The Tribune would like to extend a warm welcome to each and every person visiting Puerto Vallarta this month. Cinco de Mayo, or the 5th of May is a very important day in Mexican history. This is the perfect time to enjoy Puerto Vallarta, the Easter craze and its crowd have come and gone.
Starting with our representative at Gustavo Diaz Ordáz International Airport, who presented you with this complimentary copy of the Vallarta Tribune, we wish you an unforgettable stay and many wonderful experiences. We hope the Tribune will provide you with useful tips making your vacation more enjoyable.
No matter where you may be visiting from, Canada, the U.S., another part of Mexico or perhaps even Europe, Nuestra Casa es tu Casa, Our Home is your Home, Bienvenidos!
We look forward to receiving your comments, should you wish to share your experience with us, please feel free to do so.
Have a great time, the City of Puerto Vallarta hopes to see you again soon!
Saturday, May 28, 2011
May 31st - Puerto Vallarta’s Birthday
On May 31, 1928, Puerto Vallarta officially became a municipality, in 1968; Puerto Vallarta officially became a city in the state of Jalisco. Visitors can enjoy an outdoor musical show along the Malecón in celebration of this special day, speeches by city officials honoring the history and eat a piece of the city’s gigantic birthday cake at Plaza Presidencia downtown. At night, the city unites in celebration to watch fireworks and fiestas.
Business as usual on the Malecón
While there was much hoopla regarding the current remodeling of Puerto Vallarta’s Malecón, little attention was paid to the effect it will have on business in the long term.
The project will focus on widening the pedestrian sidewalks, replacing the concrete surface with natural stone, improved lighting, and the repairs to the retaining wall, which was deemed unsafe by the Civil Protection agency in a report issued earlier this year. The $50 million peso project is scheduled for completion by September 15, 2011.
City Hall and the tourism board are confident the new Malecón will receive the same widespread support the renovations along the Basilido Badillo have received.
Officials are enthusiastic recent investment in the city’s infrastructure can only be good for the city.
They cite the new pier at Los Muertos Beach, the walking bridge joining at Gringo Gulch to the island at the River Cuale and the demolition of the once popular Cinema Luz Maria at the entrance to the city core.
The Puerto Vallarta restaurant and bar sector is a resilient one; those along the Malecón have had to endure worse things than a makeover, including Hurricane Kenna.
While the new Malecón promises new opportunities for businesses located along the length of the boardwalk, you can do your bit to support the Puerto Vallarta restaurant and bar association by visiting the establishments located there.
Many of the restaurants are offering special promotions or menus to visitors while the work is being carried out.
The project will focus on widening the pedestrian sidewalks, replacing the concrete surface with natural stone, improved lighting, and the repairs to the retaining wall, which was deemed unsafe by the Civil Protection agency in a report issued earlier this year. The $50 million peso project is scheduled for completion by September 15, 2011.
City Hall and the tourism board are confident the new Malecón will receive the same widespread support the renovations along the Basilido Badillo have received.
Officials are enthusiastic recent investment in the city’s infrastructure can only be good for the city.
They cite the new pier at Los Muertos Beach, the walking bridge joining at Gringo Gulch to the island at the River Cuale and the demolition of the once popular Cinema Luz Maria at the entrance to the city core.
The Puerto Vallarta restaurant and bar sector is a resilient one; those along the Malecón have had to endure worse things than a makeover, including Hurricane Kenna.
While the new Malecón promises new opportunities for businesses located along the length of the boardwalk, you can do your bit to support the Puerto Vallarta restaurant and bar association by visiting the establishments located there.
Many of the restaurants are offering special promotions or menus to visitors while the work is being carried out.
Ask a Realtor...
