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2019 Real Estate Tourism Summit

AMPI (Mexican Association of Real Estate Professionals), the Real Estate Association of Mexico, has announced that a 2019 Real Estate Tourism Summit will be held in Acapulco at the Mundo Imperial Expo from August 28 to 30th.

In a press conference, Pablo Vásquez Rodríguez, the national president of the AMPI, said that this forum has as its main objective to reflect on the changes and challenges that the real estate sector is facing in technological and sustainable matters, with the purpose of strengthening Mexican destinations and make them more attractive to investors. He explained further that the intention of this forum is to strengthen a “niche” market that could represent a huge income potential for the country.

According to Softec, 721 thousand vacation properties are purchased in the United States with a market value of 144 billion dollars, and Mexico has only a 0.3% share of this market. AMPI’s goal is to see this increase to at least 1% in the near future.

Why choose Vallarta/Nayarit for your new home?

14 good reasons to buy real estate in PV

While Los Cabos and Cancun seem to always be in the news as appealing destinations in Mexico, Puerto Vallarta has been keeping a low profile in the background. And while the spotlight’s on them, it is actually Puerto Vallarta that has created this country’s largest resort real estate market —more Americans own homes in “PV” than in the other two cities combined! It offers mountains as well as ocean, more marinas and golf courses, the best dining of any Mexican resort, and more variety in the pricing, type and style of the real estate offered than either of the other destinations. All that, and yet the cost of real estate is much less expensive in Puerto Vallarta!

Why Puerto Vallarta?

Since the early ’60s Americans have been coming to Puerto Vallarta, not only for a holiday, but to stay in their vacation homes. And since those early years the area has grown to where the American community is now more than 35,000 strong, Puerto Vallarta much more than a sleepy little fishing village today. Vallarta now encompasses a coastline of over 150 miles that includes many other small coastal towns, large residential resort developments and spectacular beaches.

While there are numerous reasons one should consider Puerto Vallarta for a primary or vacation home, listed below are some important ones:

Pricing

The market is definitely hot, but pricing is still seen as very reasonable, especially when compared to similar markets such as Los Cabos or Hawaii or along the California coast. Prices start at around $100,000 USD, which is the low end of the market, and go up to nearly $10 million for luxury beachfront properties. With the most popular price range between $200,000 to $300,000.

Financing

Up until recently obtaining financing was virtually impossible in Mexico. However, that is quickly changing. Today there are both American and Mexican mortgage companies offering financing at reasonable rates for up to 20 years. Many real estate developers also offer financing, but it is usually short-term.

Cost of Living

It is still less expensive to live in Mexico than in the United States and most likely will continue to be. Property taxes are a fraction of what they are to the north and the cost of support staff for your home is very reasonable.

Location

Puerto Vallarta is just a two- or three-hour flight from most locations in the southern US, making it very accessible. Many second-home owners are known to commute for the weekend; returning on Sunday or Monday. Some people actually prefer to drive down from California, Arizona and Texas, so if you don’t mind the 24-hour trip, that’s an option. Puerto Vallarta is less than four hours from Guadalajara, Mexico’s second largest city, which offers great home decoration shops, galleries, workshops, and a fascinating world of colonial architecture and heritage.

Topography

Situated within one of the largest bays on the Americas’ Pacific coastline, the South Shore is draped in dense tropical forest as the Sierra Madre mountain range meets the coast. Properties here offer spectacular views of the city and bay and easy access to Vallarta. The North Shore is less mountainous and the climate dryer; some years little or no rainfall is recorded. Further north still, the landscape returns to tropical forest, with dramatic hillsides backdropping pristine coves and beaches.

Variety

Puerto Vallarta is blessed with a variety of real estate opportunities and there really is something for everyone. Because of its unique topography it offers homes and condominiums on the hillside overlooking the bay, beachfront properties all along the coastline to the south of Puerto Vallarta, and marina and golf homes and condominiums in the central part of the bay. The most recent expansion has taken place to the north, with small, boutique condominium projects and high-end luxury homes.

Appreciation

Real estate prices have continued to rise as demand has increased. Strong appreciation in value has been realized in nearly every market sector since the early ’90s. Beachfront properties, of course, have seen the strongest growth.

Restaurants

Puerto Vallarta is said by many to have the finest restaurants in the country outside of Mexico City. And the large full- and part-time American population supplies a strong client base. Vallarta is famous both nationally and internationally for its exceptional culinary variety and quality, the town’s prestigious gourmet festival every November drawing epicures from around the globe.

