Well, the market did not really pick up in February and March. There are lots of pre-construction units hanging around and I believe that the developers will be more open to offers, however I promote pre-construction with a caution. The developments that are being built by newbie developers who do not have deep pockets may slow to stop construction until they have sales to pay for the constructions. Your building will be built but it will take more time. I believe that pre-construction is a risk. Always do your homework and check who is the developer.
The other issue with pre-construction is the shutdown of the 22 buildings by the Federal Government. It appears that there is light at the end of the tunnel for these buildings. However, the million-peso question will be if the future developers and the Federal Government have learned their lesson? That is the big question for me, and I do not know the answer. I guess time will tell, however, that is a weak statement when I am talking about your money.
I sold a pre-construction unit in December in the Versalles area. The developer does have a history of completion and they are going like gang busters in building. Not all pre-construction units are a risk. Your agent needs to investigate as much as possible.
Existing units are still in short supply, but we are seeing price drops and the new listings that are being put on the market are being listed lower than what we saw in 2022 and 2023.
The deal of April 2024 is having me think outside the box or in better words, outside of PV. A 2-bedroom and 2-bathroom condo with 1210 square feet for a crazy price of $279,000 USD. Now you may ask how this can be because a 2-bed and 2-bath condo in PV and area is usually $800K USD and up.
Well, this condo is in Barra De Navidad which is about a 4-hour drive south of Puerto Vallarta. Now your first response might be that you do not want to drive 4 hours after getting off the plane, however there is an international airport in Manzanillo which is about a 20 minute drive to Barra de Navidad. There are 5 airlines with flights to Manzanillo (ZLO): Aeroméxico, Alaska Airlines, American Airlines, United and WestJet.
There is a lot of development being planned in this area, so I am heading there next week to check out the area as I have never been there. I also need to test if the beer is as cold as it is in PV. I will let you know!
Contact me if you want an informed and transparent real estate experience.
Gerard
gerard@gerardallardpv.com
+52 322 149 2045
