Hook the Cure Fishing Tournament

Hook the Cure Fishing Tournament nets over $150,000 for cystic fibrosis patient care and research
The inaugural Redbone Tournament Series event brought U.S. anglers to Puerto Vallarta Mexico for fun in the sun and exciting fishing action

(PressMethod) - Puerto Vallarta Mexico was the destination for anglers who participated in this year's IOTEC/Toshiba Hook the Cure Tournament to benefit the Cystic Fibrosis Foundation that occurred this weekend, October 27th and 28th.

The inaugural Redbone Tournament Series event brought several boats brimming with anglers early at the docks ready and eagerly awaiting for the clock to strike six marking the start of the Tournament. Friday was day one of the competition, on Saturday it culminated with the official weigh in at Charter Dreams.

Weekend festivities included a pre-tournament reception, sponsored by Venegas World Star Realty, at Villa Premiere Hotel and Spa with Puerto Vallarta Mayor, Lic. Gustavo Gonzalez Villasenor; Traditional Mexican Fiesta sponsored by PVRPV.com; and live auction at Casa Las Palmas in Punta de Mita hosted by Paul Motenko and Jerry Hennessy of BJ's Restaurants. Puerto Vallarta All Stars and Los Bambinos provided entertainment throughout the weekend.

The International Friendship Club of Puerto Vallarta secured all of the volunteers. As excited spectators and sponsors filled the Marina, most boats made it in by five for the official weigh in "party" hosted by Landbanker's International. Winners included overall champions, Jerry Sabino and Ron Wilson (Tuna Division 98.5 pounds); Reggie Debuhr and Len Pieroni (Dorado Division 30.5 pounds); and Mike Feldman and Mike Amador (Most Released Billfish 2 released). According to Bob Huston, 2006 event chairman, $151,000 NET was generated for cystic fibrosis patient care, research and education.

Cystic fibrosis is a genetic disease affecting approximately 40,000 people in the United States and Mexico. A defect in the CF gene causes the body to produce abnormally thick, sticky mucus that leads to chronic, life-threatening lung infections and impairs digestion.

When the Cystic Fibrosis Foundation was established in 1955, few children lived to even attend elementary school. Today because of research and care supported by the CF Foundation with money raised through donations from families, corporations and foundations the median predicted age for people with CF is nearly 37 years.

Additional sponsors include Watson Land Company, Pacific Design Estates Construction, Norm Wilson & Sons, Inc., William and Helen Close, Architectural Traditions, Rotary International, Outlook News, Gray Taxidermy, Colliers International and Skipper & Dukes Offshore Fishing Series. 97.1 FREE FM on-air personality, Leo Quinones, served as weekend master of ceremonies and auctioneer.

Plans are underway for the 2007 event. Sponsors, anglers, and volunteers are needed. Contact Gary Green, Cystic Fibrosis Foundation's Director of Corporate Development, at (714) 938-1393 or through email at ggreen@cff.org for information.

Exclusive Resorts to Boast $1 Billion in Real Estate By Year-End?

November 20, 2006 06:29 PM

Destination club industry leader Exclusive Resorts is on pace to announce a $1 billion luxury real estate portfolio by the end of 2006.

In October, Helium Report spoke with COO Michael Beindorff about the club's anticipated release of 70 new residences in the fourth quarter of this year. The destination club's total portfolio is expected to increase to 370 homes in 35 destinations worldwide.

$1 Billion Portfolio

At an average home value of $3 million each, the implied total value of the 370 resort and metropolitan residences exceeds $1 billion, a staggering figure for the still nascent destination club industry. Exclusive Resorts dominates the new luxury travel segment with more than 2,400 members.

A recent feature in Newsweek about Steve Case, Exclusive Resorts' primary investor, highlighted the buying power of the rapidly expanding destination club:

"Today [Exclusive Resorts] buys 20 or more [homes] at a time, allowing it to get discounts from builders and to spread the costs of housekeeping, maintenance and concierges over multiple properties."

An independent financial audit by a Big 4 accounting firm could verify the projected ten-figure real estate portfolio some time next year. Exclusive Resorts has a third-party firm audit its books to assure members that the club has sufficient net assets to refund member deposits.

