House vs condo vs fractional ownership
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Im interested in living in PV three or four months out of the year. I would like to have an ocean view or be close to the water and dont really care where in the bay. Can anybody tell me the best way to go about this? House vs condo vs fractional ownership.
- palapa_gal
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House vs condo vs fractional ownership
I just send you a pm.
Billybob:
My husband and I asked ourselves that same question and ended up buying a little condo 3 years ago. For us it was the best answer. It gives us a firm tie to the place and has escalated in price at least $40,000.00 now. The transaction was very smooth, owing in large part to our sales person, who is originally from Seattle and very professional, and we have been able to pay for the monthly condo fees by renting it out when we can't be there. As in Canada or the States, renting is the only and best option for some people but, when all is said and done, you have nothing to show for it.
My husband and I asked ourselves that same question and ended up buying a little condo 3 years ago. For us it was the best answer. It gives us a firm tie to the place and has escalated in price at least $40,000.00 now. The transaction was very smooth, owing in large part to our sales person, who is originally from Seattle and very professional, and we have been able to pay for the monthly condo fees by renting it out when we can't be there. As in Canada or the States, renting is the only and best option for some people but, when all is said and done, you have nothing to show for it.
We have it listed with a rental agent but they have only ever found us 1 rental. I have found all of the others or they have found me through word of mouth. It really hasn't been too difficult, although it's not rented alot, just enough to make it pay for itself. We keep the rates down, US$50.00 - $60.00 depending on the season. I am convinced that the one thing that makes people rent overall is finding a place that makes it easy. There is so much available out there and the vast majority are probably more luxurious, etc., but it gets so confusing trying to zero in on one. So when someone finds a place through word of mouth, they may take it if it is smooth and easy to do so, and now we have some repeat renters that we can probably count on for the future.billybob wrote:Ellen: Do you use a property manager for renting or do you handle that your selves?
Fractional Ownership
My wife and I have been coming to PV for 11 years. We just went for fractional ownership in the Nuevo area. Looks like a great progam. Any feedback?
I think you will be better off finding a rental property that you like and try to book it every year. It avoids the aggravation and risk of trying to rent your property. If you want to speculate in real estate ownership, try a real estate income trust. They are liquid and have no management issues.
If you are going to be there for more than three months each year, then maybe ownership would make more sense. We know people that own, people with timeshare and people that use multiple AI trips. They all have their advantages...
If you are going to be there for more than three months each year, then maybe ownership would make more sense. We know people that own, people with timeshare and people that use multiple AI trips. They all have their advantages...
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I know prices are going up but what is the average house price verses a conco price? Also what is the best area to look?ellen wrote:Billybob:
My husband and I asked ourselves that same question and ended up buying a little condo 3 years ago. For us it was the best answer. It gives us a firm tie to the place and has escalated in price at least $40,000.00 now. The transaction was very smooth, owing in large part to our sales person, who is originally from Seattle and very professional, and we have been able to pay for the monthly condo fees by renting it out when we can't be there. As in Canada or the States, renting is the only and best option for some people but, when all is said and done, you have nothing to show for it.
A friend bought a sub-penthouse in the Horizon condo at a preconstruction price of $335k and he has been told that it is worth $550k now that he has moved in (2 years later).jimbobsonly wrote:... I know prices are going up but what is the average house price verses a conco price? Also what is the best area to look?
OTOH rentals are very cheap relative to the current property values. I agree that real estate speculation and what you live should be separate if possible. Unless the capital cost is insignificant to you. Also do not be misled by list prices. Some PV properties are listed purely for speculative purposes and their asking prices are always above market by 20% in case some silly gringo buys with her heart.
I know one new condo development that had a solid business case selling their basic bachelor very inexpensively but when they published the sales brochure 6 months later, they increased the asking price by 40%. No matter how you plan to use it, paying a premium of 40% makes it a poor investment...
House vs. Condo prices can be deceiving, I think.
My wife and I looked at a few condos before we purchased a house but we were limited in condo availability because we have quite a few cats and many of the HOAs had a strict limit on pets.
We opted for a small (80+ square meter) older house in Col. Aramara. It is in a very Mexican neighborhood but within 2 miles of the beach. We paid in the low $60's but it needed an immediate $30K renovation to be livable.
I personally think you get "more for your money" with a house but, then again, you don'e get some of the other ammenities like a pool, etc.
My wife and I looked at a few condos before we purchased a house but we were limited in condo availability because we have quite a few cats and many of the HOAs had a strict limit on pets.
We opted for a small (80+ square meter) older house in Col. Aramara. It is in a very Mexican neighborhood but within 2 miles of the beach. We paid in the low $60's but it needed an immediate $30K renovation to be livable.
I personally think you get "more for your money" with a house but, then again, you don'e get some of the other ammenities like a pool, etc.
