Buying Property in Puerto Vallarta: What Can You Buy for $400,000?
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- čas přidán 30. 11. 2021
- In today's Puerto Vallarta vlog we do a little house hunting! While we are not in the market to buy a house in Puerto Vallarta, many of you are! In today's video we will tour three different properties in three different neighborhoods! Enjoy! :)
Get in touch with Gary:
gary_shirk@coldwellbanker.com.mx
@GaryShirkPV
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/ kinetickennons
What would you like to see/learn in our next real estate video with @GaryShirk?
It would be nice to hear more about Bucerías, and maybe address electric rates and parking in each property you showcase.
Marina District - like ZOHO Zen
My wife and I thought about purchasing a unit in the Colonial. Love that neighborhood, Pepe's is not far along with many other fine restaurants. It is only a ten minute walk to the malecon, 2-3 minutes to the beach by the Buenaventura, the stadium is close as well.
I would like to see him not Shirking his responsibilities. I'll see myself out....
I think a real estate video every couple weeks would be very well received. You could not only compare different condos & houses at different price points, and different areas , but you could even include what $800, $1000, $1500 & $2000 a month, for example gets you as a long term rental. Many possibilities
Hilary/Greg, I think it might be a good idea to film waking out of the buildings and walk around a few blocks to really give the feeling of the area.
Just a suggestion.✌️
love that idea! Thanks for sharing! This is our first one so we are learning a lot :) There is just SOOO much info to share!
OR , a few drone shots
I think your videos are terrific and you show Mexico a lot of love.
That said, I’ve thought of buying a property in a place that has been tourist hot spots for decades. I’ve talked to tourists and Mexicans like myself who have reservations. The reality is that Mexico is special for it’s simplicity and traditions, when a buyer who has an extraordinary lifestyle wants large kitchens, bedrooms, closets, extra rooms, which is unusual for the area, prices skyrocket.
Europeans, USA, or Canadian citizens have a large purchasing power after exchange. Builders build to suit demand huge and buyers continue to purchase. Local economies also price out ordinary Mexicans, call it a soft gentrification.
Natural beauty suffers and we end up with obstructed views and little to enjoy. I love that Mexican cities have no tall buildings, towns are flat, are charming and everywhere has a good view.
I will buy in a city, small town o Pueblo mágico and visit the beach, I don’t want to bring my lifestyle because that is what I’m running from, I want theirs because it is simple and if the community embraces me, I’ll be a rich person.
Spot on, Impala!
Great Point. Any recomendations of such area woule be appreciated
I have small dogs so I would need a "yard" area. Small houses would be another great video. Cheaper prices also. Maybe show what rock bottom prices would get you and go up in price from there. Loved your video.
great ideas! I'm writing this down for next video!
Yes, please!
Yes, small houses would be great to look at.
@@kinetickennons Hello Greg and Hillary, I’m your # 1 fan ✌️ !!
Yes I’m looking for something like that for my dog.
I Love Vallarta, But….I’ve lived and owned in the central highlands of Mexico for 4 years. For me, it’s ideal to live in the highlands (year round perfect weather) and spend part of winter on the coast (Too damn hot/humid most of the year) . IMO, I would not even consider any real estate in Mexico that is priced in USD instead of pesos. For one, you are not taken advantage of the exchange rate and two, it’s going to be way over priced and marketed towards gringos.
And as others have probably mentioned, real estate is almost always purchased with cash. the mortgage rates are much higher than in the States.
you have a nice point--the weather in central Mexico is sooooooo nice! People are paying these prices for places here in PV--actually one of the places we were set to look at sold after we made the appointment in a matter of a day or two--places are flying off the market here!
@@kinetickennons …Vallarta is a great place for well-to-do Mexicans to “park” their pesos as US dollars in income properties. A bit more complicated for US citizens.
@@WiseOwl-1 Agents and shops or anywhere in Mexico using USD is always a trap. Smarten up gringos!
@@WiseOwl-1 there are thousands of Americans and Canadians who own properties in PV and earn a lot of USD renting them to other Americans and Canadians often bypassing the Mexican tax authority as they rent directly to other Americans in US territory and even do the key exchanging in US or Canadian territory as well. The Mexican government is starting to crack down on this practice and quite frankly it's about time. Also, the most expensive Villas and condos in PV are owned by rich Americans and Canadians and that's a fact. Also, your theory about developers stiffing foreign buyers by selling them condos in USD isn't 100% accurate as they stiff Mexican nationals as well. When you call to inquire the price of a condo in Spanish (Mexican National) they give you the price in Mexican pesos but based on the USD price converted to pesos. I know because I'm Mexican and I just bought a condo and when I asked the price it was just converted from the USD price. If you agree to the price in Mexican pesos then the Mexican peso price is put in a contract and it's binding but if you don't draft a purchase contract and give a down payment in a timely manner, when you call a week later or two that same condo has either sold to an American or its price has gone up in unison with the US dollar.
