Puerto Peñasco is where the Sea of Cortez meets the Sonoran Desert
Do you remember the real estate boom that hit Rocky Point several years ago? People were coming down with their check book open and they were ready to buy and buy they did. The thrill of owning a beach front condo or home was so appealing. That was until the market in the USA went in the tank. Those investors that were in it for the long haul have done very well. Many could not and the resale market was indeed a buyers market but that is not the case anymore. Prices are climbing and inventories are lower than they have been in a long time.
Speaking with Kathy Witt, one of the owners of Realty Executives, she pointed out that people no longer have to sell at deeply discounted prices and that the inventory in Las Palomas gets smaller and smaller. It appears that developments that had been put on hold are once again coming back. Realty Executives also has an inventory of homes in different areas and that market has also picked up.
For some time now the condo real estate market in Puerto Peñasco has been doing very well. However we now see signs of growth both in homes in Las Conchas as well as condo sales there. In fact Corona Del Sol was recently purchased by some local investors and they are selling at a pretty good rate. Corona Del Sol is located on the left about 3/4 of a mile past the guard gate on the left. It is nice to see that development painting and fixing up the partially vacant development. Corona del Sol is represented by Rocky Point Best Real Estate which is located on Benito Juarez (next to Bryan’s Sports Bar). Part of the success in rapid sales is that the developer is offering developer financing at 35% down with a 6.9% fixed rate and full amortization of 15 years. These condos are prices to sell quickly as they range from $149,000USD – $189,000 USD. They are located within walking distance to the beach. The development has a nice common area with 2 pools. In the very near future they will have a furnished model for all to see.
Sonoran Resorts have inventory at all 4 resorts, both resale and new so check them out as well. The Sonoran SKY still has a few condos with developer financing with 20% down at 5.9%, 20 year amortized. The other thing that makes these condos so attractive to purchase is that there is no qualifying and they are fully assumable. They offfer 1 bedroom, 2 bedroom, 3 bedroom and the end units are 4 bedroom and they all have stunning Sea of Cortez views. According to Jim Ringquist, Sales Manager for the Sonoran Resorts, sales have remained very strong and are ahead of 2016 with 5 months left to go.
If you are looking to purchase a home or lot, there is a great range of things to look at both in Costa Diamonte, Cholla Bay and Las Conchas. If being close to things is not your preference check out Playa Miramar, Playa Encanto, Encanto Living, Luna Blanca, Laguna Shores or Tessoro at the end of Las Conchas. These developments offer tranquility on the beach. There are also still a lot of building lots around at good prices and in all areas.
Puerto-Peñasco.com gets asked frequently about how do you choose an agent. If you didn’t already know it, AMPI has been around here for some time and I feel you should choose a licensed agent (especially if you aren’t buying in a development). Recently AMPI graduated 26 more new agents in July.
So come on down and look around and purchase your little piece of Paradise that have clean beaches, Caribbean Blue clear water and only a 3 1/2 to 4 hour drive from Phoenix or Tucson. Don’t miss out and come see why we call it home. We offer something for everyone from golf, great fishing or just relaxing.