Hello owner,
This is Janaina Simon, Chief Real Estate Adviser with Smart Money Homes.
I’m writing today with the latest update on the construction of your new condo and the development of the Cabo Costa community.
As well as keeping you informed on the construction progress, I’ve got some good news regarding real estate prices in Cabo.
And, I wanted to share the latest news and events from Cabo.
Remember, the Smart Money Homes team and I are here to help you in any way we can. Please don’t hesitate to contact me or my team here with any questions you may have.
Hotels in Cabo are Now the Most Expensive In Mexico
Image Source: iStock – The strong Cabo rental market means condo owners in Cabo Costa can expect healthy rental income.
I know that a lot of the RETA members who bought in Cabo Costa did so with an eye on the rental market.
So, it will be of interest that the Los Cabos Hotel Association has revealed Cabo has the highest hotel rates in the whole country.
The association says: “For 2022, hotels were able to maintain an average daily rate (ADR) of $460/night at 75% occupancy according to the Los Cabos Hotel Association.”
An average price of $460 per night makes Cabo the most expensive in Mexico, nearly double the daily rate of hotels in the Riviera Maya.
This is good news for you as an owner in Cabo Costa where you’ll have resort-style amenities and an incredible location. Your condo will be an attractive option for the mass of vacationers seeking accommodation.
Good Progress on Construction
This drone shot of the construction site shows you that things are really starting to take shape.
The construction team reports that they’re making good progress with some of the buildings now 70% completed.
Most buildings now have the hydraulic-sanitary work installed and, in some cases, work has begun on the placement of pipes for air conditioning and installation of stairs, pools, cellars, walls, slabs and parapets.
Buildings are having electrics installed for the electrical outlets, lights, and switches.
The second level walls have been completed in their entirety, including the concrete walls, the electrical conduits and the hydro sanitary installation have been completed up to the second floor.
The lights and electrics are being installed in Cabo Costa.
Delivery of Cabo Costa is expected to be in Spring 2024.
The construction team has installed the water pipes for the community. The pipes for the drainage system have been installed and storm drains fitted. Pipes for the electric wires are installed.
The foundation work has been laid for the front desk area and the retaining wall for the visitor parking area has also been built.
Take a look at this video sent by the developer to see the progress the construction team is making.
Your Condo as a Long-Term Rental
The rise of a new executive class of remote workers provides more good news for Cabo Costa owners.
There’s a growing market of renters arriving who are looking for long-term deals allowing them to work from sunny Mexico. According to an article on bhpioneer.com some 17.3 million Americans now combine remote work with travel.
Cabo Costa will have a co-working space especially tailored to these remote workers.
Returns can be strong too. For example, in a community just 10 minutes’ drive from Cabo Costa a two-bed condo is listed for $4,286 for a month’s stay.
Renting your condo out long term reduces wear and tear and can still deliver a healthy yield.
Your Cabo Costa Condos has Seen a Six-Figure Price Rise
This render from the developer, which should not be considered final, shows the impressive view from the rooftop pool at Cabo Costa.
In August 2021, RETA members like you had the opportunity to buy a two-bed, ocean-view condo starting from just $188,200.
As you can see from the screenshot below, these condos are now listed retail for considerably more.
Condos on the second floor which were available to RETA members for just $188,200 are now listed for $335,000. That’s a price rise of $146,800.
Ocean-view condos on the third floor have also seen a major price rise. RETA members had the chance to buy at the great price of $197,300. As of October 2023, the retail prices for those same condos are starting at $360,000. That’s a price lift of $162,700.
Additionally, RETA members also had the opportunity to buy a penthouse for $249,800. These have completely sold out, with the last one selling for $425,000—a price rise of $175,200.
2023 Sees a Record-Breaking Number of Tourists Arriving in Cabo
Image Source: iStock – One of Cabo’s best beaches, Santa Maria is a short drive from Cabo Costa. 2023 has been another record-breaking year for tourism in Cabo.
A new report published by Grupo Aeroportuario del Pacífico shows there’s been an increase of almost 10% in international passengers arriving at Los Cabos International Airport compared to the same period in 2022.
This continues a trend dating to 2021, when Los Cabos bounced back strongly after the pandemic.
According to a Forbes article, in 2021 Los Cabos not only fully recovered from the pandemic but actually saw more tourists than 2019.
