Hola and happy summer days from Esperanza Real Estate Company!
We hope this e-Update finds you enjoying lots of summer BBQ’s and looking forward to your next Esperanza vacation. We have had a successful winter and spring and are looking forward to November’s arrival to begin the next high season here in Cabo San Lucas.
Sales volume for the first six months of 2011 has taken us to a total volume that well exceeded this same time last year. Prices are continuing to adjust with the low price point being just one of the many reasons people are buying at Esperanza!
We are pleased to say that all of our buyers see the value in owning at Esperanza. Los Cabos is general has also seen higher sales volumes. In our neighborhood, Punta Ballena, there is good news to report for whole ownership homes – this past winter and spring 8 homes have sold with prices from $1.1m up to $3.7m for oceanfront.
Our biggest sales volume so far this year has been the oceanfront HV (Hotel Villa) along with the 1/24th Fixed Week ownerships. We even saw several of our 1/8th AR’s sell at an average of $195,000 each. We feel any AR listing priced over $250,000 is over-priced, and we are working diligently at stabilizing the sale price to at least $200,000. Supply is ordinary, so pricing should trend upwards again soon.
We are sorry to report that the 1/8th interests in the 4 bedrooms has taken the biggest hit in 2010 and continues year to date. EREC sold three memberships in 2010, from the most recent of $342k to $400k. We see a necessary price adjustment going into the winter season since a low price point seems to be driving all sales thus far.
APRE, Auberge Private Residences at Esperanza, has a new 4 week, 1/12th fraction for sale at $210,000. This product came to market May 2011.
The new ‘pitch and putt’ is finished and great fun for families, along with pilates classes and Esperanza mountain bikes being offered too. A new activities director, Claudia, has been hired by the developer in hopes to continue the interest and excitement in purchasing anywhere on Esperanza grounds and ‘communitizing’ the entire neighborhood. Everyone is benefiting from those accoutrements.
Our new ‘wide double glass’ office doors are successful in making us ‘appear’ open and inviting to all visitors and owners. EREC expanded our real estate website with a creative new blog where we post these quarterly updates, as well provide interesting information on life in Cabo. Check us out regularly.
As always, we are happy to discuss your individual circumstance at any time. Please feel free to contact us or stop in to say hello the next time you come home.
The Esperanza Real Estate Company Sales Team