Baja's Eastcape Becomes the Hottest Real Estate Market in Mexico
Los Barriles located in the center of the Eastcape along the Sea of Cortez is now booming. The Coldwell Banker office in Southern Baja exceeded all other brokers in gross sales in all of Mexico last quarter due largely to the growth of the Eastcape.
(PRWEB) June 11, 2005 -- The Eastcape is on fire. Up until August of 2004 the area know as the Eastcape of Baja which begins 12 miles North of San Jose Del Cabo extending North of Los Barriles to Punta Pescadera, had witnessed moderate real estate activity.
Jeff Niemi and Kimberly Ford who operate the Coldwell Banker office in Los Barriles have seen sales quadruple over the last year, with beach front property seeing appreciation rates of over 35%. View lots which have seen little appreciation over the last five years have gone up over 20% this last year.
New dynamics in the buyers have fueled the market as baby boomers now comprise 70% of property buyers which had been predominately dominated by retirees. As a result, there is a shortage of quality homes for resale along the Eastcape, and beach front properties in the more remote areas are quickly being purchased as the amount of available beach front on the Eastcape of Baja diminishes. There are still affordable beachfront lots starting at $150,000 however these are further from main towns. Building costs remain on the average of $100/sqft which provides many investors and vacationers a chance to have a new home on the beach for under $450,000. These prices are similar to Cabo San Lucas eight years ago.
For further information on investing in Baja visit www.coastofbaja.com or contact Coldwell Banker in Los Barriles at 858 427 5273
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