By Joseph Sanchez
President, Rocky Point Home Builders
There has never been a better time to invest in Puerto Peñasco and if you are sitting on the fence wondering where to retire or if you should invest in a vacation property then this article will give you three good reasons why you should jump off that fence as quickly as possible and take advantage of the buyer’s market here in Rocky Point.
REASON #1: CRUISE TERMINAL COMPLETION
The long-awaited completion of the cruise terminal that will soon bring the world’s cruise ships to the shores of Puerto Peñasco got a boost of great news back in June when Ariz. Gov. Doug Ducey and Sonora State Gov. Claudia Pavlovich had a meeting to discuss the project and created a memorandum of understanding that askes the Mexican government to contribute the remaining funds for the completion of the cruise port and allow firms in Arizona to service the cruise ships docking at Puerto Peñasco. Currently, the port is about 50% complete, and construction on terminal can now be expected to resume given the recent meeting. The bottom line is that the Sonoran government expects to begin docking cruise ships at Rocky Point in 2019.
It is expected that when the terminal opens that prices for condos, existing homes and vacant land will all spike in price due to the new influx of tourism and demand. Currently in 2017, prices for vacant land, existing homes and condos are all on the rise and are moving up to 2008 levels before the real estate crash. With the addition of the cruise port you can imagine the impact it will have on real estate.
REASON #2: INVESTMENT OPPORTUNITY OF A LIFETIME
Most of us have experienced an opportunity to invest in the past but for whatever reason we didn’t but now given hindsight that investment could have funded our retirements today. For example, if you bought $10,000 of Apple Stock just ten years ago that investment would be work approximately $700,000 today or 70 times what you paid for it.
Well the good news is purchasing real estate in Puerto Peñasco is your next investment opportunity because you are buying low which is key and it’s one of the fastest growing tourist destinations in Mexico. Back in the early 2000s, you needed three partners just to afford a two-bedroom condo because prices shot so high it was nearly impossible to afford that two-bedroom condo on your own. Then 2008 came and prices bottomed out to historic lows and today they remain close to those levels but they are slowly ticking up again. The point is don’t be left behind on this next opportunity because prices are steadily increasing and when the cruise terminal does open it will be comparable to owning that Apple stock ten years ago!
REASON #3: GREAT DEALS ON LAND!
Whether you are looking to buy an oceanfront lot to build your dream home, or buying an existing home or condo there are many deals available and I recommend working with one of our many real estate professionals who will find you exactly what you desire. Beach front lots in Las Conchas start at $199,000 and if you choose a lot with a short walk to the beach prices start as low as $19,000 and with the average cost is $25,000 plus closing costs. Other communities to consider are west of the city such as Playa Dorado, Playa Encanto and La Joya which also offer pristine beaches and excellent bargains on lots or near or on the water. The bottom line is whether you are considering building your dream home, purchasing a condo or an existing home prices are as low as they are going to go and now is the time to lock in the deal of a lifetime!
About the author: Joseph Sanchez is president of Rocky Point Home Builders a design/build contractor specializing in custom home design, construction and renovations. He resides here in Puerto Peñasco with his wife and two children and is originally from Chicago. For more information call 815-553-2683.