| We have been monitoring the progress of this wonderful project since groundbreaking, and are posting photos here for both existing owners to check on the progress as well as for the benefit of prospective buyers. The quality of the construction and the workmanship of well-respected Roberto Moreno speak for themselves in this solid, over-engineered project, assuring a quality ownership for years to come NOTE: PROJECT IS COMPLETED, TURN-KEY READY AS ADVERTISED, DELIVERED, AND ALL INVESTORS EXPECTATIONS EXCEEDED FOR EXPECTED ROI |
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| Also 1 Resale currently Offered in Phase 1 1 Bed with fireplace, Fully furnished $164,900 click here |
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Reasons to Invest in this Puerto Nuevo Condo Project
We know of no other project quite like Puerto Nuevo for numerous
reasons, but there are very few left. This is a pre-sale project,
scheduled for completion in SEPT/OCT 2005, and priced
accordingly.
First, it is a very small and intimate project of only 17 units, built by
a high quality builder.
Second, the title is transferred after the first 40% down. Most only
transfer title after payment in full. In this case the developer will
carry a conventional mortgage. (Note: title transfer occurs approx
4 months after project completion and final condo regimentation is
delivered, and not possible until photos for completed project are
submitted)
Third, Most carry money at 11-13% in Mexico, and are generally
heavily leveraged projects. This one is clear title, no liens, and
offering 7.99% for ten years, either interest only or fully amortized.
Fourth, on most others the payments start effective immediately.
On this, the mortgage payments do not start until turn-key
completion.
No qualifying necessary, as default will result in refund, with
re-selling at correspondingly higher price, as project becomes
closer to completion. We anticipate a completed market value well
above current selling prices.
The project is scheduled for on-site short term rental management,
and the anticipation is for 40%+ occupancy due to no comparable
competition and considerable demand in the area.
Terms are 10% deposit, with an additional 30% due in 30 days.
Closing costs will be 6.5-7.5%, not due until actual closing, which
will occur approx 3-6 months after completion, as it takes that long
for the registration of the condo project post-completion here in
Mexico. What this means is you could conceivably sell your
position prior to closing without incurring closing costs as they
would be a pass-through to new buyer, should you choose to do so.
HOA is forecast at $125/mnth, and will be turned over from
developer to the 17 owners in approx 8 months. Then it becomes
their decision, but that should be an accurate number, based on
other condo regimes in the area and the amenities this one offers.
Anticipated rental rates for the one bed units are 75-140 night,
seasonally per demand, weekday vs weekend rates.
Average$95/nite yr round. 2bed units should run 140-260/nite
seasonally. Several owners intend to do a personal lockout on one
room of the 2 bed units and rent as 1 bed condos.
Rental management/maintenance costs expected at 22-29%,
depending on length of stay, for short term rentals. There is no
similar competitive accommodation in the area with kitchen, only
the Grand Baja Resort/Newport Hotel for rates see:
http://www.newportbeachhotel.com/rooms.cfm
The only competitive units in the area are further north in Las
Gaviotas, detached homes at considerably higher rates, currently
running similar occupancy rates, and without the advantage of a
good restaurant/bar within easy walking distance, nor a cohesive,
single source marketing plan. These currently enjoy 35-72%
occupancy, depending on which agent we talk to.
This is also the closest upper-end accommodation to Puerto Nuevo
lobster village. We can also furnish if you like. Prices include
stove, but not refrigerator.
Do we think its one of the best investments around? Yes. The
beauty of this project lies largely in that it is well suited to high
supervision, low damage as short term rental, with several full time
residents and 5 local residents we personally know as
owners/investors. The same cannot be said for many of the
high-rise towers we know of in the area.
Ideal candidate for ownership is one who desires to index into a
rapidly rising market, and also have access to the homes
sporadically for personal usage, which would not be possible by
investing in a home more suitable to long-term lease tenancy.
