Most Baja real estate developers in the Tijuana-Ensenada coast are paralyzed due to the North American crisis, which represents 120 thousand million pesos, around 12 billion dollars stuck in the freezer.
Indivi: Instituto para el Desarrollo Inmobiliario y de la Vivienda (Institute for Real Estate and Housing Development) State Director, Luis Bustamante, pointed out that 60 out of 100 community developments are at a stand still, as their main market is outside Mexico.
‘Among these, are projects with considerable investment like Trump Towers. What is required for these developments to pick up again is for the United States to solve its economical problem, which will surely happens when the next administration takes over after this year’s election’, Bustamante commented.
Bustamante, former president of the Association of Realtors of Tijuana manifested that the Baja real estate market has been stuck in the last year and this trend is not happening in other Mexico real estate markets located further south inside Mexico.
Among the few Baja real estate developments currently in construction progress are Calafia Condos, an established beach front community in Rosarito currently finishing their third Condominium tower, and Palacio Del Mar, an astonishing luxury complex located right at the water’s edge among the sand dunes of Bahia Descanso also in Rosarito, Palacio Del Mar will deliver its nearly finished luxury tower with a grand opening on November 2008
1. Destino Written by
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, on 24-09-2008 11:18 Destino Resort is still in process. Financial terms with a partner are in the process of negotiation. During this time we will still be taking reservations and hope to start construction around the first of the year.
2. Written by
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, on 24-09-2008 04:57 You mentioned that the Trump Towers development is at a stand still. How about other developments, namely Destino Resort. What's happening with them. Are the people involved still trying to make this development viable?
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Most Baja real estate developers in the Tijuana-Ensenada coast are paralyzed due to the North American crisis, which represents 120 thousand million pesos, around 12 billion dollars stuck in the freezer.
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