Earlier this year, the second largest club in the industry, Tanner and Haley, filed for Chapter 11 bankruptcy protection, putting all of its 874 members on a list of unsecured creditors.

360% Annual Growth Rate

Despite the challenges faced by its competitor, Exclusive Resorts appears to have achieved more than a 360% annual growth rate over a four-year period. Newsweek reported, "[in the] spring of 2003, Exclusive Resorts had just 25 members and four homes." By next spring, the club will likely have more than 2,500 members and nearly 400 homes, implying the firm has grown close to 100X and roughly quadrupled in size every year since Steve Case bought a stake in early 2003.

The announcement of a $1 billion portfolio could further stimulate both consolidation and investment in the industry. Two mergers have already occurred this year (more here and here) and others may be in the works. In the Newsweek story, Exclusive Resorts' management alluded to the possibility that "they wouldn't be surprised if luxury-hotel players like the Four Seasons or Ritz Carlton enter the fray."

Indeed, we reported earlier today that Banyan Tree Resorts has launched a destination club based in Asia. Last month, we broke the news about Ciel, the third destination club founded by a billionaire. If Case's vision is right and Exclusive Resorts ultimately serves "tens of thousands of members," then it might not be long before the firm is announcing a ten billion dollar real estate portfolio. Good thing they just added Andre Agassi and Steffi Graf to their team.

NAFTA spurred local law firm's growth

Web Posted: 11/21/2006 01:56 AM CST
Meena Thiruvengadam
Express-News Business Writer

Cacheaux, Cavazos & Newton is the law firm that NAFTA built.

It opened Jan. 24, 1994, about a month after the landmark North American Free Trade Agreement took effect. Business has been booming ever since.

"It's the NAFTA effect," said Rene Cacheaux, one of the firm's founders. "That created a need for a niche firm like this."

When it opened, Cacheaux, Cavazos & Newton had just six attorneys in three offices. But as the value of bilateral trade between the United States and Mexico nearly tripled from 1994 to 2005 — from $100.3 billion to $290.5 billion — the firm has expanded to include 37 lawyers in eight cities.

The majority of its lawyers are based and licensed to practice in Mexico, where the firm does much of its work.

"This is a very unusual structure for a law firm," partner Joseph B. Newton said. "As the border gets blurred and as more people get used to being in the U.S. and in Mexico, I think the movement will be toward having more firms like this."

When one of the country's largest insurance companies wanted to enter the Mexican market, it came to Cacheaux, Cavazos & Newton. Mexican investors wanting to make money north of the border look to the firm for guidance. And U.S. companies interested in manufacturing in Mexico seek its advice.

Among Cacheaux, Cavazos and Newton's clients are Frost Bank, Johnson Controls, Nokia and Fruit of the Loom.

"We've been working with Cacheaux, Cavazos & Newton very happily for a number of years now," said Frank Martinez, executive vice president of Frost Bank's international commercial lending division. About 99 percent of that division's business is Mexico-related.

"We needed a lawyer who understood Mexican law but was also an American lawyer," Martinez said.

"A lot of our success depends on the type of legal advice we receive. We need to know that if we do have a problem with our loans, that our documents and paperwork would hold up in Mexican courts," he said.

It's the need for that specialized knowledge that has put international business lawyers in high demand, said Luis Unikel, a foreign legal adviser with San Antonio-based Martin & Drought.

"It's such a generous market," he said. "It's enough for me to keep busy eight hours a day, five or six days a week, and still be asked to come back the next year and do the same."

Cacheaux, Cavazos & Newton focuses on business transactions involving the United States, Mexico, and to a lesser extent Canada. It's the kind of work that founders Cacheaux, Newton and Daniel Cavazos were doing long before NAFTA.

Cacheaux followed in his father's footsteps, becoming a lawyer in Mexico City before moving to South Texas for what was to be a one- or two-year break from big-city life. He met Newton while working in McAllen and San Antonio for Martin & Drought, then known as Martin, Drought & Torres Inc. The two paired up with Cavazos, a lawyer friend of Cacheaux's who was working in McAllen, and their binational law firm was born.

At the time, manufacturing accounted for about 80 percent of the business. But as that industry has matured and faced increased competition from Asia, real estate transactions have begun commanding more of the firm's time.