A: How was your “high season” this year? Ray Y. Miami
Q: We saw a significant increase in buyer interest and sales activity this year as compared to 2010. One well established office in town reported that they have amade as many sales this year as they did all of last year. Canadian buyers were very active in order to take advantage of their strong dollar and Mexican buyers also snapped up some great deals. Unfortunately, American buyers are still in the doldrums thanks to economic turmoil and overhyped media reports of drug violence and insecurity in Mexico. The world economic turmoil undoubtedly trimmed the nest eggs of most new buyers entering this market. Therefore, a “return to affordability” was one of the primary drivers of the market this year. Properties priced from $150k to $300k were right in the sweet spot for most buyers and this market was extremely active. Existing properties that were well priced and well located were in high demand; as buyer’s really like to see, feel and experience the property first hand before buying. New developments with great location, excellent price, superb design and a proven track record from the developer also did well. A couple of new south side developments of 50 units were already over half sold out prior to breaking ground. The $300k to $600k market remains slow as these upscale buyers hunker down and wait for better times. Until the American buyers return, this market will be slow. Luxury properties priced over $1 million USD have never been a large percentage of the overall market; however we saw numerous sales this year as motivated sellers reduced prices to levels that were irresistible to sophisticated and savvy buyers. The government’s huge investment in infrastructure with improved roads, sidewalks and bike lanes, second bypass tunnel, beautification of “Restaurant Row, new Malecón boardwalk and Los Muertos pier could really pay off in attracting more new and upscale buyers to our market. This season it appeared that buyers began to realize that the Real Estate market in Puerto Vallarta is strong, stable and offering excellent bargains for retirement and mid to long term investing. There was never “subprime lending” here in PV and consequently there is no mortgage crisis or foreclosure market here. With $US financing now readily available (typically with a down payment of 25-30% and interest rates as low as 6%) a vast new market is poised to emerge as rates become more competitive and qualifying and closing become more streamlined. One of our most experienced loan brokers reports that 2011 has already been his best year ever. In summary, I am cautiously optimistic about the coming year; cautious because of the continuing concerns about drugs, violence and excessive inventory but optimistic because of the strong recovery that has characterized 2011 so far. Plus the natural beauty that surrounds us and the resilience of the local residents is truly inspiring. Now, if we can just figure out how to make it through the summer season, we will be poised for a strong high season in 2012!
Active in local and national Real Estate boards; published author and acknowledged expert on Puerto Vallarta Real Estate, Michael Green moved here in 1997 to take advantage of the unsurpassed lifestyle PV offers. Mike can be reached at: pvgetaways@hotmail.com
Q: We saw a significant increase in buyer interest and sales activity this year as compared to 2010. One well established office in town reported that they have amade as many sales this year as they did all of last year. Canadian buyers were very active in order to take advantage of their strong dollar and Mexican buyers also snapped up some great deals. Unfortunately, American buyers are still in the doldrums thanks to economic turmoil and overhyped media reports of drug violence and insecurity in Mexico. The world economic turmoil undoubtedly trimmed the nest eggs of most new buyers entering this market. Therefore, a “return to affordability” was one of the primary drivers of the market this year. Properties priced from $150k to $300k were right in the sweet spot for most buyers and this market was extremely active. Existing properties that were well priced and well located were in high demand; as buyer’s really like to see, feel and experience the property first hand before buying. New developments with great location, excellent price, superb design and a proven track record from the developer also did well. A couple of new south side developments of 50 units were already over half sold out prior to breaking ground. The $300k to $600k market remains slow as these upscale buyers hunker down and wait for better times. Until the American buyers return, this market will be slow. Luxury properties priced over $1 million USD have never been a large percentage of the overall market; however we saw numerous sales this year as motivated sellers reduced prices to levels that were irresistible to sophisticated and savvy buyers. The government’s huge investment in infrastructure with improved roads, sidewalks and bike lanes, second bypass tunnel, beautification of “Restaurant Row, new Malecón boardwalk and Los Muertos pier could really pay off in attracting more new and upscale buyers to our market. This season it appeared that buyers began to realize that the Real Estate market in Puerto Vallarta is strong, stable and offering excellent bargains for retirement and mid to long term investing. There was never “subprime lending” here in PV and consequently there is no mortgage crisis or foreclosure market here. With $US financing now readily available (typically with a down payment of 25-30% and interest rates as low as 6%) a vast new market is poised to emerge as rates become more competitive and qualifying and closing become more streamlined. One of our most experienced loan brokers reports that 2011 has already been his best year ever. In summary, I am cautiously optimistic about the coming year; cautious because of the continuing concerns about drugs, violence and excessive inventory but optimistic because of the strong recovery that has characterized 2011 so far. Plus the natural beauty that surrounds us and the resilience of the local residents is truly inspiring. Now, if we can just figure out how to make it through the summer season, we will be poised for a strong high season in 2012!
