Cabo San Lucas Blog

Advantages of Seller Financing

Nicholas Fong — Wed, 12 Jun 2013 23:25:00 GMT

There are many benefits for doing owner financing, as opposed to conventional bank financingfor both the buyer and seller. Sometimes the advantages inure to the benefit of one or the other, but in most cases the transaction is "win/win" for both parties.

Benefits of owner financing for the seller

Most sellers of real property insist on the highest price and all cash. Sellers want a fast closing with little hassle. Sellers also want to pay as little taxes as possible on the gains incurred. In many cases, the seller can have most of his needs satisfied by an installment sale rather than a traditional cash sale. Let's look at these needs one by one...

1. Highest Price. There is no doubt that a seller can insist on and receive the highest price when offering flexible owner-financing terms.. People are always willing to pay a premium for non-qualifying financing.

2. Cash. Nearly every seller says he wants all cash, but few need it. What the typical seller wants is the most net cash from the deal. Often, the seller has to pay closing costs, broker fees, and the balance of any existing financing when applicable.

Also in many cases, the sale of a property by an installment sale will net the seller more future yield than any source from which the cash proceeds were reinvested.

3. Fast Closing. Currently, in the Los Cabos (and all of Mexico) there is no lender financing from the United States. Thus, owner financing makes your house unique. Furthermore, an owner-financed transaction can be consummated in a matter of days, since there is no appraisal, underwriting, survey, or trust foreign affair permits involved.

As you can see, owner financing provides many advantages to the seller. Next week we will discuss advantages for the buyer.

Selling Your Home In Cabo

Nicholas Fong — Wed, 05 Jun 2013 20:22:00 GMT

Selling a Home in Cabo

Selling a home isn’t as simple as planting a sign in the ground any more. It involves preparation, timing and strategic advice. If you don’t do all of the above, do not be surprised when your home does not sell while others in the area are doing so

Here are some common mistakes I have found here in Cabo:

Good photos matter

More and more, buyers are being introduced to properties online. Pictures and videos matter. Before you take any picture, make sure your home has been properly de-cluttered, inside and out, and consider staging tips that will make the rooms appear larger. Pictures from your own iPhone will not impress anyone.

An MLS listing isn’t enough

In addition to the MLS, your home needs to be marketed on social media and should be directly advertised to other real estate agents, who are more likely to bring a buyer to your home. You need to reach every potential buyer.

The price isn’t right

A home is likely to attract the most interest within the first two weeks it is listed for sale. If the home is overpriced, buyers will move on. Be realistic when you set a sale price. Check out the competition and see what recent sales have been in the area. Remember, the longer a house sits on the market, the more likely that people will start asking whether something is wrong with it.

Buyers can’t get in to have a look

You never know when a potential buyer will want to see it. It might be late in the evening or at other times that are not convenient for you. If you say no, the buyer will typically just move on to the next home for sale, where the owner is more accommodating. This is especially true if you have renters in the property you are trying to sell. Make clear with your renters that the home is for sale and that access to show the home must be allowed with reasonable notice.

You have the wrong agent

When you interview agents, it should never be about choosing the one with the cheapest price. You have too much money riding on this choice. Ask any agent you interview about their own marketing plans and social media presence. In addition, ask a simple question: Why should I hire you? If they can’t demonstrate why they are different, move on.

NO HEATING BILLS HERE!!

Nicholas Fong — Tue, 28 May 2013 20:46:00 GMT

If you have decided you are tired of heating bills and decided to spend winters(if not all year) in Los Cabos or if you just like the sun and tranquility of life here; you may wonder what the cost of maintaining a home in Los Cabos is.

Except for heating bills, you will need to maintain the normal utilities….gas, water, telephone and electricity. Gas is propane in Los Cabos and depending on the size of your stationary tank you can expect to fill it two or three times a year. A call to the gas company in the morning will have the truck at your home within a few hours. In other parts of Mexico, you go to the gas company to pay the bill but here, in Los Cabos, we still pay the driver when he is finished filling your tank.

Water is provided by the city and the bill is delivered, by hand, to your home once a month. At this time there is no provision for online payment of the water bill but a quick trip to the water company with your credit or debit card (they accept cash but only pesos) and the bill is paid in seconds. No problem if you only want to pay every other month. They will not cut you off.