The ROI should be in the form of positive cash-flow, post down
payment, as well as long-term appreciation, due to:
1. Location
2. Quality of Construction by well-known builder
3. Lack of Comparable Rental Accommodations
Thanks for asking,
Herb Kinsey, broker,
MLSbaja.com, MexEstates.com,
Playas de Rosarito, B.C., Mexico
note: THIS PROJECT IS SOLD OUT, DELIVERED TURN-KEY, VALUES
HIGHER THAN FORECAST AND RESALES OF 2 BED UNITS HAVE
EXCEEDED $300,000 EACH, AND ONE BED UNITS @ $160,000+
NEXT WINNER AVAILABLE NOW, PRESALE OF "Park at Malibu"
similar ROI expected
We know of no other project quite like Puerto Nuevo for numerous
reasons, but there are very few left. This is a pre-sale project,
scheduled for completion in SEPT/OCT 2005, and priced
accordingly.
First, it is a very small and intimate project of only 17 units, built by
a high quality builder.
Second, the title is transferred after the first 40% down. Most only
transfer title after payment in full. In this case the developer will
carry a conventional mortgage. (Note: title transfer occurs approx
4 months after project completion and final condo regimentation is
delivered, and not possible until photos for completed project are
submitted)
Third, Most carry money at 11-13% in Mexico, and are generally
heavily leveraged projects. This one is clear title, no liens, and
offering 7.99% for ten years, either interest only or fully amortized.
Fourth, on most others the payments start effective immediately.
On this, the mortgage payments do not start until turn-key
completion.
No qualifying necessary, as default will result in refund, with
re-selling at correspondingly higher price, as project becomes
closer to completion. We anticipate a completed market value well
above current selling prices.
The project is scheduled for on-site short term rental management,
and the anticipation is for 40%+ occupancy due to no comparable
competition and considerable demand in the area.
Terms are 10% deposit, with an additional 30% due in 30 days.
Closing costs will be 6.5-7.5%, not due until actual closing, which
will occur approx 3-6 months after completion, as it takes that long
for the registration of the condo project post-completion here in
Mexico. What this means is you could conceivably sell your
position prior to closing without incurring closing costs as they
would be a pass-through to new buyer, should you choose to do so.
HOA is forecast at $125/mnth, and will be turned over from
developer to the 17 owners in approx 8 months. Then it becomes
their decision, but that should be an accurate number, based on
other condo regimes in the area and the amenities this one offers.
Anticipated rental rates for the one bed units are 75-140 night,
seasonally per demand, weekday vs weekend rates.
Average$95/nite yr round. 2bed units should run 140-260/nite
seasonally. Several owners intend to do a personal lockout on one
room of the 2 bed units and rent as 1 bed condos.
Rental management/maintenance costs expected at 22-29%,
depending on length of stay, for short term rentals. There is no
similar competitive accommodation in the area with kitchen, only
the Grand Baja Resort/Newport Hotel for rates see:
http://www.newportbeachhotel.com/rooms.cfm
The only competitive units in the area are further north in Las
Gaviotas, detached homes at considerably higher rates, currently
running similar occupancy rates, and without the advantage of a
good restaurant/bar within easy walking distance, nor a cohesive,
single source marketing plan. These currently enjoy 35-72%
occupancy, depending on which agent we talk to.
This is also the closest upper-end accommodation to Puerto Nuevo
lobster village. We can also furnish if you like. Prices include
stove, but not refrigerator.
Do we think its one of the best investments around? Yes. The
beauty of this project lies largely in that it is well suited to high
supervision, low damage as short term rental, with several full time
residents and 5 local residents we personally know as
owners/investors. The same cannot be said for many of the
high-rise towers we know of in the area.
Ideal candidate for ownership is one who desires to index into a
rapidly rising market, and also have access to the homes
sporadically for personal usage, which would not be possible by
investing in a home more suitable to long-term lease tenancy.
The ROI should be in the form of positive cash-flow, post down
payment, as well as long-term appreciation, due to:
1. Location
2. Quality of Construction by well-known builder
3. Lack of Comparable Rental Accommodations
Thanks for asking,
Herb Kinsey, broker,
MLSbaja.com, MexEstates.com,
Playas de Rosarito, B.C., Mexico
note: THIS PROJECT IS SOLD OUT, DELIVERED TURN-KEY, VALUES
HIGHER THAN FORECAST AND RESALES OF 2 BED UNITS HAVE
EXCEEDED $300,000 EACH, AND ONE BED UNITS @ $160,000+
NEXT WINNER AVAILABLE NOW, PRESALE OF "Park at Malibu"
similar ROI expected
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