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Select Real Estate Blog
San Miguel De Allende Mexico
| Clients Speak by (07/10/08) |
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Dear Rich:
I am so happy that I listed with Select.
I really appreciate the professionalism of your operation and the fact your entire sales force came to look at my house today.
Several people asked about square footage and values so I thought it would be helpful to share with them the spreadsheet we worked out together.
Many thanks for your visit today and for your input. Select is clearly a class act.
Gail |
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| Rosewood by (07/04/08) |
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Developer sweet talks San Miguel citizens Print E-mail
Written by Bob Kelly
Saturday, 05 July 2008
A U.S. developer is heading off potential criticism of its 234-million-dollar luxury resort complex and residential project in San Miguel de Allende by falling back on one of the adages of public relations: do good and take credit for it.
At the ground breaking June 28, Bald Mountain of Aspen, Colorado emphasized the economic benefits it said will result from its plans and the contributions it is making to environmental and community projects in San Miguel.
In all, the Rosewood resort and Artesana Residences will generate nearly 14 million dollars in local, state and federal payroll, property and sales taxes through 2012, said Scott Writer, a principal in Bald Mountain.
The development will generate additional tax income by creating 800 to 900 construction jobs and nearly 500 permanent jobs, making it one of San Miguel's largest employers, he said.
Bald Mountain has donated more than 600,000 dollars to the community, with more to come, he added, with one third of that going to DIF, a government agency helping low-income families. It also will contribute one-tenth of one percent of all sales to a non-profit foundation to benefit the community.
The company will be the first developer required to contribute 10 percent of its construction costs for residences to a new fund that will finance homes for workers who can't afford one, said Mayor Jesus Correa. "This won't make me popular with developers," he quipped.
Correa said his goal is to make it possible for new generations to enjoy the San Miguel tradition of living "tranquilly, happily and safely in this beautiful city."
Bald Mountain inherited opposition to reported plans of the property's previous owner to cut down more than 200 old trees and to build high-density homes and condomiums on the grounds of the former Aristos Hotel next to the historic Instituto Allende, a short walk to the landmark central historic district.
Bald Mountain will plant some 250 trees on site or in other locations to replace those cut down, many of which were diseased or dying, Writer said. The company also has committed about 240,000 dollars in cash and services to the municipal ecology department to improve Parque Cloutier and has contributed services worth 430,000 dollars for the creation of the fountain and glorieta and other work at the intersection of Calles Cardo and Aldama, adjacent to its property.
During construction, the company said, it will control dust and prevent storm water pollution and donate excavated soil to the municipality for improvement of public places.
Answering another concern, the only construction entrance will be off Calle Cardo, with no construction traffic on the parallel Paseo de Parque, a mostly-residential street leading to the city's largest park, Parque Juarez.
Ricardo Vidargas, president of "Va Por San Miguel," a development and environmental watchdog group, said at the groundbreaking that "we're going to keep an eye on what they are doing and make sure they live up to their promises." Vidargas lives next to the project.
Bald Mountain's goal is to create a resort and residential community that complements the colonial architecture and artisan tradition of San Miguel, Writer said.
Rosewood Hotels and Resorts of Dallas will operate the resort and residences. The resort, scheduled to open in the fall of 2010, will include 63 guest rooms and suites, casual and fine dining restaurants, a rooftop lounge and tapas bar and a wine and tequila cellar, as well as swimming pools, a spa and fitness center, meeting rooms, event facilities, and public space for rotating art exhibits.
The residences, now on sale, will range from 1,800-square-foot casitas to 8,000 square-foot villas. Initial prices are from 850,000 dollars to just under three million. More than 500 people already have expressed interest, said Harold Shand, director of sales for Playground, the sales agents, with about 70 percent coming from the U.S. and 30 percent from mainly Mexico City and Monterrey. |
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| TOP 10 SAN MIGUEL REAL ESTATE TIPS by Richard McClarty (05/13/08) |
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TOP 10 SAN MIGUEL REAL ESTATE TIPS
1. You can take title directly to property in San Miguel.
Foreigners can buy property directly in Mexico's interior. The Mexican Constitution of 1917 designated the area within 100 kilometers (62 miles) of Mexico's borders and within 50 kilometers (31 miles) of the coastline as off limits to direct real estate ownership by foreigners. For many years this area was known as the Prohibited Zone. Because of recent beneficial legislation the area is now referred to as the Restricted Zone.
