Puerto Vallarta Area Remains the Strongest Tourism/Real Estate Market in Mexico as Boomers Head South
BURBANK, CA–(Marketwire - May 8, 2008) - Luma, the first American developed, full-ownership, active adult beachfront community in Mexico, is selling Phase One homes. Located just north of Puerto Vallarta in Nuevo Vallarta, Luma will be a warm, vibrant community for those 50 years old and over. Interest in Luma is high with many units already sold. Fueling this interest are baby boomers heading south for retirement to locations including the Puerto Vallarta area, which is now a strong second home market.
“It’s a busy selling season at Luma. We’re finding that our buyers have vacationed in Puerto Vallarta for years and are now interested in residing here for at least part of, if not all year round, as they approach retirement,” said Bill Jennings, president of the Burbank-based Front Porch Active Adult Communities, a partner developer. “Today’s buyers are sophisticated and want the world-class amenities and adventure of a top resort with the wellbeing focus and community spirit of an active adult community.”
Puerto Vallarta currently represents the strongest tourism real estate market in Mexico, according to the 2008 report released by MLS Vallarta(i). A growing second home market, along with a lower cost of living, reasonably priced beachfront homes compared to U.S. counterparts, climate and culture are all factors contributing to the popularity of the area.
Relaxed property ownership laws, easy access via direct flights and quality healthcare are a few other reasons for the wave of baby boomers heading south of the border and, in particular, to Mexico, which was ranked as the number-one place to retire by International Living Magazine. And this wave, according to the Migration Policy Institute, is only expected to surge as more boomers enter their retirement years(ii). Luma’s developers are seeing this growth trend and report high interest among Americans, as well as Canadians and Mexicans.
On the beach of Banderas Bay, Luma will encompass seven 10-story towers showcasing bold Mexican architecture. The towers are planned so each condominium will have views of the ocean to the west and mountains to the east. The spacious condominiums will feature 11- to 13-foot-high ceilings, glass walls and large terraces. Luma will offer 264 beachfront homes, along with many community services and amenities. Phase One is scheduled to open to Luma’s first residents in fall 2009.
The 50s and 60s set of today will change attitudes about aging and expect more out of life, including a fulfilling lifestyle and more fun(iii). Luma will be a vibrant community featuring a saltwater infinity pool, meditation gardens, art gallery, enrichment classrooms, fitness and wellbeing center, amphitheatre, sports lounge, oceanfront dining, Internet café and much more. One of the most unique features of Luma is the “Personal Lifestyle Concierge Program.” Luma’s location, within the master-planned resort community of Paradise Village, provides residents with privileged access to a challenging 18-hole golf course, sports club, spas, restaurants and bars, and nearby shopping.
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The pictures I’ve seen of Luma are absolutely beautiful, but the entry prices are steeper than one might expect for purchasing a home outside the US. Would be interesting, too, to learn about possible complications, if any, of buying real estate such as at this community in Mexico.
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