When it comes to house hunting in Cabo San Lucas, the real estate options really are endless, so it’s particularly helpful to have a knowledgeable agent who is familiar with buying property in Mexico. Whether you have millions to spend on a four-bedroom villa with ocean views, or prefer a smaller condo, the price point in Cabo simply can’t be beat on the Pacific coast.
“Nearly all single-family homes have swimming pools and most are in gated communities, many with golf courses and other amenities,” wrote the New York Times. “It’s still a buyer’s market.”
In Cabo San Lucas, prices range from around $250,000 for a typical nice two-bedroom, two-bath condo with an ocean view, to around $2.25 million for an upgraded three-bedroom, three-bath luxury condo at Las Ventanas al Paraiso, a Rosewood Resort. Single-family homes close to the beach can be found in Cabo for as little as $400,000, all the way up to several million for a luxury model in a top gated community.
“Recently, a 14,000-square-foot beachfront estate on the San Jose side of the corridor sold for more than $40 million,” write the New York Times.
A popular path to owning property in Cabo San Lucas for many buyers is to start by owning a rental condo in the area first, before upgrading to total ownership once they have more time to spend here. According to the article, there is also a very strong rental market in Cabo for single family homes, which can help cover expenses when the property is not in use.
“The majority of buyers are from the United States, especially California,Nevada and Texas, as well as from Canada, particularly British Columbia and Calgary,” wrote the New York Times. “Russians are also starting to buy properties.”
In addition, since many purchases are made with cash or other solid assets such as an IRA or 401k, the Cabo San Lucas real estate market – along with Mexico beachfront property as a whole enjoys a greater degree of protection from bankruptcies and short sales than other resort areas worldwide, even during really scary down markets like what we saw in 2008-2009.
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