Big targets for Americans are the San Miguel de Allende Properties

Lured by beachfront vistas, quaint colonial backdrops and a historic construction boom, thousands of Americans are heading down Mexico way to snap up vacation homes, retirement villas and investment properties. Heartened by wide-sweeping reforms in the country's judicial and foreign-investment systems over the past decade or so and heightened interest from investors, many Yanks have watched the values of their south-of -the-border San Miguel de Allende Properties head north in surprisingly short order.

"The market has just become prolific in Mexico, with about 1.5 million Americans now owning property there," says Mitch Creekmore, vice president of the Stewart Title Guaranty de Mexico office in Houston and one of America's foremost experts on Mexican real-estate acquisition. "Values in some markets have tripled in five years -- far exceeding the rates of return you find in the United States."

Yet foreigners are still paying a premium to finance such deals, either through developer/seller financing that requires at least 30 percent down, or pricey, hard-to-get mortgage loans at Mexican banks that can hover well above 15 percent.

Casas San Miguelito, a real estate agency has sold numerous residential resorts San Miguel de Allende Properties. They say that while financing is available, buyers may find it more cost effective to use second mortgages or additional credit lines in the U.S. to pay for Mexican San Miguel de Allende Properties.

Casas San Miguelito says that Mexico “is really like Florida was 40 years ago when the American dream was still attainable. And Mexico has lower property taxes and total cost-of-living expenses. You will pay $500 in annual property taxes in Mexico for a property you'd pay $20,000 on in Florida. And for people on fixed incomes, that's very important.”

Previously, American banks were reluctant to lend monies for Mexican San Miguel de Allende Properties because of unreliable foreclosure laws and the potential for corruption.

Hence, San Miguel de Allende Properties such as haciendas are becoming hotter and bigger targets for many Americans and Canadians, especially those who have been priced out of U.S. resort areas, he says.

	Big targets for Americans are the San Miguel de Allende Properties

<<Back to News	Lured by beachfront vistas, quaint colonial backdrops and a historic construction boom, thousands of Americans are heading down Mexico way to snap up vacation homes, retirement villas and investment properties. Heartened by wide-sweeping reforms in the country's judicial and foreign-investment systems over the past decade or so and heightened interest from investors, many Yanks have watched the values of their south-of -the-border San Miguel de Allende Properties head north in surprisingly short order. "The market has just become prolific in Mexico, with about 1.5 million Americans now owning property there," says Mitch Creekmore, vice president of the Stewart Title Guaranty de Mexico office in Houston and one of America's foremost experts on Mexican real-estate acquisition. "Values in some markets have tripled in five years -- far exceeding the rates of return you find in the United States." Yet foreigners are still paying a premium to finance such deals, either through developer/seller financing that requires at least 30 percent down, or pricey, hard-to-get mortgage loans at Mexican banks that can hover well above 15 percent. Casas San Miguelito, a real estate agency has sold numerous residential resorts San Miguel de Allende Properties. They say that while financing is available, buyers may find it more cost effective to use second mortgages or additional credit lines in the U.S. to pay for Mexican San Miguel de Allende Properties. Casas San Miguelito says that Mexico “is really like Florida was 40 years ago when the American dream was still attainable. And Mexico has lower property taxes and total cost-of-living expenses. You will pay $500 in annual property taxes in Mexico for a property you'd pay $20,000 on in Florida. And for people on fixed incomes, that's very important.” Previously, American banks were reluctant to lend monies for Mexican San Miguel de Allende Properties because of unreliable foreclosure laws and the potential for corruption. Hence, San Miguel de Allende Properties such as haciendas are becoming hotter and bigger targets for many Americans and Canadians, especially those who have been priced out of U.S. resort areas, he says.