The Variety of Real Estate Available in La Paz, Baja California Sur
Real
estate development is going off all over Baja California Sur. Despite
slowdowns in the US housing market, here in Baja Sur new projects and
expanding inventory are makng Baja California one of the hottest markets
in coastal living. With significant development projects like Loreto Bay
and Puerto Los Cabos garnering big press, one would tend to think that
the real estate explosion is limited to these areas. Certainly not the
case, La Paz is growing with probably the most diverse real estate
inventory available.
La Paz is located about 2 hours north of Cabo San Lucas on the beautiful Sea of Cortez. La Paz is the capital of Baja California Sur and has long seen herself as the Neapolitan jewel of Baja. Established more than 470 years ago, the city has been the largest city in Baja Sur for nearly 100 years with a current population of around 350,000.
Not
anxious to see an influx of intoxicated tourists, bars and strip clubs
that initially attract so many to Cabo, La Paz chose to wait for another
destiny. La Paz has one of the highest incomes per capita in Mexico. In
2003 Money Magazine declared La Paz, Baja California Sur, the most
desirable place to retire outside the United States. This was a pyridine
shift that brought La Paz into the development spotlight.
La Paz is enjoying a renaissance with new buildings and facelifts to the older ones. There is more than 5km of newly completed walkway along the Malécon. Vacant lots and empty storefronts are gone. Throughout the city multi story commercial developments, mini malls and renovated storefronts are quickly replacing less attractive or less productive real estate.
The
development in La Paz has not been limited to foreign investment, as in
many other Baja markets. The strong middle class in the city along with
the increased availability of credit and home equity has brought the
renovation of existing homes and sprouted massive tract home
developments
The most outstanding difference between La Paz and other real estate markets in Baja is the diversity of properties available. Like other markets there are new single family constructions available. But the unique offerings of La Paz are the existing homes or new constructions in established parts of the city.
On the southwest side of town there are Comitan and Chimetla where individual lots and homes and significant residential developments are underway. There are also some select existing homes, built on large lots where landscaping has had time to grow in. As this area has grown, infrastructure has begun to mature with markets and restaurants sprouting up.
To
the southeast are the booming areas of El Sargento and La Ventana.
Located about 20 minutes drive from major shopping centers, the areas
has been a favorite of windsurfers and kiters for years. Today, unique
individual homes, lots, commercial and small residential developments in
the area are drawing significant attention and proving to be sound
financial investments. This area is appreciating quickly and if you are
looking for a bargain in this area, you should move quickly.
On the northern end of town there are grand designs already being
implemented. Maravia Country Club Estates located near the popular
Balandra and Tecolote beaches have broken ground on several new homes in
a development planned to have golf, desalinated water supply and solar
power. The phase 1 lots start at $75,000 and are selling quickly.
The developer offers several house designs, and in combination with the
lot price would allow you enjoy coastal living in a new home for the low
$200K’s, depending on lot and options. Future plans include an 18 hole
golf course, Palapa Bar and mini-mall. The project overlooks the
beautiful San Lorenzo Channel and the southern end of Espritu Santos
Island, a federally protected reserve.
Closer
into town is the new Costa Baja Resort and Marina. The first phase of
this project has been completed and the Beach Club/Spa is under
construction. Boasting a 200+ slip marina, frontage on one of the best
beaches local to La Paz and outstanding access to the Sea of Cortez,
they project is to break ground on a Gary Player designed golf course
this fall. Restaurants and night life are gaining momentum in the Pueblo
Marinaro along with laundry services, gift shop bus tours, excursion
charters and a mini market. Not just a dream on the drawing board
CostaBaja will soon be constructing million dollar beachfront condos,
fractional ownership units and golf course living.
In
La Paz proper there are a variety of new real estate projects underway.
The Villa la Posada complex will include condominiums and poolside two
and three level designs as well as bay view condos in the 8 story tower.
In the same area, the former Gran Baja Hotel has been for years.
Construction has begun to renovate the property into condominiums and
fractional ownership vacation units. These projects are just part of the
changing face of the La Posada area of La Paz. Single family homes and
even some lots are still available in this area, where real estate
values will benefit greatly as these two projects come to fruition.
As said earlier, unique to La Paz are downtown properties including new
homes, existing homes, and homes suitable renovation or multi-family
constructions. La Paz has a vibrant core around which most of these
properties put you within easy walking distance of a wide variety of
stores and restaurants. The city has already taken steps to avoid the
urban decay prevalent as older cities expand into suburban housing and
mall shopping. Plans to turn El Centro streets into pedestrian walkways
dotted with
galleries
and fine dining adjacent to the civic focal point of the Malécon. The
city offers areas where this renovation has already taken place, with
beautifully rejuvenated dwellings that have maintained the original
architecture and offer interior gardens. There are also opportunities
available on the expanding fringes of these refurbished areas that
should prove to be solid investments for renovation or new construction.
All
of these real estate opportunities have their positive aspects as well
as down sides. When looking for real estate in La Paz, particularly as a
foreign investor, it is wise to have a real estate representative who
has only your interests at heart.