| Destinations >> Mazatlan >> Mazatlan's condominium outlook about Mazatlan |
By: Patrick Hobson at Ventana Magazine Despite the global financial crisis, Mazatlan is enjoying an astonishing rebirth. The city has been featured in stories in the LA Times, The Chicago Tribune, and The San Francisco Chronicle following recent accolades from the likes of none other than CNN Money and International Living. Quite impressively, Mazatlan was even listed as destination #24 in the New York Times article “53 Places to Go in 2008.” The world seems to have discovered what resident Mazatlecos and frequent visitors have known all along, and now the city is rated as one of Mexico’s -if not the world’s- best up-and-coming retirement destinations.  Unlike Cabo San Lucas, Mazatlan doesn’t endeavor to be the latest fashionable haunt for the trendiest of the Hollywood set, their followers and wannabes, and it does not have the glitzy nightlife of Cancun. Many find Mazatlan to be charming and attractive since it has never been a place for airs and pretensions. Six-thousand Americans and Canadians have already established legal residency and call the “Pearl of the Pacific” home full-time, not to mention the thousands of snowbirds who winter there. Rather than focus on Mazatlan’s many natural attributes -pleasant semi-tropical climate, the city’s relaxed rhythm of life, its gastronomic and cultural activities, and recreational possibilities- why not state the obvious? Anywhere you can buy a waterfront condominium for $350,000 works for a lot of people. A number of condominium developments were announced to the press in 2008, the most noteworthy a collection of ambitious, large-scale projects vying for the attention of those seeking either an exceptional beachfront vacation home, or investment-grade property. Not surprisingly, two of these imposing projects are from well-known local developers, Pronova and Costa Bonita Resorts. In April 2008, three months ahead of schedule, Pronova, Conexpo’s (The Mexican Chamber of the Construction Industry) 2008 Mazatlan Developer of the Year, unveiled the company’s largest and most sophisticated condominium project, Las Gavias Grand Resort Residences. The sweeping project was designed by a world-class architect with other notable clients including Four Seasons and Ritz Carlton, and boasts 230 condominiums in three, impressive integrated towers. Pronova is also wrapping up construction of a sixth project, Las Gavias Golden Shores (83 condominiums), with deliveries initiated in February 2009. Costa Bonita Resorts, Mazatlan’s other pioneering condominium developer, started construction on a second phase of Quintas del Mar (102 condominiums) in 2008. The construction will compliment the original phase of Quintas (92 condominiums), a project the company acquired and renovated on Cerritos Beach from 2003-2006. The company is also going forward its Marina Costa Bonita project (136 condominiums), which is tucked in its own harbor cove in extensive Marina Mazatlan. Three other large-scale projects were also announced in 2008 – one a debut offering by local businessman Gabriel Garcia, the second by the Middle East development conglomerate W Abu Dhabi United Group, and the third by veteran Mexican developer Felipe Tome Sr. Garcia’s Escondido Towers (208 condominiums), a bold three-tower project designed by local favorite-son architect Fernando Molins, was presented to the public in May 2008. The W Abu Dhabi United Group, the investment arm of the Abu Dhabi royal family from the second most populous city in the United Arab Emirates (UAE) has now broken ground on Hydra Waves (172 condominiums) just north of the Golden Zone, and Tome’s Peninsula Nuevo Mazatlan (392 condominiums) is located on a site on the northern reaches of Cerritos Beach. Michael Lee, President of Three Islands Real Estate, has conducted a study of the Mazatlan marketplace. According to Mr. Lee, since the year 2000, there have been nearly 3,800 residential condominiums either completed and delivered, under construction, or proposed to city planning, with over 1,300 all ready delivered. For comparison purposes, the overall number of condominiums represented is less than 20% of that of nearby Puerto/Nuevo Vallarta. With substantial pre-sale numbers regularly posted by the major developers, the new inventory of properties in Mazatlan is currently being purchased at a steady and sustainable rate. As of 2000: Completed – 1,223 Units Under Construction – 1,453 Units Proposed – 1,116 Units Below are some of the projects filling the skyline and collectively creating the changing face of Mazatlan:
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