Hi All! I hope everyone is ready for the winter season,I hope its not too cold for you this year. Typically my blogs consist of different investment strategies here in Mexico but today I wanted to chat about a great property that has come to Investment Properties Mexico’s attention. Over the last 9 months we have seen the market change a bit down here in the Riviera Maya. We are starting to see the market pick up a bit and the larger investors have started to come out and play again. For the majority of us though that are looking for that dream home on the Caribbean it can get a bit expensive. As most of you know it is a cash market down here,being that 98% of real estate transactions are bought with liquid cash. On top of that we have seen the Mexican banks stop all lending in Mexico,thus leaving it virtually impossible for someone to leverage their money down here. Since this change in the market Investment Properties Mexico has made a valiant effort to go out and find owner or developer financing deals for out clients. A typical owner/developer financing deal down here works like this; you will need to put 30% down with interest only payment for 3 – 5 years with a balloon payment at the end of the term agreed upon.
This now brings me into my deal of the month. The name of the development is Marina Sotavento and located in the expat-gated community of Puerto Aventuras real estate,otherwise known as “PA” to the locals. For those who do not know PA is the only gated community south of Playa del Carmen. It is where myself and several other associates of mine call home. Puerto Aventuras has a signature Tom Lehman golf course,farmer market,the only full service marine in the Riviera Maya lined with catamarans,yachts,and fishing boats,and a beautiful beach and beach club,and a town center with dozens of shops,restaurants and bars. People ride golf carts and scooters around with everything just minutes away.
Marina Sotavento is located on the nearest channel in the new phase of PA. People have seemed to love the location and ambience of the development due to its tranquility and proximity to the channel. The unit that has come available is second to none. It is a bottom floor located closest to the marina. While sitting on your front patio you can see all the way down the channel. The pool is located in the middle of the development and just steps away from the unit. Remodeled from a pre-sale purchase the 1,600 sq/ft condo has been modified to best fit that of an optional large one bedroom with sliding wood doors that open the master bedroom up to the living room. There is plenty of room for storage as you have a storage closet tucked away outside of your patio.
Now here is the kicker … the real value is the financing that the owner is offering. You can get into this beautiful marina front condo with just 60k down. She has dropped the purchase price from 255k to 240k and willing to hold the note for 3 years with just 1000 dollars per month. An option I am going to recommend to my clients is to rent out the unit while you are away to cover your nut every month. You have the option to do vacation or long term rentals. With vacation rentals you can generate up to 250 per night or for long term 1600 per month! If coming in with a cash deal than purchase price can be negotiated. If looking to finance than the terms are non-negotiable.
Please if you have any questions about this particular unit please contact me at 561-459-5292.
Until next time … Hasta Luego!!
For more information about Marina Sotavento,click here.