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Mexico Retirement Trends

August 2009
Riviera Nayarit & Puerto Vallarta Mexico Retirement Notes

 Overview—Next 10 Years

70 million Americans and Canadians will retire in the next 10-15 years. Mexico is the most popular destination and will continue to provide North Americans with cost-effective retirement opportunities as the economy evolves and rising costs in the USA eat away at people’s nest egg. With the weather always permitting and lending to the perfect lifestyle of “mañana,” Mexico is the common sense place to disembark from a lifetime of hard work and make those savings go a long way.

Cost of Living/Retiring

The peso has dropped 41% vs. the dollar since August of last year, making Mexican vacations, rents, home costs and retirement more attractive compared with those in Europe, the U.S., or the Caribbean. The cost of living is half of what it is in the USA. Forget Europe, they do not know what the word inexpensive means. No winter clothes, no snow tires and no heating costs. Mountains, coastal plains, high valleys, Mexico has every climate.

Ease of Access

American travelers and retirement home buyers can reach Mexico’s tourist/retirement playgrounds/spots in two to five hours and most of those flights are non-stop, a big factor as airlines, hotels prices costs and homes prices level off for the first time in 15 years.

Safety

Mexico is just as safe as it is in the USA, probably safer. Crimes happen along the border and in the border towns. Puerto Vallarta and other retirement hotspots have been immune to the violence. The Puerto Vallarta area has 15,000 to 20,000 full time expatriates. Including Sam’s Club, Wal-Mart (with two new Wal-Marts under construction) several McDonalds, Carl’s Jr. Pizza Hut, Dominos, Blockbuster Video, Lions Club, Rotary Club.

Mindset

Americans are different. We like our way of life, big cars, big trucks, cheap gas. The fact that you don’t get searched everytime you enter a building here in Mexico makes a statement to the non terrifying racist attitude that the world should adopt. Americans are different and try to be politically correct. You can’t call them Hillbillies no more, they are Appalachian Americans. What? Here in Mexico if we don’t know your name and you are white, we call you Whitey, if you’re fat, we call you Fatty, if you’re short we call you Shorty.

 Taxes

Property - .01 % Income Tax - 10% flat tax Capital Gains Tax – No Capital Gains Tax after five (5) years

For more info:
Alfred Melchiorre
La Punta Realty
Toll Free from North America 1-866-706-1199
Punta de Mita, Nayarit, Mexico 011-52-1-322-111-7522 cell alinmita@gmail.com

 

 

Keeping Up With New Developments in Riviera Nayarit

Gorgeous Nayarit HomeStretching luxuriously along Mexico’s magnificent mid-Pacific Coast, Riviera Nayarit was unknown to most international travelers only a few years ago. Now, it is hard to keep up with the impressive new attractions and services, including a wealth of new resorts and golf courses and, for lucky residents of Memphis and nearby cities, new air service.

Here are the latest highlights on these new developments:

Punta Mita

Several new resorts are opening in Punta Mita. The St. Regis Punta Mita is opening in the fall of 2008, featuring 120 magnificently appointed guest rooms and suites which include 89 Casita rooms with beach view, 70 with king beds, 19 with two queen beds, 10 Junior Suites, 16 Deluxe Suites, three Deluxe One-Bedroom Suites, one Luxury Two Bedroom Suite and one Presidential Suite. The resort will also feature a 10,000 square foot Remede spa and 3,200 square feet of meeting and function space, making the resort ideal for all kinds of special events, and, of course, all the signature services for which the St. Regis brand is renowned worldwide, including its trademark butler service. The resort also will feature Punta Mita's second Jack Nicklaus Signature golf course with greens meandering through the resort grounds, two pools and three full-service restaurants.

No less exciting for Punta Mita is the intimate Hotel des Artistes and Punta de Mita Beach Club and Spa, a new resort offering twelve two and three bedroom beachfront suites, an athletic club and spa, art gallery, a rooftop infinity pool, hot tub and bar and fine dining under the direction of world-renowned chef Thierry Blouet at the CafÈ des Artistes du Mer.

Litibú

An extension of the prestigious resort area of Punta Mita, Litibú, is one of Riviera Nayarit’s fastest growing areas, with eight new hotels and resorts on the way, thanks the support of Fonatur, Mexico’s national tourism department. Among them is La Tranquila composed of 73 exclusive private residences (in the first phase of development) situated on the Bay of Banderas that will be sold in 1/12 fractional shares, thus offering vacationers all the amenities and pleasures of luxury second home ownership without the extravagant cost. The residences will range in size from one-bedroom and one bath to three bedrooms and three baths. Iberostar Hotels & Resorts is also building three hotels in Litibú, the first, opening this year, offering 560 rooms.

