rush, the new one is attracting all kinds of entrepreneurs, the ethical and competent along with the opportunists. There are big players and small, some national brands and some local.

So if you are contemplating financing your dream home or vacation retreat, beware. Do your homework, or as we say in the industry, conduct your ‘due diligence’.

There are several mortgage companies advertising locally, so now at least you have a choice.

Here are some points to ponder. Ask your loan officer for some business references, people who have successfully done business with them before. They are few and far between now due to the infancy of the industry, but if the broker cannot name anyone, you should be concerned.

If you are dealing through a real estate broker, ask for a recommendation to a mortgage broker. They will be more familiar with the local business practitioners and will be inclined through self-interest to suggest someone with a successful track record. Puerto Vallarta is a ‘small town’ in which to do business. Unscrupulous operators have a short shelf life here.

Most of the lenders, brokers and borrowers are American or Canadian citizens and the business model is almost identical to the one back home, however there are no US federal protections provided here in Mexico.

The first step is to complete a loan application. This provides the lender with enough information to determine your creditworthiness. You will be asked to pay some fees in advance to cover the costs involved. These could include fees for a credit report and an appraisal. Credit reports are simple for the broker to obtain and are typically under $50. An American style appraisal here is more expensive than back home due to the lack of market information available. In my experience it takes three times as long to do an appraisal here resulting in costs in the $750 to $1250 range. There should be no fee for processing the loan application at this stage.

There are no ‘Truth in Lending’ laws applicable here in Mexico so no ‘Good Faith Estimate’ is required, but you should ask for and receive an estimate of costs and interest rate. Get it in writing, even though it may not be binding or enforceable. It will go a long way towards providing some peace of mind for you and credibility for the broker.

Before handing over your deposit money you need to know who is being entrusted to hold the funds. A large company likely will have a trust account set up at a local institution but a small broker may wish to hold funds in his own account. This would not be legal in the States and is not a good idea here. For your protection insist on the opening of an escrow account with a third party such as an attorney or title company. Both are well represented here in Vallarta.

When you are ready to commit, but before you make a final choice, evaluate the communication habits of the persons with whom you have been dealing. Insist on good communication. If you have not been getting prompt and courteous feedback up to this point, its unlikely to change.
Remember, the financing business runs on information. The more you can supply regarding your creditworthiness and the more you and your real estate broker can provide on the collateral property, the more likely you are to succeed.

Michael Read, is an certified appraiser in the states of Washington and Oregon. He has been visiting Puerto Vallarta now for a number of years, combining both work and play. Most of his work to date has been consultation, however, he is opening up to handle appraisals, now that mortgage financing has become more readily available in Mexico. He can be contacted at: mike@mikeread.com

June, 2006 - Real Estate News

June, 2006 - Real Estate News

Playa Amor Gaining Momentum - El Banco Breaks Ground - Finally! St. Regis Resort, Punta Mita Breaks Ground - Silvergate Bank Expands Financing Options - La Vida Breaks Ground

Playa Amor Gaining Momentum
Triggered by the announcement of selling out of Tower 10, Playa Amor, situated on the North Shore of the bay close to Punta de Mita, has now released the inventory for Tower 9, which consists of villas with over 4,000 sq. ft. and prices starting at $825,000 USD.For more information: (329) 291-7117.

El Banco Breaks Ground
El Banco, a new boutique development located near Punta de Mita, hosted the Nayarit governor Ney Gonzalez and other dignitaries last month as they began initial construction of the project. El Banco consists of beachfront homes and lots, oceanfront homes and villas and eventually a boutique hotel. Most of the beachfront homesites are already spoken for, with the next phase featuring the oceanview homes to be released shortly. For more information contact La Punta Realty at (329) 291-6420.

Finally! St. Regis Resort, Punta Mita Breaks Ground
A host of dignitaries gathered last month at Punta Mita to celebrate the groundbreaking for St. Regis Resort, Punta Mita. Scheduled to open in late 2007, the ultra-luxe resort is a joint venture of Ideurban Consultores, one of Mexico’s largest private development and construction companies, and DINE, master developer of Punta Mita. St. Regis Resort, Punta Mita is the second St. Regis luxury property underway in Mexico as part of the company’s ongoing focus on international expansion. St. Regis Hotel, Mexico City is projected to open just prior to St. Regis Resort, Punta Mita in late 2007. The St. Regis Resort will feature 120 guest rooms and suites and approximately 65 luxury villas for both fractional and whole ownership. Both guests and owners will enjoy services such as butler service, world-class concierge, exquisite design, and a world-class Remede Spa. For more information contact the Discover Center at (329) 291-6500.

