Faltering Economy is Sending U.S. Retirees to Mexico in Search of the Good Life

Share Article

Economic woes and dwindling investments are leaving some American retirees worried that their retirement savings won't be enough to maintain the lifestyle they are accustomed to. Mexico, with its strong currency, low property taxes and minimal cost of living, might be the solution wallet-conscious retirees are looking for.

Constructora Gor, the builder, purchased a vast amount of steel for its Tower III now under construction over a year ago when prices were significantly lower and is now able to pass on these lower prices to the home buyer

For the estimated 76 million Americans expecting to retire in the next 10 years, the faltering U.S. economy is especially troubling. As their savings and investments dwindle and the cost of living in the U.S. continues to climb, they are realizing that the money they have set aside to fund their retirement years simply won't be enough.

According to a study released recently by Americans for Secure Retirement, the next wave of retirees will have a higher risk of outliving their financial assets and will have to reduce their standard of living significantly. For those looking to maintain their standard of living well into their silver years, the answer might be in Mexico.

Mexico's strong currency, tax benefits and property taxes starting as low as $120 a year, added with the minimal cost of living, creates the optimal situation for upholding a standard of living that is simply no longer available in the U.S.

Ron and Gail Coronato of Carefree, Ariz., both 62 years old, are one such couple who wasn't able to afford a beach home in the U.S. so instead looked to purchase in Baja California. They went to every single condo project in the Rosarito, Mexico area and finally purchased at Calafia Condos Resort and Villas where beach-front housing is available at an affordable $298,000 for a two-bedroom condominium up to $650,000 for a 15th-floor penthouse.

"I saw Calafia and just fell in love with the rugged coastline and the way the beautiful white waves break on the black rock cliffs steps from the Calafia resort," Ms. Coronato said. "From the kitchen to the dining room all you see is ocean views. We often walk to the hotel where they have a spa, shops and dining."

According to Kathy Katz of Prudential California Realty's Northern Baja Division, Calafia Condos recently gained an advantage over competing builders in the Baja California area by a savvy move made over a year ago that will give its homes a sharp price advantage.

"Constructora Gor, the builder, purchased a vast amount of steel for its Tower III now under construction over a year ago when prices were significantly lower and is now able to pass on these lower prices to the home buyer," said Katz.

According to Chief Economist of the Associated General Contractors of America, Ken Simonson, recent price explosions for steel threaten to make heavy construction unaffordable in the United States. With steel prices going up dramatically, the price of real estate will go up for new projects in Baja California as well. Katz says Calafia Condos will not have to raise its prices for Tower III homes due to its existing surplus of steel.

Calafia Condos Resort and Villas is a resort beach community on the Pacific coast of Baja California guarded by 24-hour security. Just south of the historic city of Rosarito Beach and only 30 minutes south of the San Diego border, the nearby town of Calafia is home to charming shops, restaurants, clubs, art galleries, golf courses and more. And Baja's famed wine country is only a 15-minute drive away.

Calafia Condos, Resort and Villas provides expert guidance in purchasing real estate in Mexico with experts in the areas of title insurance, performance bond services and real estate law. Call toll free 1-866-CALAFIA or click on http://www.calafiacondos.com for details.

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Visit website