Plan is to try to vrbo /Airbnb it, tourist volumes to Los cabos are high and growing, with one of the highest average room rates in Mexico which is now a top 10 global tourism destination. I also personally believe in the vacation home rental trend.
Lot of big name hotels are moving in (ritz, 4 seasons, JW). People coming for fishing, golf, and Eco tourism. Property taxes, home help, and medical costs all low from a retirement perspective and crime rate in Los cabos itself is the lowest in Mexico.
The market has been hit hard by an absence of financing since the bust so mostly cash buyers and lengthy sales cycles which is why we think we may have got a deal or at least timing right.
Worst case we flip it or take a small loss.. best case we generate some cash flow, see some capital appreciation, and have a beautiful vacation / retirement home for family and friends.
Prices are peaking in so cal so for me not the best time to buy and because I work overseas, even with tax returns, financing is a bitch. Plus a full on ocean view home with this type of lot and beach access below is 5m+ plus 50k in property taxes, not to mention fog, eroding cliffs, and freezing water.
I guess only time will tell if it was a good idea or not…. Luckily we have a home to fall back on in so cal if needed….
