Obviously the tough economic situation up north has hit our town very hard during the last 18 months. Finally the construction in down town is finished and it looks very nice. No more hassle to get through or into town. The construction makes life easier for all of us down here.
If you missed the opportunity early in this century to purchase property in our town right now is a great time to do so. It is the best time in many years to come and visit the tip of the Peninsular. You will be amazed about the great hotel deal you get, you will be amazed about the great rentals that are available and you will be surprised about the many opportunities in real estate. Prices have adjusted up to a 40% over the last 18 months. Prices have been affected in the low, middle and high end. I believe that we are close to the bottom and we won’t see much further price decreases. But I also believe that the market will remain soft for 2010 and we won’t see prices go up for a while. There is just too much inventory out there. Although there is still construction going on, many of the new projects have stopped and there will be very limited new inventory getting into the market.
There are opportunities for buyers and sellers out there. Serious sellers will find buyers and vice versa. If you are not seriously considering selling your property don’t even bother to put it on the market. Serious buyers will not take your property in consideration if you are not serious about selling it.
Sales are starting to happen again. After a very slow summer we have been busier over the last couple of months then we have been combined for the rest of the year. People are starting to look into real estate again and opportunities are being picked up by serious buyers.
As I mentioned in my 2009 outlook Los Cabos is and will be the leading resort community in Mexico for wealthy travelers for many years to come. New resorts are trying to copy the concept of our market all over Mexico. Los Cabos is a REALITY. We are not “going” to have marinas, golf courses, luxury resorts, beach clubs and world class dinning. We already have two fully operating marinas, numerous world class golf courses, we do have some of the best hotels in ALL of Mexico (One&Only Palmilla, Esperanza and Las Ventanas). Many beach clubs are up and running and vacationers have been enjoying them for a while.
Remember; location, location, location is all that really counts. There in ONLY one Los Cabos and the name has already been branded and is well known throughout the world. With over 300 sunny days per year, an average temperature of almost 80 degrees, surrounded by the Sea of Cortez and the Pacific Ocean makes Los Cabos one of the most desirable resort communities in North America. We are only a few hours away from most of the larger US cities and I believe that Cabo San Lucas or Los Cabos Real Estate market will continue to be one of the most sought after over the next few years.
