Playa del Carmen Condo Rental - Mexican Real Estate Is On a Rebound

Playa Del Carmen, Mexico (PressExposure) January 05, 2010 -- *New luxury Playa del Carmen condo rental El Taj Oceanfront is 75% pre-sold even in the tough economy * New York-born Playa del Carmen developer pionessers U.S.-style title insurance and leads the charge in the use of escrow accounts to protect deposits, including the new project, El Taj Oceanfront

Real estate buyers in Mexico, who have put their investments on hold to get through the desert of economical drought, are currently becoming more active.

This movement is especially visible in Playa del Carmen, a Mexican Caribbean beach town with white sand beaches and azure waters, only about an hour away from Florida, where a new luxury Playa del Carmen condo rental, El Taj Oceanfront, is about to open its doors in February, 2010. “We have pre-sold 75 percent of our units, even though it took as much longer than usual,” says the developer, Jack Perlman, a native New Yorker.

Perlman’s company, Condo Hotels Playa del Carmen, has built and sold out four luxury Playa del Carmen condo rental over the past 17 years, and is braving the rough economic waters with the on-going sales of the fifth one, El Taj Oceanfront, which has 27 of the 41 units pre-sold.

It is not clear yet, however, how many of the pre-sales will close, as the global economic crisis, threats of H1N1 flu and unstable Mexican security situation have all given a huge blow to the real estate market south of the border. The fact that home buyers are not able to afford their mortgages in their home countries is also not making the situation easier.

According to Perlman, it is hard to go against the opinion that has been formed in the minds of real estate buyers and vacationers, even though the Riviera Maya region of Mexico, where his condominiums are located, has a very low crime rate and no fatal cases of H1N1 influenza have been reported in the region. Playa del Carmen condo rentals, such as El Taj Oceanfront, are perfect investment opportunities, says Mr. Perlman.

But even before the tsunami of all the woes hit the Mexican soil, Mexican real estate didn’t generally inspire a big deal of confidence among foreign investors, and cases where developers have disappeared with their clients’ deposits are still quite common.

To combat this negative image, Perlman has started his own real estate revolution in Playa del Carmen condo rental. He has insisted in bringing American style title insurance to his developments, and has also led the charge in encouraging the use of escrow services and engaging in transparent business practices. The effect of Perlman’s efforts is the creation of one of the easiest and safest regions for real estate investments in Latin America, where 50% of his buyers are foreigners.

The developer obviously has confidence in the rebound of real estate market and the future of the region in general, as he has invested US$16 million in his new Playa del Carmen condo rental, El Taj Oceanfront. For those wanting to follow his lead in Playa del Carmen real estate investing, prices for prices for one bedroom units at El Taj Oceanfront start at $300,000; a two-bedroom, 1,204-square-foot condo is listed at US$775,000, and three-bedroom suites average US$1.2 million. The beachfront location, high-quality finishes and state-of-the-art appliances all add to the value of these luxury condos.

“I must be doing something right,” Perlman says, “as a New York-based hedge fund recently bought seven units at El Taj Oceanfront.” His decision to open the new Playa del Carmen condo rental in arguably the most difficult financial environment since the Great Depression is a testament to his vision and his belief that Playa Del Carmen’s best days are still ahead. “I see the opportunity for people to buy now in order to reap profits a few years down the road,” Perlman says confidently.

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Press Release Submitted On: January 05, 2010 at 7:57 am
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