With new developments and projects under construction throughout Banderas Bay, and particularly in Puerto Vallarta’s Romantic Zone, the real estate industry offers interesting options for buyers interested in purchasing a brand new home with the latest design and décor trends, as well as modern amenities. In addition, this scenario is also exciting for the real estate agencies that market these properties.
Michael Green and John Swanson, Boardwalk Realty brokers, are very aware of this activity. At the beginning of the year, they opened a second office for their company in Puerto Vallarta’s El Centro neighborhood (one block from the Los Arcos amphitheater at the Malecon), in order to boost their presence near colonia Emiliano Zapata, where most of these new developments are emerging. However, they are clear that this is not the only sector of the industry that presently has an intense activity level.
“The Romantic Zone is really hot right now and we think it will remain as such for a while. However, there are some concerns about infrastructure, crowding and all those typical things that go hand in hand with a particular area’s popularity surge. We wanted to be close to the neighborhood, but also be able to represent properties all around the area and other regions as well,” Green commented.
Originally from Seattle, Washington, Green and Swanson founded Boardwalk Realty in 2012. However, both of them have over 15 years experience in the industry. Their main office is located in Puerto Vallarta’s Hotel Zone and they represent properties throughout the entire bay.
When we asked them about the resale real estate market, they confirmed this sector of the industry remains very active. Even though it might appear that new developments are taking over resale properties, the latter are very much present in the buyer’s mind.
“There’s been a trend in the market to build smaller units. The basic idea for many of the developers moving forward is to offer one-bedroom, two-baths condos, which may or may not feature views, but generally with spectacular rooftops. A lot of the resales offer lower prices per square meter when compared to these new properties,” Swanson explains.
This price competitiveness is a key factor for many of the clients who might felt attracted by the concept of new developments but see they get so much more when purchasing a resale property. In addition, Michael and John agreed that there’s still a strong market setting eyes on the Old Town area and/or looks for homes featuring a traditional Mexican style.
“Just because something has been there for a while, does not mean it stops being an attractive option for buyers,” Swanson mentioned.
Another important advantage of the resale market is that it provides clients with the opportunity to see, feel and experience the property prior to making the transaction. Seeing a well-appointed residence, walking through its spaces and enjoying its views, is an important experience for them. When buyers invest on a development that is still under construction, they can have a general idea of how their condominium will look like once it is completed by watching floor-plans and computer-generated renders, but it is more difficult to envision themselves living in the property.
Michael Green also noted that there is an important buyer segment that not only wishes to purchase a resale property, but also bring their own style into the place by remodeling. Boardwalk Realty has collaborated with other industry professionals, such as interior designers, decorators and home services suppliers to meet the needs of their clients.
With regard to location, both new developments and presale properties offer interesting choices, so future owners will be pleased. The favorable situation of the industry is reflected in both sectors, as there are properties that can fulfill the needs of each type of buyer, including their budget and lifestyle.
Ever since its foundation, Boardwalk Realty has experienced continuous growth, positioning itself as one of the leading real estate agencies in town. When we asked Michael and John for their projections for 2017, they agreed everything seems to indicate that it will be very dynamic, considering that the number of visitors arriving to Puerto Vallarta by plane and cruise ships is on the rise.
Moreover, a significant number of Boardwalk Realty clients who own properties and participate in the vacation rentals sector have confirmed a very busy season with high occupancy all the way through May, even some with reservations for 2018.
“The more people come down and see how great this destination is to own and live here, the more that we believe the market will continue to grow. We opened our main office in 2012 and inaugurated a second office at the beginning of this year because we believe in the market and exceeded our goals every year since we opened. Now we are closing the busiest summer we have had, and the upcoming season seems to have all the makings of an extraordinary one,” Swanson concludes.