A while back we covered luxury real estate in San Miguel de Allende, Mexico at the end of 2010, but the latest and greatest new in-city development was mostly a giant construction zone then. At the height there were 900 workers scurrying around getting Artesana Residences off the ground.

This ambitious project shares the big expanse of acreage the new Rosewood San Miguel sits on and owners here are free to use the facilities there, like the spa, the gym, and the best hotel swimming pool complex in town. It’s all just a few blocks from the historic center though and right by the city’s largest park. So residents here get the kind of modern infrastructure and sensible layouts they would get in a development in the suburbs, but in a pedestrian-friendly area with all the great restaurants and bars around.

This project takes everything up a notch as well, thanks to the “spare no expense” attitude of the experienced developers. For buyers who can afford the best and are willing to pay for it, Artesana Residences will please all of them except ones looking for a colonial house with history or those looking for land/privacy. (These are villa homes right up next to each other.)

Every residence has an elevator. Parking is all underground. Deliveries happen from underground, not from the pedestrian-only main thoroughfare. Pressurized water comes through a filtration system. And of course there’s 24-hour security, a remote-controlled gated entrance for cars, Viking appliances, top-notch central climate control systems, high-end fixtures, gas fireplaces, etc. Units don’t come furnished though, so you need to work with their designer to source all that if you want to be part of the rental pool. The good news is, you can get a lot of things custom made in this city of artisans for a very reasonable price.

Units run from two bedrooms and 2,300 square feet to five bedrooms spread over 8,800 square feet, with 17 different layouts in all. See the floor plans here. Two and three-bedroom units run $615K to $1.5 million, with the very largest villa going for $2.4 million. This being mortgage-scarce Mexico you’ll need to truly wealthy rather than aspirational: you have to pony up most or all of that in cash and monthly maintenance will run another $450 to $710 depending on square footage.

Much of the Phase 1 development was still undergoing interior construction when I visited in May, but the units that were finished were real showpieces. In a city full of beautiful homes, these will fit right in. The village feel is a nice bridge between old and new: it’s built on a human scale that encourages strolling and interaction, but it’s got the dedicated garage parking and brand new wiring/plumbing that you don’t usually get in el centro.

When all three phases are complete, there will be 123 units. That will take a while in the current real estate climate, but with current sales running 50/50 between foreigners and Mexican nationals, not as long as some American-only coastal developments. And you don’t have to wait for any of the common areas to be done: they’re all up and running at the Rosewood.

For more information see ArtesanaSanMiguel.com.

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

I got quoted in this Fox Business News story about buying real estate abroad, so of course we think it’s worthy of a read. Called What you need to know before buying foreign property, it’s specifically about whether it’s worthwhile to go on a real estate tour that gives you a crash course in the local market.

I can’t say I’ve ever been on one of those tours, but I’ve talked with a few people who have and were happy that they did it. The biggest obstacle for most people in buying real estate in Latin America is figuring out the landscape: what’s the real value, what are the laws, how does the process work? If you rent somewhere for six months or a year, you’ve got time to figure all that out. If you’re trying to buy more quickly, however, you can make some major blunders if you don’t get good expert advice. Most markets don’t have an MLS and all you have to do to be a real estate agent is print up business cards saying you are—no license required.

I prefer the tours run by the likes of International Living and Pathfinder over the ones focused on a specific development. Sure, there are lots of discounts built in because the sponsors are hoping you’ll buy something, but there’s not the kind of pressure you get from a single developer who is incurring costs to have you there. There are lectures and Q&A sessions from agents and legal experts, plus you get to see a range of properties to get a decent feel for the market. As always, ask independent questions on your own and do your own research in addition, but you’ll leave one of these real estate tours with far more knowledge than you had going in.

See the full article here.

See more stories about real estate in Latin America.

We feature three kinds of travel reviews on Luxury Latin America: the best luxury hotels, interesting luxury travel tours, and Latin American real estate that appeals to foreigners buying a vacation home or retirement home in Mexico, Central America, or South America. In the latter category is a piece we put up a couple weeks ago: Real Estate in Punta Mita.

Punta Mita goes by two slightly different names, so it’s a little confusing. Punta de Mita (which sort of translates to “arrowhead”) is the peninsula region in general, located between Puerto Vallarta and Sayulita in the Riviera Nayarit region. Punta Mita without the “de” is the private development within that region. It’s anchored by the Four Seasons, a St. Regis resort, and two golf courses designed by Jack Nicklaus. Plus there are plenty of different real estate developments for those who like it so much they don’t want to leave.

That feeling is understandable as this is one of the prettiest and most dramatic coastal locations in Mexico, plus the golf experience here wins plenty of “best of” accolades on a regular basis. Don’t come to this area looking for a bargain though—one software mogul has built a house here that supposedly cost $36 million, give or take a few mil—so you’ll be in the company of people who can afford to buy exactly what they want. Except for a few condos and townhouses, prices are listed in seven digits.

This is perhaps the most prestigious resort living address in Mexico. See the full story here:

Luxury Real Estate in Punta Mita, Mexico

In a move designed to lure more Americans to Costa Rica, the country is designating certain areas with good medical facilities to be “retirement clusters.” The country wants to better compete with Panama and Mexico, both destinations that have lured lots of retirees with the combination of lower costs and good hospitals.

The Tico Times reported the story back in February (see a reprint here), so I’m late to the party on this, but it has interesting ramifications for the future. Anecdotal evidence says foreign investment in Costa Rica has declined during this recession, especially in areas where the property bubble had spread south. This government program aims to spread out that investment to more areas. The zones include Lake Arenal, Miramar, Cartago, and Rincon de la Vieja in Guanacaste. According to this story on Mathaba, getting residency should become easier.

The concept is simple, and includes slashing red tape to the minimum by providing one-stop residence permits at the Migration Directorate, so that foreigners, especially the well-heeled, can come to live in the country. Tax exemptions on real estate and vehicles are on offer, and a promotional campaign aimed at older adults abroad will be run by the Costa Rican Institute of Tourism (ICT).

Time will tell whether the plans turn to reality and whether there is longevity in the mix. Costa Rica was the first country to launch big incentives for foreign retirees, but the country has become less attractive over time as those incentives were removed and real estate prices kept rising. If this program actually works, it could turn things around.

Don’t pull a House Hunters International move though and just fly down for a weekend to buy a house. Spend some time in a Costa Rica rental first and do your homework. Keep in mind too that the U.S. dollar is at its lowest exchange rate in two years in Costa Rica, which may limit your bargaining power for anything sold by a local company. Take your time.

Get info here on luxury travel in Costa Rica.