Real estate prices

I've always rented for a year or just for the summer, but I'm wondering if it's a good time to get out of the renter's rut and buy.

Does anyone know if prices have stabilized in the Chapala area?

Merry

I just looked at one of those South Pointe real estate magazines for the first time in over a year and I am simply amazed at how low the prices are now. There is a ton of stuff for under 200K. Even in Ajijic Village you can find a very nice place for under $250K.

I would say it is a very good time to buy. I think the bottom is close, if not already here, particularly on anything $250K and under.

we have a friend in chapala haciendas that is very eager to leave and is asking for well below what he paid.

I agree, it's a good time to buy.

Pedro wrote:we have a friend in chapala haciendas that is very eager to leave and is asking for well below what he paid.

The sad part is if they bought in 2006 - 2008 it is only worth 50% to 60% of what they paid back then. That's the gamble of real estate. I think anyone buying now a days won't lose a dime if they pick the proper locations.

CanuckBob wrote:

Pedro wrote:we have a friend in chapala haciendas that is very eager to leave and is asking for well below what he paid.

The sad part is if they bought in 2006 - 2008 it is only worth 50% to 60% of what they paid back then. That's the gamble of real estate. I think anyone buying now a days won't lose a dime if they pick the proper locations.

Sorry Bob, totally disagree!   I bought in 2005.....would never sell @ 60% of purchase price,,,,,,I would never buy in the village, hate the noise!   I have a 5300 sq. ft. home, heated pool etc.   No way for me to live with floods, etc.  I think rather than trashing neighborhoods, proper would be to search out areas you like......We love our 5300 h0me.....heated pool,   Love our open views and lifestyle!   You maybe happy with living behind four walls, no view!  That isn't for me!   Why not let newbies discover on their own?  Rather than Impose your web greatness on people 
 
Just sayin!

our friend just sold with almost as much as you have[pool etc].. now he can get outta dodge,

Jim W wrote:

CanuckBob wrote:

Pedro wrote:we have a friend in chapala haciendas that is very eager to leave and is asking for well below what he paid.

The sad part is if they bought in 2006 - 2008 it is only worth 50% to 60% of what they paid back then. That's the gamble of real estate. I think anyone buying now a days won't lose a dime if they pick the proper locations.

Sorry Bob, totally disagree!   I bought in 2005.....would never sell @ 60% of purchase price,,,,,,I would never buy in the village, hate the noise!   I have a 5300 sq. ft. home, heated pool etc.   No way for me to live with floods, etc.  I think rather than trashing neighborhoods, proper would be to search out areas you like......We love our 5300 h0me.....heated pool,   Love our open views and lifestyle!   You maybe happy with living behind four walls, no view!  That isn't for me!   Why not let newbies discover on their own?  Rather than Impose your web greatness on people 
 
Just sayin!

Jim, I believe you are into your place for substantially more than you are currently asking ($249K?). Isn't that getting close to accepting 60% of your investment especially after RE fees?

And it is not just your area taking the hit. My comment referred to lakeside as a whole.

or friend sold his place fer less than $150K. he dint care how much he lost.

Pedro wrote: our friend just sold with almost as much as you have[pool etc].. now he can get outta dodge,

Good luck trying to find a house like Jim's in Guadalajara for 250k.Personally I like his location,quiet,country like,but close to town.
I don't follow real estate trends that closely but the market in Guadalajara doesn't seem to have taken as big a hit as Lakeside.

Thats cause Lakeside prices were driven artifically high from 01 - 08 by US consumers flocking down here. After the market crash in 08 and the cartel crap the market has dried up. Its all about supply and demand. Right now there is a huge supply and little demand so when people need to sell they drop their pants and the market spirals downward. Guadalajara would be driven by completley different factors although I imagine the 08 crash had some effect on it.

