We have had so many inquires about real estate in Puerto Peñasco, that I recently sat down with Jim Ringquist, sales manager for the Sonoran Resorts. The Sonoran Resorts continue to be a first class operation and this is from the time they first started delivering condos in the early 2000’s.
He indicated that in 2017 sales were up over 2016. Now 5 months in 2018 sales are strong and if things keep going the way they are, they should surpass 2017. Part of what is causing the spike in sales is the lack of inventory and buyers are starting to realize they better buy now as the prices are not going down. So with the higher prices and low inventory it has become a seller’s market. The days are gone of coming in and offering a lower than asking price as most sales are now full price sales. There are a lot of buyers wanting to purchase either for a second home or for rental income and personal use, but remember it is leaning towards being a strong SELLERS MARKET.
When asked about prices, he indicated that for example at the Sonoran Sun a 2 bedroom condo is now on the market for over $300,000 USD and sellers are getting what they are asking. At the Sonoran Sea a 2 bedroom is on the market for between $275,000 and $300,000. Basically overall prices have increased over 20% in the last year or so.
From speaking with other realtors, who mainly specialize in home sales and other developments, the trend is continuing the same way. In Las Conchas, there are but a handful of homes under $250,000. Want beach front, be prepared to pay for it. In Las Conchas for example, there are several new homes under construction and some of them are massive both on and off the beach. One of the developments farther down the coast at Playa Azul have started selling again as well as Corona del Sol in Las Conchas.
We discussed the “Home Port” project which has started and stopped several times. It was recently announced by Cruise and Maritime Voyages that Puerto Peñasco will be the 1st cruise route in the Sea of Cortez starting in 2020 when the port is set to open. It was announced by Mayor Kiko Munro and Nickolas Tragakes, CEO of Global Maratime Group. This is a 9 year old company with a great track record. The port is to be a departure port which will have many people passing into Rocky Point and the Global Maratime Group has the money to promote Puerto Peñasco all over the world. In 2019 CMV will begin service in Acapulco, Manzanillo, Puerto Vallarta and Cabo San Lucas. In 2020 the line will provide service to Topolobambo, Guaymas, Santa Rosalia, Loretto, La Paz and Puerto Peñasco as well for the total route.
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