[quote=jpinpb]Am I missing something? I thought you can’t buy in Mexico, only lease.[/quote]

There was a time a couple of decades back when non-Mexicans couldn’t own real estate within the “Restricted Zone,” which was 100km from any border and 50km from any coastline (so the most desirable parts of Baja were off limits). About 15+ years back (if memory serves), however, Mexico allowed the development of a “Bank Trust,” or “fideicomiso,” which allows for foreign ownership anywhere in Mexico. Essentially, the Trust owns the property and you control the Trust… so you own it (the costs of setting up the Trust typically amount to 1%-1.5% of the purchase price). The development of these bank trusts is what has fueled the home building in the restricted zones, as it’s largely Americans who are buying the homes.