Electricity is provided by CFE and you are billed every two months. Again, the bill is delivered by hand to your home. You can pay the bill online. Although it is far better to pass by the office and use the auto pay machines in the lobby to pay your bill.

If you maintain a land line the company is Telmex. You will receive a monthly bill but this one is easy to pay online if you have a peso account. If not, you can pay at the Telmex office. It also should be noted that high speed internet is through the DSL telephone line and packages start around $35/month.

There is no such thing as writing a check and mailing it to the utility company in question. It is either online or at the office of said company. There is also the option of having your bills auto paid by the bank. You will need a peso account to handle the transaction. The bills are sent directly to the bank and the only thing you need to think about is making sure there are funds in the account to cover the bills. Many people opt for this option as it gives them more beach and fun time in Cabo and is more than convenient if they travel.

The only other monthly expense you might have would be household help (which is affordable in Los Cabos) and any HOA fees if you live in a gated community.

If a total care-free experience is what you want then hiring a property manager to handle your bill pay and looking after your property is for you. We can offer such services.

All being said, no one pays heating bills in Los Cabos!!!!

Pacifc Stargazer caught off Cabo San Lucas

Nicholas Fong — Wed, 22 May 2013 17:43:00 GMT

PACIFIC STARGAZER CAUGHT OFF CABO SAN LUCAS

Mario Bañaga and some of his friends have fished Cabo San Lucas waters for 18 years and more... But never had they seen the type of denizen reeled in recently off the Baja California resort destination of Cabo San Lucas.

The “mystery fish,” caught aboard a skiff called Gloria, had a face like that of a bulldog.

It boasted an upturned face, as though it had run into a wall, and an enormous gaping mouth.

Bañaga, who charters boats, posted photos of the 7-pound fish on Facebook, and the ID guessing game began.

“Dang, that’s out of ‘Star Wars,’” one comment read.

Ratfish, frog fish, and sculpin were among the guesses.

Another commenter quipped, “Angry hungover fish saying, ‘Leave me in peace.’”

Finally, Eric Brictson, who runs Gordo Banks Pangas north of Cabo San Lucas, correctly identified the fish as a Pacific stargazer. It’s a species that is seldom encountered by humans, truly bizarre and, it turns out, not to be messed with.

Bañaga and his friends were not aware that these bottom-dwelling lie-in-wait predators, which are found at depths of 50 feet or more, are capable of delivering an electrical shock of about 50 volts—not enough to harm a human but a jolt nonetheless. The venom is also poisonous and one should always wear gloves when handling this fish.

More worrisome, had Bañaga and his friends known, is that Pacific stargazers possess Poisonous spines above the pectoral fins and behind the gill cover.

Babysitting in Baja

Nicholas Fong — Tue, 14 May 2013 21:48:00 GMT

Babysitting in Baja

At Last!!!! A much needed service has come to Los Cabos. Yes, there are now experienced babysitters at your service in Los Cabos, Mexico.

Do you need a babysitter for just one night out without the kids, or do you want an extra set of hands for your entire stay? Baja Babysitting is ready to serve you and your family whatever your needs may be.

Your options for activities and entertainment in beautiful Los Cabos are endless but vacations don’t come around often enough so let Baja Babysitters help your family for most of their time in Mexico.

Baja Babysitting is a professional service that was created specifically to cater to English speaking tourists here in the resorts, residences and private homes of Los Cabos. With the opportunity to book one of their highly qualified sitters your family really can have it all – sun, family fun, relaxation and new experiences. You will have peace of mind knowing your children are safe and entertained with their experienced sitters while you enjoy some well-deserved adult-only time because we all know not all activities in Los Cabos are ideal for children and some of the fun goes on way past bedtime.

As their motto states “Take care of yourselves while we take care of the kids.” Baja Babysitting’s top priority is the safety and happiness of your children.

Check out their website, www.BajaBabysitting.com, for testimonials, rates, family friend Los Cabos info, and more.

To contact Gillian (owner of Baja Babysitting) directly email her at BajaBabysitting@gmail.com"

Mother's Day in Mexico

Nicholas Fong — Mon, 06 May 2013 17:39:00 GMT

May 10^th is the day Mother’s Day is celebrated in Mexico.

