I was just down in Cancun for a wedding and it is amazing how many new condo developments are going up in Mexico. Mexico Condos are really taking over the skyline in many of the large cities down there. On this visit to Cancun, I went into downtown and there are cranes everywhere. I must have seen billbaords and ads for about 30 brand new condo towers all over the place. The prices are pretty affordable however it is a lot tougher to get a loan down there. Generally you have to come up with more money down than in the states. We actually represent a great new project in that area called Capricho. This is a very modern luxury project with 220 units. You can see all the properties that NCO represents in Mexico on our Mexico Condos page.
When you are looking to purchase a condo in Mexico, you can expect to also be courted to purchase a timeshare. Or if you are staying at a resort, you can also expect to be hounded to be a timeshare. I would caution people about this process. I was staying at a resort and the hotel concierge will offer you free gifts etc to come listen to a brief presentation. I of course did not go to this, but some of my friends did and they were kept there for 2 hours listening to all the presentations about the different timeshares they could buy. For some people this makes sense and you get to use it a few weeks a year or trade with other timeshare owners, but I would never personally buy a timeshare.
If I was going to make an investment in Mexico, it would be in purchasing a condo in Mexico. At least this way, I would be able to build some equity in the condo and also rent it out on my own or by using a rental management company if needed. I actually considered buying a place at Trump Baja who is also a client of www.newcondosonline.com. This amazing project in Baja is only 30 minutes from my home in San Diego and the units are incredible. You can check out Trump Baja here.
Overall on my trip, Cancun was different than I remember. I was there about 10 years ago and I know that about 3 or 4 years ago they had a major hurricane. They have re-built a lot and there are 5 times as many resorts as I remember. The downtown strip is actually very beautiful and the water is crystal clear and amazing. I will definatley check out some of the amazing new condos in Cancun and see if any would make a good investment.
My one word to the wise is be careful at the bars in Mexico. On multiple occasions when ordering a drink, they definatley do not give you what your ordered. I know my vodkas pretty well and theat Grey Goose Martini tasted more like watered down white tequila. I am sure at some of the major resorts this does not happen but it did happen quite a lot at some of the palces we visited.
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