Hi El Mirador Owner,
This is Janaina Simon, Chief Real Estate Advisor with Smart Money Homes, writing today with the latest construction update for the El Mirador community and yet more good news about the Cabo real estate market.
I’d like to take this opportunity to remind you that the Smart Money Homes team and I are your point of contact for any general inquiries and that you can contact us here: info@smartmoneyhomes.com
I’d like to begin with the latest news from the construction site at El Mirador.
Unfortunately, work has been delayed on buildings Estrella, Delfín, Mero and Espada, while the developer waits for permits for this phase of the project. The developer is doing everything in their power to obtain these permits.
I will inform you of any changes to the situation as soon as they occur.
The construction team has broken ground and begun work on six of the buildings at El Mirador. On February 29 work will begin on a further two buildings.
A more detailed breakdown of the latest construction news can be found below…
The Latest Construction Update From El Mirador’s Developer
Status By Building:
Work at El Mirador is underway on six of the buildings.
Bonito:
The platform shaping work for Bonito is now 100% complete. The excavation and formwork in the foundation is complete and work is being done on preparing the steel for the foundation.
Reinforced steel is being assembled in the slab bottom, columns, dados, and cistern walls. The building of wooden frames for the cistern is also being carried out.
Totoaba:
The work for shaping the platform at Totoaba is now 100% complete. The established level for laying the works is underway.
Ballena:
The works for shaping the platform at Ballena have been completed 100%, the established level for laying the works is underway.
Tortuga:
Work on the embankment shaping is now 75% complete. The work is being carried out using two excavators, a vibro compactor, and a water truck.
Marlin:
The earthmoving work necessary for embankment shaping is now 35% complete at Marlin.
Dorado:
The platform shaping work is now 100% complete. Work is also being done on the formation of a gabion wall between the boundary and the platform embankment.
Manta and Raya:
Earthmoving works will begin February 29.
Estrella, Delfín, Mero and Espada:
Work is still pending in these buildings while the developer awaits permits.
The Bullish Cabo Real Estate Market and What it Means for Your El Mirador Condo
The Cabo real estate market is thriving thanks to strong tourism, overseas investment, and the growing trend for remote work.
Researching the Cabo listings, I was very happy to see the prices that two-bed condos in Cabo are listing for.
RETA members like you had the chance to buy a spacious two-bed condo with ocean views in El Mirador from just $258,600.
There are no opportunities like this on the market today…
Looking at listings for similar condos, in the same El Tezal neighborhood, it becomes clear that El Mirador was a very special deal.
The first condo I found is a two-bed, like yours in El Mirador, and listed at $349,999.
This condo, in the same El Tezal neighborhood as yours is listed at $349,999, considerably more than RETA members paid in El Mirador.
I found another two-bed condo in El Tezal which has an even higher price, listed at $455,000. It’s the same size as your condo in El Mirador will be and shows how strong the market here is.
This condo is the same size as yours in El Mirador will be and highlights just how robust the real estate market is in Cabo.
Cabo has a very limited inventory of quality real estate for sale. With record tourist arrivals and the trend towards remote work continuing, there’s a shortage of quality condos available. The real estate market in Cabo remains bullish.
The Rental Market in Cabo Remains Strong
The market for long-term rentals in Cabo remains strong. Tourists and snowbirds are being joined by the work from anywhere crowd. These remote workers can work from wherever they choose, and many of them are choosing Cabo.
They’re the reason why El Mirador has a planned co-working space with incredible ocean views…
I was researching the rental market for some neighborhoods close to El Mirador and found the following listings.
The first is for an unfurnished two-bed penthouse in the Solaria neighborhood, a short drive from El Mirador. In fact, an unfurnished rental is listed at a price of $3,500 per month, falling to $3,200 per month for a 12-month stay.
This penthouse in the nearby Solaria neighborhood is renting for $3,500 per month, falling to $3,200 for stays of 12 months.
I also found a three-bed condo in the Vista Vela neighborhood, close to El Mirador. It’s priced at close to $3,300 per month.
Both these listings are taken from a private Facebook rentals group in Cabo. Demand in Cabo is such that many listings never make it onto the likes of Airbnb or Booking.com.
Vista Vela is another neighborhood similar to El Mirador. At the current exchange rate this works out at close to $3,300 per month.
Los Cabos International Airport sees Record Tourist Arrivals in 2023
Image Source: iStock. Los Cabos International Airport received a record number of passengers in 2023. Beautiful beaches, warm weather throughout the year, and the proximity to the U.S. has made Cabo a favorite vacation spot with Americans.
Los Cabos International Airport is celebrating a record year for arrivals with more than four million air passengers arriving through November 2023.
Speaking in early December, Fernando Ojedo Aguilar, Undersecretary of Tourism in Baja California Sur, stated that Los Cabos has witnessed an increase in air passengers of 11% compared with 2022. This follows a 20% increase from 2021 to 2022.
Aguilar noted that as of the end of November 2023, a total of 4.1 million passengers arrived at Los Cabos Airport by air. While the stats for December aren’t yet available, it’s estimated that Los Cabos International Airport will end 2023 with around 4.5 million arrivals.
These numbers make Los Cabos the third busiest airport in Mexico and with new routes being added all the time, 2024 promises to be even more successful.
In October 2022 there were 20 U.S. airports offering direct flights to Cabo. Today, there are 28, a 40% increase in just one year.
Great news for El Mirador owners looking to rent their condos.
Los Cabos Named “Best Destination in Mexico” and Receives Other Prestigious Awards from Travel Industry
Image Source: iStock. The slew of awards Cabo received in 2023 show that it’s become a mainstream destination.
Los Cabos has been named as the “Best Destination in Mexico”. The recognition came at the twenty-first edition of the Travel Weekly Readers Choice Awards, held at the American Museum of Natural History in New York. It’s the first time that Travel Weekly Readers Choice has awarded Los Cabos the title.
Los Cabos also featured in Travel + Leisure’s 50 Best Places to Travel in 2024 list. This is particularly exciting as Travel + Leisure is an online brand that reaches more than 16 million readers each month.
According to the Los Cabos tourism site, Los Cabos won a further 18 awards in 2024.
It’s clear that Los Cabos is now an international travel destination and a place that’s firmly in the public consciousness.
New Hotel Construction Underway in Los Cabos to Meet Strong Demand
Image Source: iStock. New hotel rooms are being built, but is this enough to keep up with the ever-increasing demand for accommodation in Cabo?
Hotel construction in Cabo continues apace as high occupancy rates leave hotel chains scrambling for new inventory.
We’re in the Cabo peak season, which runs from December to April, and hotels were at close to 90% capacity for the holiday season of December and January.
Executive President of the Los Cabos Hotel Association, Lilzy Orecí Fregoso, noted that the high demand in Cabo has raised the average rates to more than $550 per night during the holiday season.
This demand is nothing new, and the reason why more than 600 rooms will be built in Los Cabos during 2024, with further rooms being added in the following years. An estimated 2,000 extra hotel rooms are scheduled to be built in Cabo within the next three years.
Datatur Monitoring System has been tracking hotel occupancy in various tourist destinations throughout Mexico and Cabo ranks third in the country for highest average occupancy rate with 76% occupancy through 2023.
Among the new hotels scheduled for opening in Cabo during 2024 are the Four Seasons Resort and Residences, Cabo San Lucas at Cabo del Sol, Park Hyatt Los Cabos at Cabo del Sol, Soho House Beach Club, and Grand Velas Boutique Los Cabos.
That’s all for now. Be sure to keep an eye out for my next update coming soon.
