First Look at New Malecon and More!
Monday, February 25th, 2008Hola from Costa Maya,
The economy in Costa Maya, and especially in Mahahual is gaining momentum thanks to much new construction. You can feel the excitement building as some of the more major projects are coming together. Here are a couple of photos taken today which give you a first look at what the finished malecon will look like. What is really nice is that there appears to be uplights in the ground every few meters which will illuminate the new palms from underneath. You can imagine how nice this will look at night. 
It is easy to be optimistic about purchasing property in Costa Maya now, however at the same time most Buyers from the US and Canada are cautious about purchasing anything in a foreign country. They have reason to be. Here is one example. There are many new “realtors” in Costa Maya…especially after the hurricane. Many are offering discounted commissions to Sellers for their services (as they should). There is no special permit or license needed in order to sell property. A client came down to look at property about a year ago and I worked with them to find the best deal on a lot. Clients who I have worked with will tell you that they are encouraged to look around at all the properties in the area, not just ours. This client found a property and paid a very good price for it through another real estate company. Just a couple of months ago, things changed in their lives and they needed to sell the property so they asked us to list it. We always check titles and documents before we list anything and there is an expense to this. (Here is a hint…if you see signs on properties everywhere in any location of Costa Maya, it is very likely that no legal check of titles has been made on each and every one of these properties). Anyway, as soon as we started checking, we found not one but two other people who also have documents saying they own the same property. What a nightmare for anyone. It should never happen. I cannot list this property now and although I am helping them sort it out, it will be a difficult situation for months to come. Out of ten people who ask us to list properties, we turn down six. So…how can you tell the good real estate companies (and there are) from the bad? Nothing in this world is risk free, but we do everything possible to minimize the risk of buying here. · We check not only tax receipts but also titles and other documents before listing any property. Costa Maya Living has never sold any property that has a problem with its title.
· We only use attorneys and Notarios from either Merida or Cancun who have a track record as honest and reliable. Them not being from this area is to ensure that there is no vested interest here so that the transfer of title is critically reviewed and legitimate. All the attorneys we use speak English as well as Spanish and have excellent administrative processes.
· Every property we list is able to have title insurance from a US company.
· We have an escrow account in the US. Buyer’s deposits remain there safely until after the transfer of property has been made.
· This is not a part-time job for me. There are hardly enough hours in each day to do all the things well that must be done.
· I have lived here for more than two years and plan to be here for the rest of my life. I own properties here and am extremely active in the community and serve as the local representative for Costa Maya of the US Consulate. I was asked to take this position and am learning as I go, but it was a big honor. As you could guess, I am made aware of people and companies who try to take advantage of American citizens.
· We have a long list (actually every client I have) of satisfied customers. We don’t put them on the website because to me, it is like putting references on a resume. If you list someone you are pretty sure they would give you a good recommendation. Same thing for testimonials on a website. A much better thing to do is to ask around anywhere in Costa Maya about me or anyone selling real estate.
