Real Estate in Cabo Residential Market Report – November 2018

2018 has been a challenging year with regards to real estate. With the US economy going very well and that normally reflects with good sales here in Cabo. With that said, our high end market has been off this year and pulls down the whole market. Let’s get into more detail for the real estate in Cabo residential market report for the first ten months of the year.

Total sales volume has been down a 27% to $186,845,000 USD. We had 379 accepted offer for condos and single family homes, which is a decrease of 8%. We closed 348 escrows in 2018 compared to 392 closed transaction last year for the same period of time. This is a decrease of 11%. The average sales price is down by 18% to $537,000 USD and the median sales price decreased by 4% to $285,000 USD.

Let’s look at the numbers for condominium sales until October 31, 2018:

Esperanza Resort

Total accepted offers decrease by 2% to 215. Closed sales went down by 8% to 193 escrow and the total sales volume decrease by 8% to $84,771,000 USD. The average sales increased by a minimum to $439,000 USD. And the median sales price increased by 9% to $270,000 USD. Sold to list price was at 92%.

The single family house market has suffered a bit more:

Real Estate in Cabo

Accepted offers has decreased by 13% to 164 contracts. Closed escrows have decreased by 13% to 155 transactions. The total sales volume went down from $164,140,000 USD to $102,074,000 USD which is a 37% reduction. The average sales price decreased by 27% to $659,000 USD and the median sales price went down by 8% to $355,000 USD.

The million plus market has been the one that suffered the most. The total sales volume has gone down by 45% to $90,837,000 USD. The market below a million US Dollars has performed much better. The total sales volume actually increased by almost five million US Dollars to $96,008,000 USD which is an increase of 5%.

Please let me know if you need a report for a specific area don’t hesitate to contact me.

We are eagerly awaiting our season and hopefully activity will start to pick up. I believe the wave of violence that we experienced in the second part of 2017 has hurt out market. Fortunately, we haven’t had an incident in 2018 and we are enjoying the peaceful life here in Cabo.

Please remember this report only includes sales from Cabo San Lucas to San Jose del Cabo area and only included sales reported through our local MLS. Developments such as Maravilla, Chileno Bay and El Dorado don’t report their sales and are therefore not included in this report.

Posted on November 13, 2018 at 4:03 pm
Martin Posch | Category: Baja Real Estate, Cabo Real Estate, Cabo San Lucas, Cabo San Lucas Realty, Condos in Cabo, Houses in Cabo, Los Cabos Real Estate, Market Report, Martin Posch, Mexico Real Eatate, Real Estate in Cabo, Windermere Los Cabos | Tagged , , , , , , , , ,

Los Cabos Residential Real Estate Market Report

Here are the numbers for the residential market (only condos and single family homes) from January 1 to December 31, 2017

Puerta del Sol, Cabo del Sol

The total numbers of sales for all residential properties in all price ranges were up by a 16% to 443 transactions.

The total sales volume was up by a 12% to $293,049,000 USDollars.

Total numbers of properties under contract was up by 20% to 489contracts. The average sales price was down a 4% to $662,000 US Dollars.

Now let’s see how the numbers look like for the condo and single family home market:

From January 1 to end of December, 2017 the total number of closed transactions for condos were up by 14% to 239 units. The total sales volume was up by 27% to $112,730,000 US Dollars. The average sales price was up from $424,000 to $472,000 US Dollars.

Closed transactions for single family homes for the same period were up by a 17% to 204 units. The total sales volume was up by 3% to $180,319,000 US Dollars. The average sales price was down by 11% to $884,000 USDollars.

Total numbers of closed sales for properties above $1,000,000 US Dollars were up 27% to 84 closed escrows. The total sales volume was up by 15%to $188,879,000 US Dollars. The average sales price was down 10% to $2,249,000US Dollars.

The market for properties below one Million US Dollars recovered and showed positive numbers compared to earlier in the year. Total number of sales and accepted offers were up and the total sales volume was upas well. The total numbers under contract went up by 22% to 409 accepted offers. Total units sold were up by 13% to 359 units and the total sales volume was up by 7% to $104,170,000 USD. The average sales price for condos and homes was down by 6% to $290,000 USD.

