Baja's housing situation requires special care by buyers
The Deceber 5 Union Tribune article by Diane Lindquist covered the developing housing downturn along the Baja "Gold Coast" and how the majority of projects here are by relatively small developers. This makes the Baja Fair Trade standards (www.bajafairtrade.com) especially important for any buyers. Full escrow of funds should be the mantra of every buyer that crosses the border to enjoy the coastline here. That's the best way to objectively sort out solid developments from the shaky ones in these softening market conditions.
Quoting the article: The “Gold Coast” corridor from Tijuana to Ensenada could lag behind other areas in recovery, said Bruce Greenberg, who heads an Arizona real estate appraisal and consulting firm. He said the region's developers tended to be smaller developers and builders who came across the border. “Two guys with cell phones” was the description offered by Justin Mehren, managing director of Latin America Capital Group. The current slowdown will spur a better quality of development, said the experts. Mixed-use projects that anchor lodging with shops, restaurants, attractions and entertainment will attract funding that is available, several said. “Diverse planning is needed. And there's a need to integrate with tourism,” McCarthy said. |