RE/MAX Destiny!’s Romantic Zone location recently celebrated its 5th anniversary December 9, 2022. Todd Bates Broker/Owner of the Romantic Zone location gives the current trends and market update for Puerto Vallarta real estate after COVID-19.
Todd, first we congratulate you and RE/MAX Destiny! office for it’s 5th anniversary December 9, 2022. Tell us why RE/MAX is one of the top real estate sales offices in Vallarta?
The RE/MAX Destiny! location is proud to be the number 1 agency, without a development, in re-sales. We are a boutique office and only focus upon our clients needs. We feel it is very important to share all information needed for the buyer and seller to understand the costs and the value of getting their RFC and residency completed when they first purchase and prior to selling. This is a win win for both parties to maximize their return on investment in Mexico as it can save thousands of dollars.
How has the PV real estate market changed after the pandemic?
We are seeing a change in demographics here in Puerto Vallarta which I think will keep the PV real estate market strong. We are experiencing a younger buyer and more families moving here ( it is not just retirees anymore, although that market remains strong). Why? I think a lot of this started with COVID. More and more people could work from home which meant their home could be anywhere. So why not move to Vallarta? Vallarta has all the services you need to live very comfortably. We have great internet, modern infrastructure, world class dining, big box stores, such as Costco, etc and a quality of life that is much more affordable than our neighbors north of the border.
What do you see in the future of the real estate market in Vallarta in terms of supply and demand and prices? The PV real estate market will continue to be very strong this year. Higher interest rates and inflation north of the border are something to watch. With that said, our supply is still lower than demand, therefore prices may continue to rise, until that changes. The inflation and higher interest rates might not negatively severely impact the PV market, as those that are choosing to be here might simply go with a less expensive purchase.
Why is Puerto Vallarta one of the top international destinations for the LGBTQ+ to own a second home or investment condo? I see Puerto Vallarta extremely welcoming and open to everyone. As more of the LGBTQ+ community come and feel comfortable here, more will inevitably follow. I have always been amazed how those moving here are so open and friendly even if where they came from might not have been so welcoming. I use the word, intrepid, a person that is willing to experience something new. Vallarta has something for everyone in any budget and that is one of the best reasons to live here.
Why should a buyer or seller choose RE/MAX when considering real estate in Mexico? All of our agents are AMPI certified, have a client-first mentality, and we stress continuing real estate education. Whether buyer or seller, we start with the tax implications and how to ensure their investment is protected. RE/MAX professional agents also emphasize the importance of after closing details like setting up bank accounts, changing names for CFE, TelMex, illustrating the government regulations, as well as HOA condo regulations.
Our goal in RE/MAX is to ask the questions, listen and then ask more questions to find the area, first, and amenities needed first , and then find the best property that works for them.
How fast we close is secondary to the needs and wishes of the client. I am very proud of our agents and their dedication to each and every client.
What is the main things a buyer should be aware of when considering Mexico? One of the most frequent questions I get is how fast and easy can I get back to my home in the US or where ever. PVR airport, the only soon to be Net Zero emission airport in Latin America, has dozens of direct flights, each day, to major airports in Canada and the US! Additionally,
- We were literally one of the first cities in Mexico to get fiber optic internet, a must in today’s world as Telmex and Izzi both saw a huge demand.
- Mexico banking is the dream of every Latin American country, with extremely well funded banks, as well as the ability to immediately receive and send funds from anywhere even your phone.
- Puerto Vallarta is a small colonial town with a very Mexican feel. It has a very neighborhood vibe unique to itself.
- In Vallarta, there is something for everyone regardless of your financial situation. You are buying the entire city of Puerto Vallarta so enjoy it!
- Puerto Vallarta is a beach town, but once you start to explore there is so much more!
- There are many top rated restaurants for every budget here. You can dine out twice per day and always find something new and delicious.
- Having lived here for 18 years, I am very appreciative of the lower cost of living. It is even lower if you venture away from the beach and into the interior of the city.
- Puerto Vallarta is tourism driven. The staff in every hotel, restaurant, grocery store and tiendita completely embrace the quality of your experience. I have heard many stories of repeat visitors coming 10 years later where their server still remembered their name and favorite drink! Something I have not seen anywhere else.
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