Condos for sale in Rocky Point, Mexico, Puerto Penasco

Rocky Point, Mexico Real Estate Articles

Sandy Beach, Rocky Point, Mexico

Puerto Penasco: Planning Retirement in Mexico
Posted by Roxanna McDade, Mexpro.com
by Andrea Julian
Many people are choosing retirement in Mexico. If you are thinking about retirement in Mexico but are unsure of where you want to settle, consider the beautiful little beach town of Puerto Penasco in Sonora. Known by locals as Rocky Point, this idyllic little beach town is only 94 miles from Ajo, Arizona and the international border. It is accessible by excellent toll roads and even has a small international airport, making it very convenient for all kinds of travel. Choosing Puerto Penasco for retirement in Mexico is a good choice for many reasons.

A Guide to Owning Mexican Real Estate
Contrary to popular belief, foreigners can own property in Mexico both out right and within a bank trust. Confusion comes in when we talk about property along coastal water. The Mexican Constitution places restrictions on foreigners owning property within a 60 miles of coastal waters and 100 miles from the country's borders. Out side of these restrictions, foreigners can own property outright. Within these restriction, foreigners own property title through a Mexican Bank Trust. To promote foreign ownership and investment, Mexican lawmakers established the Foreign Investment Act. The act is a process where by non-Mexican nationals would receive full benefit of property ownership - beneficiaries are legally entitled to own, rent, borrow against the property, have a right to full use of the property and benefit from the sale of the property.

Mexican Capital Gain Tax Implication for
Real Estate Held in a U.S. LLC -
For years, Americans have been creating U.S. LLC’s to be the beneficiary’s of Mexican bank trust, known as fidiecomiso’s, for the ownership of residential real estate that is located in Mexico’s restricted zone. It has been a practice utilized for more than 20 years when foreigners acquire houses on Mexican beaches intended for their third party residential use. The intent, as was originally contemplated, considered that the sale of the U.S. LLC, having established trust rights as “fideicomisaro” (beneficiary) of the Mexican realty, would not trigger a taxable event under Mexico’s tax law.

As U.S. Second Homes Decline, Mexico Sees an Increase
With the beginning of another 365 calendar days, inevitably there are questions to be asked about the previous year and questions about the coming one, especially in the volatile world of real estate. Questions are easy; meaningful answers can be much more difficult to obtain.

So what happened to the second home market in the United States during 2006? The Office of Federal Housing Enterprise Oversight proclaimed during the first quarter of last year that residential homes values had appreciated at 20% or better in four of the major second home markets during 2005.

Cost of Electricity in Mexicoby Anthony Colleraine -
The Net Sanfelip.com.mx
Let me clarify the situation on electricity rates in San Felipe for this summer. Most residential users will find themselves on the 1F tarrif. If you use a total of less than 1200 kwh of electricity per month you get a bargain rate. Your maximum bill (including the 10% tax) will be 777 pesos or less. You can approximate what you will pay by using the figure of 0.65 pesos/kwh, so 900 kwh/month would cost you around 585 pesos.

Mexican Real Estate Closing Costs Explained
So my parent’s finally pulled the trigger and purchased a condominium at Las Palomas Sea Side Golf Community. This is a big deal for the family. The answers do not come easily in Mexico. Some of the answers to questions may be unknown or you may have two different answers. To help alleviate a lot of the unknowns you will want to work with experienced professionals.

I wanted to provide you with the closing cost estimates on the purchase of a 2 bedroom condo at Las Palomas valued at $185,000 dollars. We worked with a very experience realtor at Realty Executives Rocky Point, John Witt. Our Mexican Attorney was Pablo Davila LL. M..

AMPI - Mexican Association of Real estate Professionals
Puerto Peñasco Chapter 51
It is recommended that when considering the purchase of Mexican property that you seek out the assistants of a AMPI Member agent. AMPI stands for “Asociación Mexicana de Profesionales Inmobiliarios” or The Mexican Association of Real Estate Professionals. The AMPI is affiliated with the National Association of Realtors(NAR) in the U.S. and with the Canadian Real Estate Association. Through a mutual agreement between NAR and AMPI if you are an enrolled AMPI agents you are automatically enrolled in NAR. AMPI helps to facilitate agent enrollment to the Diplomado licensing classes and other approved programs. A Diplomando is a Real Estate licensed earned though a 60 hour real estate class mandated for all agents selling real estate in the State of Sonora. See more on agent licensing here. Additionally the organization works with federal, state and municipal Mexican authorities, proposing new laws related to real estate activity in Mexico. The members of AMPI have pledged to uphold strict ethical standards set forth in the AMPI National Code of Ethics & the United States NAR (National Association of Realtors) Code of Ethics. AMPI member shown above participated in the CIPS certification class in June 2010.
View the AMPI Website here

Follow Puerto Penasco Joe To Mexico.
See our store now!

Rocky Point, Mexico Real Estate Articles

Follow Puerto Penasco Joe To Mexico. See our store now!

Follow Puerto Penasco Joe To Mexico.
See our store now!