Active in local and national Real Estate boards; published author and acknowledged expert on Puerto Vallarta Real Estate, Michael Green moved here in 1997 to take advantage of the unsurpassed lifestyle PV offers. Mike can be reached at: pvgetaways@hotmail.com
Ask the Mortage Experts...
With mortgages becoming more of the norm in Mexico and with ever-increasing loan options, The Tribune is helping sort through the confusion by having your personal Financing/Mortgage questions answered by our local experts – David Schwendeman and Terence Reilly, Founder’s of MEXLend, an industry-leading Mortgage Broker based in Vallarta. We invite you to e-mail your questions regarding buying or financing Real Estate in Mexico to buyinginmexico@hotmail.com.
Q: “How would I go about selecting one Mortgage Broker over another? Don’t you all offer the same products and services? Yolanda Fisher, Denver, CO
A: Choosing a Mortgage Broker in Mexico is a lot like choosing a Realtor or Attorney anywhere else. A referral from a trusted source is almost always the best way to go, as the quality of service, attention to detail and processing times can vary quite a bit between firms. Your Realtor or Real Estate Attorney will most likely be able to offer some sound advice on “who” best to service your needs. In addition, all Mortgage Brokers in Mexico DO NOT offer the same products and services. Some have aligned themselves with only 1 or 2 Lenders – while others have a much broader spectrum of products.
Below is a list of questions a borrower should be prepared to ask before beginning a relationship with a Mortgage Professional in Mexico.
1. Have you closed any loans in Mexico?
The Mortgage Industry is still very new in Mexico and as it continues to establish itself, some companies have only just opened their doors. Frankly, it is a lot more labor intensive to write loans in Mexico than in the US or Canada and not every Broker has the knowledge or stamina to see the process through. That said, you want to go with a Mortgage Broker with a proven track record of ACTUALLY CLOSING Loans, preferably in a timely fashion.
2. Where are your offices located and where are your loans processed?
Some Mortgage Brokers dealing in Cross Border Lending operate their Mexican Businesses as a sideline to their US Mortgage Operations. Some maintain “bricks and mortar” office space in Mexico, some have Sales Representatives or Loan Officers on the ground here – while maintaining office space in the US, where the processing occurs and still others only operate from the US via phone, fax, e-mail and overnight express.
At the very least, your mortgage broker should have some one on the ground in Mexico, in the area you are buying, to facilitate the signing and delivery of documents and to navigate the various bureaucratic systems here. Mexican Loans can be far more complex than in other areas and a physical presence is the key to expediting a seamless closing. Also, Mexico has not yet completely embraced the notion of “e-commerce”. Notarios, Realtors, Bank Trust Managers, Attorneys, Developers, etc . . . all prefer a modicum of face-to-face negotiations when conducting business. This instills a sense of trust and accessibility – which bodes well for a smooth transaction.
In addition, working with a Broker who deals exclusively with Cross Border Lending will likely afford you a higher level of expertise and client satisfaction. If you think about it – do you really want to work with someone who is concentrating on two entirely different processes at the same time?
Lastly, it is virtually impossible to process a Mexican Loan entirely from a US office. Cross Border Loans are document heavy and the Mexican Authorities require original signatures on most items. The ability of a local Mortgage Broker or Loan Officer to hand deliver signed originals - in pinch - goes a long way towards a smooth closing.
3. Can you provide me with the names and telephone numbers of satisfied clients?
Who better to talk with then a previous customer who was well served by the efforts of the Mortgage Broker? Testimonials are key to almost any company’s success – regardless of the type of service offered. A Mortgage Broker with a proven tract record should be more than happy to arrange for potential new clients to speak with those who have already successfully funded. If the Broker refuses or makes excuses – move on to a Mortgage Professional who is elated to do so!