@@2029jc We don’t disagree, but the fact is that when the papers are signed the USD price is always converted into pesos at the current exchange rate on the official documents, the conversion is made at the time of signing, I know because I had the opposite experience. I purchased a property that was listed for sale in MXN and a price was agreed on. The seller had a US bank account, so on the day that papers were signed we agreed on the exchange rate in USD….the price in MXN did not change, but the price that I paid was less in USD because of the different exchange rate between the day that we agreed on a sale price and the day of the closing, the purchased was completed when I transferred USD to USD between the 2 banks in the States. It would work the opposite in PV when the sales price was in USD. If an agreement was reached at $500,000 USD and 2 months later at closing (approximate time to close when a bank trust is required) the price would still be $500,000…BUT, if like very recently, the exchange rate went from $19.94 mxn to usd up to $21.94, then the buyer would receive an additional
$1,010,000 mxn pesos. This is what I meant when I said that investments made in MXN are protected against losses to the USD. If that same property had been listed for sale in MXN, the price would have stayed the same. Personally, I would never purchase a property listed for sale in USD.
The last property ! VIVA Viarta ! X-pats , calmness , locals , views ! I could thrive there .
Great video!!! You guys are real pros on camera. Nice to see the your professionalism at it's best ☺️
Great VID!!! All of my Vallarta friends in one vid with the exception Miss Amy : )
Great video, and you've gotten lots of good feedback. I look forward to the next realty video. I also liked #2 the best - Anne
Great video super interesting! Love the real estate video series! I would enjoy seeing some older properties with more Mexican charm maybe in Amapas, edges of ZR.
ohhh this is a GREAT idea! And something we would be interested in too! Have you ever seen the building "Selva" in ZR? I think it's our favorite building for that very reason--its a little older and SO charming!
@@kinetickennons Yes!!!! Selva is beautiful and exactly what I'm talking about lol! This is the kind of place we hope to purchase when we can pull the retirement trigger ... or maybe before if we can work it out.
I agree that seeing some older style buildings or even individual homes would be great. I am not thrilled with modern looking stuff.
I love Puerto Vallarta and thanks to your videos, especially this particular one, it seems one can realize the reality of actually living there. All three places looked fantastic!
Great video guys!
Great run down on neighborhoods and condos. I bought a 2/2.5 Condo in Grand Trianon preconstruction. I like Colonia Versalles and the size/orientation of the building and my place on the fifth floor. Keep it up.
This was awesome! I loved that you guys showed different parts of PV. I love the 5 de diciembre area. I’ve been waiting for you guys to show something like this. Hopefully in the future you can show us more. 10 years more til retirement and I’ll be down there somewhere! Thanks for sharing 😎
WOO---hopefully that 10 years flies by so you can get on down here! Thanks for exploring with us. We had a lot of fun doing this one and are looking forward to doing more like this with Gary in the future!
Great video guys.
Thank you.
thanks for coming along with us!
This was decorated by Paulina of Kaparat…just an amazing person and designer. We used her to decorate our condo. So very pleased
Tha colonial..second condo in the video
OH YES! Thank you so much for sharing this contact. Her work is SO good and tasteful and elegant!
You should do a video with your pal on financing properties in Mexico. I'm sure many ex pats are interested on how it works :)
Cash is king!
Great video!
2nd property my favorite , love the Interior Design !!!!
I can see my new place behind Greg from the rooftop of building #2!! I love that neighborhood!
The wife and I love the centro area! We’ve stayed at Villa Premiere a number of times and seem to enjoy that area a bit more. All of it is beautiful, but a 1.5 block walk to Pepe’s is always amazing!
I loved the first one❤️and I love that area when I have visited there in the past😊
Thank you, I appreciate this content.
I lived in that neighborhood (Versailles) years ago!! It's nice and safe. Great tacos all around and Gigante is down the road
More videos like this, please! Also please include approximate HOA monthlys and property taxes.
this is why I'm reading in the comments. Thank you!
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I gotta say... the lighting and kitchen/backsplash in the FIRST property (the one you ended the video in) is the best for kitchen filming. The background looked great, light bounced beautifully off the cabinets and mirrored backsplash, AND there is a big huge "coffee corner" behind you for your coffee stuff. Jussayin.... ;)
haha totally agree!! Especially watching it back--the kitchen is SO good for filming and coffee shenanigans! Our space now is really pretty small--around 400 square feet and we DREAM of a coffee/filming space. One day :)
Thank you guys and Gary for showing great condos in great areas. I prefer Conchas Chinas for its more relaxing vibe and awesome beach.
