NEW YORK (CNNMoney.com) - In the past 10 years, new Mexican beach resorts have attracted a flood of American expatriates to retirement and second home communities.
Last year, the Dallas Morning News reported that more than 1 million Americans now live in Mexico, at least part time, five times the number of 10 years ago. The U.S. State Department reported in October 2004 that 385,000 live there year round. That number is almost certainly higher today.
“Mexico is a foreign setting with a familiar accent,” Bruce Greenberg, an appraiser/market consultant for Mexican real estate, who cites Mexico’s proximity and hospitality as two big draws for Americans.
Mexican beach resorts have another big factor going for them: weather. Winters are warm and summer heat is tempered by the waters of the Pacific, the Sea of Cortez, or the Caribbean. And, even though property prices in Mexico have increased, the costs of homes are still low. In addition, according to Greenberg, there are low property taxes averaging about $300 a year on property of $300,000 and low monthly costs.
What’s more, creature comforts of American life are increasingly becoming available south of the border. Satellite and cable television bring news and entertainment right into ex-pat’s living rooms, the Internet keeps them in touch with hometown newspapers, and American food brands are available at the supermarket.
There may even be a Wal-Mart not far away.
With so many migrants, however, resorts of choice are getting crowded, and other, even newer developments, are springing forth to take up the overflow.
Last I heard you had to go in partnership with a Mexican in order to buy in Mexico. Is that still true?