Episode 7 - Exploring the Condo Market: Pre-construction to Resale Options

In this episode of Dream Retirement In Mexico, hosts Risa Morimoto and Taniel Chemsian dive into the intricacies of the condo real estate market in Mexico. They discuss the popularity of condos among baby boomers and generation X individuals who are looking to downsize and simplify their lives.

 

They also highlight that not all cities and regions in Mexico have a strong condo market, with some places having a culture of traditional colonial homes. For example, in Oaxaca City, finding a house is more common than finding a condo due to limited availability. They emphasize the importance of gathering all the necessary information and consulting professionals and experts when making real estate decisions in a new country.

 

The episode also explores the topic of pre-construction and resale condos. The decision between the two depends on an individual's style, taste, and comfort level. It is crucial to conduct thorough investigations into the developer's history, financial standing, project funding, and legal documents such as construction permits and environmental impact studies. Taniel stresses the importance of hiring a real estate attorney to guide and provide a deep dive into these aspects.

 

Overall, this episode serves as a comprehensive guide to navigating the condo real estate market in Mexico, providing valuable insights, tips, and precautions for individuals considering retiring in Mexico.

 

Introducing our Dream Retirement in Mexico webinar – a valuable resource for anyone considering retiring in Mexico. In this free online event, we'll explore the most popular retirement destinations in Mexico, provide essential insights into buying property, and discuss health care options for foreigners.

 

Join us alongside Puerto Vallarta real estate broker, Taniel Chemsian and health care specialist, Pamela Thompson as they share their expertise and insider knowledge. They will be there to guide you through the process and answer any questions you may have.

To secure your spot, simply visit www.dreamretirementinmexico.com/webinar and choose the date and time that works best for you.

Key Moments: 

 

[00:01:24] Construction booming in Banderas Bay and the Pacific coastline. Different contracts for pre sale and resell.

[00:03:36] Ownership rights held in trust, not by a bank when purchasing in the Restricted Zone. Primary beneficiary and substitute beneficiaries explained. Preconstruction contracts have varied payment terms. Developers may consider modifying payment terms.

[00:07:47] Ensuring coverage for purchase sale contract

[00:10:40] Important considerations when buying a property

[00:16:26] Available amenities: dedicated home offices, coworking spaces, fitness centers, pools

[00:20:33] Modern buildings with minimalist design and natural elements, different styles and sizes based on location, equal surge in preconstruction and resale. Pre-construction projects take time to launch and require extensive documentation for MLS approval.

[00:24:54] Condos popular for retirees, but varies by location. Choose between pre-construction or resale. Seek professional advice and be cautious.