La Paz, the capital city of Baja California Sur, is a quiet, beautiful and wonderful area to live part or full time. For a very long time ago a lot of people, from all over the world, mainly from the US and Canada have come to enjoy the high quality lifestyle that La Paz can offer. In the last few years, we received as well an important Mexican immigration coming from big cities such as Monterey, Guadalajara or Mexico City. All these people are used to living in high buildings that provide comfort, amenities and security…La Paz was not prepared for this “new” way of vertical lifestyle!
Visionary investors realized that this empty niche in the real estate market here, and despite the rejection from the native residents that are used to having big backyards, started new developments as vertical condominium buildings…and their developments have been a boom!
Most of these buildings have stunning views of the Sea of Cortez, the mountains and the city lights. They feature common areas with swimming pools, Jacuzzis, barbecues, gyms, firepits, parking, elevators and security, among other amenities, that are worry free for the homeowners. Maintenance of all these amenities are taken care of by an association and administrator designed by the homeowners, and each homeowner pays a fee for these services. All these characteristics, plus the feeling of belonging to a community, make this attractive to every person (foreign or local) to invest their capital.
Most of these condominiums become income generating properties for their owners, as the rental movement (long term or either vacation) is rising with no stop in sight. New technology allows the management of these rentals easily through the internet, without the need of being present in La Paz. In parallel, property management companies started to offer services for check in and check out, cleaning of the units and solving all the problems that could appear during the stay of the renters.
At the same time, politicians started to understand that the vertical cities are the sustainable response to urban growth, as they allow a better use of space and resources. The increment in the population demands for housing and infrastructure for services and their mobility, and this model maximizes the profitability from the land.
Future developments must to consider the intense and growing commercial activity and put an eye on the combination of mixed-use projects of real estate among investors. Mixed vertical developments must be accompanied by urban infrastructure, such as common areas and parks, in conjunction with this concept. Above all, a regulative framework and social programs are needed, ranging from building regulations and civil protection laws, to the safety and rules of coexistence in a condominium.
In a few years, building in La Paz will become more and more popular, to the point that now it is one of the most important monetary flows within the real estate industry in Baja. Beginning with the sale of the land to the developers, marketing, pre-sale, sale and then re-sales of the units, as well as rentals and property management, the business is endless derived from condo development.
Real estate agencies can advise investors, buyers and sellers with accurate information of the market, we receive the inquires of the consumers and we know what people are looking for, what prices are on the market, what areas are most valuable and will have more appreciation. We always recommend you to work with an MLS BCS professional real estate agent that can walk you through this important decision in your life; from the beginning until the end of the process.
By Milena Mercuri, Comercial Manager, Global Real Estate, La Paz. Contact her at 612-117-1413, or email her at firstname.lastname@example.org. She can assist you with your Real Estate needs in La Paz.