"The spirit of property doubles a man's strength" - Voltaire

The AMPI Multi-List is now reporting ten months of sales. Not included in this report are sales by large developers in the Marina Vallarta, Nuevo Vallarta, La Cruz or Punta Mita areas.

Over $25,000,000US in listed prices has been reported sold during the MLS period Jan.-Oct., 2002. The reporting areas include the states of Jalisco and Nayarit. 58% of the sales are condominiums with individual homes accounting for 34% of reported sales. Sales of residential lots accounted for 4% of the sold inventory, with commercial sales or traspasos contributing another 4%.

Broker cooperation continues to lead the majority of transactions. 51% of all reported sales were a co-operation between the listing and selling agencies. This trend of co-operation is continuing to improve.

The most active month for closings has been May, with January and April close behind. The quietest months are a tie between Feb and Oct.

The average listed price of a condominium sold is under $220,000US. The average listed price for a home sold is $460,000US. Ampi Multi-List participating agencies do not report sold prices.

The areas from which the sales have been reported stretch from El Tuito, on the south, to Rincon de Guayabitos on the north. The reporting agencies total 33 in the Vallarta- Bucerias Ampi chapters.

Newly listed inventory offers condos in a price range near the Cathedral and Plaza, at prices below $75,00US each. There are also well-priced condos still available near the Malecon.

The Flamingos area in Bucerias has new homes coming on stream under $250,000US. This is in additional to a large number of fractional and full-time condos. The Flamingos area is working to develop a product mix to compete with the success of Nuevo Vallarta. Golf and the beach are major attractions in this area.

More residential lots are being offered in the Mismaloya area at prices under $100,000US each. Look for this area to be re-discovered, as lot inventory has dwindled in the south. Land sales should spark more residential building in this area. The prospect for more building should provide a wider selection of price ranges.

In an area on the mountain-side off the Libramiento, enterprising builders are planning new homes priced under $500,000US. This development will provide up-scale amenities within a planned community. Promotion has just begun.

If you want a condo or villa on a golf course, you have choices around the two courses recently completed in Nuevo Vallarta and the Flamingos Golf Resort. Developments are also planned on the two courses hosting the EMC World Cup. The north side is creating a great selection of golf communities. This should appeal to a segment of the US and Canadian markets that have not previously been served. The Punta Mita area, with its top golf courses and housing, will continue to serve the high-end market.

The largest inventory of re-sale condominiums remains in the area designated Downtown South. This area comprises the streets south of the River Cuale in Vallarta, including the south area of Amapas. The convenience to downtown Vallarta is a big draw as well as spectacular views of the town and bay.

A large amount of new condominium and townhouse inventory continues to be built in Marina Vallarta and Nuevo Vallarta. The state of Nayarit, in particular, Nuevo Vallarta, is currently the most requested destination in Mexico, moving ahead of Cancun in international popularity.

The South Shore, stretching from Conchas Chinas to Mismaloya, has the second largest amount of re-sale condominiums on the market. The large inventory on the South Side offers buyers beautiful beaches and proximity to town for shopping and eating out.

Inventory of homes in all prices ranges is evenly divided among the different areas of the bay. There are, however, gaps in price ranges. The lack of inventory can be frustrating to buyers who are accustomed to a good selection of homes in a particular price range.

If you have a budget of over $1,000,000US to spend on a home, you can shop in Bucerias, Conchas Chinas, the South Shore, Nuevo Vallarta, or the North. Million dollar homes are not exclusive to Punta Mita or Conchas Chinas.

If you want to buy acreage, your choices for a $1,000,000US investment are Conchas Chinas, The North or South Shores, or Nuevo Vallarta. Large parcels of land are not available in El Centro for the time being.

If you are being more conservative, you can shop for a condominium in Bucerias-La Cruz and pick the most expensive two-bedroom ocean front for under $150,000US. You can stick to the convenient Hotel Zone in Vallarta and buy a one or two bedroom condo under $60,000US. The least expensive lot on the market is El Remance, downtown near the Rio Cuale.

The most expensive home currently in MLS is in Upper Conchas Chinas. This large villa offers eleven bedrooms and fourteen baths at an asking price of $3,300,000US.

Plans are underway for homes in the $3,000,000US range in selected areas south of Vallarta, as well as the north tip of the bay in Punta Mita.

Commercial property prices top out in the Romantic Zone with a listed price of $4,000,000US for over 8,000 meters of land and 16 bungalows ready for re-development. The most expensive traspaso or purchase of "goodwill" of an existing commercial lease is under $100,000US for a sports-related tourist business. There are a number of restaurants for sale or offering the transfer of the lease. The prices range from $35,000US for a small specialty food operation to over a million dollars for a well-recognized Mexican restaurant.

Two months remain in the sales period for 2002. Indications are that shoppers are coming from Canada, the United States, and the interior of Mexico. Reasons given for looking at real estate are a desire for a family retreat and/or to find an alternative to investing in the stock market. Buyers are recognizing that they can purchase a piece of real estate which gives them personal enjoyment, as well as an income potential.

The information herein is prepared by the author and is her interpretation of the reports given by the AMPI Multi-List.

Harriet Murray, Broker
For additional information on properties for sale or lease within the bay, please call or e-mail me at: harriet@pvnet.com.mx

Thanks and until next week.