Thursday, May 28, 2009 8:44 AM
Playa del Carmen Construction Update - May/June 2009
I will never cease to be surprised by the twists and turns of the development industry in Playa del Carmen. While the rest of Mexico is reeling from the whole Swine Flu debacle and most businesses are scrambling for money, it seems that Real Estate in Playa del Carmen is as hot as ever. Almost all of the projects that have sat dormant during the alleged "high season" are now back in the game with lots of movement on the work sites! This is completely unexpected and certainly a positive sign for those of us in the industry concerned about our earning potential this year. Investors take note: the drop in prices and fire-sales we have seen over the past few months may be coming to an end sooner than we anticipated! A new initiative to relax the restrictions for foreign property ownership may also drive prices up as more an more buyers flood in from the north.
Let's start with the project updates that "Life's a Beach" readers have requested:
Doca - From the developers of Akoya, Haab, Arena, Deva and Mamitas Village, this new project is getting a lot of attention from buyers who have already invested in their previous endeavors and are looking for the same top level finishes and attention to detail.
Sabbia - Moving along quickly with a lot of the exterior finishes completed and decorative woodwork being installed. The job site continues to go full on. Considering the scale of this project, the progress is dramatic.
Heliko - Just getting started a block off of Coco Beach. Not much to see just yet, but I was surprised, given the economic climate, that they had commenced building at all! This is a nicely designed and well located complex and should sell quickly.
Casa Blanca - Working on exterior and interior finishes. If you were thinking of buying a unit here, you may be out of luck. This new intimate residence concept with just a few spacious apartments seems to have struck a chord with buyers tired of seeing the same old giant complexes with dozens of cookie cutter units.
El Faro - Still chugging along. The exterior finishes and painting appear nearly complete, but the pool remains dry. Big signs up everywhere soliciting staff for the new restaurant "Wicky's".
Acanto Condo-Hotel - Lots of action on site and moving along well. This project has such a pretty design and we are looking forward to its completion.
CostaFina - Looks to be very much in keeping with the design of Liv-Blue just next door. The advantage CostaFina will have is the width of the building. Liv-Blu has always felt a little tight inside. They are anticipating delivery in December 2009. I see no reason why they would miss that goal.
Zaphira - After months and months of inactivity, building has resumed. A small crew was on site working on the condos. Still no takers in the retail spaces.
The Building Loft II has also resumed construction. There were just a few guys on site but as least something is going on.
Kuuk Plaza or whatever they are calling it now. I am guessing that this stalled project was sold outright and is now under new ownership. An office has been set up in one of the locales and I will try to stop down again during business hours to see what's up.
In related construction news: In Fashion Hotel is now open for business.....
....and they are feeling so confident, they are building another In Fashion Hotel on the corner of Ave. 10 and calle 12.
Next to Playalingua on Calle 20, another new hotel is going up fast. The workers claim it will be called Hotel Playa del Carmen. I will try to confirm this info.
That's all for this month. I like getting all of your comments and requests, so keep them coming. Look for another update in July.
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