Off topic here--though it DOES belong in the real estate section--can someone tell me what this will be:
http://media.point2.com/p2h/listing/b822/ce46/b638/6136e565316f364b5562/gallery.jpg
Just behind the dive shop (which is now, sadly, for sale). Is this the Captain's Cove (?) condo project I saw online somewhere? Please tell me that's not a parking garage for something else even bigger...Didn't think it was worth starting an entire thread over, and I'm not sure where to find more info.
Thanks!
Acevez
I googled this "L Aceves" to try to find a map to locate this plat. It looks like every Realtor in town is listing lots from this L Aceves. Strange if DMCauley is correct.
Q?:
1. Does any Realtor do Due diligence before taking a listing? Find out if the seller is real? Do they care about the Buyer or only represent the Sales and it is Buyer Beware? "Get your own Real estate Lawyer..." Realtors just are marketing. Fishing for buyers?
2. I have been trying to find out about recorded sales. Is there a public recorded sales record of Real Estate transactions in PP that the buyers can research? Something like the here in Maricopa, all sales are public so others can know what price a transaction took place? How many at Palomas? How many Listings? Range of $/Ft listed and sold?
With hundreds of Condo's on the market it would be beneficial to all to know what the reality is. It is all heresay. Yes they are selling like hot cakes, the port will have cruise ships soon, and we have international flights...
This is my experience for others to research;
Trusts are expensive to maintain.
Utilities are expensive to have, electricity especially.
HOA fees have been rising exponentially as many are in arrears and cash flow is spread to owners.
Ocean property by itself is expensive to maintain due to "Salt" in the air.
Property Taxes are very high, and any capital profits are taxed at Mexican income rates at settlement.
Can some one chime in on property taxes on a non RE ownership?
You do not own the property in a condo, but the shell and have a maintenance fee that is a personal liability. Some one told me you are taxed at the purchase price?
So even if values have dropped your taxes remain high?
Just some questions I have. Thanks for a response.
Good Evening Gringo Zona,
I just signed onto this site and find it amazing the different things that people have to say about Rocky Point and the Real Estate Market.
Let me clarify a few things by answering some if not all of your questions so you and thousands of others that may be interested in investing here will know the truth about our community and what we offer here in Puerto Penasco.
1) Trusts are expensive to maintain. 1) Trust are not expensive to maintain...they are different in price depending on the bank holding the Trust...typically range between $285-$650 per year!
2) Utilities are expensive to have, electricity especially. 2) Electricity can be high if you over use...they are ranked on a tier system basic, median, extreme and go up in price as you use more energy...so you can do things to keep your bill down like changing out your thermostats to lockable and placing sensors on your windows and doors to cut the AC when doors are left open things of that nature.
3) HOA fees have been rising exponentially 3) Many of the Resorts here in Mexico have tried to cut costs just like in Arizona changing out landscaping to use less water things of that nature and some costs have come down a great deal in some resorts, then you have other resorts that have heavy landscaping and use a great deal of water but the property owners like the resorts just for they have to offer and are willing to pay a little extra.
4) Ocean property by itself is expensive to maintain due to "Salt" in the air. 4) This fact is true, but this is true all over the world where you have waterfront property, the only difference here is that labor rates are very low here in Mexico (Approx. $150.00 Per Week) based on a 6 day workweek Saturday being a half day. so maintaining a beach front home here in Mexico will cost you far less then other parts of the world!
5) Property Taxes are very high 5) Property taxes are very low in Mexico...Taxes are 1% of the assessed value. for Example: a 1 million dollar home will probably cost you $1000-$1500 Per Year in Taxes...this is for a Beachfront Home! This same home in California (San Diego) would cost you $20K Plus a year in Taxes!
6) Capital Gains profits are taxed at Mexican income rates at settlement. 6) Capital Gains can run you 28% of the profit but much more goes into determining this...so please know your facts!
7) If you are still in the market for a Condo or a House I would be more then happy to provide you with a current CMA showing you what is currently on the market and what has sold over time.
I hope this answers all your questions although late, but i just found this website!
If you have any other questions you can find me at
[email protected]
Take Care,
John Walz
