Stylish Starters
Think entry-level homes have to be plain vanilla? Not in Los Cabos! New developments offer quality construction—even marble floors—starting at under $200,000 U.S. What's the catch? Although the communities may be gated and offer swimming pools and party areas, these are smaller homes on small lots. You may be offered upgraded finishes but there are just a few floor plans to choose from. Most are on the mountainside of the Tourist Corridor. Don't knock the location—at higher elevations, the view is often spectacular.
Vista Bahia is on the road to Rancho Paraiso, offering 15-two or three bedrooms homes. Starting under $200,000 U.S. with financing available, they are sure to go quickly. In the same area, Pueblo Viejo is a semi-attached town house community facing onto a central park with walking paths, pool, and other amenities. Each exterior will be different from its neighbor, giving the impression of an old Mexican village. Prices start at about $150,000 U.S. Punta Arena is also on the Cabo side of the Corridor, offering guaranteed arch views and a pool. Prices range from $187,000 to $228,000 U.S. for two to four bedroom homes. All feature alderwood cabinets, marble floors, and a full appliance package.
Mediterranea and Casa Mexicana, both nearby, are other stylish options with excellent views. Closer to San José del Cabo, Vista Colorado and Las Lomas are two choices in townhome living. Buffered from the highway behind a large hill, Las Lomas has outstanding views of San José Bay.
With panoramic views of San José del Cabo, Vista Encanto sits on the slopes of Cerro de Vigia with marvelous ocean and city views. The main building will include a lobby with a market and shopping areas; along with a spa, a large gym and yoga area. Eight buildings of one to three-bedroom condominiums from 973 to 3,763 square feet of indoor-outdoor living areas are priced from $90,000, up to $520,000 U.S. for roomy penthouses. Portofino Los Cabos will be offering affordable condominiums within Pedregal. The plan calls for 31-two and three-bedroom units, each with a garage and a parking space, surrounding gardens with two pools and cascading waterfalls. Javier Rodriguez and Isak Schcolnik of Izak Real Estate are excited about the emergence of this new and more affordable residential home market. “In the past there weren't many options for entry-level buyers, but now we're seeing more choices in the $200,000 to $500,000 U.S. range,” says Javier Rodriguez. “We expect to see even more of these communities break ground, in response to market demand.”
La Playa to Los Barriles—The New Corridor?
Anchoring the southwest end of what Baja Properties owner-broker Mike Schaible calls, “the new Corridor,” Puerto Los Cabos marina and resort development has redefined the area. With a private 535-slip marina, yacht and beach clubs, a town plaza, and an ecological park, the 2000-acre resort will include luxury hotels, home sites, and oceanfront golf courses by Nicklaus and Norman. Fundadores, their elite oceanfront enclave, has spectacular estate home sites that include golf and yacht club memberships. The first residential community, the oceanfront deeded fractional ownership Misión La Serena Private Residence Club, is under construction just minutes from the marina, bordering the Jack Nicklaus course.
El Encanto de La Laguna is an exclusive 28-acre gated community of 45 oceanfront and ocean view estate homes and 40 villa-style condominiums bordering Puerto Los Cabos to the east, ten minutes from the new marina. Four elegant villas have been completed in Phase I, with custom finishings, private infinity pools and palapa shaded swim-up bars. Along with luxury amenities, El Encanto features a desalinization plant and metered electricity. The master plan’s 17 oceanfront and 28-tiered ocean view lots have three to five-bedroom homes; along with low rise two to four-bedroom condominium and penthouses. Priced from $395,000 to $3,550,000 U.S., construction on Phase II is underway. Tel: +52 (624) 105-8858 | sales@elencantoloscabos.net .
While there are ocean view lots still priced under $100,000 U.S. stretching from Los Zacatitos at Punta Gorda through to Lighthouse Point Estates near La Ribera, communities do differ greatly. At environmentally-sensitive Laguna Hills, next to Puerto Los Cabos’ Fundadores, strictly enforced building guidelines protect views and density, while at Los Zacatitos, your neighbor may sport a teepee or trailer. Check whether your dream home’s views and aesthetics will be protected, and if future utility installations are included.
“The whole coast east of La Playa to Los Barriles is positioned to boom like the Corridor,” says Schaible. Buyers can soon expect luxury communities with full services, as this once remote area is developed to fill demand.” Schaible should know, he’s pioneered real estate sales on the East Cape and in Los Cabos since 1986. “We’re seeing the strongest, healthiest market in 20 years,” he adds, and now with U.S. title insurance and long term financing, I see it remaining strong.”
The Pacific Side—Cabo Pacifica to Todos Santos
With the new four-lane highway from Cabo San Lucas to La Paz approved and set to begin in 2006, the “Pacific Side” will soon be ripe for development. Expect great things from this area in the near future. Several major players are positioned to offer resort-caliber properties, complete with championship golf, destination spas, and beach clubs in this once remote area. Like the East Cape, long stretches of beachfront are without electricity or potable water—pioneer owners rely on solar power and water delivery—sure to change with the highway development plan. The downside? Windswept Pacific beaches can be chilly during the most popular tourist months, but for hardy snowbirds, it will still feel tropical. But summer breezes are refreshing well into July, making those air-conditioning bills less costly than the balmy East Cape.
As diverse as these real estate options may be, they still have one thing in common—Los Cabos—a tapestry rich in diversity and as diverse as your dreams.
10 Steps to a Perfect Purchase
1. Work with one good agent. Pick that person based on the company they work for, a personal recommendation, a local reputation, and let them do their job. If you see another company’s ad for a property that sounds intriguing, ask your agent about it—they may have already considered and rejected it. Or, they will arrange to tour that property with you. The MLS gives your agent access to every property.
2. Make your financial plan in advance. Now that we have third party financing, discuss that option and others with your agent. If you are planning to finance, get yourself pre-approved, and don’t forget to add 5 to 7% for closing costs.
3. House hunting is not the time to be polite. If you abhor a property, tell your agent why so they can avoid showing anything similar. And be realistic about your budget and needs. If you absolutely need three bedrooms, don’t waste your valuable time looking at studios.
4. Have fun, but not too much fun. We all like a good party but this isn’t the time to indulge. Make wise, clear-headed decisions and celebrate later.
5. Allow plenty of time. It takes time to do a real estate transaction. Period. Don’t put it off until the day you’re leaving and stop by the sales office on your way to the airport. We have few lock-boxes on properties and most are occupied. Twenty-four hour notice to show a property is standard.
6. If it feels right, do it. Use your brain but listen to your heart. You’ll know when you’ve found your place in the sun. It may surprise you to fall in love with a lot when you were sure a condo made more sense. Yes, your purchase should make sense. But it should also appeal to you emotionally.
7. Always, always get title insurance. It’s optional, but an option few can afford to overlook. Stewart, First American, and Fidelity all write policies here in Los Cabos.
8. Use third-party escrow. It’s easily available and is for your protection. All three title insurance companies active here also provide escrow services.
9. Expect (and plan for) delays. Our real estate transactions are complicated and require the assistance of several different government agencies, which close for extended holidays.
10. Keep your sense of humor. As with anything else in life, you can make yourself crazy or roll with the punches. Keep smiling—you’ll feel better!
Part 2 of 2 - Real Estate Article - Part One |
