Awesome article, the author has her facts straight. Los Barriles, on the Sea of Cortez, north of Cabo San Lucas by an hour, is still a quaint, laid back retirement beach community with equal locals and gringos. The cost to purchase property here depends on the value of the property. You pay to set up a bank trust (fideocomiso) and then maintain it for about $500 per year. Foreigners cannot own land outright within 50km of the shoreline so property in Baja is all sold through these trusts. They are powerful documents, set up by Notarios and attorneys and protect the buyers and their beneficiaries. I work at Baja Properties Real Estate and do this all the time. As far as crime goes, there was crime in my home state when I left. It is not an inordinate amount comparatively. You just hear about it more as it is a favorite topic in the news. Property costs are still a fraction of beach/resort communities in the US. The people are here because they want to be and it is reflected in attitudes, opinions and the things they do. Water sports are big as you can imagine. Kite boarding, windsurfing, SUPing are all the rage during the windy months (Nov - March) and the temps are a comfortable 75. Los Barriles is in an arid desert so winter nights are cool. Summers are hot so you learn to like your AC. Tourism is still Mexico's #1 GDP and it certainly shows!
I would love to own a home in Mexico along the coast but the way things are down there, I would be worried to sink any money into property there.
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https://internationalliving.com/the-best-places-to-retire/
Interesting to see that Mexico is still highly rated as a place to retire despite some of the comments below!
There are several errors in the story.
In Mexico, there is no licensing for real estate agents, which anyone can claim to be. A buyer should have a Mexican Attorney to deal with any purchase transaction.
In April 2013, the Mexican constitution changed, allowing foreigners to
buy property on all the Mexican coasts.
Also the journalist forgot to mention that all the buyers for real estate (national or foreigners) are subject to investigation for money laundering in accordance with the Tax Revenue Office ordinances in effect since 2013.
Notaries are mandatory for purchases. They are VERY expensive. Your attorney can negotiate the notary fees downward.
It is far less expensive to visit local US Mexican Consulates to get documents notarized than to secure notary services in Mexico.
I do agree that Cuernavaca is a safe and beautiful city with a large and active ex pat community.
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According to a Mexico newspaper, Cuernavaca fell off the list of the 50 most dangerous cities in the "world" in 2016. The world mind you - not just Mexico.
The city, I am sure, is beautiful, but I hardly think it is a safe city to live in. The good news is, the crime rate has lowered.
I apologize for writing Morelia, verses Morelos.
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I just bought a house in Santa Barbara for about $5 million and it is somewhat comparable to this house...ok, it's "only" about 5,000 square feet, but it is a beautiful home and 2 acre property with a view...however, my property taxes are definitely not going to be $480/year like this place!!
Wherever the weather is good..the ability to live in luxury...will also attract the "bad guys". If Cancun is now approaching issues like extortion from drug gangs and other..if Playa del Carmen has experienced "in front of tourist restaurants" killings..plus the recent IED on the ferry to Cozumel...well..no place is safe really...and kidnapping wealthy foreigners is no doubt ongoing or next.
Stay strapped...
And lastly, I cannot imagine what estates of East Valley Road (93108) are going for now..
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If you can't afford the gas or the insurance ... don't buy the sports car.
Ditto -- taxes and housing.
That said, my goodness, if you're able to plunk down $5 mil on a home in one of the most beautiful areas in CA, if not the entire US ... geez, pay your low, low, low CA taxes (look at ours in WI for a comparison) and be grateful.
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$4.8 million for an acre in the most dangerous part of Mexico (Morelia) is extremely overpriced. We do business in Mexico. Our shipments have been held up by road closures due to rioting on many occasions. Product can be easily stolen on the way to the airport.
We originally thought about retiring in Mexico, but the more we do business in the country, the less likely that will happen.
Business is handled very differently in Mexico. The police department is not trusted and lying and cheating seem to be the "norm" through out the country. We work with manufactures around the world who are honorable and trust worthy, but that does not hold true for Mexico. With so much of the country corrupt, Americans at this time, would not be safe to live in Mexico. Especially, wealthy Americans.
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This comment referring to Morelia (a city located in the state of Michoacán) is completely wrong about Cuernavaca (a city located in the state of Morelos).
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Closing costs are ridiculously high in Mexico! The Notarios are charging way too much to close a simple real estate transaction. This part of Mexico has great weather but watch out for the cartels and lots of traffic too.
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Beautiful property.
Lovely, just lovely, however, who wants to get kidnapped?
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Rent,do not buy.
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Not a chance. Too many drug gangs everywhere in Mexico.
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This is not house hunting. This is stargazing. I had heard of the good deals Americans could get on Mexican properties for retirement. This is not helpful.
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