If you would like to receive an update on a specific neighborhood, please let me know and I’m more then glad to provide you with the numbers.

Posted on February 19, 2018 at 2:09 pm
Martin Posch | Category: Baja Real Estate, Cabo Real Estate, Cabo San Lucas, Cabo San Lucas Realty, Closing Costs in Mexico, Club Campestre San Jose del Cabo, Condos in Cabo, Contemporary Homes, Houses in Cabo, Los Cabos Real Estate, Market Report, Mexico Real Eatate, Real Estate in Cabo, Seller's Fee in Mexico, Windermere Los Cabos | Tagged , , , , , , , , , ,

Los Cabos Residential Real Estate Market Report

First of all, here are the numbers for the Los Cabos Residential Real Estate Market Report (only condos and single family homes) January 1, 2017 to November 30, 2017.

Esperanza Resort

Auberge Private Residences, Cabo San Lucas, Mexico

(For more info on this condo click here

Most noteworthy is that the total numbers of sales for all residential properties in all price ranges are up by a 19% to 425 transactions.

The total sales volume is up by a 12% to $278,389,000 US Dollars.

Total numbers of properties under contract are up by 25% to 454 contracts and the average sales price is down 6% to $655,000 US Dollars.

Now let’s see how the numbers look like for the condo and single family home market:

Condos

First of all, from January 1, 2017 to November 30, 2017 the total number of closed transactions for condos is up by a 17% to 230 units. The total sales volume is up by 20% to $102,589,000 US Dollars. The average sales price is also up by 2% to $446,000 US Dollars.

Single Family Homes

Closed transactions for single family homes for the same period are up by a 21% to 195 units. The total sales volume is up by 7% to $175,801,000 US Dollars. The average sales price is down by 11% to $902,000 US Dollars.

Total numbers of closed sales for properties above $1,000,000 US Dollars is up a 27% to 79 closed escrows. The total sales volume is up by 13% to $178,344,000 US Dollars. The average sales price is down by 11% to $2,258,000 US Dollars.

Finally, the market for properties below one Million US Dollars has turned around over summer and is up compared to the same period a year ago. The total numbers of sales, accepted offer and total sales volume are. The total numbers under contract went up by 28% to 379 accepted offers. Total units sold are up an 18% to 346 units and the total sales volume is up by 10% to $100,045,000. The average sales price is down by 7% to 289,000 US Dollars,

Are you interested in getting a Los Cabos Residential Real Estate Market Report for a specific area? Please feel free to contact me and I’ll be more then glad to provide you a specific report.

Posted on December 12, 2017 at 4:51 pm
Martin Posch | Category: Baja Real Estate, Cabo Real Estate, Cabo San Lucas, Cabo San Lucas Realty, Condos in Cabo, Houses in Cabo, Los Cabos Real Estate, Market Report, Martin Posch, Mexico Real Eatate, Real Estate in Cabo, Windermere Los Cabos | Tagged , , , , , , , , , ,

How much are Buyer’s Fee’s in Mexico

One of the biggest mistake I see from newer agents is that they don’t address Buyer’s Fee’s during their sales pitch. Buyer’s Fee’s are higher in Mexico, especially in the restricted areas such as the Baja Peninsula.

Buyer’s fee’s or closing cost can range from 3% to 10% of the purchase price for foreigners in Los Cabos.

  • Here is a list of Buyer’s Fee’s:
Fee Description Assessed by/Paid to Explanation of Cost/Purpose
 

ISABI – Acquisition Tax

 

Los Cabos Municipality

 

2% of the Property Purchase

 

Tax Appraisal Permit Fee

 

Los Cabos Municipality

 

This fee is assessed on the purchase price and/or tax appraisal and records the tax Appraiser’s findings with municipal tax office.

 

Public Registry Fee

 

Los Cabos Municipality

 

This is the recordation fee for the Deed of Trust in the Public Registry and is based on your purchase price.