Mexicans start the day with great enthusiasm and gusto. Children get up early in the morning and sing beautiful songs dedicated to their mothers. It is celebrated with a mass at the shrine of the Virgin of Guadalupe, where an orchestra plays 'las mañanitas' of the Virgin. The Virgin here is symbolical of motherhood. After the mass, Mexicans follow a wonderful custom of providing early morning meal to all the mothers. The meal involves distribution of 'tamales' and 'atole'.

Many-a-times, kids celebrate the day at school with their mothers. It happens when the day falls on a school day. They sing songs, dance, tell jokes, and sometimes perform a short skit. Lunch or Dinner is arranged in a restaurant, for which booking is done many weeks prior to mother's day.

Apart from giving the conventional flowers, Mexicans also indulge in the custom of giving gifts to their mother. Whilst the older children give expensive gifts to their mother, the young ones make her happy with handmade gifts. However, all of them have a single aim - to make the day special for their mother. They want is to let their mother know that they realize her importance and she holds a very special place in their life, which no one else can take over.

Mexico celebrates mother's day in the honour of womanhood and making others realize the strong role of a mother in the family, who binds everyone together. Mexicans justify the fact with their immense loyalty and love for mothers.

This day, irrespective of geographical boundaries, is celebrated with great zeal and happiness. It reminds us all about the joy and warmth we get after hugging our mothers who take all our pains away.

Los Cabos....The Capes

Nicholas Fong — Wed, 01 May 2013 15:03:00 GMT

Los Cabos….the Capes

Los Cabos, meaning “the Capes,” isn’t really a city. It’s the name Mexican tourism officials bestowed on the towns of Cabo San Lucas and San Jose del Cabo, as well as the 20-mile stretch of coast known as the Tourist Corridor that connects them. Located at the southernmost tip of Baja California Sur, these once remote fishing communities exploded in growth since the 1970s when tourism discovered their local charms, beaches and most importantly sport fishing/

So the question is….where to stay in Los Cabos. Where to stay in Los Cabos really depends on your interests. Cabo San Lucas is party central with many restaurants, lively bars and nightclubs that stay open until the last patrons leave. Shoppers can find everything from fine leather and silver to cheap souvenir trinkets. At the Marina, touts sell tours and restaurateurs hawk their menu to every passerby, giving it a carnival-like atmosphere. It’s even more frenetic when cruise lines call on Cabo San Lucas, shuttling masses of people to the marina via tenders.

At the other end of the Corridor, San Jose del Cabo is a quieter town with a more historic Mexican feel. A mission church dating to the early 1700s faces a pleasant central plaza which anchors a four-block Arts District. On Thursday nights, dozens of galleries bring their art outside for the weekly Art Walk where it’s fashionable to enjoy a glass of wine, stroll, view and shop. Several fine dining restaurants are also in the heart of the old town.

Wherever you decide to stay, time spent is Los Cabos will be remembered fondly for years to come. Maybe, like many others, you will decide to stay and call Los Cabos home.

WHERE IN MEXICO?

Nicholas Fong — Sun, 21 Apr 2013 16:19:00 GMT

WHERE IN MEXICO?

Where in Mexico can you drink tap water, eat fruits and veggies, not need Imodium and feel really safe?

Easy to understand why celebs like George Clooney, the late Frank Sinatra-led Rat Pack and others, have regarded Cabo as their hideaway.

San Jose del Cabo? Los Cabos? Cabo San Lucas? Baja California? What happened to Cabo and why the different names?

About 1,000 miles from the US-Mexico border, Los Cabos is in Baja California Sur. With three distinct areas, Cabo San Lucas (on the west) where the Sea of Cortez meets the Pacific, the Corridor and San Jose Del Cabo to the east.

The Corridor is a new highway about 20 miles between the two. San Jose del Cabo is a more traditional town, founded by Jesuits in the 1700s. Cabo San Lucas was a small fishing village. Original denizens were not Mayan nor Aztec, but Pericu Indians (known as the Cora or Edues).

Initially a collection of fishing villages and a few resorts, the area burgeons with palatial homes dotting the shores with picturesque taquerias and local families pulling in the daily catch. Tranquil town squares with historic architecture share space with designer nightclubs. Celebrity sightings really do happen.