4. How many Banks or Lenders do you represent and what types of Loan Products do you offer?
As previously mentioned, some Brokers only work with limited products. As a borrower, your best chance of obtaining financing is to work with a Mortgage Broker who offers many options and has the expertise to channel your application into the right fit. Also, a skilled Mortgage Broker will compare and contrast the loan application against the various programs in an effort to come up with the most attractive terms for the client’s particular needs.
For example, a borrower who is purchasing purely as a short term investment and knows for certain the property will be sold within a few years – probably doesn’t want or need a 30 Year Fixed Rate Loan. This client would be better served by a 2, 3 or 5 Year Adjustable Rate Loan (ARM) with a lower, initial interest rate. However, if the Broker only offers Fixed Rate Loan Products – than that’s what the client is going to get – whether it’s the right fit or not. Conversely, a borrower purchasing or building the vacation home of their dreams and plans to enjoy the property for decades to come is not best served by an ARM and would likely be better served by a 20, 25 or 30 Year Fixed Loan. Mortgage Brokers who offer a variety of Loan Options typically have higher client satisfaction rates as they can not only strategize but also truly service the client’s needs.
5. Are you approved to work direct with the Banks or Lenders whose product you represent?
The answer to this question may seem obvious. If a Broker is marketing a loan product, then he must have direct access to the product – right? Wrong – sadly some people are not willing to put the time and effort into educating themselves on Cross Border Lending or go through the Lenders rigid Broker Approval Process. They merely hang a shingle announcing themselves as”Mexican Mortgage Brokers”. These firms take Mortgage Applications and all too frequently - large, “up front fees”. They then proceed to try and find an approved broker or direct lender to do the deal. Certainly, there are instances where this type of co-brokering of loans is legitimate and acceptable. However, your Mortgage Broker should have at least 1 or 2 Direct Lender Approvals before you make the decision to engage their services.
You want to work with an individual or firm who has made the effort to gain the Lender’s confidence, get trained in specific policies and protocols and who has the direct ear of the underwriting team who make the decisions on funding. In Mexico, the more Lenders a Broker is approved direct to represent – likely means a higher volume of loans closed, more products to offer potential clients and most importantly – the necessary experience and expertise to effectively close loans.
MEXLend, Inc. is a Mexican mortgage brokerage that currently represents 8 different lenders offering 75 different loan options in Dollars, Pesos and Euros for buyers looking to purchase vacation or investment property throughout Mexico – including products specifically for Canadian citizens. In announced results based upon post-closing client interviews conducted by Mexico’s largest US lender, MEXLend won the #1 mark of distinction for both client satisfaction and fastest closings for the second straight cycle. MEXLend can be reached at 322-132-7991 (in Vallarta), 917-779-9061 (while in the US or Canada), toll–free in Mexico by calling 1-800-3-Mi-Casa or go online at www.mexlend.com (For US and Euro loans) or www.mexlend.com.mx for Peso loans.
Q: “How would I go about selecting one Mortgage Broker over another? Don’t you all offer the same products and services? Yolanda Fisher, Denver, CO
A: Choosing a Mortgage Broker in Mexico is a lot like choosing a Realtor or Attorney anywhere else. A referral from a trusted source is almost always the best way to go, as the quality of service, attention to detail and processing times can vary quite a bit between firms. Your Realtor or Real Estate Attorney will most likely be able to offer some sound advice on “who” best to service your needs. In addition, all Mortgage Brokers in Mexico DO NOT offer the same products and services. Some have aligned themselves with only 1 or 2 Lenders – while others have a much broader spectrum of products.
Below is a list of questions a borrower should be prepared to ask before beginning a relationship with a Mortgage Professional in Mexico.
1. Have you closed any loans in Mexico?
The Mortgage Industry is still very new in Mexico and as it continues to establish itself, some companies have only just opened their doors. Frankly, it is a lot more labor intensive to write loans in Mexico than in the US or Canada and not every Broker has the knowledge or stamina to see the process through. That said, you want to go with a Mortgage Broker with a proven track record of ACTUALLY CLOSING Loans, preferably in a timely fashion.