 

Certificate of No Tax Debt – Property tax debt – No Water Debt

 

Los Cabos Municipality

OOMSAPAS (Water Service)

 

The certificates assure that the Seller has no debt recorded on the property. And that no liens have been filed for any reason against the property. This is an estimated flat fee as the cost as fluctuates based on the Peso value. The certificate of no liens is pulled twice in the closing process.

 

Notary Fee

 

The Notary

 

For the legal service associated with the transfer of the title. Including Trust Deed elaboration, trustee bank approval and communication, coordination of all municipal and federal permits, etc. The fee is based on the Purchase price of the property and has a cap limit for properties valued at more then $2mm USD.

 

Foreign Affair Permit and Registration (FAM or SRE)

 

Foreign Affairs Ministry ℅ of the Trustee Bank

 

This requisite permittee is actually two costs – the permit fee, as well as the registration of the foreign Purchaser(s) acquisition in Mexico, and authorization of purchase. This is a fixed fee

 

Trustee Bank Initiation Fee

 

Trustee Bank

 

This fee is assessed for the review and acceptance of the Purchaser’s Trust Deed. This is a fixed fee, generally the same cost as the annual trust maintenance fee (below)

 

Trust Bank Annual Fee

 

Trustee Bank

 

This fee is assessed for the ongoing service of acting as trustee of the Purchaser’s Trust and the associated filing requirements. This is a fixed fee, specified in the Trust Deed at execution and while the fee varies by bank it is generally between $333 – $666 USD annually.

 

Certified Translation Fee

 

3rd Party Translator

 

All documents associated with the Purchaser’s Acquisition but duly translated by a certified translator for acceptance by the Trustee Bank, Notary and Foreign Affairs Ministry. This includes identification, proof of address, corporate or entity documents, etc. Cost is on a per page basis. The cost of the certified translation of the Trust Deed is included, however, in the Transaction fee.

 

Transaction Fee

 

Closing Department

 

To offset the cost of courier services, foreign notary services for document authentication, etc. This is a flat fee.

 

Escrow Fee

 

Escrow Agent

 

The cost of the escrow and supervision. This is a fixed fee.

 

Optional – Title Insurance Fee

 

Title Insurance Company

 

Depending on the Company.

* This table of fee’s was provided by Lic. Javier Mazoy of Lex Advisors.

Closings normally take between 60 and 90 days. This is from the time all necessary documents have been provided by both parties. If you have to deal with HSBC or Scotiabank closing can take up to 180 days.

Part of the Buyer’s Fee’s or closing costs have to be paid up front. Normally I can be between $3,000 – $5,000 USD.  Some company will ask for as much as 50% to the total Buyer’s Fee’s in advance. This can be wired together with your increased Earnest Money into the Escrow Account.

Please feel free to contact me with any questions or doubts you might have. I’ll be more then happy to assist you selling your property.

Martin Posch

martinposch@windermere.com

(624) 147-5857 Mobile 

From the US please dial: +521 (624) 147-5857

 

Posted on September 21, 2017 at 5:01 pm
Martin Posch | Category: Baja Real Estate, Cabo Real Estate, Cabo San Lucas, Cabo San Lucas Realty, Closing Costs in Mexico, Club Campestre San Jose del Cabo, Condos in Cabo, Contemporary Homes, Houses in Cabo, Los Cabos Real Estate, Market Report, Martin Posch, Mexico Real Eatate, Seller's Fee in Mexico, Uncategorized, Windermere Los Cabos | Tagged , , , , , , , , , , ,

Los Cabos Residential Real Estate Market Report

First of all, here are the numbers for the Los Cabos Residential Real Estate Market Report (only condos and single family homes) January 1, 2017 to July 31, 2017.

Most noteworthy is that the total numbers of sales for all residential properties in all price ranges are up by a 14% to 264 transactions.

The total sales volume is up by a 13% to $157,906,000 US Dollars.

Total numbers of properties under contract are up by 32% to 350 contracts and the average sales price is down 1% to $598,000 US Dollars.

