Hello Owner,
This is Janaina Simon, International Real Estate Advisor with Smart Money Homes. This is your second update on the development and construction of your new condo in Cabo Costa. It’s my goal to keep you fully informed about the status of the community and important news from Los Cabos.
As I told you last time, this just continues the run of good news for Cabo Costa owners. Back in July 2022, a condo that had the RETA-only price of $249,000 at launch in August 2021 was sold for $425,000, which is a boost of $176,000.
DEVELOPER CONSTRUCTION UPDATE
Cabo Costa owners have seen huge increases in value with their condos since the launch of this deal in August 2021.
First, I wanted to share this exciting news about the significant uplift in value Cabo Costa owners, including you, have already seen with their condos.
Currently, the mezzanine condos that were available for a RETA-only $188,200 now retail starting from $299,000.
Los Cabos Blue Flag Beaches are Some of the Best in North America
Cabo is uniquely beautiful. Beaches like this are just a few minutes’ drive from Cabo Costa.
One of 22 Blue Flag beaches in Los Cabos, which was recently voted for the third year in a row as having some of the beach beaches in North America. This one is just a few minutes’ drive from Cabo Costa.
Congratulations on taking action on this deal when you did!
As you’ll see in just a moment, you’ll find nothing comparable to this community in Cabo today in terms of location, amenities, access, and views available anywhere near the RETA-only price.
Construction at Cabo Costa Continues to Progress
As you can see from these latest photos from the construction site, Cabo Costa is really taking shape.
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 second update on construction in Cabo Costa. We are working on the second and even third levels of several of the condo buildings. We have also initiated work on the interior finishings in some of the structures. This work is being done in stages, so in some of the condo buildings work has just started on the foundations, parking garage, and first level.
We have also started work on the Club House, which will host the main amenity area with the infinity pool, bar area, gym, and concierge. So far, we have finished the water treatment plant and have started with the foundation for the bar area, gym, and bathrooms. In conclusion, construction, which began in November 2021, is still on schedule and within budget.
It would be our pleasure to have you visit us at the site of Cabo Costa. You are always welcome.
Please be sure to schedule your visit through Janaina Simon and the team at Smart Money Homes.
Thanks for your trust and support.
Best regards,
Pablo Hamdan
Carpenti
The Cabo Real Estate Market is One of the Hottest in Mexico
The Cabo real estate market is booming.
There’s no other way to say it… The Cabo real estate market is booming. As this area continues to grow in popularity, especially with North American buyers, home prices increased by 14.2% in 2022. That’s the second highest rate of growth in Mexico, behind the Riviera Maya.
On top of that, the average home price in Cabo is around $305,800, which is four times the national average. And… the average price of homes sold in Cabo MLS (Multiple Listing Service) year to date is about $760,000.
We can see evidence of these surging around the desirable El Tezal neighborhood where Cabo Costa is located. Take this listing from the OR Cabo community:
And then there are listings for two-bed condos in Tramonti Los Cabos, just down the hill from Cabo Costa, for $415,000, and Tramonti Paradiso, which is a bit further east, and has pre-construction prices of up to $434,196 for condos like those in Cabo Costa:
Investment From North America Driving the Price of Cabo Real Estate Higher
This render shows the planned terrace for Cabo Costa. Amenities like this will help Cabo Costa stand out.
As I said, the Cabo real estate market is on a real run right now, with local industry folks citing the large numbers of foreigners, especially from the U.S. and Canada, who are buying properties. This has boosted prices of real estate for sale, of course, as supply can’t keep up with demand. But we are also seeing record-high rental rates.
With current rental prices and record-setting visitor numbers (more on this in just a moment), conditions are already set for this level of rental income. You should know that, as a well-established tourism destination with an active vacation rental market, there are plenty of property managers able to handle marketing your condo, bookings, maintenance, and the like.
So, you can be as hands-on or -off with your rental as you want to once you take possession. With your condo, you also have the option of seeking long-term tenants. And with Cabo’s exploding popularity with remote workers, snowbirds, and expats (many of whom are not ready to buy yet), you can charge top dollar.
The prediction for Cabo Costa was $2,200 a month when Cabo Costa launched in 2021.
But right now, the going rate is well above that in luxury communities like Cabo Costa. People are happy to pay it as it’s often cheaper than “back home” in the U.S. or Canada.
And certainly, with better weather and better amenities—not to mention views. They’re happy to pay for the Cabo lifestyle!
With planned amenities like these, not to mention the ideal location for all the dining, entertainment, and other fun in the sun Cabo has to offer, potential renters will be knocking down your door to stay in Cabo Costa.
Cabo Posts Record Tourism Numbers For 2022
The stunning beaches, like this one, bring millions of tourists to Cabo.
Los Cabos ended 2022 having received the most visitors ever in its history: 3.5 million. And tourism officials expect 2023 to be another record-breaking year.
To accommodate all those new arrivals, the hospitality industry is ramping up too. Several new resorts are scheduled to open this year, including the Four Seasons, Casa Velas, Vidanta, St. Regis, Hyatt, Gran Solmar, and others. Hotel occupancy averaged 71% for Cabo in 2022, hitting a high of 90% in December. But with an average nightly rate of $460…many visitors opt for vacation rentals instead.
By undercutting” the luxury hotels, many condo owners, in communities with the right location and amenities like Cabo Costa, can maximize their occupancy—and income.
San Jose del Cabo is where the international airport is…but its charming historic downtown is also a draw for visitors. The Cabo Corridor highway down the hill from Cabo Costa takes you straight there.
There’s Always Something Going on in Cabo
The oceanfront Jack Nicklaus course at Quivira in Cabo. Golf in Cabo is incredible…
As one of the world’s premier destinations, with sunny skies and warm weather year-round, Cabo attracts no shortage of festivals and special events. No matter what your interests are, you are sure to find something you want to check out.
One of the longest-running events in Cabo is the annual Bisbee’s Black & Blue fishing tournament, which will have its 43rd edition this October. Pro fishermen vie for more than $11 million in prize money, which goes to those who catch the largest black and blue marlin.
Much of the excitement onshore is centered around the Cabo San Lucas marina, where you
can hire your own charter fishing boat any day of the year.
Something a little more low-key is the weekly ArtWalk in downtown San Jose del Cabo every Thursday. You can stroll among galleries, sidewalk stands, and more, with everything from fine art to traditional crafts on display. Could be a great place to pick up some special décor for your Cabo Costa condo. And then you can grab a drink or bite to eat—there are plenty of great restaurants in the area.
Finally, if you’re a golfer, you probably know that Los Cabos is one of the most popular destinations for that crowd. And if you’re not a golfer, this still matters because golfers could be a great niche to attract with your vacation rental.
Cabo has 18 world-class courses, including those designed by the likes of Greg Norman, Tiger Woods, and Jack Nicklaus.
In fact, there’s going to be PGA Tour event later this year at the Tiger Woods course within the Diamante Cabo San Lucas resort. The World Wide Technology Championship will take place this fall.
