Americans looking for land deals migrate to Mexican coast
03:34 PM CDT on Thursday, June 15, 2006
By Angela Kocherga / KVUE News
Mexico used to ban foreigners from owning oceanfront property.
Now, Americans can buy homes right on the beach, and that’s sparked a boom in once remote regions like Nayarit which sits along Mexico’s Pacific Coast.
Land bargains spark building boom along Mexico’s Pacific Coast. Many of the real estate sale signs there are in English.
“I think it’s going to be one of the premiere, upscale residential options for Americans here in Mexico,” said real estate agent, Fred Feibel.
Feibel, a Houston native, moved to Nayarit eight years ago when the area was largely undiscovered by Americans, except for a few surfers. Real estate experts in that once remote area said prices have doubled,tripled and in some cases quadrupled in recent years.
A few homes ares elling for more than $1 million.
“I saw the beaches, the undeveloped beaches,” said real estate broker, CarolDavenport. Those beaches were what attracted Davenport. She moved here from Dallas last summer to scout properties for Texas Investors.
But what about those who don’t have millions to invest? Can they buy a dream home in Mexico?
Well, that depends on the dream said Davenport, “you can’t have somebody who retires on $600 a month and expect them to get resort property. That’s notrealistic.” But the real estate experts say there are still bargains, although not right on the beach.
“One can live in Mexico on any budget,” said Ann Emboury who is a Nayarit resident. “We’re not investors. We just wanted a home. We wanted to be part of a community.” The former Tucson teacher moved here with her husband and roy less than a year ago. They live in a modest home just a few blocks from the beach.
Experts predict more Americans will move to Mexico in the near future as baby boomers cross border in search of affordable retirement property.