Very good information👍🏼
Have been watching. you guys for a while. Love this video. I love the 3rd Decor. Not a fan of clutter or looking into someone else's condo. Thank you!
yes! That was our thought with two of the units as well--I don't like looking into someone else's living space.
I’m staying In the building for Airbnb next month. Can’t wait
Hillary! Yes! My guess was #2! I could see you two in there! It would be fabulous for you two to have an B&B stocked with Con Todo coffee! ❤❤❤
why didn't you tell us what the studio goes for?
great question--we wanted to really compare price points in the three different neighborhoods for a similar size space in each--a two bedroom, two bath in this video so that's why we shared the price of that floor plan in the third building. According to their website, "units start at $232,750". Hopefully Gary can provide more detail on this one!
@@kinetickennons thanks...good luck with all your endeavors
Secretive Kennons.
⭐️⭐️⭐️⭐️⭐️ Great video and information. My favorite is # 1 even though is too expensive, I would chose this one simply because when I'm not living in it, I can rent it. However, I would have to change the backsplash it doesn't work for me. Having said that, I'm LMFAO because in the #2 in the living room one can see a toilet sitting in the living area, I know they are still working on it, but it was funny. You guys rock!!! love it I took Gary's information & who knows maybe we will become PV home owners. Stay Safe & Healthy... Abrazos
yeha--# 1 is definitely a huge investment opportunity. HAHA--we noticed the toilet too. Someone asked if its staying there---definitely not. But it is convenient! haha!
$400,000 USD?! Wow, even more expensive than the median home price in US. I’m sure you are getting a property in a nice area, but still.
I agree! I’m a Realtor in New Me I o you can get a large home for $400k crazy prices in Mexico
I know is expensive you know is a tourist place. It is the same as San Diego. San Diego was not cheap but convenient now its so expensive 😫.
I believe in the future you can doble your investment.
Wow this is beautiful
all three properties are truly beautiful!
Awesome, we are currently working with Gary for our condo in Bucerias.
WOOO--love this! And congratulations on your condo!
Here in SoCal, you can buy a 300 sqft shed with an out house for 400k.
WOW---so crazy!
I’m curious what the price is per square foot for that place
What are the monthly fees?
Thanks, just what I needed to know
woo--thanks for exploring a few places with us!
Great video! Hilary, that dress becomes you! We think the prices in PV have become very high and agree that prices should be in pesos. This is Mexico. Yes, please do some videos on older, more traditional opportunities. Thanks!
Thank you so much! So many people have mentioned this and we love the idea of showing older places around town as well! Thank you!
And in #2 you don't have to walk far to the toilet being that it's in the living room!! lololol...I know! its waiting to be installed so don't go after me. You guys are the best!
hahaha sooo convenient!
🤣 it’s angled towards the couch…
“While entertaining, never miss a part of the conversation”.
Wow. Gregg & Hillary. Smashed the like button on this video. This video was exactly what I was looking for from you guys. Almost like you got my email and was like hey let’s do it. Now!!!! Can you hook up a Canadian coffee lover up with some
Con To Do coffee. Not sure if any other Canadians are having trouble with distribution? As far as next video goes… I’m looking for a house with a pool kinda thing? Keep up the good work guys. Cheers from snowy Alberta Canada
thanks so much Neil! It's been a long time coming but we are excited to be able to share some cool places with Gary! As for coffee distribution in Canada---we were having to pay some crazy taxes and fees to customs to get our coffee in Canada so we had to suspend shipping there. Hopefully we can get it straightened out soon!
Great video. I would like to know more about these areas though. Also are these condos pet friendly? Is there and additional monthly fee like HOA for the amenities? 🤔
Building 1 is definitely for me tho. That view is amazing.
very true. that view is indeed so incredible!
Great video! But I thought #2 was very dark. You couldnt see the property very well. Maybe next time open curtains and put on lights. Please do a video on houses for sale.
Property #2 was my favorite!
Great video. I would choose number 3, but would never pay those prices, lol. Would be great to check out some smaller (non-tourist) areas outside of Puerto Vallarta. My favorite touristy location is Bucerias but it has also become unaffordable for many of us. I'm currently checking out La Paz before it gets out of hand. So many beautiful areas in Mexico to choose.
I recently bought in Mazatlan. 3 plus 2 house on a larger lot, our favorite neighborhood in the golden zone. 4,000,000 pesos. 2 short blocks to the beach!