Art Galleries & Performing Arts

The color and magic of Vallarta is a magnet for artists, allowing numerous galleries to prosper. The art from these galleries can be seen featured in many Vallarta homes. During the high season art walks, very popular social events, are held each week and usually followed by dinner out on the town. Over the past few years Vallarta has blossomed with numerous live theatre performances taking place throughout the high season, involving both locals and foreigners, on the stage and in the audience.

Society

Puerto Vallarta is an interesting mix of both national and international homeowners and visitors. It is a favorite destination for people living in Guadalajara and “El Bajio”, but it has becoming increasingly popular with residents of Mexico City most recently as Acapulco’s reputation has become tarnished. For many years it has been popular with Canadians and Americans, primarily from the West Coast, who are very active in the community. There are numerous organizations to become a part of, so meeting new people is certainly not a problem.

Golf

There are nine golf courses with more planned short-term. Three are in the immediate Vallarta area, three in the central area of the bay shoreline in Nuevo Vallarta, and three at its northern tip at Punta Mita. Vidanta now has a second course on their property that borders along the Ameca River. Visit here to see a directory of Vallarta/Nayarit golf courses.

Boating

There are three major marinas within the bay, (Marina Vallarta, Riviera Nayarit – La Cruz and the Paradise Village Marina), with another in the building stage. Puerto Vallarta offers more dock space than any other destination in Mexico. The bay is wonderful for fishing and diving and good sailing winds are available all year round.

The People

If you were to ask Vallarta homeowners what the best reason is to choose this area, many would tell you it’s because of the people. Vallartenses are happy and giving, which creates a wonderfully welcoming community atmosphere where foreigners and expats really feel like they belong.

Ideas on How to Keep Yourself Busy in Vallarta/Nayarit

For most people, the transition from a work lifestyle to a retired lifestyle is often a difficult one. Work often helps fill up eight hours of our day, so when we retire, how are do we continue to fill them, productively? Below are some ideas that other Puerto Vallarta and Nayarit retirees are engaged in and you may enjoy as well. We’ll keep adding to the list as we think of more.

Golfing

Golf is a favorite pastime for many in Puerto Vallarta. There are three courses in Vallarta and six in Riviera Nayarit on the north side of the bay. Although often challenging, it happens to be a sport that can be enjoyed at any age and at any level of expertise. And one is never too old to learn, or to get better as there is always room for improvement in golf. So now that you have a little more time on your hands, maybe you want to improve your chipping, putting or driver. It’s also a great way to meet other people as there are numerous tournaments or weekly golf get togethers held throughout the year. Click here for a directory of golf courses in Vallarta and Riviera Nayarit.

Surfing

Surfing has traditionally been viewed as a young person’s sport, but that is no longer the case. Today you’ll find many in the line-up at a break that are well over 50 years of age. Surfboard improved design has made it easier, but the transition to stand-up paddle boarding (SUP) has brought many back to enjoying surfing, and many to begin enjoying surfing for the first time. Approaching a wave when you are already standing up, and having a paddle in your hands, can make it much easier to not only catch a wave, but also to get back out to catch the next one. You can begin with a longer and wider board, so balance is not a problem, and as you improve you can make your way down to shorter and narrower board. So if you’ve always dreamed about learning to surf, SUP can make that a reality at any age. There are people doing it well into their 80s.

Paddle boarding or Kayaking

But you don’t have to surf to enjoy getting out on the water, paddle boarding in itself is a fun activity that is like going for a walk but on water. Banderas Bay’s waters are usually calm and not windy, so it is perfect for paddling. And there are so many great places to do it around the bay. Favorite locations are Los Muertos, anywhere along the Hotel Zone, in front of Marina Vallarta, Boca de Tomatlan, Mismaloya, Nuevo Vallarta, Bucerias, La Cruz, and El Anclote. Enjoy it with a group of friends and enjoy a breakfast/brunch afterwards at one of the many beachside restaurants. Many beach clubs now have boards, but if you are interested in taking lessons (one is enough, you’ll be up for sure on your first one) and perhaps getting a board of your own, visit Pacific Paddle. And again, it can be started and enjoyed at any age.

Yoga

Yoga is now enjoyed by people of all ages and gender, and it is a great exercise and practice to ensure we remain flexible and supple. There are numerous places that offer classes, and most become very active social places as well. My favorite is Davannayoga.

