A friend recently sent a notice out to let us know how his section of the market is doing: It is the 1,500 acres master-planned luxury second-home resort community of Punta Mita, located on Mexico’s Pacific Coast, north of Puerto Vallarta.
- Homes sales for 2007 were a solid 30% over 2006, with sales reaching $104.1 million USD over $79.5 million in the prior year. Why? The developer, DINE believes the wealthy cash buyers (no mortgages common here) expect their investments to be supported by new high-end golf and spa facilities within their planned development.
- The Punta Mita Four Seasons is considered the second most profitable hotel in this family, passed only by the Paris, France Four Seasons. The owner is Strategic Hotels and Resorts, Inc. The end of last year, DINE sold its remaining 57 acres of oceanfront to this same Strategic Hotels & Resorts, Inc,. Strategic is a real estate investment trust who is owner and asset manager of 21 high-end hotels and resorts in North America and Europe. Chicago-based REIT will develop the property into a mixed-use, residential resort. Strategic also owns La Solana Resort and Residences, which is adjacent to the Four Seasons Hotel.
- Enchantment Group, a spa, resort development and management company in Sedona, Arizona, has also announced a 30 guest room destination spa and 25 residential condominiums for 2010.
- Punta Mita Development has nine miles of Pacific Coast shoreline and includes a Jack Nicklaus Signature golf course,a Residents’ private Beach Club, as well as residential projects of private homes and condominiums. DINE has invested $150 million so far in the project’s infrastructure and at full build out, will have an approximate value of $2 billion.
Harriet Cochran Murray, Director of Cochran Real Estate, is a seasoned Real Estate professional both here in Puerto Vallarta, Mexico and in the United States. Harriet has served in many capacities as a board member for the local Real Estate Association AMPI (AMPI is the national association of real estate professionals). She is also a member of FIABCI and NAR in the United States. Harriet’s expertise and experience in the Real Estate and especially in the Mexican market makes her Viewpoint blog articles both informational and intriguing. Harriet is a Buyer’s Agent who specializes in getting the best deal on the right property for her clients. Visit her website at www.casasandvillas.com and Check out her Real Estate Listings.
