Carol S. Billups makes the case for why NOW is the time to pick up that hot property
Photos by Francisco Estrada
There are so many clichés about change that I would not presume to try to come up with one more. Los Cabos has been a buyer’s market for a long time now. But change is definitely taking place, and we are certainly shifting in the opposite direction. While we are not yet a seller’s market, we are headed in that direction. In other words, if you’re thinking of buying, now’s the time to do it.
Let’s look at what happened in Los Cabos real estate in 2014. Despite being virtually shut down for much of the fourth quarter due to Hurricane Odile, the real estate market grew just short of 20 percent. In terms of dollar volume, the market grew 19 percent in 2014 versus 2013; unit sales were up 18 percent. Our multiple-listing service showed a slight drop in inventory for 10 months of last year. In some areas, prices have already begun to climb, especially on the Cabo San Lucas side of the Tourist Corridor, where the median sales price climbed 18 percent last year. Of course that area is very popular with people who are relocating to Cabo San Lucas, which is also a growing trend.
One of the best bets there is the Cabo del Mar Ecopark from Portus, who developed the highly popular Ventanas projects nearby. Laden with amenities, three-bedroom condominiums here start at $149,000 U.S. and single-family home prices begin at $172,000 U.S. A sure sign of market recovery is developer activity. There are several developments that have restarted work, including the upscale Chileno Bay Club. Sendero San José is a new project under way in the master-planned Club Campestre community, near the tourist zone in San José del Cabo. Developed by Questro, one of the largest and most established firms in the state, Club Campestre has golf, a beach club, and tennis clubs. Prices in Sendero San José start at about $300,000 U.S range.
On the Pacific side, sales figures are impressive for the Diamante golf resort, home to the recently opened Tiger Woods golf course (in addition to the existing Davis Love III course) and the 10-acre Crystal Lagoon. Just to the south of Diamante is the Quivira master-planned community, also home to the Pueblo Bonito Sunset Beach resort. Full ownership is available at Copala, a new condominium complex promoting a natural, organic lifestyle. Condominiums in Copala start in the mid-$300,000 range for a smaller unit. Single-family homes are available: The client selects the building lot and one of several home designs to be built and customized to his needs. The staff at Copala is excited about another new full-ownership project within Quivira, but at press time details had not been released for publication.
New construction isn’t your only option: Resales are often very good options even as the market begins to transition. One such option is Pedregal, located on a mountain just upland from the arch at Land’s End. Homes, condos and building lots are available. Although it’s known for its high-end properties, there are affordable properties as well. For example, a two-bedroom bungalow near the beach and with white-water views just came on the market priced at $449,000 U.S. And there are fabulous view lots priced just over $130,000 U.S. (partial or no-view lots start at only $70,000 U.S.), a real bargain in this gated, guarded, and exclusive community. According to the local press there is $1 billion U.S. currently being invested in Los Cabos. With that comes growth, and with that growth rising property values and shrinking inventories. We are already seeing that develop. Case in point: As I was writing this article I was also arranging to show property to a very nice couple. Looking at our MLS on Tuesday, we found eight properties that matched their specifications and were actively on the market. Wednesday I began making appointments to see them; and found that two had been sold that morning. On Thursday, when we toured we arrived at one developer property only to be told it was sold the day before (but they were building another of the same model to be finished in six months). Yes, unless you want to wait for prices to increase the time to buy is right now.
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Carol Billups is broker-owner of Cabo Realty Pros, a full-service real estate agency in Cabo San Lucas and is Los Cabos Magazine’s real estate expert. Her website is www.caborealtypros.com, her email is carolbillups@hotmail.com, and her cell phone is 044-624-147-7541.
