In the beginning for the year I was convinced that we are close to the bottom and price reductions will slow down during the year. I have to admit that I was wrong. Today I believe that we will see more pressure in the Los Cabos Real Estate market for the rest of the year. Although the absorption rate has dropped in the recent months from 378 to 258 months there is a lot of real estate out there. This will keep the pressure on and we will still be in a buyers market for quite some time. Currently there are almost 2,200 active properties on our local MLS. The sold to list ratio is at a 79%. We have already seen prices adjusting over the last couple of years and still offers come in a 20% – 30% below asking price. Touring activity has been slow over the last few months. As we are going into our hurricane season I don’t expect to see much improvement until November/December 2010 when tourist start coming back to our beautiful resort towns.
For more information please contact us:
Posch & Parks
Prudential California Realty,
Cabo Gold Division
Plaza del Rey, Suite # 12
Cabo San Lucas, BCS, Mexico
martin@prucabogold.com
adali@prucabogold.com
www.buyingincabo.com
www.prudentialcasanirvana.com
www.prudentialcasavalentina.com
Office: 011 52 (624) 104 3225
Cellular: 011 521 (624) 147 5857 Martin Posch
Cellular: 011 521 (624) 147 7532 Adali Parks
Vonage: 1 (619) 819 7986
e-Fax: 1 (619) 923-2316
Follow us of Facebook:
http://www.facebook.com/pages/Cabo-San-Lucas-Mexico/BuyingInCabocom/176429711785
This would be a perfect place for an older couple to retire to. The market seems to be perfect right now. If anyone is considering it, I would definitely recommend acting.