Now about 40 percent of the firm's workload is related to manufacturing, 30 percent to real estate and 30 percent to taxes, customs and litigation.

More U.S. retirees and vacationers are now looking to put their dollars into Mexican property. "There's not this fear anymore about 'if I buy a condo in Mexico, is it going to get taken away?'" Newton said.

More large-scale real estate investors also are flocking to Mexico. Companies around the world are looking to develop the country's coastlines. "All of these small, overlooked spots are booming now," Cacheaux said.

More foreign companies are exploring south-of-the-border agricultural operations as well.

"Mexico has loosened its restrictions on the ownership and operation of agricultural land," Newton said. "That's making this a big growth area."

And there are more Mexican investment dollars flowing north to cities like San Antonio.

"The mindset of the Mexicans has changed toward San Antonio," Cacheaux said. "They used to see San Antonio as a place for shopping. Now it's seen as a sophisticated place to do business."

As NAFTA grows older, these attorneys expect business to continue booming — both in Mexico and San Antonio. "There are more and more of these projects every day," Newton said. "And they need lawyers."

Hot Market In Housing

Hot Market In Housing
Lisa Hess 11.27.06, 12:00 AM ET

South of the border, home builders are hot. Shares of the dominant Mexican builders rose 50% on average over the past 12 months. That's a sharp contrast to the U.S., where a slowdown in housing has doused investors' ardor for anything to do with real estate. But Mexican housing stocks will go higher. You should buy some.

Credit Mexico's President Vicente Fox for rejuvenating the nation's moribund mortgage market and boosting subsidies to low-income buyers, thereby permitting them to get home loans. The need is huge: Two million Mexican families do not have homes, and 2 million more homes are in dire need of repair.

While Fox was unable to get tax code and labor law reform passed in the opposition-controlled legislative branch, he did manage to streamline the bloated bureaucracies that were doing very little to deliver housing. His first step was to consolidate housing planning under one agency he created. Until then there was no centralized source of data on home sales, housing starts or even an inventory of land.

Making mortgages easier to procure had a profound effect. The bottleneck to growth has been the availability of a mortgage rather than how many houses could be built. Unlike their counterparts in the U.S., Mexican developers won't build on spec.

In a country with a 50% poverty rate, the vast majority of mortgage credit comes from two government housing funds, known as Infonavit, for low-income workers in the private sector, and Fovisste, for those who work for the government. These organizations are funded with obligatory employer contributions equal to 5% of total salaries. Between the two they originate two-thirds of all mortgage loans.

Mexican lenders are protected from rising interest rates because all new mortgages are adjustable and indexed to inflation. Borrowers are protected by "negative amortization," meaning that any rate hikes are tacked on to the principal and homeowners don't have to fork over extra cash for their monthly payments. Further, borrowers under the Infonavit program need not put any money down.

In 2006 through September Infonavit originated 435,000 loans with an average balance of 230,000 pesos ($21,500), up 45% from 2004. Fovisste also saw its loan portfolio expand.
Infonavit has published a five-year forecast of a 9% minimum average yearly rate in mortgage growth, with an optimistic scenario of 22% growth. I think growth will be closer to the higher number.

More good news is that Fox's successor, Felipe Calderon, wants to increase the housing subsidy program. Calderon, who takes office in December, belongs to Fox's center-right National Action Party (PAN). Home builders got the jitters earlier this year over the prospect that leftist candidate Lopez Obrador might win the election, yet Calderon narrowly prevailed, in something of a replay of Florida 2000. Another plus: PAN has increased its minority membership in Mexico's Congress, giving Calder??n more bargaining power.

This growth story is why I am interested in four excellent Mexican home builders with good to great managements, strong balance sheets and geographically diversified activities. Three are found on the Mexican exchange; only one has American Depositary Receipts traded on the New York Stock Exchange. An equal dollar investment in each of the four is probably the best strategy.

Homex (44, HXM ), with a $2.5 billion market capitalization, is the one on the NYSE and has an affordable trailing price/earnings ratio of 17. Canny investor Samuel Zell invested $32 million in the company in 2002, which quadrupled by the time Homex went public in June 2004.

