Hi, I own a house in Alamos. I have been renting it since 2007 and have been blessed with wonderful tenants. I know that Alamos has exploded with growth which is good but, is there much of a buying market or is it still extremely weak?
John, I'm sure some of the posters have wanted to say something about your question, but just aren't sure where to begin. My impression of things here, in general, is that sales of existing properties slowed, but this didn't really drive down prices: owners just held out for what they were looking for. That was certainly the case with the condo we bought: the owners wouldn't bargain, though their unit had been on the market for a long time. They knew what they needed to break even, and they wouldn't budge. Since we bought, in our complex of twenty units, two have sold and two others just went on the market. There are a total of three for sale, at the moment. My impression, based on those sales, is that prices have changed little in the last three years, but there seems to be more activity in the marketplace, now. Mexico's economy has been doing good, averaging 5% annual growth, with Cancun/Quintana Roo doing even better. Tourism is at near record highs, here, and that will eventually feed back into higher resale prices; but, the market is saturated, and more housing gets built all the time, so the two may offset each other, meaning no price increases, aside from inflationary effects. As for your particular neighborhood, I have no first hand knowledge, sadly.
John, I would pretty much concur with V. It's probably worth close to what it was when you left. Alamos is nuts but resales still have to compete with new construction and there lies the difference. You night ask BB if he knows details on recent comparable resales near your home. I ride by it often and it looks good.
Thanks that is better news than I thought. I have a steady renter which is good and bad. He claims he wants to buy the house and pays on time. However he never really allows us to show the house. Thus I could gamble and cancel the rental contract hoping for a sale but, the income is much appreciated as well. I guess I will keep on renting for now..... T.J. we are not expecting that was a facebook joke we were expecting Santa in 10 weeks.
I live in Alamos but moving to Cancun for a year. Most of the homes that you see for sale in Alamos are in the upper price ranges and the long term listings of restored colonial mansions are really hard to market. On the other hand there are homes in the under $100k range that sell, these are outside the centro colonial district either in barrios or in the country. The Mexican television and film industry has been showcasing Alamos in Novellas and other movies so I would predict a slow rise in home values and a fast rise whenever the cartel violence is ended.
