$500,000 condos in Rosarito?
What is there in Mexico that would justify those prices? The view is nice. But what is there to do in Rosarito for more than a few days?
“We nearly had . . . fistfights” over choice units, said Michael Coskey, sales director of the Residences at Playa Blanca, a 274-unit development under construction north of Rosarito in which the average condo is priced at $500,000. “We were all appealing to people’s greed.”
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To protect their $100,000 down payment, the Dinnels are considering taking an 11% loan from the developer until they can find a buyer. Those payments would run $3,300 a month — more than double the monthly payment on their California residence.
“We will be strapped,” said Dinnel, 51. “We’ll have to cut back on everything. . . . I’m losing sleep.”
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WTF were people thinking? Greed was the driving force.
To protect their $100,000 down payment, the Dinnels are considering taking an 11% loan from the developer until they can find a buyer.
That says it all right there. Did people think that buying a property before someone else could, then selling in a few months at a profit was really sustainable? That’s why I get angry every time I see Flip this House on TV.
Did they think that will be their retirement home?
What are these people thinking???? I quess everytime they look outside their condo will be worth $1000, they will be eating years and years of tortillas… SAD!
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