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by Ron Scott
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nd the increased interest in Baja real estate is that Mexican law now allows foreigners to own coastal property. "Up until the mid-1990’s, foreigners were not allowed to own coastal property but the creation trust agreements has eliminated that problem," Garcia says.
The third factor affecting increased development, according to Garcia, has to do with housing costs. "Housing is incredibly affordable in San Felipe even when it comes to the purchase of a new home largely because construction costs are half those in the States.
“Then there is the cost of living which is easily a third of what it costs to live in just about any American city. A retired couple living on a $1,000 Social Security income can live a life of luxury here. Taxes are extremely low, fresh seafood is abundant and inexpensive, medical services and medications are a third of what they are back home,” Garcia says.
Eric also points to growing speculation - an increased awareness that the northeastern Baja coast line may very well prove to be on the verge of a prolonged land rush much like that which took place in Cabo San Lucas several years ago. "The demand for real estate in Cabo San Lucas is still high, but sales have slowed considerably because the prices there have sky rocketed," he says. "That isn’t the case for San Felipe real estate, as least not yet," he added.
For those unfamiliar with the area, San Felipe is located in Baja California, just a four hour driving distance southeast of San Diego, an hour more from Tucson. A quiet fishing village with a population of 28,000, it is rapidly becoming one of the preferred destinations for American and Canadian vacationers and retirees looking for a lay back, stress free lifestyle. "Right now about 50% of the resident population comes from the U.S. and Canada," Garcia says. "Our projections indicate that that percentage will probably double in the next five years."
Twenty years ago a boom in Baja |
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