Mazatlán, hidden pearl of the Pacific

Inside México: What percentage of your clients are Americans? Canadians? Europeans?

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The majority of Mi Casa Mazatlán's clients are looking for a vacation home.

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Jim Hopkins: It depends on which side of the sales equation. With respect to buying, I would say that the percentage of Americans and Canadians is roughly equal, about 49 percent each. The remaining 2 percent would probably encompass Europeans and local Mexicans. If you are talking about selling, I would say that we are 50-50, North Americans and Mexicans.

IM: Are they buying second homes, or a primary place of residence?

JH: Some come to us looking for a primary home but the majority of our clients are looking for a second or vacation home. Many of these have the long term goal of retiring in Mexico and living here full time at some point in the future.

IM: What price range are they looking in?

JH: The price points seem to break out into three general areas; around $100K USD or under, mid $200's USD and $400 - $500K USD and above.

IM: What kind of amenities are they requesting?

JH: The more money the client has, the more amenities they are looking for. All clients are looking for the most their money can buy but as they spend more, they are looking for pools, ocean views, security, etcetera. Those with less money in their budgets realize that they may have to make some concessions in the area of amenities.

IM: What draws your clients to Mazatlán? What distinguishes the area from other coastal communities in Mexico?

JH: Most of our clients are specifically drawn to Mazatlán because there is shrimp for about $8 USD per kilo here. But seriously, there are several principal reasons: the cost of real estate, as well as the cost of living, in Mazatlán is significantly less than in other Mexican Pacific coast cities andeven some towns in the interior. Mazatlán is a working town, not totally dependent on tourism, so it has a Mexican middle class and culture that is not dependent exclusively on North American influence. It is relatively close to the US border, so it is easy to travel to by car, which many expats want. Mazatlán has the resources these clients are used to as well: state-of-the-art medicalcare and hospital facilities, major retailers (Sam's Club, Home Depot,Wal-Mart, Office Depot), and plenty to do – everything from a professional baseball team, to multiplex cinemas with first-run Hollywood releases in English, to a full-blown cultural season. And finally, Mazatlán has a central historic district. You can step out of a brand new US-style shopping center fresh from buying accessories for your iPod and into the historic district of Old Mazatlán, traveling back about 150 years in history in about ten minutes’ time. Many of our clients have purchased the unique homes in this district,which date from the mid 1800's, and restored them to their impressive status. Theyhave the best of both worlds: the charm of old colonial Mexico combined with the convenience of the modern world.

IM: Do your clients feel like they're moving to aforeign country? Or is there a strong English-speaking presence that makesthem feel more "at home"?

JH: I would say both. Mexico is definitely a foreign country. Its history, language, customs, and culture are all different from the rest of North America. There is, however, an expat community here of 5,000 plus. It isactive, visible, and provides a strong “North American” subculture here forexpats to take advantage of.

IM: Is access to medical care a consideration in their decision to move to Mazatlán? If so, how?

JH: The rise in the cost of living in the US in general is a strong motivator in the decision for people to move to Mexico. Access to medical care is very definitely one of those factors, as is the cost of housing, utilities, taxes,and food. Mazatlán has excellent medical facilities, doctors (the majority of which speak English), and hospitals. That, combined with its proximity to the US, serves to create great security when it comes to medical care issues.

IM: What other major lifestyle considerations do yourc lients take into account when purchasing in Mazatlán?

JH: For the most part, I would say that our clients feel that the more relaxed pace of Mexico in general holds great appeal for them. AlthoughMazatlán moves at a good clip, faster than some other Mexican cities, it still offers a great opportunity to slow down and enjoy daily life.

IM: Has the Mazatlán market been affected bythe real estate turmoil in the US?

JH: Yes, most definitely. Our market is principally a cash one, so whenthere is a tightening of the market and less cash available, the market heretends to slow down.

IM: What is your forecast for home prices in Mazatlánfor the rest of 2009?

JH: I would say that in general, prices will hold. Since property for themost part is owned outright here, there are few mortgages. The generalphilosophy is therefore to wait until the market is able to meet one’s price,since the economic pressures to sell are fewer. However, there are those people who for whatever reason do not wish to wait to sell, and because of this we areseeing bargains pop up with more frequency.

IM: Is there any particular area in Mazatlán that youthink represents a bargain for buyers from the US looking to buy there?

JH: In general, if you are looking for anything other than brand new, youare more likely to find a bargain, regardless of the area of town. At thispoint in time, the most value to be had seems to be in the outer areas of thecentral historic district. Here there are older, smaller homes that arevalue-priced. Clients purchase them, renovate them, and are able to create a comfortablehome with classic old-world Mexican touches.

Jim Hopkins is a principal of Mi Casa Mazatlán, micasamazatlan.com. He can be reached by email at buyandsellrejh@yahoo.com, and at the following phone numbers:

Office in Mexico: 669 985 3351

From US/Canada: 904 236 6757

Cell in Mexico: 044 669 120 9355