Playa Del Carmen, Mexico (PressExposure) October 08, 2009 -- In an interview with TOPMexicoRealEstate.com, Jim Scherrer, expert in Puerto Vallarta Real Estate, points out that, while sales are low at the moment, there are a lot of Mexico Condos in the area being offered at significantly lowered prices, and that there is high level of interest from the international market, despite low sales at the moment.
In the pre-2008 market, the low price range for Mexico Condos in the area was $350,000 - $700,000. Scherrer points out that these prices have been reduced to prices between $200,000 - $350,000. There are also some new buying options being offered, such as fractional ownership, which according to Scherrer "could offer some interesting possibilities."
Scherrer gives the example of one developer that had significantly lowered the prices of its luxury beachfront condo development, located in one of the prime areas of the city. For example, a condo which was being sold for $835,000 at its original price is now being offered at $550,000, which even surpassed the 35% average reduction offered by this developer.
The price reductions come as a result of a large supply of condos available in the market - 7,000 new condos currently unsold, according to Scherrer, meaning that there is a large range of choices for buyers.
The price reductions and large number of options for buyers have not gone unnoticed. Many international buyers have been searching on the internet.
"July was my most active month ever," says Scherrer, "in terms of viewers on my website." He continues to point out that August was the second most active. Although the number of clients moving towards finalizing purchases is low, points out Scherrer, Puerto Vallarta Real Estate is catching peoples attention. Now it remains to be seen how many buyers begin to act on this interest, and how long the super price reductions last.