San Jose del Cabo lies about 30 km from Cabo San Lucas and a jaunt to Todos Santos, about 60 minutes north, boasts a thriving community of artists, surfers and North American expats. Galleries, cafes and the Hotel California make for time well-spent.

Cabo is Inexpensive, Let me Explain

Nicholas Fong — Tue, 26 Mar 2013 16:15:00 GMT

Cabo is Inexpensive….Let me Explain!

Recently we read a report that stated the city of Los Cabos was ranked the most expensive city in Mexico. It is obvious to those of us who live and travel in Mexico that this report must have been done by someone unfamiliar with Mexico and especially Los Cabos.

Los Cabos does have its high end real estate and luxury hotels. But that is true in any resort location. And in those locations, we can expect to find high prices. This is true be it in Mexico, the United States or Canada.

We have recently traveled to other beach areas in Mexico and can unequivocally state that prices are not higher in Los Cabos. As an example, prices in restaurants in Cancun are about double what they are here in some of our better dining spots. Los Deseos, a charming restaurant on the marina, offers selections for dinner from 120 pesos to 200 pesos. The same goes for Hacienda El Coyote where an entrée will run you about 150 pesos. These are the same prices you will find on the mainland in Guadalajara in the better dining spots. Then take into consideration that here in Los Cabos, we pay 5% less sales tax than the mainland pays.

La Fonda located 8 blocks from the center of town offers a comida executiva from 2 to 4 p.m. at 85 pesos. Alcaravea also offers a comida executive at the same price. And while we are on the subject of Italian restaurants, let’s not forget, Romeo and Julieta, Rafalle’s, and the ever popular Salvatore’s. Reasonable prices at all these great establishments.

Prices in Walmart and Costco in Los Cabos are identical to the same establishments in Guadalajara. Again, factor in the difference in the tax and you will see that Los Cabos is less expensive.

We are fortunate in Los Cabos to have several major super market chains. And coming soon will be a giant Mega due to open shortly. These stores understand competition and by paying attention, a shopper is able to take advantage of the many “ofertas”.

We have excellent health care in Cabo as well. If you want to pay top dollar you are free to go to Amerimed but the locals use places like Hospital Reforma just behind the Plaza Sendero. A visit to a doctor there will run you 150 pesos. Try that in the U.S. There are many small hospitals such as Reforma throughout Los Cabos.

Before we leave Plaza Sendero be aware that it is a mall that offers real products to real people. This is not a tourist mall such as Puerto Paraiso. They offer a great food court there as well. Not a seat is available on a Sunday afternoon at this food court. Why? A good example would be a 75 peso Chinese meal from Hong Fat that easily serves three people. While you are there….you might want to catch a movie at the Cinepolis theatre. First run movies from the U.S., in English with subtitles in Spanish. If you are a senior you never pay more than 43 pesos no matter the day or time.

Some people have commented on our taxi service. We have to agree that the blue and green taxis tend to be highway robbers. But if you want to take a taxi out along the corridor, the trick is to take a blue or green taxi from downtown to Plaza Sendero where you can then take an Eco Taxi anywhere for a fraction of what the other taxis might quote you. Eco Taxis cannot pick you up downtown but they can drop you off there at the end of you trip.

At the end or your trip when you need to get to the airport…..you can always take a bus to the airport for 15 pesos. They do not deliver you right to the terminal but it is another option.

So do not tell us that Los Cabos in one of the most expensive cities in Mexico. We live here and we know better.

PEDREGAL LIVING

Nicholas Fong — Mon, 28 Jan 2013 14:26:00 GMT

To Live in Pedregal………

Pedregal de Cabo San Lucas is one of the premiere, private, residential communities in Cabo. It has grown steadily for over thirty years and it offers breathtaking views, cobblestone streets and all the modern amenities.

In Pedregal you can live in privacy and enjoy a casual lifestyle and, yet, be just a few minutes away from world class restaurants and sports facilities.

Investors have been attracted to the Pedregal for three decades. Besides buying a turnkey home, the area offers great building sites and the opportunity to choose a view of the marina and downtown Cabo or the Pacific Ocean and unending beaches.

From the beginning, superior quality and meticulous planning have been the watchwords of the region’s most prestigious development.