Boating – fishing, diving, snorkelling and more

A big part of Vallarta is the ocean and bay. To really know Vallarta you have to get out on the water. There is just so much going on as the bay is teaming with life and there are places to explore that are only accessible by boat. There are a number of ways to get out on the water and activities to enjoy, such as diving, fishing, skiing/boarding, swimming and snorkeling. The most practical way is to just rent for the day one of the many “pangas” (those boats you see continually passing along the shoreline), that will take you wherever you may want to go: whale watching, Las Animas, Quimixto or Yelapa, or the Las Marietas Islands. There are also sailboats available to rent, or luxury yachts. If you are interested in having your own boat, there are three first-class marinas to dock it, and excellent boating facilities for dry dock and repair. Get a copy of Vallarta Nautica for more information.

Tennis

Tennis has been popular in Vallarta for many years, before there were any golf courses around the bay. The most popular tennis club is an Canto Vallarta, which offers regular play and memberships for locals and visitors. Many hotels as well offer access to outsiders, you just have to ask around which one’s do so.

Horseback Riding

For those who enjoy horseback riding, there are great options and great prices, following streams through the jungle of the Sierra Madre, or even overnighting it on a three-day tour to Mascota. My favorite is Rancho El Charro, who’ve been offering these tours for as long as I can remember.

Vallarta Adventures Activities

Vallarta Adventures is the largest supplier of tourism activities in the region and they offer locals a 20% discount if they want to participate in any of their tours or activities. Canopy tours, swimming with dolphins, snorkeling and diving, boat trips, paddle boarding, and much more. Visit their website to see all they have to offer and when contacting them by email or phone, let them know you are a local.

Learn Spanish

There are many reasons for one to want to learn or improve their Spanish when living in Puerto Vallarta. First, most obviously, it is the language of the land. Knowing it will make it easier for you to make your way around town, and converse with locals, but it will also allow you to understand the culture better. There are many places that offer language classes, but in group format or private lessons. A good place to start online is with Duolingo.

Learn to Paint or Write

Is there an inner artist within you, or an inspiring writer? Art classes are available and there’s a writer’s group that meets regularly. They can provide guidance and inspiration. Check out ArtVallarta and the Puerto Vallarta Writer’s Group.

Go to the Movies

Going to the movies in Puerto Vallarta is extremely inexpensive, and if you’re a local and can prove it, you get a discount which makes it all the more affordable. $30 pesos per person with your discount – compare that to what you pay back home in the USA or Canada.

Join a Club

There’s garden clubs, and books clubs, and many other associations where people with similar interests get together to share time and expertise with their hobbies. These tend to be a little more personal and private, with most invitations coming via word or mouth or invitation. If you’re interested, best thing to do is start asking around.

Get involved with a Non-Profit Organization

There’s numerous NPOs that are always in need of support. This is a great way to give back and there’s a number of options to choose from. Not only are you helping out those in need but it can be personally rewarding, as well as a wonderful way to meet new people. Banderas News has a great list with contact information.

Theater and Cultural Events

In the past few years Vallarta has become more and more active with live theater and cabaret-type acts taking place, primarily in the Emiliano Zapata/Los Muertos area. They are not only worthy of supporting, many are first-class acts that you will very much enjoy.

Maximize the Return on your Puerto Vallarta Home

For those who have have a second home in Puerto Vallarta, while still maintaining a property back in the U.S. or Canada, there are concerns regarding what to do with it when it is not being regularly used. If the property is left vacant, it is usually a good idea to at least have someone regularly checking on the property, especially over the summer months when humidity levels are high. They can air it out on a regular basis, clean it, and ensure that there are no problems with the water, electricity and appliances. Once humidity gets into furniture, rugs and clothing, it is difficult to get out and leaves a rather unpleasant smell in the apartment.

But many have discovered ways to make better use of their apartment, rather than leaving it vacant during the times it isn’t being used. Here’s some ideas to get a better return on your investment:

