Groundbreaking ceremonies for Playa de Paraiso, a eight story, 160 unit beachfront, luxury condominium resort project on the Sea of Cortez in San Felipe, Mexico took place on June 10, 2005 under a clear blue sky and a bright noon day sun. Honored guests included Baja California's Governor, Lic. Eugenio Elorduy Walther, and Mexicali Municipal President, Ing. Samuel Ramos Flores. Their presence is a sure sign that the demand for Baja real estate is on the rise.
The ceremony signals the beginning of a joint private and government economic development program designed to bring the northeast Baja coastline into the 21st century. Escalera Nautica, the Nautical Ladder development project, may be coming to fruition at last. As evidence that the area is just now beginning to undergo a period of rapid development, half of the Playa de Paraiso's units have already been pre-sold despite the fact that the project won't be completed until June 2007.
Eric Garcia, Director of Sales at Playa del Paraiso, attributes the increased interest in the San Felipe real estate market to a number of factors. "Increasing numbers of affluent and retired Americans are searching for a less stressful lifestyle and they are finding exactly what they have been searching for in San Felipe.
A quiet seaside fishing village on the Sea of Cortez, the resort area is only a few hours drive from San Diego and Tucson and that makes the community even more attractive because it is far more accessible than Cabo San Lucas," he says.
The second factor affecting development and the increased interest in Baja real estate is that Mexican law now allows foreigners to own coastal property. "Up until the mid-1990's, foreigners were not allowed to own coastal property but the creation trust agreements has eliminated that problem," Garcia says.
The third factor affecting increased development, according to Garcia, has to do with housing costs. "Housing is incredibly affordable in San Felipe even when it comes to the purchase of a new home largely because construction costs are half those in the States.
“Then there is the cost of living which is easily a third of what it costs to live in just about any American city. A retired couple living on a $1,000 Social Security income can live a life of luxury here. Taxes are extremely low, fresh seafood is abundant and inexpensive, medical services and medications are a third of what they are back home,” Garcia says.
Eric also points to growing speculation - an increased awareness that the northeastern Baja coast line may very well prove to be on the verge of a prolonged land rush much like that which took place in Cabo San Lucas several years ago. "The demand for real estate in Cabo San Lucas is still high, but sales have slowed considerably because the prices there have sky rocketed," he says. "That isn't the case for San Felipe real estate, as least not yet," he added.
For those unfamiliar with the area, San Felipe is located in Baja California, just a four hour driving distance southeast of San Diego, an hour more from Tucson. A quiet fishing village with a population of 28,000, it is rapidly becoming one of the preferred destinations for American and Canadian vacationers and retirees looking for a lay back, stress free lifestyle. "Right now about 50% of the resident population comes from the U.S. and Canada," Garcia says. "Our projections indicate that that percentage will probably double in the next five years."
Twenty years ago a boom in Baja real estate started in Cabo San Lucus, a city on the southern most point of Baja. The likelihood of a San Felipe real estate boom is even more real because of the village's proximity to the U.S. border and the Mexican government's commitment to the continuing development of the Nautical ladder.
Individuals wishing to obtain more information about this Baja real estate opportunity are encouraged to contact Eric stateside at (888) 647-5292 or through the on-site San Felipe real estate office at 011 52 (686) 577-0822, via the email address in the right column or by visiting
www.PlayaDelParaiso.com.
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