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

MILLENNIALS ARE HERE IN THE BAY OF BANDERAS

Generation Y and Real Estate

Generation Y or the Millennials are persons born in the 1980s and 1999. They are estimated to be 70 million strong. Age is typically 20 years old to 38 years.

**Millennials are individualistic, innovative, creative, revel in diversity, multi-taskers, and go by their own rules.

M´s rely on their intuitive sense to understand technology from the environment in which they have grown up.

They can bring a more creative and innovative approach to solving problems than previous generations.

They prefer educating themselves through online courses and using available technology to gain information. Their primary source of communication is email and texting.

They find direct communication less necessary than previous generations.

**Millennials want balance in their work and personal lives. They unwilling to commit to jobs requiring long hours, evenings, or weekend work.

They are confident in their abilities to produce within the confines of a regular work week.

Millennials look to work in meaningful jobs where they can make an overall contribution to the bottom line of the organization while feeling like they are really helping them meet their overall objectives and goals.

It is estimated that 85% of the current USA workforce are made up of the Generation Y/Millennial.

Nurtured by their baby boomer parents until they are mature adults, this generation is expected to do great things.

**With information they find electronically, they make informed decisions on their own.

This group believes there is strength in numbers. They are looking for collective voice and acceptance.

Millennials do not tolerate products or systems which do not work. They are very vocal or texting about those failures to alert others.

**This generation will easily source an alternative if a product does not suit their needs perfectly.

**Millennials are constantly exposed to a high level of information daily and have adjusted to this by merely skimming over information to find what suits them best.

**Millennials are far easier to engage with if the brand or product provides an experience.

**They are constantly searching for something new, something exotic, something adventurous.

**Millennials are very creative at taking a common fad and making it their own.

Millennials want to be heard and want to influence.

Millennials see brands as a personal relationship when they understand the personal benefit to their lives.

Millennials are multitasking pros and can juggle many responsibilities at once. This also means that they are easily distracted and find social media and texting hard to resist. They can appear to disconnect, when they may merely be in a zone of their own at the moment.

**Y Generation seems to be a perfect fit for the condominiums being built in the Zona Romantica and Centro South of Puerto Vallarta.

**These condos are changing the look and feel of their neighborhoods.

Average prices have continued to rise in a healthy slow manner over the past 3 years. Average sale price of a condo in ZR currently is $276,399 usd and in Centro South $296,662 usd. (Source FLEX MLS, AMPI chapters in the Bay)

These properties afford direct contact to activities from the roof top pool, spa, gym, bar and restaurant to stepping out in the street to an abundance of restaurants, music venues, beach experiences, and water sports.

Home part of the year is a condo of 1 or two bedrooms, modern baths, minimalist kitchen, mini terraces, minimal storage. The plan is to rent for a few months, and otherwise work here and mix with their peers. They travel back and forth to their work sources in Mexico, Canada, the USA.

The ** characteristics of Mills give a clue to why they are buying and renting homes here in PV.

 

 


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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