2. Where are your offices located and where are your loans processed?
Some Mortgage Brokers dealing in Cross Border Lending operate their Mexican Businesses as a sideline to their US Mortgage Operations. Some maintain “bricks and mortar” office space in Mexico, some have Sales Representatives or Loan Officers on the ground here – while maintaining office space in the US, where the processing occurs and still others only operate from the US via phone, fax, e-mail and overnight express.
At the very least, your mortgage broker should have some one on the ground in Mexico, in the area you are buying, to facilitate the signing and delivery of documents and to navigate the various bureaucratic systems here. Mexican Loans can be far more complex than in other areas and a physical presence is the key to expediting a seamless closing. Also, Mexico has not yet completely embraced the notion of “e-commerce”. Notarios, Realtors, Bank Trust Managers, Attorneys, Developers, etc . . . all prefer a modicum of face-to-face negotiations when conducting business. This instills a sense of trust and accessibility – which bodes well for a smooth transaction.
In addition, working with a Broker who deals exclusively with Cross Border Lending will likely afford you a higher level of expertise and client satisfaction. If you think about it – do you really want to work with someone who is concentrating on two entirely different processes at the same time?
Lastly, it is virtually impossible to process a Mexican Loan entirely from a US office. Cross Border Loans are document heavy and the Mexican Authorities require original signatures on most items. The ability of a local Mortgage Broker or Loan Officer to hand deliver signed originals - in pinch - goes a long way towards a smooth closing.
3. Can you provide me with the names and telephone numbers of satisfied clients?
Who better to talk with then a previous customer who was well served by the efforts of the Mortgage Broker? Testimonials are key to almost any company’s success – regardless of the type of service offered. A Mortgage Broker with a proven tract record should be more than happy to arrange for potential new clients to speak with those who have already successfully funded. If the Broker refuses or makes excuses – move on to a Mortgage Professional who is elated to do so!
4. How many Banks or Lenders do you represent and what types of Loan Products do you offer?
As previously mentioned, some Brokers only work with limited products. As a borrower, your best chance of obtaining financing is to work with a Mortgage Broker who offers many options and has the expertise to channel your application into the right fit. Also, a skilled Mortgage Broker will compare and contrast the loan application against the various programs in an effort to come up with the most attractive terms for the client’s particular needs.
For example, a borrower who is purchasing purely as a short term investment and knows for certain the property will be sold within a few years – probably doesn’t want or need a 30 Year Fixed Rate Loan. This client would be better served by a 2, 3 or 5 Year Adjustable Rate Loan (ARM) with a lower, initial interest rate. However, if the Broker only offers Fixed Rate Loan Products – than that’s what the client is going to get – whether it’s the right fit or not. Conversely, a borrower purchasing or building the vacation home of their dreams and plans to enjoy the property for decades to come is not best served by an ARM and would likely be better served by a 20, 25 or 30 Year Fixed Loan. Mortgage Brokers who offer a variety of Loan Options typically have higher client satisfaction rates as they can not only strategize but also truly service the client’s needs.
5. Are you approved to work direct with the Banks or Lenders whose product you represent?
The answer to this question may seem obvious. If a Broker is marketing a loan product, then he must have direct access to the product – right? Wrong – sadly some people are not willing to put the time and effort into educating themselves on Cross Border Lending or go through the Lenders rigid Broker Approval Process. They merely hang a shingle announcing themselves as”Mexican Mortgage Brokers”. These firms take Mortgage Applications and all too frequently - large, “up front fees”. They then proceed to try and find an approved broker or direct lender to do the deal. Certainly, there are instances where this type of co-brokering of loans is legitimate and acceptable. However, your Mortgage Broker should have at least 1 or 2 Direct Lender Approvals before you make the decision to engage their services.
You want to work with an individual or firm who has made the effort to gain the Lender’s confidence, get trained in specific policies and protocols and who has the direct ear of the underwriting team who make the decisions on funding. In Mexico, the more Lenders a Broker is approved direct to represent – likely means a higher volume of loans closed, more products to offer potential clients and most importantly – the necessary experience and expertise to effectively close loans.