Corporacion Geo (3, GEOB.MX ) has a P/E of 20 and is poised for even better growth. Its inventory of vacant land will last it, at its present construction rate, for 4.6 years.

Urbi Desarrollos Urbanos (3, URBI.MX ) focuses on urban areas and the northern part of Mexico, which have the fastest population growth. Using an electronic system it calls Urbinet, the company helps people get loans. The most costly of the lot, at 25 times trailing earnings, this stock nevertheless is worth the money.

Consorcio Ara (5, ARA.MX ) has a tremendous balance sheet, with cash (net of all interest-bearing liabilities) of $545 million. It has long traded at a discount to the others, likely because one wealthy family, the Ahumada clan, owns 50% of the stock. But the float is sizable enough and the prospects bright enough for that discount to narrow.

Lisa W. Hess is a New York money manager. Visit her homepage at
www.forbes.com/hess.

Appraisers in the Real Estate Process

You’re ready to commit to a property in Mexico – now comes the paperwork phase. Actually, this is pretty painless when managed by a competent Notario, or notary. One thing he will handle for you is the required appraisal process – that is, obtaining an opinion or estimate of value from a professional in the field. In Mexico the authorized appraisal is quite different from a commercial, or market, valuation.

As part of the purchase process in Mexico, an official appraisal of the land, or an avaluo, is required before any transfer of title and will be obtained after the sale contract is signed. The appraisal must be made by an official appraiser, usually an architect or a civil engineer, who is recognized as a Perito Valuador by the property tax authorities in the municipality where the property is located. In addition to the costs of the appraisal ($300 to $500 USD), a small fee will need to be paid to the public registry department for authorization of the appraisal.

In Jalisco and Nayarit, as in most Mexican states, there is a public entity that provides the “minimum legal value” of the property, or the Catastro. Although the Catastro is an essential number for tax liabilities and other matters related to the property, it is usually a fraction of the true commercial value of the property.

Purchasers wishing to obtain a commercial valuation of a property before contracting or those obtaining institutional financing should consult an independent appraiser. Organizations based outside Mexico, such as The National Association of Independent Fee Appraisers, which has members in Mexico, or another person involved in the transaction, such as the Notario, who is bound by law to be a neutral party, the mortgage broker or the real estate agent, may suggest someone. Alternatively, check the telephone book for Puerto Vallarta or Guadalajara under Avalúos en General.

The “Notario” and the Real Estate Transaction

You’ve found the perfect place to purchase in Bahía de Banderas. Now, meet your Notario. Although the translation of “Notario” is “notary public,” the Notario in Latin American countries has a very different role than the notary in the United States or Canada, who authorizes signatures.

The Mexican Notario is an attorney, at least 35 years old, who has practiced in a notary’s at least three years, passed a stringent examination, and has been appointed as a Notario by the governor of the state in which he is practicing. (There is supposed to be one Notario for every 30,000 inhabitants.) The Notario has the power to witness and certify documents that require absolute authenticity and handles wills and business contracts, as well as real estate matters. In addition, the Notario has the responsibility for the management and storage of original documents.

Although the Notario is a lawyer and generally selected and paid for by the buyer, the Notario won’t function as your attorney in the real estate transaction. Rather, the notary is responsible for being neutral and fair to all parties and he cannot advise anyone involved in a transaction for which he is acting as notary. Accordingly, if you wish legal representation in a real estate matter, you’ll need to hire your own attorney.

Under Mexican law, the deed to property must be prepared by a Notario, who will ensure that all documentation and permits are in order and that there are no liens or judgments against the property, so that the transaction can proceed. He will also calculate the seller’s capital gains taxes and the buyer’s acquisition taxes. In short, everything official to do with your transaction should be done by the Notario.

Because of the responsibility and potential liability the Notario may incur, notary fees are significantly greater in Mexico than those of notaries in the USA and Canada. These fees are based on a rate schedule set by an official commission and are tied to the amount declared in the property transfer and are about 1.5% of the transaction value. There is also the 15% I.V.A. to be paid on the services.

Your real estate agent or lawyer may suggest the Notario with whom he usually works, or you may solicit references from people who already own in Mexico. Fees can vary because of the “service” component of the charge, so a few telephone calls may be in order, most Notarios speaking English. Find someone you’re comfortable with because you may be calling on him again for other matters.

