BY CONNIE BEZEREDI
I clearly remember when the 2006 boom started in Los Cabos and properties were in extremely high demand. Then the lights went out in 2008, the market crashed. We had the H1N1 Flu of 2009 and 2010. What a whirlwind that all was.
When COVID-19 struck at the beginning of 2020 I was unsure about how it would affect Real Estate. I watched the world shut down, and at Easter 2020, Los Cabos began to shut down too. I spent much of my downtime marketing, working a pathway that clients could follow back to Mexico when they could travel in the future. Surprisingly, I had the busiest “slow” season I have ever experienced, that momentum carried right through the winter 2020/2021 season.
COVID-19 changed people’s lifestyles, and who wouldn’t rather be sitting in sunny Baja on a quiet beach distanced from others, or working online from your ocean-view Villa rather than watching the snow fly at home. I am now in the second Real Estate boom of my career. The phone does not stop, showing requests in abundance, multiple offers to deal with. Some clients traveling to Mexico to purchase and others buying online from home through video presentations.
When will this boom end? Without the all-knowing crystal ball, it’s hard to say. A number of factors could come into play. Inventory is dwindling and everything is selling. Will the curve flatten when there isn’t much on the market that is move-in ready? Construction is at an all-time high with new projects, new communities. Perhaps we will follow in some of the 2006 footsteps. Buyers are Googling more than ever “Why is the market so hot?” “When will the market crash?” As the vaccine rolls out around the world, those who were not comfortable traveling, eventually will be traveling again. Travel restrictions slowly lifting, and at that point, at least I expect that there will be a travel boom. Mexico is in the top 3 visited countries in the world now.
I received a call the other day from Japan. It was 1 AM there and 9 AM my time. This client stayed up to place a phone call at a reasonable time to speak to me, to be able to enquire about the rental and Real Estate market in Mexico. A place she determined she would be able to meet up with mum and sis and open a business. A place in the sunshine, to see family she has not met up with for over a year. As Los Cabos rolls out its vaccination plan all are welcomed to join in the line-up to get the COVID-19 jab. For now, I am rolling along with the Real Estate market at its very fast pace, selling a lot of properties, which is what I love to do.
To contact Connie at Engel and Volkers Snell Real Estate, email: [email protected]