With Acapulco's market saturated and overbuilt, a number of growing foreign retirees and winter refugees are looking to live out their dreams in Jalisco's jewel destination: Puerto Vallarta.
With an average daily temperature of 73*F with virtually no chance of rain from November through May, you can live here in luxury at an affordable price. As an example, a beautiful condominium with a “million dollar view”, which would cost US$1,000,000 in the United States, will cost US$350,000 in Puerto Vallarta.
With the mortgage financing that is now available in Mexico, you can purchase this condo for as little as 30 percent down or slightly over US$100,000. Next, consider property taxes on the million-dollar condo that you paid US$350,000 for. Annual property taxes in Vallarta are 0.12 percent of purchase price or about US$400 per year for your condo.
Infact condominiums in Vallarta are definitely becoming stylish and high end, sought after by an increasingly larger portion of buyers. They want the luxuries and space that usually come only with a home, but they enjoy being able to just lock up their home and leave.
Many realtors have reported that their typical buyer profile today is looking for a home investment higher than in previous years, regardless of what pricing may be at. A few years ago, the regular buyer profile was looking for a home/condo around US$350,000. Today, it's more like US$500,000, driven up first by a buyer who can afford more and, secondly, by increasing prices.
After purchasing your luxury condo in Vallarta what other services and amenities would you expect as part of the deal? Well, most complexes will have a swimming pool and 24-hour security and may come with a gymnasium. That's usually par for the course.
But are there any other extras being offered in the market that would set a development apart from the competition? Marival Resorts pushes the envelope by offering a concierge, restaurants, spa, tennis courts, golfing, 24-hour medical service, grocery supplies, housekeeping, babysitters and a shuttle service. The idea is to make your stay as completley hassle-free as possible and Marival's philosophy reflects that.
Remember, when you come to Puerto Vallarta you want to unplug from the rigors of everyday life and pamper yourself as much as possible. Therefore the less you have to concern yourself with the practical side of daily living can only make your stay that much better and worthwhile. At the end of the day that is what you are ultimately paying for.
Another development that also offers a slew of complementary services is Delcanto Private Residences Club which is situated on Puerto Vallarta's north shore. This delightful complex prides itself on complete privacy while offering a breathtaking view of Banderas Bay. The developers have only built a limited number of houses on 10 acres of premium coastal land and offer five-star hotel services giving you the best of both worlds in terms of having a concierge service in your own home.
In summarizing, excluding mortgage payments, a couple can live in luxury on their social security income in Vallarta. Keeping in mind that condo prices are expected to continue to appreciate at a rate of at least 10 percent per year, your “million dollar” condo should increase in value by US$35,000 per year, which when added to your social security income, should more than cover all of your living expenses and mortgage payments while living like a king in Paradise.
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