Rocky Point condos for little money down

[AZJD]

I think I remember seeing signs somewhere on Sandy Beach for condos for like 5-10% down or so? Is this true, and if so, what developments are like this? Are you financing directly from the developer?

My wife and I are starting to go to Puerto Penasco enough that we are looking into maybe getting into something near the end of 2012/early 2013.

 

[ben21]

Plenty of desperate sellers out there would take 5-10% down. Many of them are not realistic on price though...

 

[brokenwave]

Just be prepared for the additional HOA fees. They can be expensive depending on what where you buy. Ask how much they are.

 

[az-dan]

AZ Rob has a nice one bedroom at the Spa for low down.

 

[Jim]

I was going to mention that condo. It's a very nice one bedroom at the Sonoran Spa. $10K down and no-qualify assume great long term financing. This one has the lowest down at all 4 Sonoran Resorts. Call me or send me a PM for details.

 

[marybna]

I used to own at Las Palomas but got out. Someone I knew when I did go there heard I was looking a the Spa and made me an offer. They have left the SW and want out of LP. She would let me have the place for HOA dues and bills with a balloon payment in 5 years. I only hear rumors about the place and the problems. But does anyone think this resort will ever come back?

 

[garyd]

I think I remember seeing signs somewhere on Sandy Beach for condos for like 5-10% down or so? Is this true, and if so, what developments are like this? Are you financing directly from the developer?

My wife and I are starting to go to Puerto Penasco enough that we are looking into maybe getting into something near the end of 2012/early 2013.

Check out Puerta Privada. Last I heard it was 10% down with no payments for 1 year and then 10% down with no payments for the second year.

 

[mis2810]

It has been speculated that with this new law coming to Mexico about buying real estate that prices will be going down even lower. Can someone explain exactly what, why, and when? It would be helpful to people thinking about a purchase in the next 6 months.

Thanks.

 

[lagrimas85]

It has been speculated that with this new law coming to Mexico about buying real estate that prices will be going down even lower. Can someone explain exactly what, why, and when? It would be helpful to people thinking about a purchase in the next 6 months.

Thanks.

Melissa, Jerry in another thread talked about some new tax's coming up and also my accountant mentioned yesterday, some new laws about how vehicles and real estate can be paid for in the future in Mexico, I dont really want to talk about it here. I also have a recent report from the US govt about how, where and when Americans buying foreign properties are going to be required to report they're bank trusts. If you remember a year or 2 ago, there was a thread on here about how the properties were going to be taxed by the US govt. try and find that thread, it has to do now with what is going to happen soon. We just have to wait and see how all of this plays out. There were rumors about the transfer tax being raised again, but I checked that out and the rumor was false, also a raise of the Impuesto Sobre La Renta or capital gains tax is something else I heard. I dont see any of these things helping with US buyers here. You, because of Daniel won't need a trust and since you have the use of a friends condo, just wait and see what happens. Why buy the cow, when the milk is free. Tio Billy

 

[lagrimas85]

Jerry, did your friend, the builder in Santo Tomas, explain yet what might make him pack up and quit building.

 

[mis2810]

Melissa, Jerry in another thread talked about some new tax's coming up and also my accountant mentioned yesterday, some new laws about how vehicles and real estate can be paid for in the future in Mexico, I dont really want to talk about it here. I also have a recent report from the US govt about how, where and when Americans buying foreign properties are going to be required to report they're bank trusts. If you remember a year or 2 ago, there was a thread on here about how the properties were going to be taxed by the US govt. try and find that thread, it has to do now with what is going to happen soon. We just have to wait and see how all of this plays out. There were rumors about the transfer tax being raised again, but I checked that out and the rumor was false, also a raise of the Impuesto Sobre La Renta or capital gains tax is something else I heard. I dont see any of these things helping with US buyers here. You, because of Daniel won't need a trust and since you have the use of a friends condo, just wait and see what happens. Why buy the cow, when the milk is free. Tio Billy

Thanks, Bill. I will look for those threads. I want to understand the situation better. I realize what you're saying about the cow and milk, but if and when our friend sells the condos, there will be no free "milk". My ultimate goal is to move down there full-time. Unless I have the winning ticket in tomorrow night's Powerball, a luxurious retirement is not likely to be in my future. So, having a place to live that I own, and that's paid off prior to retirement enhances my quality of life substantially once I actually am able to retire. It may not make sense right now, but I do want to stay informed.

Also, I have some pictures from Saturday night - can I post them on here or would you rather have me e-mail them to you - or both?

 

[lagrimas85]

Thanks, Bill. I will look for those threads. I want to understand the situation better. I realize what you're saying about the cow and milk, but if and when our friend sells the condos, there will be no free "milk". My ultimate goal is to move down there full-time. Unless I have the winning ticket in tomorrow night's Powerball, a luxurious retirement is not likely to be in my future. So, having a place to live that I own, and that's paid off prior to retirement enhances my quality of life substantially once I actually am able to retire. It may not make sense right now, but I do want to stay informed.

Also, I have some pictures from Saturday night - can I post them on here or would you rather have me e-mail them to you - or both?