Now let’s see how the numbers look like for the condo and single family home market:

Condos

First of all, from January 1, 2017 to July 31, 2017 the total number of closed transactions for condos is up by a 21% to 149 units. The total sales volume is up by 26% to $64,290,000 US Dollars. The average sales price is also up by 4% to $413,000 US Dollars.

Single Family Homes

Closed transactions for single family homes for the same period are up by a 5% to 115 units. The total sales volume is up by 5% to $93,616,000 US Dollars. The average sales price is also up by +/- 0% to $814,000 US Dollars.

Total numbers of closed sales for properties above $1,000,000 US Dollars is up a 44% to 46 closed escrows. The total sales volume is up by 28% to $97,619,000 US Dollars. The average sales price is down by 11% to $2,122,000 US Dollars.

Finally, the market for properties below one Million US Dollars is starting to show lower sales numbers compared to the same period a year ago. Total number of sales and accepted offer are still up but the total sales volume has started to decrease. The total numbers under contract went up by 34% to 288 accepted offers. Total units sold is up a 9% to 218 units and the total sales volume is down by 5% to $60,286,000. The average sales price is down by 13% to 277,000 US Dollars,

Are you interested in getting a Los Cabos Residential Real Estate Market Report for a specific area? Please feel free to contact me and I’ll be more then glad to provide you a specific report.

Posted on August 15, 2017 at 5:01 pm
Martin Posch | Category: Baja Real Estate, Cabo Real Estate, Cabo San Lucas, Cabo San Lucas Realty, Condos in Cabo, Houses in Cabo, Los Cabos Real Estate, Martin Posch, Mexico Real Eatate, Windermere Los Cabos | Tagged , , , , , , , , ,

Los Cabos Residential Real Estate Market Report

Here is the Los Cabos residential real estate market report (only condos and single family homes) from August 1, 2016 to January 31, 2017

The total numbers of sales for all residential properties in all price ranges are up by a 52% to 167 transactions.

The total sales volume is up by a 70% to $122,929,000 US Dollars.

Total numbers of properties under contract are up by 75% to 200 contracts. The average sales price is up a 12% to $736,000 US Dollars.

Great view from Hacienda La Carreta, Punta Ballena, Los Cabos, Mexico

Los Cabos Residential Real Estate Market Report

First of all let’s look at the Los Cabos residential real estate market report for condos and houses:

Condos

From August 1, 2016 to January 31, 2017 the total number of closed transactions for condos is up by a 74% to 94 units. The total sales volume is up by 105% to $31,510,000 US Dollars. The average sales price is up a 18% to $335,000 US Dollars.

Houses

Closed transactions for single family homes for the same period are up by a 30% to 73 units. The total sales volume is up by 60% to $91,420,000 US Dollars. The average sales price is also up by 23% to $1,252,000 US Dollars.

Total numbers of closed sales for properties above $1,000,000 US Dollars is up a 70% to 34 closed escrows. The total sales volume is up by 81% to $86,794,000 US Dollars. The average sales price is up by 7% to $2,553,000 US Dollars.

The market for properties below one Million US Dollars has also improved significantly. The total numbers under contract went up by 70% to 170 accepted offers. Total units sold is up a 49% to 134 units and the total sales volume is up 49% to $36,310,000 US Dollars.

As a result of the sharp increase of sales above a million US Dollars the average sales prices are significantly higher. The median sales price for condos actually decreased a 15% to $184,000 USD. For houses it is a different picture. The median sales price increase a stunning 57% to over $588,000 USD.

If you would like to receive an update on a specific neighbourhood please let me know and I’m more then glad to provide you with the numbers.

Posted on February 4, 2017 at 2:43 pm
Martin Posch | Category: Baja Real Estate, Cabo Real Estate, Cabo San Lucas, Cabo San Lucas Realty, Condos in Cabo, Houses in Cabo, Los Cabos Real Estate, Martin Posch, Mexico Real Eatate, Windermere Los Cabos | Tagged , , , , , , , , ,