After Puerto Vallarta and Riviera Nayarit were plunged into a total quarantine since early March, over the course of time, practically all commercial activities converging in Banderas Bay have been subject to a multi-stage reopening process that has adhered to local, national and international sanitary protocols.
Likewise, although the land and maritime border between the United States and Mexico remains closed for non-essential travel, visitors (as long as they comply with hygiene and safety requirements) can enter via air through the gradual reactivation of more and more international routes.
This series of responsible actions has represented an opportunity for real estate activities in the region to progressively resume, with a different approach and new marketing strategies that promote the sale and purchase of properties in our region.
Kindly, the realtors Vallarta Real Estate Guide interviewed for the June and July 2020 issues shared and complemented some of the tactics they are carrying out at their respective real estate agencies.
To respect healthy distancing, Brock Squire, CEO of Coldwell Banker La Costa Realty, stressed the importance of making greater use of the technological tools available. “Today, many properties give the buyer the opportunity for a virtual showing, and, if not, the real estate agent will send a video in a very short time. Once the property is secured, the entire closing process can be managed with a coordinator, including escrow and final execution.”
To remain in the minds of prospects, Wayne Franklin, president of Tropicasa Realty, shared that advertising is a crucial tool at this time. “In addition to communicating virtually with their prospects, our real estate agents have refocused their marketing efforts and are addressing both print and digital channels. On the other hand, 3D tours have been an excellent way of doing showings during these times.”
For Sarah Elengorn, director of Elengorn Realtors, the current position of the exchange rate is essential to realizing real estate closings in Vallarta · Nayarit. “With the dollar at an all-time high against the peso and now that we are moving into a buyer’s market, using currency exchange to our advantage is a new and more creative way for real estate agents and sellers to do business in these coming months.”
Carl Timothy, president of the Timothy Real Estate Group, is confident that real estate transactions in the region can rebound using the mortgages available in Mexico. “Although our survey last year shows that 79 percent of buyers paid for their property in cash, more and more buyers are using the mortgages offered by Mexican banks. This financial tool could help to get that second home on the coast more easily.”
Training and first-hand knowledge of our destination’s inventory is essential for Michael Green, broker/partner of Boardwalk Realty. “The Vallarta · Nayarit real estate market is strong, stable and will not disappear. … The Google search term ‘Puerto Vallarta Real Estate’ increased by 82 percent during the lockdown, and for this reason, agents must be prepared, now more than ever, to answer a multitude of questions about properties.”
Finally, Sherri Narro, founder and president of Sherri Narro & Associates, explained that high-end real estate transactions remain active in Vallarta · Nayarit. “The positive side in the luxury market is that regardless of how difficult this situation is, after the initial pause we are already going through, there is always someone who retires, has sold their company, receives an inheritance or for whatever reason wants their place in paradise and wants it now, not later.”
Recently, during a distance learning seminar that addressed the implications of COVID-19 for the construction industry, María José Fernández, general director of the Asociación de Desarrolladores Inmobiliarios (ADI) (Association of Real Estate Developers), explained that, according to the latest report from INEGI, this sector has an impact on more than 42 branches of industry in the country, and during 2018, economic activities related to housing contributed six percent of the national GDP (equivalent to 1.327 billion pesos), adding, “Although the return to work in the real estate sector may represent a challenge, for 2020 more than 10 billion dollars in investments are still expected nationwide.”