Post the pictures if you want, and email them please. I will send what I have and we will see if anybody else has any info. I'm just saying Roberto sold a friend of mine a condo, that was 420,000.00 during the boom, my friend bought it for 58,000.00. I paid 22,000 for a condo that sold for 110,000.00 during the boom and in Phoenix at the low point, I bought a 1 bdrm for 10,000 that sold for 110,000 during the boom. I know you want one but losing your ass isnt much of a retirement, better to rent and wait and see what happens, unless you can find a cheapie, I saw a nice 3 bdrm, 2 bath house in one of Robertos adds in Las Conchas for 150k that seems like a steal, it looked like a fairly big house, with an ocean view.

 

[Roberto]

That's a 3 bedroom with ocean view and I think it is sold. The oceanfront Townhome on Mirador Beach is back on the market at $190K and we have two nice ocean view properties in Vista de Oro close to the water at $59K and $100K. As Lagrimis says, who know what the market will do in the future and rental is agood option for many. BTW, decent long term rentals are very, tight right now as well. A great option for the RV folk is to take advantage of the financing in Playa Lopez and get your friends to move there too and create your own community. You won't be in town to party at the bars but is sure is quiet and nice out there.

 

[mis2810]

Post the pictures if you want, and email them please. I will send what I have and we will see if anybody else has any info. I'm just saying Roberto sold a friend of mine a condo, that was 420,000.00 during the boom, my friend bought it for 58,000.00. I paid 22,000 for a condo that sold for 110,000.00 during the boom and in Phoenix at the low point, I bought a 1 bdrm for 10,000 that sold for 110,000 during the boom. I know you want one but losing your ass isnt much of a retirement, better to rent and wait and see what happens, unless you can find a cheapie, I saw a nice 3 bdrm, 2 bath house in one of Robertos adds in Las Conchas for 150k that seems like a steal, it looked like a fairly big house, with an ocean view.

A condo for $420K during the boom and $58 in Rocky Point? Which resort?

 

[lagrimas85]

A condo for $420K during the boom and $58 in Rocky Point? Which resort?

Las Gaviotas, Near Penasco del Sol. They were the first on the beach and older, but still very nice. Melissa I mentioned to you, when I bought 1 in Old Port a few months ago, that they were getting cheap, there is a decent 1 bedroom for 25,000 and you can probably get it a little cheaper. I use it for a rental. RP Char, from the forum stayed in it during bike week, she won the stay in a raffle to benifit Seadwellers Rolling Rockies.

 

[mis2810]

Las Gaviotas, Near Penasco del Sol. They were the first on the beach and older, but still very nice. Melissa I mentioned to you, when I bought 1 in Old Port a few months ago, that they were getting cheap, there is a decent 1 bedroom for 25,000 and you can probably get it a little cheaper. I use it for a rental. RP Char, from the forum stayed in it during bike week, she won the stay in a raffle to benifit Seadwellers Rolling Rockies.

I understand everything you're saying Bill. I've looked at the photos of the 1 bedroom in Old Port you're talking about. Daniel and I couldn't live full time in a place that small. Well, I should say that " I " couldn't. I'd go out of my mind. I didn't get a chance to give you all the details the other night about what we're thinking, and I don't want to go into it on a public forum. But there's more to it than just buying a condo at the price that it's currently selling at with terms. There are more details I'll fill you in about later. I'm just wondering whether it's better to stall and wait on the final sale price because of this law, or lock my price in now before they start going up again. Real Estate in general is risky everywhere now, and I know that nobody has a crystal ball, but I just wonder if this law is going to change what we all think of as "the bottom".

 

[lagrimas85]

There is a chance they could go up, when the home port happens, that will help. If sellers decide to carry the notes, that also will help. I mentioned I paid $10,000.00 for a 1 bedroom condo in Phoenix, right at the bottom. I bet if I put that condo for sale, for $89,000.00 with 3% down and 4% intrest, the payment would be around $410.00 a month. Just based on the cheap payment some nut would probably buy it. I didn't know you were already looking or were about to sign on one, really all that matters is that you personally are satisfied and happy, nothing I say or think really matters.

 

[mis2810]

There is a chance they could go up, when the home port happens, that will help. If sellers decide to carry the notes, that also will help. I mentioned I paid $10,000.00 for a 1 bedroom condo in Phoenix, right at the bottom. I bet if I put that condo for sale, for $89,000.00 with 3% down and 4% intrest, the payment would be around $410.00 a month. Just based on the cheap payment some nut would probably buy it. I didn't know you were already looking or were about to sign on one, really all that matters is that you personally are satisfied and happy, nothing I say or think really matters.

No, definitely not signing on anything. Like I said there is more to the story than just cash and payments. There's a business opportunity tied into it as well. I'll fill you in once it's more of a solid thing. It does matter to me what you think - I value your opinion!

 

[Kenny]

No, definitely not signing on anything. Like I said there is more to the story than just cash and payments. There's a business opportunity tied into it as well. I'll fill you in once it's more of a solid thing. It does matter to me what you think - I value your opinion!

You have to be on your toes, because things are not always as they seem.
[video=youtube;NQOtTHmwgm8]http://www.youtube.com/watch?v=NQOtTHmwgm8[/video]

 

[playaperro]

Puerto Penasco/Rocky Point Real Estate - Puerto Penasco/Rocky Point Homes for Sale - MLS , Sonora copy and paste and you will see we have hit bottom or just open link I know about the market if you need help.