Rent It: The most common idea for obtaining better use of one’s apartment is to rent it out. Renting brings in income that can help offset the costs of holding the property, such as paying for HOA fees. There are a number of rental agencies that can assist with this and also provide support for regular cleanings. Or, you can try organizing it on your own using online rental sites such as VRBO.com, Airbnb.com, HomeAway.com and even Booking.com is now involved in short term rentals.
Exchange It: You can also exchange your property for one located in another country or place through online exchange sites such as Homeexchange.com. This works best if it is your (and their), second property, as you don’t have to do simultaneous exchanges. They can use your place during the winter while you could use their summer property at a later date. It offers a lot more flexibility for both properties. You don’t receive any income, but you get the use of a property somewhere else that you otherwise would have paid for. Exchanges can be in the U.S. or Canada, or elsewhere such as in Europe or Australia. These sites offer thousands of options. There, however, a cost to join, so you want to ensure you will use the service.
Swap It: A newer but similar service to exchanging isLoveHomeSwap.com, which provides points instead of direct exchanges. You provide your property for a “swap” and in exchange you receive points that you can use at a later date for another property in the system. It provides even more flexibility in the exchange process.
Barter It: You can also exchange your property for services you may need. Perhaps there is work to be done around your primary home. You can offer the contractor or service provider the option of exchanging part of the work for time at your property in Puerto Vallarta. You pay less and they get a nice vacation (and pay less taxes). Not as flexible as an exchange service, but I’ve heard of people bartering their property in PV for dental and legal work, construction jobs and regular services such as pool and gardening around the home.
Lend It: This doesn’t provide a source of income, but lending your property to family and friends certainly will embolden them more towards you! You may want to say you’ll lend it at whatever the operating costs may be, to cover a portion of HOA and utility fees.
Gift It: Another idea I have heard people doing it gifting a stay at their property and obtaining a tax deductible receipt for it. Perhaps there is a non-profit organization that holds raffles or auctions to raise money. You can offer a stay at your property, give it a value, and they can provide you with a tax receipt in exchange.

There you go, six great ideas for putting your property to better use when you are not using it!

FSBOs: Should You Sell Your Home on Your Own?

FSBOs

Speak the language?
Available to show the property?
Understand sufficiently Mexican real estate law?
Understand sufficiently how it could affect you fiscally?

The acronym FSBO stands for For Sale By Owner, and is commonly used in the USA and Canada to denote a person or family who have decided to sell their home on their own rather than the services of a real estate agent. It may work for some north of the border, and there are a number of services available today to assist with the process. But in Mexico, it is another matter and anyone considering taking the selling process into their own hands should consider the following:

Are you available at all times to show the property?

Most Canadian/American homeowners in Puerto Vallarta are here only part of the year, so it can become difficult to show the property at times, especially when you are out of the country.

Do you speak Spanish?

Not all prospects may speak English, so if you don’t speak Spanish, you’ll be at a disadvantage. It is also important when it comes to closing the sale, for in order for contracts to be legal they need to be in Spanish and you are going to want to ensure you understand every clause of the agreement. The same goes with working with a Notary, who will have to be involved in the sale, and perhaps a real estate lawyer.

Do you understand Mexican real estate law?

Just because you may have sold a property back home doesn’t mean you understand how real estate law works in Mexico. If you don’t, you’ll want to have someone represent you, such as a lawyer or real estate professional, to ensure that what you are selling is properly defined in the agreement.

Do you understand how the sale may affect you fiscally?

Capital gains laws seem to be changing or being adjusted every year, and if you don’t know how to best set yourself up fiscally for this, you could end up paying capital gains taxes, or more than you should.

How will you market your property?

Most real estate in Puerto Vallarta is marketed and sold using a MLS service, and these services are only available to real estate agents and agencies. The MLS, or Multiple Listing Service, distributes information about all properties currently on the market to all the member agents through an online portal. As well, it is available for the public to use and see. But only real estate agents can publish properties on the MLS systems mostly used in the region; Flex and MLSVallarta. There are other outlets available for marketing your property, not as good and they have a cost, which you have to pay for upfront. Whereas if you are using a real estate agent you only pay marketing costs (a commission) when the property has sold and then, only at the closing, and then only for a price that you are willing to accept.

So, if you didn’t answer yes to some of the questions above, you may want to talk with a realtor.

Puerto Vallarta Real Estate Training Course

If you’ve been considering starting a career in real estate in the Puerto Vallarta area and haven’t had the proper training or need to be updated, Rafael Valdez will be offering a basic real course in English from May 17th to May 21st. This five-day course runs from 9:30 to 5:00 PM Tuesday to Friday and 9:30 to 2:00 on Saturday, and will be held at the Salon Nayara on Roma Street 196, Versalles, Puerto Vallarta. The course is recognized by the chapters of AMPI Puerto Vallarta, Riviera Nayarit and Compostela and provides 60 credit hours towards your AMPI membership. The cost is $4,900.00 pesos for AMPI members and $5,500 for non-AMPI members.

