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Punta Mita Puerto Vallarta Sales Rise 30%

2007 Second Home Sales Rise by 30% in Punta Mita, Mexico

2007 Second Home Sales Rise by 30% in Punta Mita, MexicoPUNTA MITA, MexicoPUNTA-MITA

PUNTA MITA, Mexico--(BUSINESS WIRE)-­

Despite continuing news of sluggish homes sales in the U.S., residential sales rose sharply for 2007 at Punta Mita, a 1,500-acre, master-planned, luxury second-home resort community, located on Mexico's stunning Pacific Coast.

According to master-planned developer/owner, DINE, wealthy cash buyers expected their investments to be supported by new high-end golf, spa facilities, and resorts and residences, thus driving up home sales for 2007 by a solid 30 percent over 2006. Year-end figures also reached $104.1 million in 2007, up from $79.5 million a year earlier.

DINE foresees a strong outlook for residential sales in 2008, thanks to the opening of Punta Mita's second 18-hole Jack Nicklaus Signature golf course, and the 89-all-suite St. Regis Resort Punta Mita in October, complemented by several high-end residential offerings.

At the end of 2007, DINE sold its last remaining 57 acres of prime oceanfront land to Strategic Hotels & Resorts, Inc., a real estate investment trust and owner and asset manager of 21 high-end hotels and resorts in North America and Europe. The Chicago-based REIT will develop the property with an as-yet-unnamed mixed-use, residential resort development. Strategic is the owner of the highly successful Four Seasons Resort Punta Mita, as well as an adjacent hotel site, in which it is currently constructing the La Solana Resort & Residences, scheduled to open in 2010. Enchantment Group, a spa, resort development and management company in Sedona, Arizona, also announced a 30-guestroom destination spa and 25 residential condominiums slated for a 2010 opening.

A spear-shaped peninsula with nine miles of Pacific Coast shoreline, Punta Mita is surrounded on three sides by white-sand beaches and dramatic coves. The property boasts a Four Seasons Resort, Jack Nicklaus Signature golf course, a private Residents' Beach Club, and several villa, condo and private home residence projects either completed or under development. DINE has invested $150 million so far in the project's infrastructure, and at full build-out, Punta Mita will have a real estate value of approximately $2 billion.

'The investments from our residential developers and companies like St. Regis, Strategic, Four Seasons and the Enchantment Group, underscores their enthusiasm with Mexico's most exclusive resort and residential community,' says Andres Rossetto, Managing Director of Resort Development for Punta Mita and DINE. 'At the same time, our strong residential sales performance in 2007 proves that the second-home luxury market in Mexico is still strong, even during a downturn in the United States that has impacted more middle-end homebuyers.'

While Punta Mita appeals to more high-end buyers, Rossetto says the property and location is still undervalued, costing about a third of the price to build a comparable home in more traditional U.S. destinations like Hawaii, California and Florida, as well as Cabo San Lucas in Mexico. In addition, buyers entering the Punta Mita market in 2007 and 2008 are virtually purchasing property in its early stages of development and thus have great room for price appreciation.

By 2007, DINE had sold 45 out of 55 pre-construction four-to five-bedroom Four Seasons Private Villas, each with up to 7,995 square feet of both indoor and outdoor space, currently priced from $3.6 million for hillside, ocean views. Owners of these Four Seasons Private Villas enjoy full access to all services and amenities at the neighboring Four Seasons Resort Punta Mita. DINE also sold six out of 15, one-acre estate lots at Kupuri, priced from $2.25 million for secluded hillside locations to $7.2 million for beach-front estate lots. Each home developed at Kupuri will offer owners gated privacy, generous interior and exterior space, and highly coveted vistas of the Pacific Ocean, as well as access to exclusive amenities for Kupuri homeowners, including a private yacht pier.

Punta Mita's Porta Fortuna community also experienced strong demand for its new product, 'Zen Casitas,' selling ten of twelve pre-construction units at an average price of $1.5 million each in 2007. Set on 14 acres of oceanfront property, the Zen Casitas are two-story, three-bedroom units with some 4,000 square feet of combined indoor and outdoor space. With such strong demand for the Porta Fortuna community, the developer will be releasing the first phase of its Las Fortunas luxury condos in April 2008.

Meantime, the El Encanto community sold six out of 15 available three-bedroom 'flat-style' Condo La Vista condominiums, each costing up to $1.4 million and spanning 2,850 square feet of indoor space and 1,000 square feet of exterior space. In addition, El Encanto released the sale of nine luxury, two-story and split-level oceanfront and golf residences.

At Las Palmas de Punta Mita, all 38, two-to four-bedroom luxury villas of the first phase were sold between 2006 and 2007, costing anywhere from $1.175 million to $1.65 million. Based on its success, construction is slated to commence in Spring 2008 on Phase II's Las Palmas Pacific Villas, a series of 80 four-bedroom/four bath luxury condominiums spread among 10, four-story low density buildings. Each building will boast a Mediterranean and Mexican design, similar to the look of the first phase. Pre-construction prices are expected to begin at $1.5 million per residence, and all 80 units are expected to be completed over a four-to five-year period.

Any whole ownership residence at Punta Mita qualifies for membership in the private Club Punta Mita, which includes the existing 18-hole Jack Nicklaus Signature Golf Course, a second Jack Nicklaus Signature course (opening 2008) and access to Punta Mita's Residents' Beach Clubs and Tennis Club. Residents also have access to a complete array of services and activities through Punta Mita's Residential Concierge Services.

For more information on Punta Mita, contact the Punta Mita Properties Real Estate Center toll-free from the U.S. at 888-647-0979; or visit www.puntamita.com.mx/ or info@puntamitaproperties.net.

About Punta Mita, Mexico

Punta Mita is an innovative resort and residential community covering more than 1,500 acres on a spear-shaped peninsula surrounded on three sides by white sand beaches, Pacific Ocean waters and lush tropical flora. It is currently home to Four Seasons Resort Punta Mita, various residential homes and the Jack Nicklaus Signature Golf Course at Punta Mita, ranked World's Best Golf Resort by readers of Condè Nast Traveler 2006 and one of the best golf courses by Travel + Leisure Golf in 2006. The master plan of Punta Mita includes several luxury developments in the works, including the St. Regis Resort & Residences (October 2008) with a second Jack Nicklaus Signature golf course, and a variety of exclusive residential offerings and estate lots to complete this very privileged resort community. DINE, Mexico's premier real estate development company, is the owner and developer of Punta Mita. DINE's real estate portfolio includes commercial, residential and master planned communities throughout Mexico. DINE was founded in 1978 to serve the specific needs of the highest income sectors in Mexico, establishing unprecedented design quality in residential, commercial, leisure and corporate real estate development. www.dine.com.mx

Ad-Hoc-News.de -25.03.2008 15:10 Artikel-URL: http://www.ad-hoc-news.de/CorporateNews/16046348

Published Friday, May 2, 2008 1:13 PM by Zinnia Q.

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