Challenges Facing the Local Real Estate Industry
When thinking about the pillars of the local real estate industry, Brock Squire comes to mind. A sailing enthusiast from Vancouver, Canada, with a degree in Urban Land Economics and Finance from the University of British Columbia, Squire moved to Puerto Vallarta in 1984. Recognized as an innovative leader in the real estate sector of our destination, he is known for his involvement in the marketing and sales of luxury properties, first in the South Shore of Banderas Bay and more recently in the North Shore, specifically within the exclusive Punta Mita resort.
During our pleasant and interesting chat, Squire, the CEO of Coldwell Banker La Costa Realty, shared some of the challenges and peculiarities facing local real estate, as well as his vision for caring for and maintaining an industry that has become so vital to the economy of Vallarta · Nayarit and environs over the years.
Background
“The combination of my studies and my career in real estate has been very helpful. Obviously, finance means money, and if you understand how it works, how it moves, where it comes from, where it’s going and how it’s invested, it helps a lot. My original work was with mortgages, very beneficial to my work as a real estate broker, as it also deals with the study of land use, as well as urban development and the evaluation of properties, a very advantageous combination.”
Areas of Expertise
“My office, formerly known as Brock Squire y Asociados, represented Sotheby’s International Realty in Puerto Vallarta. In 1998, it became the first Coldwell Banker franchise in Mexico. At that time, I started working with the luxury villas and condominiums on the hills of the South Shore, because it is an area I really liked, and still like, although it has grown enough. Then I spent eight years, 2001 to 2009, as sales director for Punta Mita, which really was a tremendous experience due to the high-end nature of the resort. After that adventure, I returned to my position as broker, manager and owner of the offices of Coldwell Banker La Costa Realty.”
General Outlook for Conchas Chinas and Punta Mita
“Obviously, everything depends on what happens economically in the United States. Whether we like it or not, they hold the reins around the world. However, seeing the current market behavior in these areas of the bay, I can point out an interesting phenomenon: the portfolio of luxury villas for sale has been increasing rapidly. This is because baby boomers who had the resources came here to build or buy large properties in the late 1980s and early 2000s for multi-generational use. Now, the children and grandchildren of that generation have grown up and left the nest, so there is only mom, dad and a huge house they do not really use because they no longer have anyone to share it with. But they love Vallarta, so they put the house up for sale and buy a condominium. This happens often in the South Shore, but Punta Mita is different. There, buyers are extremely wealthy, and perhaps the villa they buy is their fourth, fifth or sixth around the world.”
How to Maintain Interest in Puerto Vallarta
“I believe that the success of any town or city is entirely due to the infrastructure and even to the urban development plan. If you look at any big city around the world, you will see that they have a very good urban planning structure and pay close attention to it. When any real estate development is proposed, formal processes must be followed in order to begin. These developments must pay a tax per square foot to be built, which establishes a fund sufficient for the creation of infrastructure the additional population density will require, ensuring that the services are properly covered. Unfortunately, that does not happen here. In the short term, there must be proper direction for the urban development of our community. I am supposed to be optimistic, because I belong to an industry that should be, but I see this from my roots and my past.”
Experience in AMPI’s Puerto Vallarta Chapter
“Throughout the years, I have held several positions in AMPI and was president of the Puerto Vallarta chapter from 1997 to 2000. This experience served me well in approaching those who did not understand the value of the MLS, as well as the concept of sharing listings without needing to involve the agency. It was something innovative at the time, which now is replicated in many parts of Mexico. Convincing these agents and making them understand how it worked was the most gratifying part of my tenure.”
Vision of the Future
“During the last quarter of the year, Flex MLS showed us as the top sales agency in Puerto Vallarta, which makes us very happy. Our organization is based on the recruitment and training of agents, and our sales manager, Dean Robbins, who has published a couple of books on real estate, is probably the best instructor in all of Mexico. We are very excited about the promising future that awaits Coldwell Banker here in Vallarta · Nayarit.”