New Listing! Playa Royale 1734 Beachfront Condo For Sale in Nuevo Vallarta
Playa Royale 1734 is a 2 bedroom 2 bath 7th floor condominium in sought after tower 1 at Playa Royale in Nuevo Vallarta. This condo for sale in Nuevo Vallarta is absolutely ocean front and features stunning panoramic ocean views from it’s 7th floor vantage.
Nuevo Vallarta Beachfront Condo's Living Roo
I have to be honest, when the owner of this beach front condo came to me to list it, I had mixed feelings. This is a great condo… in my opinion, one of the nicest condos in Playa Royale, a high end luxury condo development by Paradise Village set right on the 7 miles of beach front in Nuevo Vallarta. It is very tastefully decorated with leather sofas, a beautiful dining set, sublime color choices, fine art prints and plenty of details. Not to mention the high end electronics, gourmet kitchen with granite counter tops and stainless whirlpool profile appliances. And the development is amazing, with a proven professional management team, excellent construction quality and impeccably maintained common areas; this would be an excellent value even without all the social membership benefits. So this is a real estate agent’s dream, a beautiful condo in a beautiful location and just imagine my surprise when the owner wanted to discuss pricing it realistically to sell… (that’s harder than you’d think to find, even in today’s market).
View from the Balcony in Nuevo Vallarta
So why the mixed feelings? This amazing ocean front condo for sale in Nuevo Vallarta is currently in my rental pool, and it’s one of my best renting condos. People want to be ocean front when they vacation just as much as when they buy, and as I already said, I think this is one of the nicest condos in Playa Royale… classy and comfortable is how i would best describe it. So the fact is, I’m truly going to miss having this condo around.
Have a visit over to the main site to see all the particulars on this amazing condo and don’t be shy about submitting a contact form or giving us a call if you have any questions or you’d like to arrange to see this wonderful condo.
Tell me what you think… please post a comment if you have something to say!
Playa Royale 2609 – Luxury Condo for Sale in Nuevo Vallarta
Comfortable living room at Playa Royale, Nuevo Vallarta
Just listed! Playa Royale 2609 is a gorgeous 3 bedroom 3 bath condominium located beach front on the best beach in Nuevo Vallarta; one of the best beaches in the Banderas Bay. This condo comes fully turn key, has lots of upgrades, underground parking and a beautiful view. Click here for more information about this Condominium for sale in Nuevo Vallarta.
AMPI Members Meet to Discuss the Status of Tourism Real Estate
I ran across this article recently… It talks about the state of the tourism based real estate market in Mexico. It talks about some areas having taken a 50% hit in property values since the crisis began. I think about 25% is closer to the truth in Puerto Vallarta, which speaks to the inherit stability in the market here… the very large amount of equity in the market combined with a basically attractive destination location has kept the Puerto Vallarta real estate market a much safer investment than many other cities both in Mexico and around the world.
Nearly one hundred members of the Mexican Association of Real Estate Professionals, (AMPI) met earlier this month in the Nation’s capital. The purpose of the all-day meeting was to discuss the status of Mexico’s real estate market in the “tourist” zones and develop strategies that might help a recovery.
Click here for the entire story…
I’m interested in what you think, please leave a comment!
How to Buy Real Estate in Puerto Vallarta – The Restricted Zone and the Fideicomiso
I know, it sounds like something out of an old Star Trek episode… The Restricted Zone… (ok, it was actually the Neutral Zone in Star Trek). But what is it, really? And how does it affect me when I buy real estate in Puerto Vallarta?
I’m glad you asked. The Restricted Zone is a ribbon of land that surrounds the entire country, 50 Kilometers wide along the coast, and 100 Kilometers wide at national borders. The Restricted Zone is provided for in article 27 of the 1917 Mexican constitution in order to keep foreign interests from buying up large portions of Mexican land then annexing them. So the Restricted Zone is just that, a zone where legal ownership is restricted to Mexican citizens.
