The real estate news you need to know
Issue 34, Fall 2013, by Carol S. Buillups
State Real Estate Registration Law Proposed
Los Cabos is home to the most sophisticated real estate protocol in México. That protocol, however, does not extend to the rest of the state of Baja California Sur. A new bill proposed in the last state Assembly would require all members of the real estate community to be registered with the state and to comply with educational requirements yet to be determined. In addition, the law would require that the notario público presiding over any change of real estate ownership verify that the agent is registered. The bill is currently in committee, but it has been reviewed extensively by the Los Cabos Board of Realtors, who have deemed that it would add another level of protection for foreign investors.
Death of the Trust?
In April, the lower house of México’s Congress passed a measure that would allow foreigners with permission from the Secretary of Foreign Affairs to own property in México’s “restricted zone”—land that falls within 50 kilometers of the ocean and 100 kilometers from an international border—without the need to hold that property in trust, or a fideicomiso, with a Mexican bank. This proposed amendment to the 27th Article of the Constitution faces some rather large obstacles. It must be passed in the Senate and then ratified by at least 16 states. In the meantime, the current system of owning in trust remains safe and secure, and it provides foreign buyers all the rights, privileges, and benefits of a Mexican citizen. An Asociación Mexicana de Profesionales Inmobiliarios (AMPI) real estate agent can provide more information on the benefits of owning property in Los Cabos through the fideicomiso system.
Development Progressing at Diamante
Construction is progressing nicely on both the Crystal Lagoon and the new Tiger Woods golf course at Diamante, one of Los Cabos’ most prestigious master-planned development communities. The lagoon, which is due to be completed in August, is an 11-acre swimmable saltwater sports venue. In addition to swimming, residents will have access to kayaking, stand-up paddle, and other sports. The lagoon will be the centerpiece of The Resort, a newly announced property within the community. The 80-acre property will feature condominiums and family-friendly facilities, including a community center. This is in addition to the homes, homesites, golf villas, beachfront estate lots, and Sunset Hill lots currently in inventory.
Work is also under way on the new Tiger Woods–designed course, which will be named El Cardonal. The course will complement the existing Davis Love III Dunes course, named No. 58 in the world by Golf Magazine. In addition to the Davis Love III course, owners at Diamante currently enjoy a full service clubhouse, spa, and fitness center. The fitness center now features the services of well-known local training expert Modu Seye. For more information on Diamante, contact an AMPI-member real estate agent.
New High-end Resort
The Copala at Quivira Los Cabos complex of luxury full-ownership condominiums and homes within the Pueblo Bonito Sunset Beach master-planned community is now entering pre-sales. The Pueblo Bonito Sunset Beach property also includes the time-share resorts Sunset Beach and Monte Cristo as well as the Pacifica resort. Thus the distinction must be made that these are full ownership deeded real estate. The Copala will be adjacent to the Jack Nicklaus Signature golf course, on the 13th hole. The homes and condominiums will, according to the developers, meld luxury living with contemporary Mexican decor and upscale finishes. The residents will have a clubhouse with ocean-view pool and a restaurant featuring organic produce grown on-site. For more information or to visit the site, contact your AMPI-member real estate agent.
Carol S. Billups is broker-owner of Cabo Realty Pros (www.caborealtypros.com) and is Los Cabos Magazine’s real estate expert.