First: 17 New Mexico City Real Estate Projects Approved – The Mexico City government has authorized the construction of 17 real estate projects in the capital as part of a plan to combat the economic impact of the coronavirus pandemic. The government has announced 14 projects on Paseo de la Reforma in the central borough of Cuauhtémoc, and three others along the avenue’s extension in the boroughs of Álvaro Obregón and Cuajimalpa.
We ended the first quarter for sales Jan-March 2020 compared to Jan-March 2019 selling condos and homes for $60,713,767 USD. This is down 32% from 2019 same time. The average sale price was $312,958 USD, down 5% from 2019. Total units sold were 194, down 29% from 2019. April will be a slow month, but for the first 6 days of April 2020, compared to same time 2019, we closed 7 transactions for a total of $2,010,534 USD down 59% from 2019.
Demand: There is supply and buyers willing and able to purchase the inventory. Opportunity.
Rarity: When there is a limited supply property in particular locations and more buyers want this type, there may still be more demand. Missed sales if the inventory is sold out.
Condition: Affects the demand. If there is a lot of work needed for the property to be in demand, the price needs to be low enough to enable the buyer to pay for repairs and not be paying over the market price. No sale if price is not right.
CONDOMINUMS continue to be the most popular real estate product, as far as FBS MLS stats go. Our reports can show us prior year comparisons to show us in relation to last year or other years, how have we done so far, this first half of 2019. Emiliano Zapata Most Popular Area. Again, the highest US dollar volume of sales is Zona Romantica, or Emiliano Zapata, on the south side of the Rio Cuale. Estimates indicate there are another 500 preconstruction units approved, in addition to what we see already being built.