I love Gary’s videos! I would probably go for 1 or 2. Hard to say. I really like Amapas area and have started considering Marina as an option if we moved down with kids and dogs for pretirement. 😂
ohhhh we love Amapas too! So close to everything and the coastline there is magical!
Number 2 is so perfect!
totally agree!!! So cozy and comfy!
Sold out!!!
I just came back from a few days in PV. I stayed just off the north end of the malecón. I can definitely say I will never again stay in that area of town! The traffic and its noise is terrible! I had to park blocks from my hotel and kind of worry about my car the whole time. If I move back in a few years, which is entirely possible, I will definitely choose the tranquility of Versalles or a similar area.
Haha, I follow Gary also. Someday when we're ready to buy, I've told him we'll call him.
wow--small world! Gary is great--so super helpful and knowledgable!
Hi: great video. Please include the home owner association fees for each.
Loved #2
Holly Cow! Very very expressive!
I think I'll stick with and that's about it Guadalajara or Puerto Escondido!
The prices there are comparable to the United States it's supposed to be cheaper to live in Mexico holy cow!
Loved the video… more details about the unit. Exact sq ft etc… another video could be outlining what extra costs are to own a unit. Condo fees? Insurance? Taxes?
Plus fideicomiso fees.
The extra space in number 3 might be good if you have a couple of kids or frequently host visitors but otherwise #2 seems pretty ideal.
Property #3 looks good too.
yes--it was so bright and airy in there!
You're gonna be such a great parents!!!✌️✌️
Prices are high in PV? Property #2 seemed like a dark cave with few windows and it had a small balcony that faced another unit? Not impressed?
So how much would a two bedroom two bath condo like the first one in the romantic zone rent for. Ballpark
Am looking to retire on about $1800 per month social security - so need insight into those rentals with around $600 per month...PV may not be doable but maybe Buerias, Huatulco...
U should show rentals under 1000 a month for expats starting like us
They all have their pros & cons. We went through The Colonial in April... almost bought but didn't want to buy preconstruction. There's definately more shops, restaurants & bars in ZR however it seems as though more & more places are popping up in cinco. The prices in Versalles are awesome but we're concerned it would be too quiet for us compared to ZR.
we thought the same about Versalles. But I think in a few years, it is going to be a new hot spot with tons of restaurants and things!
In PV can I bring my small service dog? Access is required in US, but IDK about MX.
Nice video!! Real state agent looks very professional. I believe many Americans residents can apply for credit so they don't need to pay in full.
Wow I can't afford that in the United States much less Mexico. They were pretty but I don't have to have a brand new house. Thanks for the show 👍😄❤️
Any older units or stand alone homes that are more affordable?
House #2. If I won the lottery I would buy this one for you guys.
haha aww thank you!
How much did the studio cost that you viewed in property 3?
First one just for location is not worth the cost. Number 2 is Fantastic and worth the money and I would buy number 2. Take a cab to Zona Romantica. Number 3 is too small. I know it's a studio but too small and the cabinets look cheap. I would choose number 2. I would want to see the 1300 sq ft unit. I would like to see it when it's finished. I agree I loved number 2.
Love it
Before you rent or buy in Mexico ,go spend an evening in the neighborhood and see if you can handle loud music and all night barking
AGree with Susan
Some areas are noisy other pretty quite.
I would like to see the last one when is finished but also what about parking?
You mentioned thoughts of deciding about returning to work/stress/saving or staying in Mexico. Does thinking about real estate cause you to think more about working so you can afford this sort of materialism?
actually--the timing of the two things wasn't really connected at all--We would LOVE to buy our own home one day. Is that a dream of ours? Yes, absolutely! We have never owned a home and I think it's a reasonable thing for 30 year olds to dream about---having our very own home. :)
It would be great if they could address the infrastructure issues that are happening and what is the plan for those.
No 2 is also my favorite!!! Location, rooftop,etc..
¡¡¡mis gringos favoritos 🇺🇸 !!! VÍVAAA MÉXICOOO!!! 🇲🇽🇲🇽🇲🇽🇲🇽🇲🇽🇲🇽🇲🇽🇲🇽🇲🇽
I would buy the first one because it’s right there and most rentable and best investment 🇨🇦❤️🙏😇👀😄💕
Older properties, renovated. We’ve been in a few gems hidden in lesser known colonias.
My favorite is Versailles because of the size, quality, and price, but number 2 is my second choice.
thats so true--we didn't explore the 2 bedroom in the third building but the size sounded really big!
Did the last condo not have a pool on the roof?
