In a recent, very informal survey, the Vallarta Tribune asked buyers of homes throughout Banderas Bay to answer a few questions. The take-away from their responses was for anyone thinking of buying to not only take their time but to understand that the process itself takes time. While aspects of buying real estate in Banderas Bay are similar to purchasing north of the border, there are some marked differences including using a bank trust or Fideiocomiso and use of a notario publico. (See the Ask a Realtor section for more details on these two processes.)
The change in the real estate market in Banderas Bay is palpable. From lamenting the loss of ‘authenticity’ in Old Town on Facebook forums to the hushed conversations of how much their neighbors place really sold for at cocktail parties, everyone is talking about the real estate market.
When asked, “Where did you buy your property?” the responses went from Amapas to La Cruz. 33% of respondents said they bought in Bucerias. This community is increasing. Where before there were limited condo towers and mostly long established family estates, these sizeable oceanfront land parcels have been bought up and are now undergoing rapid development. It’s understandable; it’s the best beach in the bay and a sweet little town. Hopefully, it stays that way.
A close second was Old Town (20%), with its massive influx of new condos at a variety of price points, and proximity to all that Old Town offers including year-round entertainment, restaurants, and shops. From a vacation rental standpoint, Old Town makes considerable sense for investors as much as year-round residents.
When weighing all the options, sometimes choosing to be out of the hustle and bustle is the best option and the Cinco de Diciembre neighborhood is popular for just that reason, plus put yourself on the hillside, and you’ll have endless sunset views. Says one respondent, “We wanted to be relatively close to Centro and the Malecon but to be in a more traditional Mexican neighborhood… Having a view of the bay was important, and five de Diciembre’s elevation provided that.”
To see the full results of the survey, click here.