AMPI, the most widely accepted real estate organization in all of Mexico has made phenomenal progress here in Puerto Peñasco. This internationally respected association of real estate professionals officially became a reality last March and has already become one of the largest associations of any kind ever in Rocky Point with over 100 members. Our local chapter has representation from all of the major real estate companies that operate in and around Puerto Peñasco.
AMPI, having the full endorsement and cooperation of the federal government has the ability to regulate and oversee the ethics of its members. Only credible licensed realtors with continual AMPI approved educational courses can maintain membership of this organization. It is this proactive entity that will take the real estate industry into the future.
The timing could not be better for the positive development of a town that is expected to be one of the hottest resort communities in this hemisphere. Economists from Mexico City have projected our growth explosion to continue for years to come. These expectations are based partially on the fact that we have experienced such astounding progress on drive in traffic alone. The international audience is just starting to look our way with the official announcement of the approval of the Puerto Peñasco Airport, the Coastal highway to be completed in the very near future, connecting us to California, and the Nautical ladder which will encourage more oceanic tourism like small cruise ships.
Rocky Point has seen a housing boom rarely seen before anywhere in the world. Ten years ago there were no condo projects with more than 100 units. In 2000 there was only one project of any large scale. This changed in 2001. Now Sandy beach alone has over 1,600 condos sold, and over 30 condo towers are in some stage of vertical development.
Several towers were sold out in a matter of hours. One tower sold its 109 units in 3 hours and another, 114 in 4 hours. Condos seem to be the most sought after investment properties going in today’s market, partially due to the low maintenance and ease of rental income. Many condo owners boast amazing financial returns in the short term “Rental pool” market.
A new concept gaining popularity by a huge market segment is interval ownership. This is not time share. Interval Ownership, also known as fractional ownership or equity share is a practical concept, which offers the opportunity to own a fully furnished home at a fraction of the cost of purchasing an entire second home. Each purchaser as a shareholder owns an exclusive interest in a home and is entitled to occupy the unit each year for the time interval purchased. There are several large scale developments exclusively marketing this concept.
With newly available mortgage money at reasonable rates more and more people are able to take advantage of the current growth explosion we are experiencing. Others are turning self directed IRAs into real estate investments. Some people have chosen to split ownership on properties with friends, family members or other investment groups. If one truly wants an investment that they can enjoy, Puerto Peñasco is becoming a simple alternative to the less than predictable stock market.
It is very important to work with a reputable real estate professional, as bad investment council can haunt individuals throughout their investment period. The information is out there, and good sound advice is available. The unprecedented investment potential can be achieved, but it is so important to seek the advise of a real estate professional that has the training and the ethical standards that AMPI ensures. Rocky Point is a great place for anyone interested in owning a second home or a secure investment that allows staying at, and enjoying their own portfolio.”
Realty Executives, Sonora
President Elect AMPI