If possible can you share country homes with land? Living outside the city is what I like 😁
Beautiful place
I love
House prices in Vancouver Canada have gone through the roof, basically unaffordable for the average person. If I was young this is where I’d be investing. Interest rates are at record lows and more people working from home because of Covid . Imagine sitting on one of these rooftop terraces in December having a nice drink and getting some work done.
sounds like pure bliss!
Nuevo Vallarta Properties
I wish you had shown more video of the spaces. You could let us see more as you talk instead of being on camera so much.
I guess it’s not a big deal for most people but I’m looking to buy so a greater glimpse next time would be appreciated.
i think one con as a foreign investor buying real estate near the beach is that you actually don't own it, the title is in a bank trust. And that can become quickly corrupted.
interesting point that we actually know NOTHING about. Good thing Gary is here! Adding this point to our list of things to chat about next real estate video with Gary!
We live in Toronto 6 months a year and Puerto Vallarta the other 6, and find it is better to rent. Not only for the reason you state, but there are estate taxes when you sell as well as a fees added when purchasing to set up the trust. We don’t stay longer than 6 months so that we can simply use a visitors visa and return to Canada and this keeps our universal health care intact. Besides it is too hot in PV in the summer
@@kinetickennons I'm sure Gary is a smart guy. With that being said i'm also sure he wouldn't want to deter potential home buyers by disclosing the things that can go wrong by having the deed in a trust. Best to research on your own :)
It COULD become corrupted. That hasn't happened in the decades the fideicomiso has been in existence. Politically and economically it would be a REALLY risky thing to try to do. Mexico understands the benefits of foreign investment and tourism and it would only happen if an insane nationalist and populist took over and that would never happen, just look at its nei.....hmmm, forget I said that. If you live in Mexico for five years and get citizenship you can get out of the fideicomiso and you'd have nothing to worry about, if you were indeed worrying about it.
The trust Fidei Comiso works well, do have examples where it didnt? In the US, you dont pay your prop taxes, they take your land/home.
I wonder what the HOA fees are for these condos! One might find a good price for a condo but the monthly fees the building charges might not make it worth it.
great point--thanks for bringing this up. Gary mentioned the fees in a few other comments but definitely something to consider!
Thanks Kelly, here is some information about the fees. HOA Maintenance Fees are paid in Pesos. Below are the approximate fees for the three properties in US dollars shown at the time of the video:
Property 1 - $350 per month
Property 2 - $150 per month
Property 3 - $250 per month
Another plus for property2...too bad it's sold out
No doubt #1 is the best 😎
We DO love #1...especially one specific unit! :)
Property #3, for space, light, and neighborhood, as well as price. Versalles is probably the least trafficked, meaning less noise and probably cleaner air.
you are so right--it was SO light and open in there!
why are they for sale if its a nice area? how long have they been owned?
In #2 is that a toilet in the living room?
It would be interesting to hear what the investment income high season/low season approximate range would be. Not that I could afford either.
Bingo….”Income”. Since the income would be from a source inside Mexico, you would need to, at the very least, also file a Mexican tax return as well as include the income on your (assuming a US citizen) US tax return, since the US taxes it’s citizens on all world wide income. Also, Capital gains taxes (or the equivalent) are quite high in Mexico (assume 35%) when you sell an income property.
These are all great points that we know nothing about. Thank you both for bringing this up--will chat with Gary about all of the tax implications as well as the investment opportunities in places like these!
Hello guys. Going to PV with my mom and 9 year old daughter. Never been. Can you advise beaches to see. Not so crowded and clean. Please advise
sure! Here is a link to a blog post with tons of info on beaches! www.kinetickennons.com/post/a-complete-guide-to-the-best-beaches-in-puerto-vallarta-mexico
@@kinetickennons thank you guys. You're both awesome. Big fan
Is your coffee organic?
Does the toilet in the living room (20:39) of #2 come standard? Just jokes. All properties looked great! It's all about price point for me . #3
If and when you do another real estate themed video, please include details of what the monthly charges would be. That would help educate us newbies
hola Harry--great point! Thank you.
Yes, good idea to show the fees as well as the prices. HOA Maintenance Fees are paid in Pesos. Below are the approximate fees for the three properties in US dollars shown at the time of the video:
Property 1 - $350 per month
Property 2 - $150 per month
Property 3 - $250 per month
2022 will be the best year to grab property and there are tonnes of properties that are on sale in vallarta and cancun
you are so right---Vallarta has a TON of properties on sale!
So can you get a loan in MX or buy cash?
Yes, financing is available. There are some restrictions in financing new development, and in general the rates are higher than what most foreigners are used to in their home countries, but it is definitely available. Send me an email if you'd like me to send you more detailed information about financing