To protect the value of every residence and property within Pedregal de Cabo San Lucas, an architectural review committee approves all construction plans and ensures the uninterrupted beauty of views from adjacent lots.

For the best views in Los Cabos and the proximity to town…….you cannot beat Pedregal living.

OWNING AND LIVING IN A CONDO

Nicholas Fong — Tue, 22 Jan 2013 16:25:00 GMT

Is a condo the right home for you? There are many benefits in living in a condo that can make your life better and more enjoyable. . The best part about owning a condo is that your condominium sets you on the path to financial freedom... And so you ask….What is a condo?

A condominium is usually a housing unit or apartment in a multi-unit building in which each unit is individually owned, while common areas and the property in general are jointly owned by the residents and the owner of the building, or all of the residents together. Some people choose to purchase and live in a condominium because some condos are less expensive than a traditional single-family house. Additionally, many condos have added amenities and facilities.

Most condominiums have amenities you won’t find on a similarly priced single family residence. A typical condo has a pool, a work-out room, and party room. Typically all or some of the exterior maintenance and lawn care is provided by the condo association. These and many other luxuries are standard in a condominium community but are beyond the reach of those who reside in single family homes. In short, condo owners choose condo life because they love life and they don’t want to be bogged down with maintaining a lawn or cleaning gutters. They want to walk out the back door and enjoy a dip in the pool while the other guy is spending time writing checks to pay his utilities.

Although there are various types of condominiums, the most common legal arrangements involve individual ownership of each unit, with joint ownership of the communal or common areas by all of the residents in the building. You might be surprised to learn the variety of sizes found in condominiums. Condos range from studios and one bedroom apartment, to a four bedroom penthouse apartment. Even condominiums with the same number of bedrooms can have different floor plans and different numbers of bathrooms and half-baths.

While some condominiums are located in large multi-unit buildings, others may be detached from each other and be located in a gated or planned community. Some condominiums may be located in resort or vacation destinations like Los Cabos. Besides total cost of the property, you should also inquire as to the annual homeowner’s association costs. These fees are usually charged in order to pay for the upkeep and maintenance of the common areas. Owning a condominium can be one of the largest investments you make, so make sure that the one you choose can accommodate your specific needs. Purchasing a condominium can be a great way to buy a property in the location you really want with all the amenities you seek.

Mexico Ranks #4

Nicholas Fong — Thu, 17 Jan 2013 02:54:00 GMT

Among the top retirement spots in the world this year, you’ll find great variety in the cultural offerings, climates and lifestyles. Each destination is desirable in its own way, but they all offer something increasingly hard to come by at home: A good quality of life for a reasonable price. This year, International Living.com ranks Mexico as #4.

4. Mexico: Culture and Convenience

By Glynna Prentice

“You don’t have to look far to find fascinating cultural traditions here,” says expat Deborah Mackay about Mexico, her new home. “Music, dancing, all kinds of colorful exhibitions are a regular part of life. And the cherry on the cake is that they’re usually free!”

Mexico’s colorful, vibrant culture does rank high with expats who live here…but it is just the cherry—and the icing—on a very rich cake. For expats, Mexico is an easy, convenient choice…a largely First-World country, at bargain prices, right on their doorstep. No wonder a million or more expats make Mexico their home.

Today’s Mexico offers modern highways and airports, cable and satellite TV, Internet, and other goodies expats enjoy at home. Want a big U.S.-style washer and dryer or a monster refrigerator?

No problem in Mexico —you’ll even find familiar brands. Yet the overall cost of living can be as little as half what you’d pay in the U.S. or Canada.

Health care, too, is good to excellent. (So good, in fact, that many Mexican hospitals do a thriving business in medical tourism.) Across the board, health care—including doctor’s visits, hospital stays, lab tests, and devices—costs a quarter to a half of what you’d pay in the U.S. That’s assuming, of course, that you even pay out of pocket. If you hold a valid residence visa, you can sign up for Mexico’s national health-care system—which has a top cost of about $300 a year. As far as housing goes, Mexico, much like the U.S. has a variety of price ranges. One of the prime spots to retire due to weather and proximity to the U.S. is Los Cabos. While Los Cabos is noted for its rich and famous reputation.....and indeed, you might rub shoulders with celebrities any day of the week......Los Cabos has real estate opetionf for most anyone. Los cabos Agent, in particular, has many listings under 500K. In fact one of our recent newsletters featured eight properties under 200K.

