Twenty years from now you will be more disappointed by the things you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover. -Mark Twain

Wednesday, May 19, 2010

Notes on the State of the Real Estate Market in Puerto Penasco

How low can you go?

That's what I got to wondering the other day. At the low end, what's for sale in Puerto Penasco? I went to the Coldwell Banker Rocky Point website and chose as my search criteria only real estate under the price of $150,000. I was surprised by what I found.

Topping my surprise was a notice that the MOAB hotel property has been sold (32 unit hotel with 4 suites, the former "Mother of All Burgers" restaurant, liquor license, 2 kitchens, office and a commercial store, beach across the street). It didn't say how much it sold for, or who bought it or when, but it WAS listed as wanting a quick sale and it WAS on the $150,000 or less page. If the price was indeed that low (which I doubt), someone got a heck of a deal! I've got an email in to Larry Rebling, the listing agent, and hopefully I'll find out more. Regardless, the sale is a hopeful sign.

UPDATE: Larry got back to me (so quickly!) with the information that though he originally had the listing, the transaction was ultimately done outside of Coldwell Banker, between buyer and seller, so there are no details available. Dang! However, Larry did note for me that he thinks the original list price was in the vicinity of $950,000. That does seem more realistic, doesn't it?

Besides lots of lots for sale, there were also some excellent prices on condos and homes, and some recent sales that show there are still buyers if the price is right. Here are a few examples.

On Sandy Beach a Casa Blanca Villa, ground level, 2-bdrms 2-baths, fully furnished, 1,003 sq. ft. with a 210-sq. ft. side patio, is listed for $134,500 and the seller will entertain financing without qualifying. That's a fire-sale price.

A Las Palomas 1-bdrm condo in the Cabrillo building, 1,139 sq. ft., sold for $125,000.

A Las Palmas 1-bdrm, 1,000 sq. ft., sold for $109,000.

There are several condos listed in the Pinacate (next to the Penasco del Sol resort) where prices have dropped considerably from a couple of years ago. At the higher end, there's a 1-bdrm, fully furnished, 750 sq. ft., priced at $125,000 and the seller will consider 20% down and 8% interest. At the lower end, a 2-bdrm 2-bath, 1,200 sq. ft. condo is listed at $114,900.

At the Laguna Shores development a 1,500 sq. ft. fully furnished custom home with 2 bdrms, 2 baths recently sold for $110,000

In The Mirador, there are also plenty of good deals. At the El Pueblo Condos you can get a 1-bdrm, 714 sq. ft condo starting at $55,000. A 2-bdrm, fully furnished, 900 sq. ft. is listed at $118,000.

It's worth noting that a 2-bdrm condo at Las Gardenias recently sold for $31,000!

That's just a short list. There are also homes and commercial buildings throughout the city priced at $150,000 or less, as well as some very nice lots in places like Las Conchas. So have prices dropped about as far as they're going to, or do we still have a ways to go? Time will tell, but in the meantime if you're looking for the right place at the right price in a beachside town, this might be a good time to start your search!