TOPICS:

I – SERVING THE SELLER (THE LISTING PROCESS)

II – SERVING THE BUYER (SALES TECNIQUES)

III FEDERAL MARITIME TERRESTRIAL ZONE AND COASTAL ENVIRONMENTS

IV – THE REGULARIZATION PROCESS OF LAND TENURE IN EJIDOS, SALES OF PARCEL RIGHTS AND FIRST SALE OF PARCELS WITH FULL DOMINION

For more information and registration contact Rafael at: [email protected] – Tel. 322-297-0673 Cel. 322-294-1679

Basic Real Estate Course 2015

During the last weeks of September and early October a new edition of the “Real Estate I” course will be held. This a basic 5-day course approved but the regional AMPI association designed for all real estate professionals that would like to achieve a new level of knowledge or strengthen their skills.

The course will be offered on two different dates so that those interested in attending can choose the language of their choice, english or spanish. The english version will take place from September 30th to October 4th and will include the following subjects:

I. Serving the seller (the listing process)
II. Serving the buyer (sales techniques)
III. Federal Maritime Terrestrial Zone and Coastal Environments
IV. The regularization process of Land Tenure in Ejidos, sales of Parcel Rights and first sale of Parcels with Full Dominion

Cost: $4,600 pesos for AMPI members, $5,400 pesos for non AMPI members.

For further information and registration contact Rafael Valdez at (322) 297-0673 or by email [email protected]

Conchas Chinas Sump Pump Challenges

Ever since real estate development first began in the hills of Conchas Chinas and Las Amapas there have been challenges with water management – how to get water up the mountain and how to provide proper drainage for sewage, grey waters and rainwater runoff.

These mountainous areas require additional pumping systems to bring water to higher areas and maintaining a constant and sufficient pressure can be complicated. As well, during the rainy season the slope of the terrain increases runoff, which can affect groundwater quality and require additional infrastructure to prevent contamination. And in high touristic areas such as Conchas Chinas, there’s a higher demand for water during peak seasons, which puts additional pressure on available water resources.

The Conchas Sump Pump is a hydraulic infrastructure which plays a crucial role in the management of drinking water and drainage for this area. Sumps are facilities designed to pump or move large volumes of water, whether for distribution, treatment or drainage.

The Conchas Sump could be part of the system that pumps drinking water from treatment plants to homes and businesses in Puerto Vallarta. It could also play a role in wastewater management, pumping it to treatment plants before its final disposal.

In early January SEAPAL Puerto Vallarta (Water Department) met with the residents of these areas to discuss how to best handle these challenges. Recommendations were for more infrastructures similar to the Conchas Chins Sump, especially to handle extra-high demand. Potentially high-altitude reservoirs to maintain adequate pressure were discussed. Also using advanced technology to properly monitor the systems for flow and detecting leaks. And how the implementation of rainwater harvesting to supplement supply during the dry season could be used.

Guadalajara Highway Finally Open!

Well the new highway from Guadalajara to Puerto Vallarta finally officially opened at the end of 2024, ending thirteen years of construction and the anticipation of many in the region. The 310 km new roadway is a big improvement over what was previously a sometimes dangerous, and definitely longer, trip from Guadalajara to Puerto Vallarta. After many, many delays, it is finally a reality.

The new toll highway shortens the driving time from Guadalajara to Vallarta to just 2.5-3 hours. Previously it could take up to five hours. There will be six toll booths and it the total cost can be as high as $1,300 pesos.

Although the highway ends in Vallarta, it provides faster and easier access to many other coastal areas in Nayarit along the way, such as Chamela, Guayabitos, San Pancho, Sayulita and Bucerias.

The newest extension is 33km long and stretches from Bucerias to Vallarta. This section will help relieve some of the traffic congestion that can build up on this stretch of highway that passes by Nuevo Vallarta and the airport. It will also provide another bridge over the Ameca, which is very much needed as currently the two existing bridges are the only way to access Nayarit from Vallarta.

Although this is certainly positive news, there is concern that the ease of now traveling to Vallarta from the state capital will only make internal traffic in Vallarta worse. There will be the need for further planning and infrastructure projects in order to absorb this most-certain new demand. But this project, finally coming to fruition, is a big step in the right direction.

Vallarta/Nayarit 2023 Real Estate Report

In 2023 the Puerto Vallarta/Riviera Nayarit real estate market overall sales volume was somewhat in line with past years. The number of sales transactions completed, however, was down considerably, as shown in the charts below. Sky-rocketing real estate prices are keeping sales volume up while lack of inventory is what’s keeping the number of sales completed, down.