Stunning Puerto Vallarta Real Estate
Foreigners cannot directly own property in this zone. This worked well for the first 50 years or so… Then foreigners began to look to Mexico as a place to buy a piece of paradise. The only problem is, most of them wanted to be on the beach. Of course, the beach is in all the Restricted Zone… so it was unconstitutional for foreign investors to buy there… but the Mexican Government did not want to turn away all that foreign investment… so they came up with a compromise.
That compromise was to create a system of bank trusts (Fideicomiso – fee-day-co-me-so – in Spanish) which would guarantee a foreigner all the rights of ownership, without actually owning the property. Specifically they are called Fiedeicomisos de Zona Restringida, or Restricted Zone Trusts. These trusts allowed the foreign investor to be the beneficiary while a Mexican bank acted as trustee. With the property held in trust, and the trustee being a Mexican entity, the government neatly avoided the issue of foreign ownership in the restricted Zone. And with the bank’s fiduciary responsibility to the foreign investor, the system has proven over the last 40 years to be a safe, secure way for foreigners to own their own piece of paradise on the beach in Puerto Vallarta. Those who choose to invest in Real estate in Puerto Vallarta (and other Mexican beach destinations) enjoy all the benefits of ownership along the Mexican coast. They were able to buy, sell, lease, improve, pass on and do anything with the property they wanted – within the limits of the law, of course.
Fideicomiso trusts cost about $550 US dollars to set up and are part of the closing process when you buy a property in the Restricted Zone. Once set up, they cost around $450 dollars per year to maintain; fees vary from bank to bank. These fees are included in the closing costs. Fideicomisos are good for 50 years and renewable for another 50. Because you can name secondary beneficiaries, the trust can act as a type of will by passing the property to whomever you designate, should anything happen to you. This is automatic and avoids any probate issues.
The law governing these trusts was overhauled in the 1990’s to streamline the process and make them more secure. In all the years trusts have been available, there have been no instances where a foreigner has lost his property due to a failure in the trust system. You may recall many years ago, there was a great deal of noise in the media about some Americans who had had their property taken away from them by the Mexican government. What really happened is the Americans had not actually bought the property, but only leased it. There was undoubtedly some mischief done to convince the Americans they were buying rather than leasing, but at the end of the day, the Mexican government did not take anything from the Americans, because they never actually owned the property. This is a good example of why you should get a good real estate agent in Puerto Vallarta and close with a notary, but it does nothing to sully the record of the Fideicomiso as a safe and secure way for foreigners to invest in the Restricted Zone of Mexico.
Let me know what you think so far! If you find this information useful, please leave a comment below and share this post with your friends.
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How to Buy Real Estate in Puerto Vallarta – The Development
In recent posts I have been describing the process for buying real estate in Puerto Vallarta, Mexico and I have been giving a lot of information about buying resale properties from private sellers. I thought this would be a good time to give a little more information about buying new properties from the developer in Puerto Vallarta.
Puerto Vallarta Real Estate
The process is very similar to buying from a private party, except the developer will usually have a lot more control over the process. Developers tend to be less negotiable on price and terms (depending on the market) and they carry their own offer sheets (letters of intent) and contracts. They will usually ask for a 30% down payment, and will often have various financing plans available offering differing levels of discounts depending on how quickly you pay. Developers will also often insist on using their own notaries. This is because as a development, they have a great deal of paperwork involved for many different units on the same property. Putting all that paper work with one notary saves a lot of time and labor spent reinventing the wheel. This is all well and good, but it is not a bad idea to see if they will match another notary’s rate, to help ensure you are not being overcharged for their services.
One advantage to buying new from a developer is the warranty. New developments usually have 1 year warranties, which allow you to find any defects that inevitably go along with a newly built building. How good the warranty is really depends on how good the developer is. Your real estate agent will be able to help you find the better developers.
I’d like to hear your thoughts, please leave a comment below and share with your friends!
