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Trump tower validates emerging Mexico market
Mexico’s geographic location, natural beauty and low real estate prices are contributing to its growing status as one of the premier real estate hubs.
There are currently over one million Americans living in Mexico, most of whom are retirees, with about 20 percent of them residing in the concentrated area of Baja California. The LIMRA study conducted by the U.S. Census Bureau also estimated that 8,000 citizens turn 60 years old (baby boomers) every day, seizing a combined total of over trillion in retirement savings. According to www.bestretirementspots.com, Mexico is recognized as one of the most popular retirement destinations in the world.
To further illustrate the growing popularity of the Mexico market, Donald Trump recently announced plans to build an ocean resort which will promote development and marketability in the area.
Columnist, Nellie Day posted the October 5, 2006 article, “Trump Ventures Into Mexico” on globest.com, which explains how Trump’s realization of the Mexico market may lead more developers and investors south of the border.
“Trump Ocean Resort Baja Mexico, a 526-suite luxury condominium-hotel resort, will be rising south of the border over the next few years, according to information released by Donald Trump. The resort is located just south of San Diego and will be the first property along the peninsula to combine luxury resort amenities and services with real estate ownership.”
Financial services companies, such as San Diego-based Lyons Enterprises Incorporated (LEI), have been growing more interested in the Mexico market as the U.S. has been feeling a cold front in their housing sector since the beginning of 2006.
In fact, LEI has developed the branch LEI Mexico, with a specific focus on Mexico real estate and financing.
The Mexico market is growing with a prospective boom expected in the next couple of years. Major developers, such as Trump are taking advantage of the open land and freshness of the area while they can.
“‘Trump Ocean Resort Baja will redefine the standard of premier property ownership and service excellence for all of Northern Mexico,’ says Trump. ‘I’ve always said, ‘location is everything,’ and being just 30 minutes from Downtown San Diego makes this an ideal locale for a premier resort property.’”
Trump, who is the CEO of the Trump Organization, partnered with Irongate, a Los Angeles-based real estate development and investment company to develop the luxury hotel-condominium resort.
Trump Ocean Resort Baja Mexico will cater to owners and guests with a plethora of luxury resort amenities expected from a Trump property, “such as an owner’s concierge, lobby bar and lounge, spa, fitness center, tennis courts, and resort, lap and family pools.”
Trump has also realized the need to keep condominium prices reasonable to help support the Mexico economy. “Prices for studios and one-, two-, and three-bedroom residences start in the mid-0,000s and will range from 532 square feet to more than 2,200 square feet of indoor and outdoor space.”
Construction for the new resort is schedule to begin by the end of 2006, with the first tower expected to be complete by late 2008. The entire project is expected to be completed by 2011.
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