Playa del Carmen Real Estate: In Spite of Bail Out Bill, Financing Available

The Bail Out Bill has brought world attention onto Wall Street and the voting results from Capital HillNo matter the voting results, it is highly probable that banks now will require higher rates and much higher standards from the borrower in order to qualify for car, personal, and home loans How does this affect the Playa del Carmen real estate market Remember, Mexico is still a novice in regards to home loans Whether for Mexicans or Mexican foreigners, financial institutions lending money to acquire real estate is quite a new resource for this Mexico Real Estate market I will be doing a post later in the month regarding this topicThose of you who were in the initial stages of investing into a Mexican property, and your strategy included funding your purchase through a financial institution, you probably feel that you lost your opportunity of securing your Mexican paradise and all of your options are closed, at least for the short term But, there are options.

Today, I went out in the field to visit some properties with some clientsOn one of the condos that we visited, we were pleasently surprised at the progress and the quality of the product I will get into the financing options available for buyers at the end of this post

The location is very appealing On the north end of Playa del Carmen, the “little italy” section of town, only a block and half from 5th avenue Yet, when you are on the grounds you are surronded by many green areas, 4 pools, it feels as if you are in a gated community such as Playacar Seven buildings, ten units per buildingThe developers offer either 1 Bedroom, 2 bedroom, or even 3 bedroom condos

Each building has an elevator that comes up from the underground parking, straight onto your floor Little warehouse is also available on the underground parking floor A gym is located on site! A very nice design, water flows down the walls of the entrance and the west end has a small plunge pool with water jets and outdoor wash down shower Prices start from $290,000 usd and run up to $870,000 usd for a penthouse unit

Finally, one more pleasent surprise The developer informed us that they are now offering IN HOUSE FINANCINGThe promissory contract will require a 30% down payment and the 70% will be due when you take physical possession of the condo If you wish to take out a loan on the balance, then the company will offer their in house financing at 10 year, 10% financing A very interesting option

Write to me if you would like more information on this property or if you would like to discuss some other in house financing options for your analysis.

Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. Active broker and current president of TOPmexicorealestate, you can contact him at (512) 879-6546 or through the company`s web site www.TOPmexicorealestate.com