Sales volume was down 6% over 2022, but up slightly over 2021. The overall trend continues upwards.

When looking at the overall number sales that took place, however, sales were down 17%. The market only managed to keep volume up by real estate prices increasing significantly (more on that later).

But there was an interesting addition to the market this year. In past years the real estate market in Mezcales (situated on the other side of the highway from Nuevo Vallarta) has shown none or very few sales. In the first half of 2023 there were none. And then in the second half over 100 sales were reported making up 8% of all sales, more than Marina Vallarta or the Hotel Zone had for the whole year. And all these sales came primarily from one project which is offering condominiums at an average sales price of $165,000, substantially less than the average condo sales price of $424,000. They aren’t beachfront, but they are new, come with amenities, are close to shopping, and cost less than half the market average.

This may be a new trend, a new market, but it throws off the numbers when trying to compare to previous years. For example, if we take these sales out, it doesn’t affect overall dollar volume, it only drops by a couple of percent as they are low-priced units. But when they are removed from the overall number of sales that took place, it drops by 8% and when you then compare this to the previous year, the number of sales taking place actually dropped by 23%. That’s a significant decrease in real estate transactions.

And why such a drop? While there is plenty of real estate currently under development or planned to soon start, the market is experiencing a lack of inventory, especially re-sales and especially in Puerto Vallarta. This is driving prices up and has narrowed the list/sold price spread by the most seen since 2007. The gap today between what a property is listed for and what it sells for is only 4.5%, whereas the industry average historically has been about 8%

As mentioned, there is new product currently under development, but most of it is taking place in Riviera Nayarit where obviously there’s room to grow and land prices are less. In 2017, 70% of sales took place in the Puerto Vallarta region. In 2023 Vallarta accounted for just 53% of all sales while in the third quarter more sales were actually reported in Riviera Nayarit than in Puerto Vallarta (thanks to Mezcales).

Prices jumped considerably last year primarily because of lack of inventory. The average condominium sold for $424,000 in 2023, up 16% over the previous year, and up 116% since 2003. The last time the market saw such an increase was back in 2006.

Over the past six years there has been a steady climb in sales prices, after falling consistently in the previous nine years.

If we look at just a two-bedroom unit, which makes up more than 50% of all condo sales, the trend is very similar.

But the trend is not being distributed evenly. When we look at where the sales have been taking place more and more they are occuring outside of Puerto Vallarta and inside Riviera Nayarit or outlying areas. For years Central Vallarta, south of the Rio Cuale, was the market leader accounting for nearly 24% of all sales in 2017. But since then the number of sales have fallen as it has for over popular market areas such as the Hotel Zone and the South Shore. Marina Vallarta has seen a resurgence in recent years, after being ignored for quite some time. Lately condominiums towers have been constructed, similar to what took place in the Hotel Zone in the previous decade, after managing to get height restrictions lifted.

Two good comparables are Bucerias and Central South Vallarta. Bucerias has the beach and the space and, thanks a lot to Canadian buyers, it now accounts for 14% of the market sales whereas Central South now only makes for 10% of all sales.

The following chart shows how the higher-end price ranges are increasing while it is becoming more difficult to find properties in the lower price ranges. If it wasn’t for Mezcales there probably wouldn’t have been anything available under $100,000. The strong demand for real estate priced under $200,000 probably means we’ll be seeing more of these types of properties, farther from the beach and city centers.

The chart above graphically shows just how prices have increased. It isn’t so much that people are richer and want more expensive properties, it’s that there just aren’t many cheap properties anymore.

Current condominium MLS inventories show that there are more condominiums listed over $500,000 than there are listed between the “sweet spot” of $251,000 – $500,000. And with the average sales price being $424,000 last year, if we look at current inventories, 60% of condominiums are “listed” above this price. “Listed” is highlighted to point out that properties rarely sell at full list price, so this spread would be even greater. Bottom line – prices are most likely going to continue to rise because that’s how inventories are priced.

Although the rise in real estate prices has been steep over the last few years, they are still reasonable compared to other tourist markets back in the USA, in places like Southern California, Florida and Hawaii. The market continues to grow as buyers realize that there’s still good value when compared to other similar markets.

Note: These statistics are generated from the MLS services of Puerto Vallarta and Riviera Nayarit, which do not include all properties that may have sold, but it is certainly the majority. And it does not include Punta Mita, which is a market unto its own.