Without a doubt, the boom presently taking place in Puerto Vallarta’s Romantic Zone can be considered among one of the city’s great accomplishments, largely due to those who have chosen to invest in the neighborhood, taking its value to another level.
Moray Applegate, owner of Applegate Realtors —established 49 years ago as the first real estate agency in Puerto Vallarta— shares his take on some of the key factors that have contributed to many positive changes taking place in the area.
“The story of the Romantic Zone boom can be traced back to a group of Americans, including my father, Bernardo Applegate, who took it upon themselves to cover the infrastructure costs to bring potable water and electricity to the area,” he comments.
Nonetheless, the recent boom in the area can be attributed to two important factors that are intertwined with one another: “The 2007-08 crisis that weakened the real estate market at an international level, along with the Malecon remodeling project that took place in 2011. Architecturally, the end result of the project was pleasing, but the additional strategy to encourage folks to enjoy the Malecon never took place. The resurgence of new real estate developments in the Romantic Zone was prompted as a result of the economy in North America being stabilized after the crash. This happened naturally, as the Romantic Zone is the only area in the city where vertical construction is allowed, and also features a gamut of entertainment options such as art galleries, restaurants, beaches, boutiques and much more.”
Applegate Realtors’ vision was also key in the resurgence. “In the beginning, when we started building developments in the area, people said that offering condos with restricted views or away from the beach would prove to be challenging. However, as time passed, we identified a niche market that was interested in our developments. The rest is history. Since then, we’ve collaborated in the development of several projects, all in which 75 to 85 percent of the units have been sold during pre-sale and construction phases.”
Applegate Realtors have worked on a very successful condominium portfolio in the Romantic Zone, which includes developments such as Amapas 353, D’Terrace, Pacífica, Sayan, Sayan Beach, The Park, V177 and V399.
What are some of the priorities for buyers in this neighborhood? “There are several factors to take into account, such as weather, people’s friendliness, accessibility and quality services. Prospects that are currently looking for a home in the Romantic Zone ask about units that range from $250,000 USD to $500,000 USD. But it’s not only about the price; they expect a contemporary, spacious design, plenty of lighting or natural light, closeness to a community they could be a part of, and safe surroundings,” Applegate comments.
Founded in 1967, Applegate Realtors is the most senior and recognized real estate agency in Puerto Vallarta. Creators of the Luxury Residential Real Estate Market, they also contributed to shape residential development in the region, most notably in the prestigious Conchas Chinas area with an enviable portfolio of over 60 spectacular beachfront homes and villas.
Learn more about Moray Applegate’s career.