Search results matching tags 'Owning Beachfront properties' and 'Mexico'

PUERTO PENASCO FEATURED IN HOUSE HUNTERS INTERNATIONAL

623775 — Sat, 09 Feb 2013 00:43:00 GMT

The popular HGTV television show, International House Hunters, visited our beautiful beach community, Puerto Penasco to film one of Realty Executives top agents, Dan Monroe as he sold a Phoenix couple their dream condo at Las Palomas Golf and Beach Community. The TV show featured several condo projects, the Princesa, the Sonoran Spa and Las Palomas, as the couple searched for the perfect family getaway for their two active boys. They were searching for a 3BR condo with beach views with amenities that would keep their growing boys busy. Incidentally, the boys have a special affinity for the Mexican beaches and seem to blossom in the sunshine and peaceful ocean waves. Dan does an exceptional job of finding the ideal condo that the family can turn into their dream getaway with a lovely huge patio, gorgeous ocean views, fully furnished and appointed, and still remain in their budget. The family enjoys the infinity pools, water slide, hot tubs, and fabulous beach at Las Palomas and loves to come down to Penasco to enjoy the friendly people, the terrific food, and Sea of Cortez' gorgeous beaches!

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Escape to the Beach for Labor Day

623775 — Mon, 27 Aug 2012 21:03:00 GMT

Looking for something fun for Labor Day Weekend? Rocky Point has some great condo specials for the whole family. Be sure to beat the heat and have some great times in Rocky Point. After a fun day of sun and sand, be sure and check out some great music at Changos and The Lighthouse. Saturday night at Las Palomas will feature stand up comedy from Gene Pompa. Hope to see you there!

Questions and Answers about owning beach front property in Mexico

521832 — Mon, 03 Sep 2007 16:28:00 GMT

The following article by Morgan Financial provides a few basic answers; if you have other questions please post them and we will provide a response for you.

Owning Beach Front Property in Mexico

By Morgan Financial

With about 75 million baby boomers retiring soon and home values in the warm coastal areas of California and Florida becoming less and less affordable, many Americans are looking south to Mexico to purchase and finance vacation and retirement homes. The economy in Mexico is experiencing a surge in development and home prices fueled by interest from US homebuyers and investors. Properties are selling quickly and home prices are increading every month. Mortgages are now available for both new construction and exisitng residences. If you are looking to purchase property please look through the following QUESTION & ANSWERS

Q. Do I need a passport to own property in Mexico? A.Yes, you will need a valid U.S. passport

Q. Is the property owned in a 99 year lease? A. No, the property is held in a bank trust. "Fideicomiso" granting the trustee-an American corporation established in the name of the buyer- all the rights of ownership for a fifty year term. The trust is inheritable and extendable and is backed by an international bank.

Q. Can a foreigner own real estate in Mexico?: A. Yes, foreign buyers can own real estate in the "restricted zone" along the coast, by obtaining all ownership rights through a Fidecomiso or bank trust. This bank trust is established by the Mexican government "A Notario" and gives foreigners the same rights of ownership as Mexican citizens enjoy, except that the actual title is held in the name of the trust.

Q. How do I begin to create a trust? A. The Notario-a representative of the Mexican government- will wright up the new Fideicomiso and contact the bank to render the trust legally binding.

Q. What can I expect from Property taxes in Mexico? A. Taxes in Mexico are very inexpensive. On a $500,000 property for instance, you can expect to pay about, $50-$70 a month in taxes.

Q How do I hold title? A. Foreigners, in most cases, hold title with a bank trust. It is fee simple and the only difference between holding title on most property in the U.S. is that the bank holds the title in the name of a U.S. corporation with the U.S. buyer as the sole shareholder. When lending for a first deed of trust, the lender holds the bank trust until the loan is paid in full.