In 2022, Los Cabos broke another record, with a staggering 47.3% increase in the number of U.S. tourists arriving.
This sustained growth is great news for owners like you who can anticipate a strong rental demand for your Cabo Costa condo, when you’re not using it yourself of course.
The Special Cabo Costa Dia Del Muertos Tradition You Won’t Find Anywhere Else
Image Source: iStock – Day of the Dead celebrations in Los Cabos are a window into the area’s cultural heritage.
We’ve recently enjoyed the “Day of The Dead” celebrations in Mexico, which traditionally take place each year on November 1 and 2.
This is one of the most important festivals in Mexico, a time when people come together to celebrate the life of family and loved ones who’ve passed on.
Like the rest of the country, Cabo celebrated the festival, and put its own unique twist on the event.
On the November 1, locals and expats headed down to Los Cabos cemetery after dark. Families of the deceased had decorated the graves of their loved ones with flowers, candles, and Pan de Muerto (bread of the dead). There was a real party atmosphere with loud music playing and stories about the deceased being shared.
Image Source: iStock – Celebrating Dia de Muertos in Los Cabos is an experience you will never forget.
A celebration unique to Los Cabos is the Altares en el mar (Altars of the Sea) boat parade. 2023 represented the 3rd edition and for two days the port was brimming with the vivid colors, smells, sounds, and magic of the festival.
On November 2 at 7pm the boat parade for the Day of the Dead began. Vessels were decorated and lit up with hundreds of tiny lights, making for an unforgettable display.
On land, folk stories were retold, musical tributes were performed, and restaurants and bars added to festivities with special menus and drinks.
Cabo Is One Of The Best Places In The World To Enjoy Whale Watching
Image Source: iStock – Whales are a common sight in the waters close to Cabo during the winter months.
The whale-watching season in Cabo will be starting soon. Each year, it runs from mid-December until mid-April. If you’ve got a good pair of binoculars, you might even be able to spot some whales from Cabo Costa!
Cabo is one of the best places in the world for whale watching. Some of the types of whales you can expect to see include…
Humpback Whales
The best time to see Humpback Whales in Cabo is during December and January. The whales come here from the icy waters of Alaska, to breed and give birth. The warmer waters off the coast of Cabo make the perfect nursery.
Gray Whales
The best time to see Gray Whales is between January and March.
Like Humpback Whales, Gray Whales come to the waters near Cabo to breed and calve. More than 97% of the Gray Whale population migrates here each year making it the perfect opportunity for whale watching but also research and conservation.
Other Whales and Dolphins you Might See
Blue Whales, Orcas, Sperm Whales, and Fin Whales all have migratory paths which take them past Cabo. If you’re lucky enough to see any of them as they make their way past, please let me know!
As well as whales the waters around Cabo are home to at least six species of dolphin including the Bottlenose Dolphin and Spinner Dolphin.
Cabo is a natural paradise and a wonderful place to spend time outdoors enjoying nature. As well as the potential for capital appreciation and rental returns, the lifestyle aspect of owning in Cabo Costa should not be overlooked.
Top-Quality Amenities at Cabo Costa which Renters will Love
This render shows the plans for the rooftop bar. The perfect place to enjoy a cocktail and watch the sun go down…
The rental market for luxury condos in Cabo is strong. In 2022 more than 3.5 million tourists visited the area.
A recent report published by Grupo Aeroportuario del Pacifico found a 9.8% increase in international tourists traveling to Los Cabos compared to the same period in 2022.
The high volume of tourists will mean that luxury condos like Cabo Costa, with a location close to Los Cabos, should be in high demand.
And the top-class amenities will make your condo at Cabo Costa stand out from the field.
As a reminder, the planned amenities will be incredible. There will be a large ocean-view infinity pool, a wet bar from which to watch the sunset over the ocean.
Plans also call for a solarium, massage rooms, a gym, and a co-working space which will be of great interest to the remote workers who are increasingly choosing to work from Cabo.
That’s all from me. Keep an eye out for my next update which will be coming soon. I’d also like to take this opportunity to remind you that the Smart Money Homes team and I are here to help.
Please contact us with any questions you may have, we’re always happy to hear from you.
Yours sincerely,
Janaina Simon
Chief Real Estate Adviser with Smart Money Homes
