The latest in Los Cabos real estate news
By Carol S. Billups
Cabo del Mar Ocean & Ecopark Village Expands
Portus, known for its amenity-rich projects like Ventanas Residences (www.ventanasresidences), has added one more level of convenience. The developer has announced Del Mar, a new private school, located on the grounds of its family-friendly Cabo del Mar project. The school will open with primary grades starting this fall. Residents of Cabo del Mar will enjoy knowing their little ones do not need to go far from home for their education. The developer plans to add a middle school and high school as well. Cabo del Mar is an ocean-view project offering single-family homes starting at $149,000 U.S. and condominiums starting at $99,000 U.S. for pre-construction sales.
More Paperwork in Store
México’s new anti-money-laundering laws have gone into effect; buyers and sellers will now have to complete a know-your-client form for each level of their transactions. As the name implies, this new protocol was designed to prevent drug money from the United States and other countries being invested in México. The real estate agent, closing attorney, escrow company, trustee bank, and the notario público who presides over a transaction will all be filing separately, so buyers may need to fill out the same form at least five times. As is the case with TSA checkpoints at the airport, this law was ultimately designed for your safety. In addition to real estate, a number of other industries are also involved, including jewelers and automotive sales.
Portus Developing New Resort
Have you ever wondered what it would be like to have a full-time residence in a hotel? The real estate developers at Portus Group are betting on a lot of “yes” answers and have announced plans for Soleado, a new resort located at one of the prime surf breaks in San José del Cabo. Soleado will offer luxury resort-style accommodations for people right in their own residences. Designed to provide a first-class resort experience, Soleado will have an exclusive spa, restaurants, concierge service, and other amenities. Pre-sales for Soleado will start at $395,000 U.S. More information on Soleado is expected to be released soon.
Copala Selling Quickly
Pre-sales at the Copala at Quivira golf and ocean-view community (www.copalaloscabos.com)—the only full-ownership opportunity in the Sunset Beach/Quivira master-planned community—are moving briskly. At press time, more than 80 percent of the homes in the three condominium towers were either sold or reserved. Quivira is home to Los Cabos’ newest golf course designed by Jack Nicklaus; Copala owners will have the opportunity to join the new golf club, with signing privileges and discounts in any of the resort’s restaurants. Copala offers high-end living in a resort setting with prices for a two-bedroom, 1,256-square-foot condominium starting at $363,000 U.S. The first-floor garden units come with a small yard and dipping pool. Building lots are also available. Once buyers decide on a lot, they will have options for several floor plans to be custom built by the developer. Prices start at about $415,000 U.S. The developer is offering financing; time-share owners at any of the Pueblo Bonito resorts can apply equity to their purchase.
Change Coming to Los Cabos?
Although Los Cabos is still experiencing the strongest buyer’s market in memory, there are signs that this might be changing in the near future. Los Cabos is home to a U.S.-managed multiple-listing service called FLEX MLS. The 400-plus members of the MLS enter every property they have for sale so that every agent from every company can sell any property in the area. The computer database also tracks certain statistics about the market and reports them monthly. The July 1, 2014, report shows that for the fifth straight month, the level of inventory offered for sale has declined. In addition, it reports that in the same time frame the number of new properties coming to the market has also declined. Most agents will agree that in some segments of the market, particularly affordable homes, the offerings are becoming more picked over.