Mexican Lawyers

That beautiful home or condo on the bay is now yours, and you’re planning to enjoy more time in Vallarta. Not meant as a dire prediction, but a practical approach, you may need to spend some time in a lawyer’s office in Mexico, as well. The contracts for that new business, the will for certain assets in Mexico, and the lease on the condo you’re renting out will all require local legal services. And in the event of an unfortunate occurrence such as an automobile accident or a lawsuit, an attorney would be necessary.
The Notario who handled your real estate purchase is, indeed, a highly trained attorney. These special lawyers give up private practice to become agents of record, their duties including authenticating documents, examining wills and contracts as to proper form, and acting as official recorder in connection with real estate and other business. Although he cannot represent you in litigation or act as your advocate, only advise to prevent litigation, the Notario can probably recommend an Abogado, or attorney, for your particular need, perhaps someone from his own office.

As in the USA or Canada, you should seek advice from trustworthy sources and check references before hiring a lawyer. Legally, only a licensed attorney should provide legal advice. If an attorney is qualified in Mexico, he should have a cedula profesional. You may ask to see this document and to have the attorney’s license number included in a retainer agreement before employing any services. Also as in the USA and Canada, Mexican lawyers are becoming more specialized as the volume and complexity of Mexican law grows. So, seek an attorney with experience and knowledge regarding your matter.

Mexican lawyers are highly educated and many speak English. Students enter law school after 11 years of formal education and then work for a firm or government office as a clerk (Pasante), until presenting an oral examination to become a Licenciado en Derecho. In Mexico, lawyers are licensed to practice throughout the country, not in just one state, as in the USA. Therefore, you can hire an attorney in Jalisco to handle an issue in Nayarit – or in Mexico City.

Mortgage Financing

Mortgage financing is now available in Mexico, although it is just being introduced and still working through growing pains. Purchase-only financing is available (no remodelation loans) for single family residences and condos with a 20-year mortgage (25 & 30 year amortization loans are on the way) with a four-year fixed loan rate. Rates vary but at least they are well below 10%, finally.

The loans are currently available only for US citizens (sorry, Canadians!). The major holdback with regards to how quickly the loans can be put together is on the seller's side with regards to the cancellation of the trust. Unfortunately not all the banks are handling the process as quickly as they could be. Borrowers can be approved within 48 hours in most cases.

There are a number of different brokers entering the marketplace and it should be noted that some are better than others. Be sure to check around by questioning a few companies and asking your realtor's opinion on them. Having a broker that knows how the system works locally can make the difference as to whether the loan will actually happen or not.

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.

Pacific Mexican Rennaisance

The coveted coastline of Mexico, now available for foreign investment, is experiencing a luxury development boom.

The well kept secrets of Pacific Mexico's dramatic cliffs, coves and sand have long attracted the Blue blooded and Hollywood set looking for a quiet escape. Since opening up to foreign investment, Mexico has seen an explosion in luxury residential resort development.

According to the Mexican government, foreign investment in Mexico is on track to hit $20 billion this year, up from $17.6 billion in 2005.

Mexico also is drawing more attention from Europe. Last year, Spanish companies were the top investors in the tourist industry, pumping $416 million into resort properties. U.S. investors followed with $321 million, according to the tourism agency.

For North Shore Puerto Vallarta, the boom has brought world-class resort hotels, Mexico's famed architects, a community of celebrity CEOs, and a massive outlay of government infrastructure.

Mexican President Vicente Fox recently inaugurated the Nayarit Tourist Corridor, a coastal infrastructure mega-project north of Puerto Vallarta. This plan is financed by state, federal and private interests. It is part of a plan proposed in the early '90s for appropriate sustainable development of the region.

The government hopes to keep the infrastructure growing to accommodate the increasing number of new homeowners. Services like electricity, water treatment, telecommunications, airports and highways are completed by a major hospital, schools, commercial centers, an aerodrome, a 150 slip marina and a marine park similar to that of Xcaret (http://www.xcaret.com/). The idea is to dot the coastline with smaller, tasteful establishments, in the luxury boutique market.

The Mexican government has also changed some of the real estate laws. Now it is easier for foreigners to buy and develop property in Mexico. Many Americans have watched the values of their Mexican properties appreciate 10% a year the past five years.

