Luxury Real Estate Market Update

Punta de Mita / Puerto Vallarta / Riviera Nayarit, Mexico: LuxuryReal Estate Market Update

Mexico’s gated communities are providing sweet relief for weary Americans.

In several resort communities throughout Mexico, business is booming. Weary of the pandemic, over the past year, millions of Americans have ventured south of the border, despite the inherent risks currently associated with travel. 

Over the past six months, many guests from the U.S. and Mexico City who intended to come for four to five days significantly extended their stays.

Punta Mita is comprised of two resorts—a Four Seasons and a St. Regis—and private residences. In the wake of the pandemic, the latter proved so popular on the third party rental market of estates and condominiums. 

Long term rentals are up 89-percent since 2019 and several villas have been booked solid for a year.

The Punta Mita Resort is looking at doubling the amount of homes. The last six months were recording breaking, in terms of real estate. At the moment, there is a lack of inventory of new product. People have bought up all the new construction that was available the developers are working urgently build more homes.

In 2020, Punta Mita did approximately $170 million in residential sales, about the same as 2019. 

On top of what one would expect from a high end resort community—cushy restaurants and bars, Jack Nicklaus designed golf courses, tennis courts and swimming pools galore—Punta Mita boasts its own hospital (it also offers free antigen testing for guests) as well as a socially-distanced grade school (in person classes convene at one of the many beach clubs). 

The combination of logistical necessities with luxury perks has bred a critical mass of younger professionals from companies like Accenture and American Express.

“Before, a lot of our residents were retired or semi-retired,” says Carl Emberson. “Now, we have a lot more families who are here to live and work. The average age is much younger.”

When surfing might also count as networking, word spreads fast. “I have friends from San Francisco that are about to buy here,” says Carla de la Mora, a mother of two who moved her family from León, Mexico, to Punta Mita in August. “They’ve been renting for months, now they don’t want to go back.” 

For now, mornings here are marked by the squawk of chachalacas. But in the distance, construction whirrs, anticipating the next batch of newcomers ready to trade pandemic mundanity and general urbanity for gated bliss.

Since opening up after the Spring shutdown, the Punta Mita real estate market has been electric. In a short 180 days, single family homes and condos in the $1-4 million USD range have nearly sold out or are under contract.

PUNTA DE MITA: While Corona virus has slowed down much of the local economy around Puerto Vallarta, the US dollar has remained very strong as Costco, Sam’s, Walmart, Mega and Oxxo sustains the expat community in creature comforts. In interest of protecting home owners, the luxury low density residential resorts are open, however, many home owners continue to shelter in place with safety protocols and limited access to certain common amenities.

ACTIVITY: Highway construction continues as the economy in the tourist villages have been vigilantly protected from Spring Break and Summer travelers. Helicopters and federal prevention officers no longer patrol the Nayarit beaches for groups to disperse.

FRESH AIR & VITAMIN D: Amid the pandemic, interest in owning property on the water has spiked. The market is full of opportunities as tentative shoppers have become active. Single family luxury vacation homes are coveted. Experience what owning in Mexico can be. Longer term stays at a discount are currently viable.

Let us guide you to your perfectly private socially distant sanctuary solution in the sun.

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IMPORTANT: PUNTA MITA COVID-19 PROTOCOLS

The hillside estates called Las Vistas Estates overlooking the resort and Marietas Islands. Progress on the new phase of Iyari Villas next to Kupuri.

Nestled in a verdant knook by Hacienda de Mita are a cluster of modern villas for sale called RESERVA.

Also in progress are the new units at TAU Residences which sister condos of the popular Las Marietas golf course condos which feature year round sunset views and fantastic plunge pools, are nearly sold out.

The Iyari Villas are a new offering from the master developer DINE. Renown master architect Jaime Barba will be dotting the hillside with gorgeous villas featuring views up the Nayarit coastline. Priced between $2-3 million USD, these villas will be reserved quickly.

The holiday rental market has been better each year with the resort 100% booked over the past 4 seasons. The Four Seasons Private Villas have nearly sold out and a bunch of imaginative new private residences around the resort will be ready for the world in the luxury subdivisions Kupuri, Ranchos Estates, La Punta Estates and Lagos del Mar.

Another new beachfront project is called NAYA, South of the W Hotel are new luxury condominiums on Los Veneros beach.

The activity has spurred the sale of development land as hotel and condo groups make their plans along the coastline. Announced openings by One&Only, Rosewood, Auberge Resorts, Six Senses, Secrets & Dreams, Montage, The Fairmont, a Ritz Carlton and a Hilton Conrad will join the currently operating Four Seasons, St. Regis and W Hotel along the Riviera Nayarit, Mexico.

FEATURED PROPERTIES FOR SALE
https://www.puntademita-realestate.com/featured/

RECENTLY SOLD PROPERTIES
https://www.puntademita-realestate.com/sold/