© 2007 Bella Esperanza
Many condominium and residential projects in nearby Puerto Penasco successfully sold out in record time and San Carlos is now catching the attention of investors and buyers. Puerto Penasco has seen an average appreciation of 50% per year for the past four years. Many properties sell out in the pre-construction or pre-completion phases. The earlier you purchase your lot, the greater the potential for substantial appreciation, sometimes even before the Casita has been completed.
Foreigners may own property in Mexico within 50 kilometers of the coast by following specific guidelines to secure legal ownership. At the successful completion of your conditional sales contract, a Mexican bank will set up a trust, on your behalf, to hold your property. This 50-year trust is renewable for additional 50-year terms. The bank will charge a maintenance fee of approximately $500 per year. Real estate transfers in Mexico are processed through a state-appointed attorney (Notario). The attorney will conduct an official appraisal so the property can be transferred and recorded legally.
Casitas may be purchased by signing a sales contract with a thirty percent (30%) deposit. This will commit the buyer to select one of the developer’s Casita Plans within 3 years of signing the contract. Once a Casita Plan has been selected, an additional twenty percent (20%) deposit is required for the construction to commence. Subsequent to the start of construction five (5) equal progress payments will be due every month. Upon receipt of the final construction payment, the developer will transfer the property into a bank trust created in the owner’s name. The owner will be responsible for transfer and recording fees.
