In this render from the developer, you can see the plan for the infinity pool and sundeck with amazing panoramic view.
Hello Owner,
This is Janaina Simon, International Real Estate Advisor with Smart Money Homes with your August 2023 update.
This is the latest update on the construction of your new condo and the development of the Cabo Costa community.
As you’ll see the developer has achieved some important milestones, and your condo continues to increase in value.
There are also some important updates about the booming Los Cabos real estate market to share, as well as record-setting tourism. Plus, Cabo was recently honored for its stunning beaches, many of which are close to Cabo Costa.
Cabo Costa Sees Value Increase
In this render, which should not be considered final, you can see the developers vision for one a pool at Cabo Costa.
First, I wanted to share with you some information on current retail pricing in Cabo Costa. Owners, including you, continue to see significant increases in value with their condos.
Here are some examples of current retail pricing from the developer on the few remaining condos from the RETA launch:
• Second-floor mezzanine condos that were available for the RETA-only $188,200 now list from $315,000 to $330,000. That’s an uplift of as much as $141,800.
• Third-floor mezzanine condos that were available for the RETA-only price of $197,300 are listed for $360,000 to $380,000. That’s an increase of as much as $182,700.
• And while there are no penthouses remaining, the last one sold for $425,000—the RETA price was $249,000. That’s a boost of $176,000.
Congratulations on getting in on this deal when you did!
Cabo Costa Real Estate Market Insights
Image Source: iStock. Lands End, where the Sea of Cortez meets the mighty Pacific…a fisherman’s paradise.
The Cabo real estate market continues to boom, although sales volume in the second quarter of 2023 has decreased slightly—by 2%—compared to the first quarter. However, sales of condos specifically have increased by 5% in the same period, with most sales at prices from $300,000 to $500,000.
Pre-construction sales represent more than half of properties sold, or 43% of the dollar volume, as well as more than half of the listings on the Cabo MLS. A lot of new inventory is coming on-stream.
The median sales price in Q2 2023 for all residential properties is $480,000, which is 7.9% higher than Q1 2023. The average sales price is $918,553. That’s 0.4% higher than Q1 2023.
In all, there are only 740 condos on the Cabo MLS, showing how demand has restricted supply in this area that continues to grow in popularity, especially with North American buyers. However, thanks to the so-called super-peso and favorable exchange rate, we are also seeing more Mexican buyers from other parts of the country enter the market as well.
To see evidence of this booming market, you only have to look around Cabo Costa, in other communities in the popular El Tezal neighborhood, which has become an epicenter of new development thanks to its convenient location close to shopping, beaches, entertainment, dining, and the Cabo San Lucas marina—and downtown San Jose del Cabo…as well as tremendous views of the Sea of Cortez.
Thriving Neighborhoods and Surroundings
Take the Tramonti community, which is across the road and down the hill from Cabo Costa. Two-bedroom, ocean-view condos there, albeit larger than Cabo Costa, are going for $455,000 to $490,000.
In Cuatrovientos, a similar two-bed, ocean-view condo to what RETA members could buy in Cabo Costa is listed at $525,000.
Cabo Costa Developers Construction Update
Several of the buildings have reached an advanced stage of construction
Here’s the latest update on construction of Cabo Costa from Pablo Hamdan, with the developer, Carpenti:
“It is my pleasure to present to you this update on construction in Cabo Costa.
“In several of the condo buildings we have reached an advanced stage of construction, including completion of slabs and masonry work up to the third and fourth levels. In other buildings we are up to the second level. In several of the buildings, we have started work on installing electrical and water lines, as well as stairwells.
“As far as the community amenities are concerned, we have laid the foundation for all the inside and outside areas of the clubhouse. We have built the retaining wall for the infinity pool.
For the bar area and co-working space, we have finished the support columns, as well as masonry. In the bathroom and gym area, we have finished the support columns and will start on the masonry next.
“For the electrical, water, and sewer infrastructure for the community, as well as the internal street system, we plan to start work in two weeks after receiving the required materials. “You are very welcome to visit the site of Cabo Costa to see the construction progress yourself.
“Thanks for your trust and support.”
Best regards,
Pablo Hamdan
Carpenti
Tourism Records and Cabo’s Popularity
Image Source: iStock. Cabo is the third-most visited destination in Mexico, great news for the rental potential of your condo.
Cabo is officially the third most-visited destination in Mexico—after Cancún and Mexico City, according to the Baja California Sur government. It’s no surprise. There were 3.5 million visitors here in 2022, the most ever. And tourism officials predict that 2023 will break that record. And, with 20% more visitors in the first quarter of 2023 compared to the same period in 2022, it looks to be on its way.
And Airbnb recently named Cabo as one of the most hospitable—and sought after—coastal destinations in Mexico. This is based on the number of five-star ratings left by guests for vacation rentals in the area. There were only nine beach cities in Mexico on the list.
Buzz on Airbnb like this can only help when it comes time to put your condo in Cabo Costa up on the site and start attracting guests—who are coming in record numbers.
Cabo is Transforming Into a High-End Destination
Cabo is one of the hottest luxury destinations in the world
Cabo is developing very differently as a tourist destination than its fellow beach community, Cancún.
It is becoming more high-end and luxury, with resorts by the likes of Nobu, St. Regis, and the Four Seasons moving in, not to mention restaurants run by celebrity chefs and 18 golf courses designed by the likes of Jack Nicklaus and Tiger Woods.
Cabo has recently become the most expensive destination in terms of accommodation. The average per night cost for a hotel room is $500, which is well above the $289 average in Mexico as a whole.
This is great news for renting your condo as well. It means people are ready to spend money on accommodation…and will pay top dollar for a luxury sea view condo with top-notch amenities conveniently located close to all the fun the area has to offer.
Cabo is a Top Wellness Destination
Tourists are arriving at Cabo to rest and recover in style.
Cabo was also recently recognized as one of the world’s top destinations for wellness. Specifically, the Sound Healing Los Cabos center was given a Spa & Wellness Award by the 2023 Travel & Hospitality Awards program. The award is based on the quality of center’s facilities, as well as client reviews.
Of course, this is only one place where visitors can experience wellness. There is no shortage of outdoor activities, spas, fitness centers, yoga, and more on offer—many of which are close to Cabo Costa.
And the accolades keep coming in for Cabo…
Award-Winning Beaches in Cabo
It’s beautiful beaches like this which are the reason Cabo has won so many awards.
There are any number of stunning beaches close to Cabo Costa, among the 17 Blue Flag beaches in the region. I consider them some of the most beautiful in the world—and I’m not the only one.
For the third year in a row, Los Cabos was voted as having the best beaches in North America, rated on cleanliness, water quality, safety, and other environmental standards by the Foundation for Environmental Education.
Not only that, but two beaches in Cabo were also ranked as the best in Mexico, according to a recent TripAdvisor survey. They include Medano Beach (which is good for spending the day at a beach club or having lunch) and El Chileno (which is excellent for swimming and snorkeling).