See our newsletter referenced above .....Click Here

Getting To Los Cabos

Nicholas Fong — Sat, 05 Jan 2013 21:12:00 GMT

GETTING TO LOS CABOS

When looking to buy property in Los Cabos, one of the main considerations is how to get there the fastest and by the most efficient means.

Airlines are the by far the fastest way to reach Cabo San Lucas.

When booking your flight your arrival destination will be the Los Cabos International Airport located 8 miles north of San Jose del Cabo and 29 miles northeast of Cabo San Lucas (airport code SJD).

Arriving airlines in Cabo provide year round or seasonal flights depending on your departing location.

Top of Form

Spirit Airlines began flying daily between San Diego and Los Cabos, Mexico, on Nov. 8, 2012

The flight departs Lindbergh Field at 10:10 a.m. and arrive at 1:15 p.m., local time. The return flight leaves Los Cabos at 2:15 p.m. and get into San Diego at 3:15 p.m.

A new direct flight from Denver to Los Cabos via Southwest will begin on March 10, 2013.

The airport at Los Cabos serves both Cabo San Lucas and San Jose del Cabo.

The flight is one of several new international routes from Lindbergh Field, which used to have very little service to foreign countries.

Other airlines serving Los Cabos are: Aeromexico, Air Canada, Alaska, Continental, Delta, Frontier ,Interjet, United, U.S. Airways, and Volaris.

There are also direct flights from Canada through West Jet out of Calgary, Edmonton, and Vancouver. It is also worth noting that there is a small regional airport right outside of Cabo San Lucas. Aerocalafia and Aeropacifico that operate a few regional flights to Baja and surrounding cities.

Good luck booking your airline and happy house hunting!.

Cabo Real Estate - 2012 in Review

Nick Fong — Thu, 03 Jan 2013 20:58:00 GMT

It has been an interesting year 2012 in the Cabo Real Estate market. We have seen more units sold this year compared to 2011 (469 to 440) but a decrease in total sales volume ($175M in 2012 compared to $225M in 2011). We have a median and mean price per unit decrease from 2011 to 2012 also ($256k to $208k and $512k to $373k respectively). Of the sold units in 2012, owners have been on average been able to capture 87% of their list price. With our current inventory at 2,445 units or $1.9 Billion we have about 6 years of inventory on the market. 515 units are in pending status and awaiting to be closed this year 2013. There were 1469 units that came to the market in 2012 or approximately $1.1Billion in inventory.

So what does this all mean? Well I think it is important to see we had more units sell this year but that our average and median sales prices have fallen which makes sense and gives reason to the increase in # of units selling in 2012 compared to 2011. I am seeing a lot of the lower priced inventory being cleared out and making room for a year 2013 of a possible increase in average and median sales prices. It still looks that the sales volume will increase this year and what that means for Buyers is that the time window to purchase at our low prices is closing and for sellers that have held out on selling it might be a great time to consider selling.

Of course, there are always the estate sales, divorce sales, foreclosures and short sale opportunities and it is our goal at Los Cabos Agent to bring those opportunities to you each and every week. Here is to a Glorious Year!

Resolutions and Reservations

Nicholas Fong — Wed, 26 Dec 2012 15:12:00 GMT

Your New Year’s Resolutions and Reservations.

At this time of year, we all are thinking about making New Year’s Resolutions. But before we make resolutions for 2013, let’s see the 2012 out in style. Although there are many places to enjoy New Year’s Eve in Cabo, here are a few recommendations.

Baja Cantina on Medano Beach 143 1591

Email: sales@bajacantina.com.mx

http://www.bajacantina.com.mx/beach-contact.html

Hacienda Beach Club Cocina y Cantina 624 163 3144 local, 415-259-4170 from U.S.

Email: information@haciendacocina.com

http://haciendacocina.com/contact

Nikki Beach 624 145 7800

Email: reservations.cabo@nikkibeach.com

http://www.nikkibeachcabo.com/

Casa Dorada 624 163 5700

Email: Alfonso.bravo@casadorada.com

http://www.casadorada.com

Wherever you choose to celebrate, have a spectacular but safe New Year’s Eve. Looking forward to seeing you in the 2013.