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#21 Coz2wonder

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Posted 05 March 2010 - 02:34 PM

The prices on Condo's have not dropped. The reasons are many.

First, Cozumel is a desirable place for either a second home, or to live full time.

Secondly, the Condo's and homes here are paid for in cash (99.9% of the time), therefore, unlike in NA, no mortgage payments to meet. Therefore, prices will not reflect a "fire sale" type environment.

Thirdly, there are not that many condos available. Contrary to what some may think, there are not thousands of places available. There are about 50 to 60 condo's for sale on the island, right NOW.

Fourthly, the pricing is not going to go down, it will go up. The reason is that the owner may up purchased upgrades packages when they bought, and they have certainly furnished the place. Most likely when you buy a resale condo here, you are buying it fully furnished.

The 200K Diva might be referring to is something you might find at Residency Reef, as a resale. They are one bedrooms, with no view.

Two Bedroom, two bath condo's start at around $300K and go up. What you have to check is what the condo fees are. Some are quite reasonable (under 300 usd's per month), but a lot are between $700 to $1,000 per month.

It truly comes down to location, location, location, and the standard of living you want.
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#22 cdlu

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Posted 05 March 2010 - 03:12 PM

Cindy, the word you are looking for is "Winter Cozumelenos.....", I joking refer to them as Seasonal Migrant Residents(SMRs). Do they still have the Migrant Labor Camps around you neck of the woods..... If you needs any info please feel free to contact me.

Traveler, an Ol' Arkie...



Where in AR did you live? I wasn't sure if I had the term correct, thanks! And, yes there are still some of those camps around.
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#23 jsmflake

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Posted 05 March 2010 - 06:04 PM

I have been checking out the real estate listings on the island for almost 4 years now, ever since we fell in love with the island after our first visit! Some of the houses and or condos have been on the market all that time, and some of them have had at least a slight decrease in their listing price over that time period, which I would expect after being on the market that long. Some have not changed their price at all.

What I keep hearing is the recommendations to watch out for the areas that flood when there are heavy, quick rains. Can anyone give us an idea of where these areas are? I just recently saw the area around Avenue 5bis and 10th Avenue at calle 19 to 23 mentioned, and have heard that the Corpus Cristi area is prone to flooding, but nothing about other areas.

I check the real estate offerings daily, and when a new one gets listed, I go on the google map street view to find it, checking out the area. It can be very difficult to tell if it is a low lying area, unless very obvious.


Is the flooding more of a specific lot/property issue,like Carey mentioned, or a general street/neighborhood issue? Is this something that would have to be disclosed if you showed interest in a property listed with a real estate office?

We are not ready to think about a purchase just yet, as we intend to follow everyone's advise about being on the island for an extended time period first to try it out. Hopefully next winter! Until then we have to manage with our weekly trips a few times a year.

Jennifer
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#24 Coz2wonder

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Posted 05 March 2010 - 06:24 PM

As to your comment about houses being on the market for a long time. Yes, they can be.

It has nothing to do with the structure, or value of the house. It's more the right buyer for that house.

The biggest mental hurtle here is getting over what is done THERE.

As to waiting to buy until you retired. The biggest mistake I ever made was not buying, and building when I had a paying job.

Buying your dream, when you have income doesn't hurt nearly as bad, as when you are living off your 401K with only take, and little input.

As for flooding, that is an issue in some area today. But, in a year or two a completely different picture will emerge.

As to the lot on Bis, it sits at the bottom of a hill. Somethings, regardless of what you do, will not change the outcome.

What I am getting at is what you know today, will change. You may discredit an area based on current conditions, but those conditions will change in the next day, month or year.
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#25 jsmflake

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Posted 05 March 2010 - 08:12 PM

So you are saying there are no guarantees, Paula!! Darn! :D

I believe you about why some properties may be on the market for a long time, as I read here daily about people looking for that perfect house. I would venture to guess many of them are like us, and maybe don't have that "cash" to buy outright. It's fun to look anyway. I failed to mention that I have also seen houses listed one day and under contract the next!

I appreciate your advice about buying and building, and wish we had discovered Cozumel long before we did, when we were younger and had the opportunity to sock more away just for that purpose. Sometimes you need a goal to get you going!

My husband retired March 1st, and I will join him June 30th. We are not ready to close up shop here in the northwest suburbs of Chicago yet, but who knows how long we will feel like that either! It may not be long before the high property taxes here force our hand!

Jennifer
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#26 sailsgal

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Posted 07 March 2010 - 12:18 PM

I agree with many of these posts....come down and spend some time, rent a place for a few months and whenever it rains, go around and see some of the areas that you think you would like to live in and see if they flood fast. We did this and learned a ton about the island. We then purchased a home from a reputable builder that wasn't finished and we got to complete the inside with our choices. We paid under $200 K for it and its 5 blocks from the water/Mega/Chedraui and a short walk to d/town. We love it!! Condos can create monthly HOA fees, some over $500 US per month, do not offer gas appliances/hot water tanks or dryers? and you end up with high electric bills, plus the big threat of hurricane damage if you are on the beach. Also have a good accountant/lawyer to read all the documents/contracts. Unless you read fluent Spanish, the legal documents have to be in that language and you could have thought you are buying a nice home and you end up with a garage only! Make sure that the legal paperwork and titles are up to date, utility bills have been paid and that the yearly taxes and garbage are on track if for a single family home. Many things to consider when owning a home here. It can be a great experience owning a home here, but check everything out but you jump in. People have been screwed in the past.

