As many of you know, Cancun took a one-two punch with the autumn, 2008 economic collapse in the U.S., followed closely by the Swine Flu scare of spring, 2009. This put a number of middle class Mexicans into a situation where it has been had for them to regain the economic equilibrium they'd enjoyed, prior to that. This was and is true for several of those living in our condo building who began, in the spring of 2009, to fall behind on their condo fees. With the sale of their condos, any outstanding debt to the condo association will be liquidated at their expense- which creates the personal interest, and brings me to the point of this post. One of the owners who has experienced this distress has put her unit on the market, and indicated she is ready to make a deal. The building in which we live caught our eye early on in our time in Cancun as a modern and seemingly well built condo project in the center of the city. Completed approximately ten years ago, the skill with which it was constructed is evident in the total absence of any cracks in exterior walls or walkways anywhere in the building. The building is well maintained, and has an activist administrator. Views of her unit can be seen at- http://bienesraicesencancun.com It is, at this time, the first unit you see when you open this website. Not everyone would like the Mexican flavor she has added. Our apt has been decorated in a very different way, which emphasizes the open, light and airy spaces the design of the apts offers. _________________________
Address correction The web address I originally posted was incorrect, in case you tried it and it didn't open. It's now been corrected. The apartments in my building seem to be selling for about 900 to 1,100 USD/meter squared, at current exchange rates, depending on condition and location within the building. There are two sizes: 128, and 132 meters squared of interior space. They are probably all two bedrooms, but the original design included provision for the creation of a third bedroom, if desired. Almost all come with jacuzi. All but two have large balconies: those that don't, have their own yard areas, such as the apt mentioned for sale in the OP. Some have sea views, and views out to Isla Mujeres. The building also has several remodeled units for rent, for those who are not interested in buying.
Scorpio: Its a small, quiet park, just across the street(Bonampak) from Plaza Nayandei. Basically between Av Tulum and Bonampak. Lived there for a few years, and really miss the park, mainly for the sake of the dogs. Having visited V, I can vouch for the building itself. Its in great condition and seems very safe.
Thanks, Rawkus, and Scorpio. Scorpio, Plaza Mexico is directly across the street from the offices of Novedades, on Av Tulum. Our building is directly behind Plaza Mexico, in SM4. The location appealed to us because of its great convenience: we could continue to maintain our "carless" life style (though our apt comes with two parking spaces). There are five banks, and two Oxxos within a three minute walk; Plaza de las Americas is just a seven minute walk, Chedraui (at Coba) less than ten. The nearest stop for the hotel zone buses is just a five minute walk away, making the kind of outings to the beach that we enjoy very easy to organize. Our neighbors, for the most part, are educated middle class Mexicans, most of whom speak English.
V, I see that they will listen to offers, but would you agree that they are significantly overpriced, based on current market conditions, and the fact that this may be something of a distress sale? Just curious.
Compared to what? The price people were asking for these units was one of the things that made them attractive to us: we'd looked at perhaps thirty or forty condos over a two year period and saw nothing nearly so appealing, and in line with what we were looking for. The price in this case made it an easy decision, being one hundred thousand USD less than other condos we'd seriously considered over that period of time. We bought our condo in November, last year: another unit, the same size as ours, and the one that´s on offer now, was sold about six weeks ago in the same price range per square meter that I mentioned earlier; so, it seems clear that demand is there, at this price point. Can't say I would, T.J. ______________________
Hey V, so if I understand correctly, she has it advertised for 1.8 million which is overpriced, but what you are suggesting is that it can actually be purchased for between 1 and 1.3 million pesos? They look very spacious by the way.
The 1.8 million is her asking price, not what the units are selling for. I think it's pretty common for some sellers to ask more than they know they can get. The two "comparables" that I mentioned, in the same building, with the same layout, sold in the range that I mentioned. Mat, I probably confused you to speak of USD/meter squared: if you've got a calculator handy you'll see that, at current exchange rates, it works out to about 1.4 to 1.6 million pesos, and this is close to what the larger units are actually selling for. With these two sales occurring in the last year, it will be hard for other owners to convince themselves their places are worth more, unless they actually are. (Some have been extensively and expensively remodeled: others have views of the sea, and two are penthouses, with views of the sea and lagoon.) Hers has a yard, and a side yard, and a bodega, which some would think add value: I prefer to be higher up, and have a view, which adds value to me. Nothing is more common in Cancun than for people to hold out for a price that is higher than the market will bear; but, in these cases, the units sold because the price was attractive to the buyers. (The smaller units will, perhaps, sell for less, but there are no recent sales to use as a guide. The two sales I mentioned, and the condo being advertised, are all the larger units.) ____________________
Anyone who is in the market and would like to come have a look at the condos in my building can PM me for a personal tour.