I don't know if there is a "best" area to look. There are so many different neighbourhoods and such a variety of choices that it makes your question unanswerable. I know you can find really beautiful condos in all price ranges but if you can pay upwards of $150,000.00 you have a smorgasbord from which to choose. Then again you can find houses for much less than that with a little help from a good real estate agent.jimbobsonly wrote:I know prices are going up but what is the average house price verses a conco price? Also what is the best area to look?ellen wrote:Billybob:
My husband and I asked ourselves that same question and ended up buying a little condo 3 years ago. For us it was the best answer. It gives us a firm tie to the place and has escalated in price at least $40,000.00 now. The transaction was very smooth, owing in large part to our sales person, who is originally from Seattle and very professional, and we have been able to pay for the monthly condo fees by renting it out when we can't be there. As in Canada or the States, renting is the only and best option for some people but, when all is said and done, you have nothing to show for it.
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can you send me the name of your Realtor from Seattle in helping us find a condo to buy, thanksellen wrote:Billybob:
My husband and I asked ourselves that same question and ended up buying a little condo 3 years ago. For us it was the best answer. It gives us a firm tie to the place and has escalated in price at least $40,000.00 now. The transaction was very smooth, owing in large part to our sales person, who is originally from Seattle and very professional, and we have been able to pay for the monthly condo fees by renting it out when we can't be there. As in Canada or the States, renting is the only and best option for some people but, when all is said and done, you have nothing to show for it.
I'm sorry to take so long to answer. I haven't been checking on the board for awhile. His name is Mike Green, he's with Tropicasa Realty. His email address is michael@tropicasa.com.jimbobsonly wrote:can you send me the name of your Realtor from Seattle in helping us find a condo to buy, thanksellen wrote:Billybob:
My husband and I asked ourselves that same question and ended up buying a little condo 3 years ago. For us it was the best answer. It gives us a firm tie to the place and has escalated in price at least $40,000.00 now. The transaction was very smooth, owing in large part to our sales person, who is originally from Seattle and very professional, and we have been able to pay for the monthly condo fees by renting it out when we can't be there. As in Canada or the States, renting is the only and best option for some people but, when all is said and done, you have nothing to show for it.
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Want to buy can you help us with alot of questions? would really appreciate it us old folks love Pv and want to buy there and spend 3 months a year to start and maybe rent it out but our budget is really small, thanks please replyjimbobsonly wrote:can you send me the name of your Realtor from Seattle in helping us find a condo to buy, thanksellen wrote:Billybob:
My husband and I asked ourselves that same question and ended up buying a little condo 3 years ago. For us it was the best answer. It gives us a firm tie to the place and has escalated in price at least $40,000.00 now. The transaction was very smooth, owing in large part to our sales person, who is originally from Seattle and very professional, and we have been able to pay for the monthly condo fees by renting it out when we can't be there. As in Canada or the States, renting is the only and best option for some people but, when all is said and done, you have nothing to show for it.
- lyrihn
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Depending on how involved you want to get here there i another option as well. I came down and purchased raw land (but close to utlities etc). My philosophy was to buy in an up and coming area (north bay) and to buy a piece of land that was much larger than my needs.
Then in a couple years i could sell off half the land and make enough on the sale to pay for building my dream home. I know it sounds ambitios but prices move very quckly when new areas open up.
Raw land prices can increase in value 10 fold and i have never seen them decrease (have seen many people pay too much however - so you need to do homework).
Also I have noticed that pre-sales on gated communties tend to seriously appreciate in the first 2 years. I wish i bought in punta esmeralda when they stated building - its now about sold out and the price have doubled in 18 months.
Just make sure the developer is reliable -- you dont want a belly up situation.
I always like to buy rather than rent even if its not exactly what i want i look for a good investment. Bur if you want to come done with no worries and no rsponsibilities then renting is the best option.
Good luck
jeff
Then in a couple years i could sell off half the land and make enough on the sale to pay for building my dream home. I know it sounds ambitios but prices move very quckly when new areas open up.
Raw land prices can increase in value 10 fold and i have never seen them decrease (have seen many people pay too much however - so you need to do homework).
Also I have noticed that pre-sales on gated communties tend to seriously appreciate in the first 2 years. I wish i bought in punta esmeralda when they stated building - its now about sold out and the price have doubled in 18 months.
Just make sure the developer is reliable -- you dont want a belly up situation.
I always like to buy rather than rent even if its not exactly what i want i look for a good investment. Bur if you want to come done with no worries and no rsponsibilities then renting is the best option.
Good luck
jeff
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Re: Fractional Ownership
we just bought a fractional ownership I still call it a timeshare, anyway it is in Nuevo also, at the Flamingo. My husband's idea, we bought 6 weeks winter time. The weekly maintenance (maid service) is awful but he says it will all turn out great with the rental program when we are not there. Please write to me and tell me about your place. We will be there hopefully late Nov. for 2 weeks.kuhlkent wrote:My wife and I have been coming to PV for 11 years. We just went for fractional ownership in the Nuevo area. Looks like a great progam. Any feedback?
- winterpegman
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