The development of North Shore Puerto Vallarta, Punta de Mita and the Nayarit coast is a special phenomenon for Mexico. Low density developments preserve the environment and create a balance that is essential for the high end coastal lifestyle that people dream about. It is truly amazing what is happening. There are many active developments to choose from along the North coast and the properties are selling well.

The most exclusive luxury investments are taking place in the areas around Punta de Mita. ( http://puntamita-realestate.com/) The real estate has a restricted occupancy rate. It can be as little as nine bedrooms per 2.5 acres. This keeps the number of landowners down and encourages development of high-end living. La Punta Realty, for example, offers private beachfront home site lots priced from $600,000 - $7 million USD. Unique and luxurious beach villas range from 2 to 20 million USD.

Construction is in full swing, as Punta de Mita ended 2005 with record closed sale figures of just under $160 million USD, 60% more 2004 sales (by comparison, total Puerto Vallarta Multiple Listing Service sales for the same 2005 period came to $70 million.)

Premiere hotel branded developments include the world renowned Four Seasons Resort, the St. Regis Resort, a Deepak Chopra branded residential spiritual retreat. All have their own specialized high end residential villas and condo projects.

Andrew Harper's Hideaway Report, a bible for luxury travelers, highlighted the Four Seasons, Punta Mita in its 25th annual readers' survey as the Best international resort.

Adjacent to Punta Mita, other luxury hotel groups like the Ritz, Banyan Tree, The Omni, Hilton, One and Only Resorts and other hope to compete with similar offerings.

La Punta Realty's flagship development, El Banco will easily be among the nicest luxury resorts in Mexico. Developed by former Yahoo Corp. CEO Tim Koogle , looks to exceed the quality and architectural significance of the Punta Mita Resort bringing grand colonial haciendas to the seascapes and jungles of North Shore Puerto Vallarta.. The first phase of beachfront home sites at full asking price in the private priority purchasing period.

La Punta Realty has the most complete and intimate knowledge of the diverse and expansive coastline of Nayarit and Jalisco. Please visit our booth to ask about the Mexico Land Catalog of beaches and coves best suited for residential, hotel resort, or home site lots.. ( http://www.mexicolandcatalog.com)

The Future of Banderas Bay and beyond…

Mexico's push to stimulate tourism and attract private investors began to take shape in 1974 with the creation of the National Trust Fund for Tourism Development (Fonatur). Since its inception, Fonatur has been responsible for planning and developing five seaside destinations -- Cancun, Los Cabos, Ixtapa, Loreto and Huatulco -- that generate about 54% of Mexico's foreign tourism spending.

The goal now is to elevate the quality and quantity of the tourism product while diversifying the product in an effort to attract even more investment. At the same time, tourism officials want to focus on attracting sustainable development with rigorous environmental safeguards.

The Bay of Banderas has grown naturally, organically, privately, and currently attracts over 3-million tourists per year and has a population of about 325,000. According to FONATUR, (http://www.fonatur.gob.mx/) the Mexican tourist development bank, and the Banderas tourism board, the number of tourists in the next 20 years will exceed 6 million per year and the population will more than double.

The market has just become prolific in Mexico, with about 1.5 million Americans now owning property there. Values in some markets have tripled in five years — far exceeding the rates of return you find in the United States.

The Bay of Banderas serves as the foreground for lush, tropical jungle, while the rugged Sierra Madre mountain range provides the backdrop. This is the vista that planners want to preserve. Luxury home buyers are gravitating toward ecologically sound and conservation-friendly communities in the North of the bay, only a short distance away from the sophisticated dining, galleries, shopping, and night life of Puerto Vallarta.

In the South is a condominium explosion, primarily in Nuevo Vallarta, Marina Vallarta and along the hillsides of the Sierra Madres overlooking the town and the bay.

Earning its reputation as a premier golfers' destination with Travel and Leisure honoring Punta Mita as third best golf resort in Mexico and Latin America. The area has seven spectacular golf courses, designed by some of the world's top architects, including Jack Nicklaus, Greg Norman and Tom Weiskopf. Planned are 7 more golf courses around Puerto Vallarta Punta de Mita alone.