Real Estate in Los Cabos:
The ever-increasing popularity of Los Cabos as a tourist destination has impacted the real estate market on many levels. The construction boom continues and home and condo prices are experiencing unparalleled levels of appreciation that emulate the fastest growing real estate markets in the U.S. and Canada.
Investing in Real Estate Cabo can be safe, secure, rewarding and financially beneifical to the prudent buyer. Cabo Real Estate Investors are now able to secure U.S. Mortgages, Title Insurance and 3rd Party escrow accounts. The Cabo MLS and the more professional brokers/realtors are now members of AMPI (similar to N.A.R. - National Association of Realtors). Realtors are also encouraged to become certified by PROFECO, the Mexican office of Consumer Protection.
During 2005, Cabo has experienced phenomenal growth in both resort construction and U.S. style infrastructure. In the past few years Los Cabos has added four major supermarkets, a Costco, City Club and a wide variety of specialty stores which are conveniently located close to new resorts and housing developments. The newest supermercado in San Jose del Cabo, "Mega" rivals any major supermarket in the U.S. - not just size-wise but with their vast array of fresh produce, meats, seafood, grains, packaged foods, bakery, deli, florist as well as basic cooking appliances, utensils, cookware, beauty products and cleaning supplies. These stores also offer major appliances, sheets, towels, blankets and much much more, all at very affordable prices. For those of us who have chosen Los Cabos as either our first or second home, these added conveniences are a major bonus which simplifies life and provides a tantalizing array of options that were not available in the past.
Financing: Cabo Real Estate:
Real Estate Financing is a relatively new phenomena in Cabo with the exception of the rare owner financing at very high interest rates or pre-construction financing offered by developers. Now, at least six companies offer financing to qualified buyers with a minimum of 30% downpayment. The interest rate varies by company with the average rate being close to 8.75% and reduced substantially with an increased downpayment. Many short term loans are amorized over 25 years.
Refinancing one's primary home in the U.S. and Canada and using equity at affordably fixed rates is often the best route for acquiring real estate in Los Cabos.
Under construction ... check back for more information/photos/listings
and information about title insurance and realtor links. August 16, 2005.
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