Real estate baron

sala
Hacienda living room as seen from the dining room table this morning.

WE OWN three homes. One is the Hacienda where we live. Another is the Downtown Casita* where nobody lives. The third is the condo in Mexico City where nobody lives either.

All are stylishly furnished.

If we had to pay Gringo-level property taxes on those babies, we’d dump them fast as a flash.

My second ex-wife still lives in the Ranch-style home we purchased in 1986 in Houston for about $65,000. It’s valued far more now, and she pays way more in property tax than we pay for our three Mexican addresses combined.

We’re likely going to add a fourth address to our real estate empire. It’s a new development of just 11 off-street lots downtown here in a fantastic location.

And all utilities are ready to go, buried underground.

It’s just the lot. We’re not going to build a house, so it will be an investment, nothing more. And with the peso-dollar exchange rate what it is, the price is stupendo!

More on this later, I suppose.

* * * *

* Available to vacationers for a quite reasonable price!

(Note: Actually, we will own five properties if you believe our electricity provider which lists my wife’s pastry kitchen as a commercial storefront, a separate account. Its bimonthly bill is usually a bit higher than the entire Hacienda bill.)

10 thoughts on “Real estate baron”

  1. Good idea. We did the same in Canada in 1998 when USD/CDN was very favorable and real estate was in a slump. Enjoyed it for 17 years and sold it last year. Realized about 250% appreciation once settlement was converted to USD.

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    1. Carole: Ah, positive feedback. I like that. Actually, the property price is a bit steep, I think, but it’s due to the primo location. The exchange rate makes it seem less steep.

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  2. Vacant lots tend to attract a lot of trash, especially in Mexico. Better fence it right away. I recommend chain link. It is really hard to graffiti chain link. Good luck with this investment.

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    1. Señor Gill: You are quite right, of course. The location and design of this place will, I think, make it a bit less susceptible to that type of thing. The entire smallish area now has a “gated entrance.” It’s chain link, so I don’t know if that is permanent or just to protect the construction materials.

      I wouldn’t put a chain link around the lot, however. Someone did that around one of the houses (unoccupied) in the small development where sits our Downtown Casita. It is colossally butt-ugly.

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  3. For reasons I’ve outlined in the past on my blog, I suspect the peso exchange rate is going to get even more favorable for holders of USD. And with Mexican interest rates sharply higher in 2016, it’s hard to imagine that real estate won’t continue to slow. The various properties I’ve been eyeing in CDMX remain on the market, months and months later.

    But I wish you luck. As they say, all real estate is local, and if more gringos find Pátzcuaro an attractive place to retire, then you’ve probably got a growing supply of people who will be happy to overpay some day.

    Saludos y buena suerte,

    Kim G
    Redding, CA
    Where California retirees are flocking in droves.

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