MEXLend, Inc. is a Mexican mortgage brokerage that currently represents 8 different lenders offering 75 different loan options in Dollars, Pesos and Euros for buyers looking to purchase vacation or investment property throughout Mexico – including products specifically for Canadian citizens. In announced results based upon post-closing client interviews conducted by Mexico’s largest US lender, MEXLend won the #1 mark of distinction for both client satisfaction and fastest closings for the second straight cycle. MEXLend can be reached at 322-132-7991 (in Vallarta), 917-779-9061 (while in the US or Canada), toll–free in Mexico by calling 1-800-3-Mi-Casa or go online at www.mexlend.com (For US and Euro loans) or www.mexlend.com.mx for Peso loans.
Pv Smile Celebrates New Office Location
Last Saturday, May 21st, PV Smile Dental celebrated the Grand Opening of its office at their new location at 111 Havre Street in the Hotel Zone.
Members of the American and Canadian communities in town and other dental professionals joined the fun to experience the new clinic and toast to the success of the relocated practice.
PV Smile was founded 7 years ago, when Dr. Noel Rivas moved from Guadalajara and settled in Puerto Vallarta to launch his cosmetic, restorative and dental implants practice.
Over the years he has formed a qualified team of dedicated professionals, largely due to continuing training and education, both in Mexico and abroad.
Shortly after 8:30 the ribbon was cut and guests enjoyed the event with a variety of appetizers, drinks and white wine.
The center piece of entertainment was a jukebox. It was Mexican style fun as guests were singing songs and the celebration continued until 2 a.m.
Everybody enjoyed the lively celebration wishing Dr. Rivas continuing success.
PV Smile ongoing mission is to give people more reasons to smile.
Members of the American and Canadian communities in town and other dental professionals joined the fun to experience the new clinic and toast to the success of the relocated practice.
PV Smile was founded 7 years ago, when Dr. Noel Rivas moved from Guadalajara and settled in Puerto Vallarta to launch his cosmetic, restorative and dental implants practice.
Over the years he has formed a qualified team of dedicated professionals, largely due to continuing training and education, both in Mexico and abroad.
Shortly after 8:30 the ribbon was cut and guests enjoyed the event with a variety of appetizers, drinks and white wine.
The center piece of entertainment was a jukebox. It was Mexican style fun as guests were singing songs and the celebration continued until 2 a.m.
Everybody enjoyed the lively celebration wishing Dr. Rivas continuing success.
PV Smile ongoing mission is to give people more reasons to smile.
Inauguration of equestrian center in Puerto Vallarta
The equestrian scene in Vallarta is anxiously awaiting the upcoming inauguration of Arena Vallarta in the village of Colorado located 20 minutes east of Puerto Vallarta International Airport. This Saturday, representatives from all levels of government will attend in honor of the new Center.
The center, a new state of the art equestrian center will be launched with a series of events this Saturday May 28. The events include 4 charreadas (rodeo) children’s charreada (10:00 AM), and 3 GALA charreadas at 12:30, 3:30 and 7:00 PM promising a fun filled day for horse and rodeo lovers everywhere.
This Saturday´s inauguration will welcome the state governor, the president of the Mexican Sporting association, Puerto Vallarta´s mayor, the commander of the 8th regional navy, secretary of tourism of the state of Jalisco, the president of the Tourism Board and the president of the Charro Association.
The center, a new state of the art equestrian center will be launched with a series of events this Saturday May 28. The events include 4 charreadas (rodeo) children’s charreada (10:00 AM), and 3 GALA charreadas at 12:30, 3:30 and 7:00 PM promising a fun filled day for horse and rodeo lovers everywhere.
This Saturday´s inauguration will welcome the state governor, the president of the Mexican Sporting association, Puerto Vallarta´s mayor, the commander of the 8th regional navy, secretary of tourism of the state of Jalisco, the president of the Tourism Board and the president of the Charro Association.
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