1. 2,000 pesos 2. Yes, I've always heard you can get a mortgage for up to 70% of the value of the property; but, would require proof of a steady and significant income stream to qualify. The payment would depend on the rate of interest and the size of the mortgage. Interest rates here are much higher than in Canada, perhaps 2X higher. 3. No idea. 4. No idea. __________________
3. Maintenenance fee is from $375 to $575 depending on size of condo. Purchase price start at $650K and go to well over a million. Mortgage rates are ridiculous, 15% or so - you'd have to be mad to borrow any decent sum at those rates. 4. Ours is 12,000 pesos a year
Just a word of caution on the Bay View Grand: I hear they've had some pretty bad administration problems in the past month or so, involving some disturbing threats against the new administration. Not saying don't purchase... just proceed with caution.
Nevermind! I looked up the article again, and it appears that the article might not be based on very solid facts. Sorry for spreading rumors!
That's huge, Scorpio, when the interest rate is 15-16% on a mortgage. I've not seen any data on it, but I'd expect prices to be softening, now, in Cancun, judging from the article I read today which was reflecting on how severely foreign direct investment in our state has fallen off in the last three years. Most of the FDI was coming from the U.S., and the thing that's happened is that properties in the U.S. have become so cheap they make properties here seem expensive! Prices surely will start to drop here, too, as FDI continues to drop, though I haven't seen it yet. BVG Steve would be a lot more in tune with this issue than I, as would any others with serious investment in this part of the world. Anyone care to comment?
1. Our maintenance fee is included in the cost of rent (15K per month). 2. We have FM2's but just rent, not looking to buy. 3. Not sure. 4. We pay roughly 600 pesos per month for our car insurance (full/family).
Not really, the Mexican housing market in Cancun did not collapse, it just got soft, and the example you gave, of Miami, was one of the cities hardest hit by the collapse of prices in the U.S. Some thoughts: with housing so cheap in the U.S. at this time, it makes what Mexico has to offer seem just a little less attractive. Moreover, anyone who can't pay cash for a property is looking at extremely high mortgage rates here, compared with historically low mortgage rates in the U.S.
Did you win the lottery Scorpio? I'm not sure asking individuals how much they paid for their property is polite nor will be necessarily helpful. People often ask me how much property is here and I answer that you can buy a place for $5,000 or $5million and anything inbetween.
