Baja / Los cabos

[matt]

Well I closed on it .. 800k for a 4 bedroom Mexican hacienda style home + casita on a 14k lot with stunning panoramic sea of Cortez views in a gated beachfront community near to the palmilla in San Jose Del cabo. Home valued at close to 2m when the market peaked in 2008. Needs about 200k of renovations to bring it back to life but has great bones and an amazing beach below.

Will let everyone know how the journey goes and when it’s ready to rent. Am defintely investing in hurricane shutters!

[mixxalot]

Buena suerte! Me, I prefer Uruguay, Costa Rica, and Chile.

[matt]

They are great spots but I do like the 2 hour 200 dollar round trip direct from San Diego plus my wife is Mexican which gives us a good reason to have some roots there…

[matt]

..

[FlyerInHi]

[quote=matt]Well I closed on it .. 800k for a 4 bedroom Mexican hacienda style home + casita on a 14k lot with stunning panoramic sea of Cortez views in a gated beachfront community near to the palmilla in San Jose Del cabo. Home valued at close to 2m when the market peaked in 2008. Needs about 200k of renovations to bring it back to life but has great bones and an amazing beach below.

Will let everyone know how the journey goes and when it’s ready to rent. Am defintely investing in hurricane shutters![/quote]

sounds like an amazing place. Enjoy!

I have never been to San Jose del Cabo so I had to look it up.

https://goo.gl/maps/9o6Rke5wpCM2

Will you make it available as a vacation rental, when not in use?

[Anonymous]

Seems awful expensive for Mexico. But again, Cabo is mostly an American/Canadian vacation spot, not at all popular for actual Mexicans. So you are paying American prices I guess it should work out well as long as Cabo maintains its popularity. For me I wouldn’t vacation there, flights usually over $400 from San Diego whenever I’ve checked. I would rather go to Hawaii any day.

[The-Shoveler]

For that price range (800K) I think you could have found something similar in Ventura County (well right now anyway, I think it will go up soon IMO), it’s very weird on LA. county coast the prices are 2-3 times what they are in Ventura county coast 15 minutes up PCH ).

Or maybe in Nor-Cal (but the weather would not be the same).

Either that or Florida.

Anyway, good luck enjoy.

[FlyerInHi]

[quote=deadzone]Seems awful expensive for Mexico. But again, Cabo is mostly an American/Canadian vacation spot, not at all popular for actual Mexicans. So you are paying American prices I guess it should work out well as long as Cabo maintains its popularity. For me I wouldn’t vacation there, flights usually over $400 from San Diego whenever I’ve checked. I would rather go to Hawaii any day.[/quote]

It sounds to me like his Cabo property is comparable to an oceanfront property in kahala, HNL for $10 million. At the same budget, you can’t compare to Hawaï or Ventura for that matter.

If he likes cabo’s culture and lifestyle, then it a super deal.

Personally, I prefer a condo in Waikiki where there’s a lot of activity. For ocean living in a big house, i would prefer Thailand where i like the food and culture. But I’m not a small town beach person.

[matt]

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….

[flyer]

We actually prefer HI also, and bought a Kahala oceanfront home from a very desperate seller quite a few years ago. It was a steal, or we probably never would have done it.

We’d never give up our homes in CA, but since our travel is virtually free, and the entire family uses the property, it’s worked out well, but I can also see the appeal of the Cabo property. It’s beautiful there.

[matt]

Thailand is indeed great. I just spent ten days in Phuket. Cheap great food, amazing massage at ten dollars an hour, beautiful beaches, cheap hotels, decent diving, people leave u to do whatever u like. Lot of Russians and Chinese. Quite far from so cal if that is your base.

[FlyerInHi]

Matt, I think that relative to the rest of the world, Mexico is undervalued. When the perception of drugs and violence goes away, Mexico will do well.

Yes, unfortunately Thailand is too far us, Americans. For cost of living to value for the money, it’s the best. Great food, friendly people. Safe.

[matt]

[img_assist|nid=26164|title=|desc=|link=node|align=left|width=100|height=75]Renovation almost complete

[matt]

[img_assist|nid=26165|title=San Jose Del cabo|desc=|link=node|align=left|width=1278|height=960]

[Rich Toscano]

Wow… stunning!

Pigg meetup at Matt’s house? 😉

[Author]

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