Everything you need to know about buying and selling real estate in Mexico, Puerto Vallarta, and the Banderas Bay region

Life in Puerto Vallarta: Is it safe?

So, “How is PV?”, is the big question I keep being asked, ¨Is it safe?¨

I am happy to report that 21,000 residents received their first and second doses of the vaccine (So far this year). The state made a decision that it was very important to make the world see Puerto Vallarta as a safe travel destination during this time of covid.

We have always been following stricter protocols than the USA and Canada. We are lucky that our weather is amazing, so everything is open to the air and many places have outside seating and with only 50% capacity. It is easy to social distance.

However, businesses are hurting.

With a 60% drop in flights into PV at what should be our busiest time of year, business is just getting by.

Gay tourism is down but when I drive around Puerto Vallarta at night, the gay neighborhood has life. We have been joking, but maybe since the community has been dealing with a killer virus for years (AIDS), we know how to protect yourselves and are more willing to follow protocol and can assess risks.

Everyone knows that soon, everyone will be returning.

The town looks great. People spend their time painting their homes and there are rehabs and construction all over the city. Some developers are even offering financing since mortgage companies can’t finance preconstruction.

I saw one preconstruction building in Centro, at the top of the hill, where the 2-bedroom units were going for 180,000 usd. One side of the building had condos with a 2 bedroom which really were divided into a 1-bedroom apartment and a studio apartment. So, you could rent out the studio if your choice.

Altomar

Altomar

They are not in FLEX so it would be a pocket listing. We are vetting them now.

If you are curious please contact me at william@casasandvillas.com

 

Real Estate Professionals in Puerto Vallarta

As a buyer, it is important to remember that Real Estate practice in Mexico is very different from the USA. Here, there is no license required to sell real estate. The taco lady on the corner can call herself a realtor and sell. Rental agents and timeshare personal are also not agents.

Many report that real estate in Puerto Vallarta in the old days was like the wild west. Today we are fortunate to have the FLEX, a multiple listing system, and the requirements that users need to comply with in order to list a property.

The requirement to be able to use FLEX, is that the agent must have a membership in the professional association of real estate professionals or AMPI.  Since there are no schools to train real estate professionals, AMPI has taken it on itself to develop education requirements to become and maintain the memberships.

Only AMPI agents in México can have access to the FLEX system and can not receive their passwords until they take an ethics class and training on how to use the system.

Please ask if your agent is an AMPI member.

Also, there are only two types of AMPI membership: Associate (broker) and Affiliate (agent). Some companies send their assistants to show property and take clients around to view properties. The assistant has only received the ethics training and has the Flex training under their belts.

AMPI members are required to take 90 hours of education and need to take 25 hours of education every year to renew their membership.

It is important to note that the real estate laws and tax system are in consistent flux. We need to keep educating ourselves to ensure our clients have the most updated and accurate information.

Many ex-pats like to call themselves experts on Mexico. I would caution you about listening to them.

As stated above, the rest of the people selling real estate are not educated. The process of buying property in México is very different. Since foreigners require a trust, the review process and permission process are longer. The anti-money laundering laws also add to an incredible amount of paperwork.

It’s the price you pay to own a piece of paradise, and that why it is important to have an AMPI agent help with the process.

We really try to do as much as possible for you. You still need to sign your name on a lot of documents, but the negotiations and coordination can all be done by us. We manage the calendar to ensure we close and stay in contract.

So, if you have questions or just want to see what’s available at your price point, please contact me. A search can take 10 mins. So please feel free to ask!

We love paradise and want to help you to share in this amazing place to live.

 

William Hevener,

Real Estate Agent

 

 


This article is based upon Flex MLS reporting, legal opinions, current practices and my personal experiences in the Puerto Vallarta-Bahia de Banderas areas. I recommend that each potential buyer or seller of Mexican real estate conduct his own due diligence and review. If you have any other questions, contact me through my website.

Harriet Murray

harriet@casasandvillas.com

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