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Loreto Bay Real Estate Update  

 

It is good to be back in Loreto ... always feels like I am returning home!

The cold spell has broken and now temperatures are 70F bright and sunny.   Loreto did get some rain in January which turned the mountains into green landscapes.  Now it is endless blue skies, lush tropical backdrops and gardens everywhere.    
There is a definite increase in real estate this season.   Many people who have been coming to visit for several years are now ready to make the commitment of buying.   Also first time visitors are loving this place and want to come back to rent and decide which area and home they want to vacation.  Great News for All!

We escalated our issues with Deutsche Bank Mexico and their non responsive trust lawyers and accounts receivable departments right up to the top ... Vice President at Deutsche Bank in New York in October 2018.   After many emails, telephone calls, and production of endless communications, Deutsche Bank did make staff changes in January 2019.   This has seen a flurry of Invoices and emails to the Owners, some who have not heard from Deutsche in 10 years.   Often the emails and invoices from Deutsche Bank are incorrect, but at least it is a good start and hopefully will lead to better customer service.   This will also clean up the backlog of older trusts waiting for approvals.    We are working through these one by one in priority and finally seeing progress on trust transfers.  This helps all Lawyers and Realtors that work for LB. 


Hilda Corona in my real estate office had 5 sales already this season ... including 3 deals in January while I was away!   There has been much more interest in custom golf course lots and we have sold 4 lots since January ... including the last remaining beach lot FN512 by the lap pool.    It is great to see many existing owners upgrading to larger properties and making long term plans to enjoy our finished community!   
It may seem that there are many homes for sale; however when you consider we have 680 finished homes, and I only have 25 homes listed and priced from $200,000 to $2MM USD ... there is a good selection, but not an overabundance for sale.   We are well balanced between Supply and Demand, and prices are stable.   Loreto Bay is definitely long past the bottom of the market and seeing increases in values.  

Our best buy is AV41 Nueva Chica listed at $199,000 USD, fully furnished, with mountain and water views, easy access to all amenities and would be a great revenue property.   This 2 bedroom, 2 bathroom home is in excellent condition and move in ready.  It has BBQ Cook Center, located near restaurants, grocery and golf course.  2 min walk to the beach!  Perfect for those savvy enough to get in early before they are ready to retire.  
FN4 Custom Beach Home is on the other spectrum listed at $2MM USD.   This stunning home with 4 Master bedrooms, media room, 35' pool, spa, and lots of terraces for entertaining and sunning on its 7150 sq. ft. lot, with 60 feet of beachfront is spectacular.  Beautifully furnished with custom mesquite furniture, and comfortable lounging areas, this home is well below replacement cost and will only increase in value as time goes on.  The ultimate vacation retreat!
 
I started conducting tours on Las Posada Condos in the last week and they are well received.   Loreto Bay owners are suitably impressed with the finished units and pricing.  
We have Open House Tours Monday to Friday at 10 am AND 3 pm, that generally last 30 to 60 minutes.    We already have reservations on 3 Condos!  There are approximately 10 condos left to sell in each building before we can finish BOTH Buildings and Common Areas, including 38 parking spaces.   All Penthouses are SOLD.
 
The most exciting part of this project for me is delivering title to the original buyers that have paid for their construction, common area costs, and some general maintenance since Loreto Bay closed its doors  in 2009.   This represented $3MM USD in construction costs that went directly into the economy of Loreto during 2013 to 2015. 
Without this investment and faith of the original buyers, other Loreto Bay owners may not have been so quick to invest further after the recession.   The original owners had a situation similar to Aqua Viva Owners, only much more prolonged as they had to wait for resolution of bankruptcy and creation of legal documents to become Sub Regime C2 and officially part of Loreto Bay! 
To finish the buildings will bring millions more dollars in construction, landscaping, maintenance and other jobs for local Loreto people; as well as paying property tax arrears that directly benefit the City of Loreto.    There will be hundreds of thousands of dollars paid to the Master HOA for arrears and increased dues going forward.   Finishing these buildings will bring confidence and completion to Loreto Bay that has long term benefits for everyone in our community.   There is no down side and we have a large group of cheer leaders!!  
Drop by for a tour and be part of the Vision!  

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