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I have visited the Ixtapa and Zihuatanejo area multiple times now and always keep an eye on the real estate scene there. It’s one of the lesser-known investment areas for Americans and Canadians. It doesn’t get the dozens of daily flights coming in like you see with Mexico’s most famous resort areas, so as in Huatulco, many buyers find out about it the good values in the Zihuatenjo real estate scene by word of mouth. As the travel slowdown continues and the economy is in trouble in both Mexico and the world, there’s a lot of inventory on offer and less movement in the market.
In good times, the foreign buyer housing markets in Mexico are driven by all the cash being thrown off by the rising U.S. market. People take out a home equity loan and buy a house abroad, or they sell one in the U.S. and buy something bigger and better in a place with nicer weather. Then when there’s a recession like we had a decade ago and are having again now, houses sit on the market longer and prices stop rising.
f you’re liquid enough to buy real estate outright, there’s plenty to pick from in Zihuatanejo, especially at the high end of the real estate market. There are lots of homes with magnificent views and equally magnificent interiors. Usually they are sold furnished, so once the paperwork is done you just bring your clothes and move in.
Don’t expect a foreclosure bargain though: it’s hard to get decent financing in Mexico, so most people own their homes outright. That enables them to be much more patient unless life circumstances are forcing a sale. So even if you hear that a house has been on the market for three years, that doesn’t mean the owner is going to give it away below the market price.
It’s best you take you time though when scoping out the real estate options in Zihuatanejo (mostly houses with a view), Ixtapa (mostly condos and golf course homes), and sleepier Troncones up the coast a bit. There are city homes, sprawling houses sitting off on their own, and mansions that are part of massive developments with public facilities. You can find something built 30 years ago or a condo in a building that’s still under construction, something where you have some control over the layout and finishes.
If you follow the link to the story, you’ll find a lot more details and some photos that may want to make you book a flight right now.
Source: luxurylatinamerica.com