Other new arrivals in Litibú include the Dreams Punta Mita Resort & Spa, the all-inclusive, 320-room property designed for couples and families. Opening in late 2009, the resort also will feature an on-site dolphinarium, a Greg Norman 18-hole golf course and an upscale shopping center. The Litibú resort is one of three Dreams is building in the Riviera Nayarit region.

Nuevo Vallarta

In the Nuevo Vallarta area of Riviera Nayarit the hottest news, along with the new Dreams resort, is the Riu Palace Pacifico. Opening in summer 2008, this deluxe all-inclusive property will include 484 suites and a great choice of dining experiences ranging from a main restaurant to venues serving fusion, Japanese and Mexican cuisines. The resort offers a full range of water sports and other recreational facilities, several lounges and bars, including a swim-up bar; several swimming pools, and children’s facilities. Nuevo Vallarta is only nine miles from the international airport in Puerto Vallarta.

The 224-room Dreams Villamagna Resort & Spa opens this summer in Nuevo Vallarta on the Bay of Banderas. This all inclusive resort will offer several pools, fine restaurants, Explorers Club for kids and world class spa/fitness center.

Also in Nuevo Vallarta is the already announced Marival Condo Resort & Residence scheduled to open in the summer of 2009 with 162 luxury one to four bedroom condominiums measuring from 1,200 to 2,500 square feet and 9 four bedroom villas, each equipped with full kitchen, spacious living areas and outdoor terraces.

La Cruz de Huanacaxtle

Los Veneros will be a new resort area for Riviera Nayarit on the Banderas Bay coast between La Crux de Huanacaxtle and Punta Mita. Scheduled for completion by the end of 2009, the $126 million investment encompasses 251 condominiums, a small boutique hotel, beach club, spa, and conference rooms.

Punta Raza

Investors are pouring $118 million into tourism developments in Punta Raza, including eight hotels, 950 homes, a golf course, and a marina. The first phase, including two hotels—a Park Hyatt and a Grand Hyatt as well as residences—are planned to open in 2011.

Lift

Northwest Airlines’ recent addition of daily, non-stop service between Memphis and Puerto Vallarta has resulted in NWA WorldVacations packages featuring nonstop air travel. The new service immediately makes Riviera Nayarit more competitive with other warm-weather destinations for residents of dozens of mid-southern cities, including Louisville, New Orleans and Nashville.

About Riviera Nayarit

Riviera Nayarit is Mexico’s newest travel destination stretching along 100 miles of pristine Pacific coast framed by spectacular mountains to the north of renowned Puerto Vallarta. Mostly undeveloped, the destination extends from the resorts of Nuevo Vallarta to the historic, colonial town of San Blas, including exclusive Punta Mita and the spectacular Banderas Bay. The region features luxury resorts and eco-tourism boutique hotels, world-renowned surfing, four professional golf courses, rare native wildlife including sea turtles and tropical birds, mountain and island adventures, shopping for local artwork and traditional Huichol handicrafts, charming fishing towns and miles of serene beaches.

The Mexican Economy

Golf in NayaritIn Mexico the economy is surprisingly robust, the budget deficit has been reduced each of the past four years, and economic growth is well on track. Mexico’s real estate market is very active, and all signs seem to indicate that this level of activity will continue. Prices are still lower than competing markets; buyers are buying as quickly as product comes on the market, and the second-home market continues to be one of the most active markets in America. There are many reasons for the strong demand, mainly because for what a person pays in property taxes alone in California, you can pay for the property taxes and operating expenses of a home in Mexico!

Appreciation has been a strong trend for the past three years and quite consistent over the past 15. Mexico is still below competitive markets like Hawaii, so this trend should continue, especially for beachfront properties. Average condominium and home sales in the MLS showed a 25% increase since 2002; however, this increase would be even higher if it included the recently constructed projects, which have selling prices above the MLS resale market. Strong demand will continue to drive up prices, at least until supply can begin to catch up, which does not look like it will happen anytime soon.

In active real estate markets like in Mexico, it is common for people to take advantage of quickly increasing appreciation by buying multiple units in condo projects and then doing what is commonly referred to as “flipping” the units. Today, buyers are again purchasing more than one property, but in a different manner. They are buying a home for themselves and then a second or third property that may consist of raw land or a home that needs to be fixed up for investment. The difference is that the buyer of the past did it purely a passive investment, today buyers are pro-active, they are buying the properties so they can be involved in the construction process of building or renovating. It follows another trend: People are moving to Mexico to live, but not to do so passively -they want to be kept busy, and real estate development is the new trend proven to deliver a better return than they had traditionally earned in stock market investments.

In summary, as our Mexico Real Estate Trends Expert, Carol Davenport, Founder and President of Davenport Properties Real Estate Investments states, “Nayarit is a state of privileges. Its excellent geographic location and its extraordinary natural resources are catching the eyes of the North Americans to live and invest in Nayarit.”

 

     
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Punta Mita Ocean View