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How is the Cabo San Lucas Real Estate Market?

This is a common question I am getting from Americans and Canadians alike amidst the mortgage and real estate market meltdown happening in much of the United States.  Right now among my peers I am hearing that many agents are slow with very little activity and this might be because in the last 5 years there has been probably 3x more people entering into the real estate sales market here in Cabo.  With over 500 agents and just a little over 1,000 units for sale it makes it very difficult for all the real estate agents to make a good living down here.  So even if the market was hot there wouldn't be enough inventory to sell given the number of agents selling real estate here in Cabo. 

 With this being said, I am hearing and experiencing personally more activity on the High End Market which is over $1Million USD.  This makes sense too since the market swings of the US economy typically affect the more affluent less than the lower to middle class.  The slowdown in the Cabo Market has been more in the 300 - 750k price range.  Although units are still selling in this price range they are selling slower than before.  Taking all this into account, we still haven't seen prices fall in Cabo Real Estate.  There are very few properties that are experiencing price reductions in fact there are still properties and projects that are going through price increases.  Now I will be the first to admit that Developers a lot of times are the last ones to realize or admit that the market is slowing, but at least at this point there is not the frenzy that is going on in the States. 

I feel very confident in the long term outlook in the Cabo Real Estate market and so much so that I, myself, own a few properties here on the Corridor and in Pedregal. As a real estate investor and agent I hope to continue to bring you candid accounts and advice.  Bye for now.

Posted: Monday, April 7, 2008 5:16 PM by Nick Fong

Comments

Ron Richmeier said:

Now that 8 months have passed since the original articled posted. I am curious to hear if anything has changed?

# December 22, 2008 10:32 AM

Nick Fong said:

Ron, Things have slowed down more than 8 months ago and there are some great buys.  Sellers are reducing prices but not all as many sellers still are remaining stubborn and financially speaking CAN.  I have found though that if a Buyer is really diligent a great deal can be had like a client of mine recently buying a 3bed/3ba penthouse condo for 255k with a garage and Truck included!  

# January 7, 2009 2:43 PM
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