Pay the extra fees for a real estate broker as well as the accountant/lawyer. We did and were happy with the results. We did check out a few places that were for sale by owner..at times the phone numbers were not valid or we left messages on ones that were and received nothing back....or they returned calls and the prices were ridiculous and needed a ton of work! Good luck and keep searching you will find something!
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#27 Coz2wonder

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Posted 07 March 2010 - 01:07 PM

very good post.

My husband will only do contracts with each paragraph in Spanish with an English translation.

Regardless of who you use, cover your flanks, hire an attorney to review your document.

I hate when I hear people say, "I was lucky"...it should be "I am trilled".
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#28 Charles

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Posted 07 March 2010 - 07:34 PM

For sale by owner does exist here, but you are walking a potential mine field. The owner may have no idea what and what hasn't been paid, they may know all too well and is motivated to sell. Previously mortgages never existed here, now I believe you can get banks loans with interest rates that might be double the average. It is really an investment to rent and live here for a time to gain an understanding of just how things work and where you might want to live. If you don't want to live in a condo development geared toward Americans, it takes a while to learn the positives and negatives.

I always think of the absolute must see apartments we were dragged to see. I had no idea the specific location. When we arrived, all it took to veto any idea is they were one block from Moby Dick's. Great location if you like live music, don't try to sleep before 5:00AM, have no art work to hang and no glassware that might shatter. It would have helped if you were legally deaf too.

There are places that have cantinas on the block that may be loud, but they shut down before sun set. The flip side was in a nice quiet area when a restaurant started having live music until 2:00AM on weekends.

Since the capital gains tax exemption went up in smoke in the tax law changes, some owners may find themselves in a position that they invested a great deal in construction and improvements, but never got the documentation needed to be tax deductible. One reason some places need to get close to their asking price as they will be subject to heavy taxation on the sale as the undocumented portion of the investment will make it seem there was a far more substantial gain when the reality may be a break even proposition.

Perhaps Paula would have an idea of insurance prices for waterfront compared to back from the water. I don't know if insurance will be significantly higher even say back on 10th avenue. You can be very close to the waterfront and be virtually immune from any storm surge. Simple distance from the water, you can be quite close compared to most U.S. ocean view locations where a half mile inland might be high impact zone. Here in a couple of blocks you're beyond any danger of damage from the sea.

Wilma showed the quality and durability of construction here. Waterfront ground level was obviously affected, but by and large most places suffered minimal damage. A storm like that would have been devastating in the U.S. They would still be working on cleaning up debris. I told a number of people to take pictures right after Wilma for if they would ever want to sell in the future, it would be impressive how well most structures survived the storm.
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#29 Coz2wonder

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Posted 08 March 2010 - 02:29 PM

Don't know a thing about the cost of homeowner insurance, other then when we had it, it was about $200 bucks a year. As far as I know, homeowner insurance is an option, but I would check if you have a FC or are renting out your property.

The one thing here that is CHEAP...is property taxes. Not sure what is paid in town, but we pay about $110 usd's a year for 5 acres with house, and two out buildings.

I was talking with the brother in-law this morning and he was in the process of paying his bi-yearly taxes in NY which was $5K.
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#30 Carey

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Posted 08 March 2010 - 02:52 PM

The one thing here that is CHEAP...is property taxes. Not sure what is paid in town, but we pay about $110 usd's a year for 5 acres with house, and two out buildings.


We live in centro five blocks from the passenger ferry pier on a lot that is 15 meters wide and 50 meters long. Has about 3000 sq ft of living space in the compound. Our taxes are less than $500/year -- a lot less if you pay in November of the year before. Our basura/trash service is around $40/year.
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#31 kc

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Posted 11 March 2010 - 08:36 PM

Not sure if I spelled that right! Not sure if I will ever move to Cozumel ( I will never say never), however, instead of being a Snowbird or Winter Texan as they call them, I would rather spend my winter in Cozumel when Don and I retire. We are putting money away now just for that.
I would like to hear from those of you that are Winter Cozumelans who spend 2-3 months of the year on Cozumel. I have general questions,like where do you stay? estimated expenses such as apt. rental or house rental? etc. Thanks to those of you willing to share your stories.


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#32 TRAVELER89

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Posted 13 March 2010 - 06:16 PM

Cindy, how did you ands yours fair with the storms in your area this past week. Having lived in "tornado alley" most of most of my childhood, I take a hurricane any day over a tornado..., my prayers for those with losses.

Traveler
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