SCOTTSDALE, Ariz., Feb. 13 /PRNewswire/ -- Clifton Meridian LLC, a real estate development firm focused on upscale residential projects in Mexico, today announced its plans to add 421 luxury condominiums and single-family homes, worth more than $170 million in Puerto Penasco, Sonora, Mexico by 2008.
Puerto Penasco, or "Rocky Point" as it is commonly referred to in the U.S., is one of the fastest growing real estate markets in Mexico.
-- A recent study by the Mexican Secretariat of Urban Infrastructure and Ecology (SIUE) indicates that "Rocky Point" is projected to grow from its current population base of 40,000 to 170,000 residents over the next three years, and demand for accommodations, including hotel rooms, villas and condos, will rise from 9,326 to more than 64,000 -- According to Mayor Heriberto Renteria Sanchez, there are more than 1,500 condominium units currently under construction in Penasco
"Rocky Point is entering into the high-end vacation destination category currently captured by Cabo San Lucas and Acapulco," said Patrick Clifton, Chairman and CEO of Clifton Meridian LLC. "Our mission is to play a leading role in that progression by setting a new standard for innovation and luxury."
Clifton Meridian's projects currently under construction include the $110 million La Perla Del Mar, a 254-unit, 15-story luxury beach front condominium project in the fast developing "Mirador" section of Penasco; Las Fuentes Del Mar, a $35-million luxury villa development located within the highly desirable "Las Conchas" gated community; and Las Patios Privados, scheduled to launch in mid-2007, is a 120-unit moderately-priced off-beach condominium project, also in the up and coming "Mirador," valued at an estimated $25 million.
The continuing progression of "Rocky Point" is thanks in large part to the millions of U.S. and Canadian development dollars pouring into the region, as well as the tremendous support and tourism-based efforts from the Mexican Government and the state of Sonora. Recognizing the amount of attention that this beachfront destination is receiving from neighboring Americans looking to purchase vacation homes, the Mexican government is in the process of developing infrastructure in the area that will continue to make access to the city convenient, and facilities within the town state-of-the-art.
"The Mexican government recognizes that 'Rocky Point' is becoming a sought after second home destination for Americans and Canadians," said Clifton. "They are working efficiently to make improvements in health care, law enforcement and infrastructure, as well as to make the area more accessible in preparation for the growing population."
Key infrastructure developments currently in progress include: -- The $30 million "Coastal Highway" project that, when completed (2007-2008), will provide Southern California a much faster and more direct route to Puerto Penasco, and eventually San Carlos. The highway is supported by former Mexican President Vicente Fox, and continues under the current leadership of Felipe Calderon. -- A $50 million international airport in "Rocky Point" will accommodate large passenger planes. The first airstrip is projected for completion in late-2007 and the entire project in 2009. -- Two state-of-the-art hospitals, Hospital of Penasco and the IMMS Hospital, are currently under construction. -- La Escalera Nautical, or "Nautical Ladder" as it is widely known, is a plan to develop tourism up and down the Baja coast, and along the interior of the Sea of Cortez, by building a series of marinas, hotels, and tourist sites located within a day's sail of one another. Puerto Penasco is listed as a part of the project and stands to receive both infrastructure and marina-related upgrades as part of the effort. -- Fonatur, the Mexican tourism development agency behind the "Nautical Ladder," initially projected the project to pull in 50,000 boats and 1 million visitors by 2014 -- the vast majority coming from the United States.
Additionally, the state of Sonora is doing its part to raise the awareness of "Rocky Point" as a second home and vacation destination. According to the Sonora Office of Tourism, the state is spending $1.5 million this year to attract tourists from U.S. border states, primarily in California and Arizona.
"Home buyers from the Southwest are attracted to the idea that they can own beachfront property at a fraction of the cost of U.S. coastal markets," said Clifton. "Thanks to the new Coastal Highway Project, the Southern California market will now enjoy the same sense of a true 'drive-to' destination that Arizonans and their three-and-a-half hour commute have known for decades."
"Rocky Point has everything that any second home buyer is looking for," said Clifton. "The town is complete with rich culture, a casual lifestyle, and beachfront property at incredibly reasonable prices." Patrick Clifton sees this growth phase as phenomenal, but not indefinite. "Beachfront property will always continue to appreciate," said Clifton. "This period of change in Penasco is an ideal time for investors and home buyers."
Facts About Purchasing in Mexico: -- Mexico has become the 4th most popular retirement destination in the world. -- The recent election of U.S.-educated Felipe Calderon as president bodes well for cross-border relations, as well as a strong Mexican economy, low interest rates and low inflation. The current administration recognizes tourism and development as one of the fastest ways to boost the Mexican economy to a targeted annual growth rate of 5-6% annually, and expects the influx of foreign capital investment to reach $60 billion by 2016. -- American title insurance companies, including First American Title Corp., Stewart Title Insurance Co. and the Chicago Title Co., are now providing documentation of ownership. Just a few years ago, the only way to buy housing in Mexico was to pay cash. Today, major U.S. lenders are writing mortgages on Mexican property. GE Money Mexico and WMC Mortgage Corp. of Burbank, Calif., for instance, created a Mexican Dream Mortgage program to provide simplified mortgage financing for U.S. residents. -- GMAC International Mortgage recently became the first national lender to introduce a 30-year, fixed rate product for Mexico. About Clifton Meridian LLC:
Clifton Meridian LLC
