Coldwell Banker recently released their take on the 2018 Puerto Vallarta real estate market.
On the South Shore we have seen several high-end water-front properties up to $3M go under contract and the latest Sierra del Mar Los Arcos development ‘Arco Playa’ sell extremely well with only 2 units remaining for June 2019 delivery. At the same time our newly renovated Olas Altas Office has seen most of the 15 new buildings in the Romantic Zone that were started in 2017 completed with most virtually sold out. For the first time in over 20 years there are now 3 separate cranes over three different condominium projects under construction in the Marina.
The Flamingos extension of Nuevo Vallarta has three different waterfront condo projects including the amazing Bellarena project underway and in the process of selling well by all reports. Further North we are seeing continued strong activity out of our Punta Mita Office and our Rincon de Guayabitos Office reports that the La Mandarina Resort featuring a One And Only Resort and the El Capomo Resort just announcing the addition of a Ritz Carlton Reserve Hotel – are both well under-way.
The absorption rate – the time that it would take for the market to ‘absorb’ 100% of the market inventory of condominiums based upon the rate of sale at the end of 2018 – has also fallen from about 32 months to 20 months.
So, where do we go from here? While caution certainly seems to be the order of the day we feel that given the general strength of the world economy and the strong levels of employment that there is basis for optimism going forward – especially when it comes to our area. Stability on the world trade front and a less aggressive stance from the US Federal Reserve would definitely be a plus. The thing that won’t change is the continued desire for people in Canada, the US and other parts of Mexico to locate themselves in a picturesque, secure and thriving community in a warm mild climate right next to the sea! That will not change! You can read the full review at www.cblacosta.com