Silvergate Bank Expands Financing Options
Silvergate is expanding its finance programs with new guidelines that will allow up to 70% financing and refinance options on the property value. Financing is based on 2, 3, and, 5 year fixed terms with 30-year amortizations. Lending is primarily based upon borrower’s strength and credit worthiness in the U.S. For more information contact Robin E. Reyes at: (624) 154-6883.

La Vida Breaks Ground
La Vida an exclusive community of only 23 residences by Sera Resorts, commenced development last month. The property commands views of the bay and is located in Bucerias, just north of the airport. Designed by world-renowned architects, Fernando de Haro and Jesus Fernandez, La Vida offers five-star concierge services, a mini-spa, a gym, lush gardens, and a fabulous palapa-covered beach club in which to relax or entertain. La Vida offers ten different floor plans, from 2 to 4 bedrooms. All residences are two stories with views to the sea. Most have media rooms, and all have pergola-covered terraces and pools. While select residences will be completed sooner, construction of the entire project will be completed by August 1 of 2007. For more information call La Vida at (329) 298-0300.

Mortgage Financing

Mortgage Financing

Have you seen that perfect property on the bay, but you’re not quite prepared to cash in your US or Canadian investments to make it yours? Are you set to make the move to Puerto Vallarta, but just a bit shy of ready cash for a condo? Now you can stock up on suntan lotion, because mortgage financing has come to Mexico.

“The secret of great living and investment opportunities in Mexican resort areas is out!” points out Eduardo Perez of Conficasa International, and he believes that “the availability of loans will only fuel that growth, with Vallarta leading the way.”

Traditionally, real estate purchases in Mexico have been limited to full cash payment at the time of closing, but recent changes in Mexican regulations regarding foreclosure on foreign-financed property have made lenders more comfortable, and cross-border loans are now available through several brokerage firms with representatives in Vallarta. Lenders range from internationally known financial institutions to private entrepreneurs and funds. Terence Reilly of Mexlend explains that because real estate here has been moving upwards so steadily lenders want to participate in this stable, but vibrant, market.

A key word in real estate lending in Mexico is “variety.” While some brokers handle only completed residences, others are exploring refinancing, construction loans, pre-construction bridge financing and advances for unimproved lots. Loans are available in both US dollars and pesos, primarily to US and Canadian residents. And terms can range from five years up to 30, with 20-year loans being the most common. Although interest arrangements vary from fixed to floating rates based on an index such as “prime,” rates are generally higher than in the USA. Other variables are title insurance requirements and loan fees.

Qualifications for borrowers take into account that many people buying in Mexico will no longer be employed when living here, so lenders will look at available assets and credit history, as well as income. The process, which usually takes about 60 days from application to closing, is similar to procedures in the USA, and initial applications may be available online.

“The market is hot these days even without financing, and these advances in financing will heat it up even more,” points out Doug Jones of Mortgages in Mexico, while Charles Alexander of Alexander, Barrett notes that these developing programs will help the community by allowing a diverse group of people to participate in life on this beautiful bay.

9/01/2006

Hurricaine John, come and gone...

In response to the many concerned calls and emails I have been getting over the past 24 hours concerning the Hurricane John that brushed to Pacific Coast of Mexico yesterday, I wanted to let you know that all is well - in fact the whole issue became a 'non-event' with little more than heavy clouds, some light rain and about 5 - 10 mph of wind! As we have seen so many times before, these heavy storms and cyclones typically originate South of Acapulco, make their way up the coast to the Sierra Madre Mountains just South of Puerto Vallarta which provide a natural barier against these storms, either run out of energy or deflect out to sea (often heading up to Cabo, unfortunately - but completely missing us). In fact, the Puerto Vallarta region is known as one of the most protected areas along Mexico's Pacific coast-line with only one of these cyclones having brushed the area in the past 60 years.

I should also mention though that the Mita Residential Group who take such good care of our residents' properties, rentals and concierge services here in Punta Mita, were literally working around the clock. They were monitoring the storms's progress and its potential threat to Punta Mita, to ensure that they were taking evey available precaution. They also communicated closely with Dine's HOA team, and with the Four Seasons Resort coordinating their preparations for the community as a whole ensuring that in the unlikely case the Hurricane did affect us, they would have everyone's property fully secured with windows taped, outdoor furniture stored and pets secured. Luckily it became a situation of 'better safe than sorry'.

In the region, both the governments of Puerto Vallarta, Jalisco and Bay of Banderas, Nayarit, worked closely together in emergency planning. The Port Captain, the airport authority, the Red Cross, and area governments have established emergency notification systems, storm shelters, and evacuation routes and policies. Primary importance is placed on protecting lives in areas potentially affected by a storm.

In the meantime, today its sunny in paradise and Punta Mita is looking as georgeous as ever!

Sincerely,
Your real estate professionals in Punta Mita, Mexico.