Recently, I saw this poster for the 2nd Symposium for Historic City Centers, to be held in San Luis Potosi this August:
I don’t know if I’ll be able to make it, but I’m definitely excited about this event. It strikes home with me for a couple of reasons, both personal and professional, about Mexico real estate.
Personal Experience
First of all, I have some good memories from this city. A few years back, I spent a lot of time in San Luis Potosi with a good buddy from Wisconsin. I would go up and play Frisbee against him; we took part in several tournaments. There were teams from Mexico City and Guadalajara. My sister-in-law also lived there for 10 years, so we made several trips on weekends to go visit.
San Luis Potosi is also a very beautiful colonial city. Having spent a bunch of time there, I can say with confidence that downtown is very, very cool! Nearby is also Real del Catorce, a nearly abandoned (but very mystical) silver mining town with spectacular views of desert hills, known for the shamans of the local Huichol people, and a miracle-producing image of St. Francis of Assisi.
Colonial Real Estate
On the other hand, the Symposium is also exciting because it is focusing on real estate in historic city centers in Mexico. A handful of such places have already caught on with Americans and Canadians, such as Merida (Mexico’s second largest colonial city center, popular for its Yucatan homes for sale in the southeast of Mexico,) and San Miguel de Allende, which is in the same general central highland region of Mexico as San Luis Potosi (perhaps about 4 hours away.)
However, this is a real estate and community style that I can really see taking off to a greater extent with Americans and Canadians over the next few years. Mexico’s thriving economy (which is in the world’s top 10, the “trillion dollar class,†and still going strong) and the country’s ever growing middle class are putting considerable funds into the hands of people who are interested in fixing up homes and opening up good businesses in old colonial downtowns. Gentrification of many of these areas is already well underway; the colonial areas are being beautified, restaurants, galleries, cafes, etc. are opening, and modern services like supermarkets, movie theaters and good hospitals are showing up. Events like this Symposium are excellent promotion and support.
The nice thing is that even after gentrification, real estate prices in these colonial city centers are still very low, as is the cost of living, since the main market is still mostly national. Yet, this provides a perfect opportunity for Americans and Canadians to enjoy life at a low cost in a very nice place with the added touch of Mexico’s old charm at its best. Examples of places that are just at this stage of having been gentrified but not yet discovered on an international scale include Morelia real estate (also in the central interior) and Campeche real estate on the Yucatan Peninsula. Perhaps San Luis Potosi holds good potential as well.
Colonial real estate is an important expat market to watch over the next few years.
I’m excited about this Symposium – good memories of San Luis Potosi, and exciting real estate opportunities coming up for Americans and Canadians!
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