Pedro wrote:

viajero wrote:

Pedro wrote: our friend just sold with almost as much as you have[pool etc].. now he can get outta dodge,

Good luck trying to find a house like Jim's in Guadalajara for 250k.Personally I like his location,quiet,country like,but close to town.
I don't follow real estate trends that closely but the market in Guadalajara doesn't seem to have taken as big a hit as Lakeside.

my friend's house was in jim's neighbourhood,chapala haciendas, not in guadalajara and right beside a poster on here that has guard dogs right next door and who are busy elsewhere on sundays. bonus-eh!

Is that in the area known as "The Chosen Land"?   
Sounds like bargain prices to me.

It's definitely a Buyers market.
Still a lot of overpriced product, but some good values out there if you look.
Seems like the good medium priced stuff gets snatched up fairly quickly and the high priced stuff is much slower.
Good time to be looking.

juanrey wrote:It's definitely a Buyers market.  
Still a lot of overpriced product, but some good values out there if you look.
Seems like the good medium priced stuff gets snatched up fairly quickly and the high priced stuff is much slower.
Good time to be looking.

Agreed!  

I haven't bothered following the MLS, but they have listed some very good values ...

Checking the 250k range, Jim's property would seem to be comparatively well priced.

Merry... if you liked the quiet isolation of the south shore... you might like Haciendas...
check out Jim's place... it's a very nice floor plan, great views, and a good sized pool


Personally, I avoided the urban ghettos... couldn't stand the noise... especially during one of the fifty celebration weeks when the locals set of those damned Cohetes.... for those who don't know what they are.... think... flash/bang grenades

We live in the village and it is not noisy so it all depends where you live. Also the prices in the village hold up a whole lot better than outside and it is easier to rent if you are close by as well so to each its own.

We don't find it noisy in the village either other than during the usual fiestas or when the LCS is having an event.

CanuckBob wrote:We don't find it noisy in the village either other than during the usual fiestas or when the LCS is having an event.

yes it's awful at the lcs when there are so many walkers scraping on the ground all at once.

Jaja......no, more so when they have a live band or a public address system.

These prices don't strike me as low. We are currently in Texas in a home (3/2/2) in the $100-$130 price range. We will be leaving here in order to reduce our costs and improve our quality of life. When we were there, it certainly seemed that we could lower our expenses. We did not, however, look at any homes to purchase. I would certainly hope we can spend less there or if the same amount, get more for our money.

You can't buy this climate anyplace in the USA where houses cost $130K.

CanuckBob wrote:We don't find it noisy in the village either other than during the usual fiestas or when the LCS is having an event.

I don't find it noisy either, but then again I'm deaf!  Thank gawd for web boards where I can hear......ROTFLMAO!

David wrote:You can't buy this climate anyplace in the USA where houses cost $130K.

Also factor in real estate taxes (predial), maintenance (cost of tradesmen, plumbers, electricians, carpenters, etc.), same applies for upgrades to structures or garden, domestice help, which is unaffordable for most NOB, and other lower cost expenses and you will realize that the savings of home ownership is more than just the initial purchase price.
The ease of homogenizing with the Mexican population as compared to other expat locations for US and Canadians is another plus.
Why, some people (from NOB), never even learn to speak Spanish very well.   

slainte39 wrote:

David wrote:You can't buy this climate anyplace in the USA where houses cost $130K.

Also factor in real estate taxes (predial), maintenance (cost of tradesmen, plumbers, electricians, carpenters, etc.), same applies for upgrades to structures or garden, domestice help, which is unaffordable for most NOB, and other lower cost expenses and you will realize that the savings of home ownership is more than just the initial purchase price.
The ease of homogenizing with the Mexican population as compared to other expat locations for US and Canadians is another plus.
Why, some people (from NOB), never even learn to speak Spanish very well.   

All good points you have made. I was a real estate agent in the US. Admittedly, I did not factor in those reduced expenses in Mexico.

When I total up the difference between Real Estate taxes, utilities, gardener, and housekeeper I figure the savings is around $ 14K and I am also from Texas. So, the savings is substantial.
And the weather is just icing on the cake.

I found some good information about Mexico real estate prices, it looks to me like they are close to being stabilized:



SOURCE: http://www.globalpropertyguide.com/Latin-America/Mexico/Price-History

Merry