I visited the Ixtapa and Zihuatanejo area for the third time a few weeks ago. I spent part of that checking out the hotel scene and the rest touring luxury homes for vacation or retirement. As I’ve heard in many favorite vacation spots, there’s a lot of inventory on offer and there is not a lot of movement in the market.
Long story short, the foreign buyer housing markets in Mexico (and Costa Rica, Boquete, Roatan, and other spots) were driven by all the cash being thrown off by the U.S. market. People took out a home equity loan and bought a house abroad, or they sold one in the U.S. and bought something bigger and better in a place with nicer weather.
So if you’re liquid enough to buy real estate outright, there’s plenty to pick from in Zihuatanejo, lots of homes with magnificent interiors and magnificent views. Usually they are sold furnished, so once the paperwork is done you just bring your clothes and move in.
Don’t expect a foreclosure bargain though: it’s hard to get decent financing in Mexico, so most people own their homes outright. That enables them to be much more patient unless life circumstances are forcing a sale.
If you follow the link to the story, you’ll find a lot more details and some photos that may want to make you book a flight right now. Luxury Homes with a View in Zihuatanejo