2. There is no MLS (multiple listing service) in San Miguel.
Despite what some agencies might lead you to believe there is no MLS in San Miguel. If an agency tells you they are a member of MLS you are starting your business relationship based on a myth and you may want to keep looking. Listed properties are either exclusive to one agency or listed with multiple agencies, known here as an “Open Listing”. Select Real Estate pioneered the exclusive listing in SMA and our combination of exclusive and open listings means we can show you more homes than any agency in town. Many agencies will just show you “their” listings Select can show you everything you want to see.
3. Most prices for real estate you will see are in US dollars.
Advertised prices are normally in USD and most transactions are closed using US dollars.
4. Mexico has no formal licensing of real estate agents.
Though foreigners need permission from the Mexican government to work in real estate, no licensing exists. For this reason, caution is advised in selecting an agent. Make sure you are comfortable with the ethics and the business experience of any agent before selecting one. San Miguel has an abundance of “street realtors” i.e. taxi drivers, waiters, etc. that are not affiliated with any real estate office, have no actual experience, but are more than happy to try to sell you property. All Select agents have a minimum of a college degree and years of business experience. In fact, most Select agents have an MBA or PHD.
5. Mortgages in Mexico are rare.
While mortgages in Mexico do exist, they are rare. The upfront costs and interest rates are much higher than the US and for the most part American and Canadians will find the costs objectionable. In four years, Select has sold as many or more houses that anyone in San Miguel and have had only one Buyer obtain a traditional mortgage. Occasionally Seller financing with a substantial downpayment is an option, but most deals here are done all cash.
6. Property measurements are most often in meters.
As a guide, 1 acre equals 4046.86 square meters. One square meter equals 10.7639 square feet.
7. A Notario (notary) is needed to close any sale.
A Notary is needed to close any sale. In Mexico, a Notary Public is a quasi-governmental official who reviews all documents of importance with respect to the sale of real estate. A Notary Public in the United States typically has minimal training and responsibility. In the U.S.A, a notary typically attests to the fact that a person has signed a document.
The training, function and responsibility of Notary Public in Mexico is completely different. In Mexico, a Notary Public is appointed by the governor of a Mexican state for life. In order to seek appointment, the person must be a Mexico licensed attorney. This involves attending law school in Mexico, obtaining a law degree, passing an exam and being admitted to the bar in Mexico. To hope for appointment, the prospective Notary Public must then work as an apprentice for several additional years with a Notary Public.
8. Expect to pay approximately 2% of the sales price in closing costs.
Traditionally in Mexico, the Seller pays the real estate commission and the Buyer pays the closing costs. While Notarios charge varying rates, you should plan on approximately 2% of the purchase price to cover the expenses related to closing.
9. Building is an option under certain circumstances.
Many clients are interested in having a custom home built in San Miguel. Select can assist you in that process and put you in touch with reputable builders. However, we strongly recommend that clients wishing to build plan on being in San Miguel during the building process to monitor progress, quality and specifications. The ability to speak Spanish is also very helpful in building your home. There are also new companies that will act as your intermediary while building if you will not be in San Miguel. We can assist you in identifying those companies as well.
10. Use the internet wisely.
Most real estate companies in SMA have websites that can be very valuable in your home search. However, many of these sites are not updated regularly and may feature homes and home prices from many moons ago, some several years. Also, many of the sites feature homes that have already been sold. These “deals” are meant to lure you in to a call. Upon arriving for your appointment will you be informed that home is no longer available, but that they have many more options (more expensive and less desirable) to show you. Select updates our website daily and our site is the only in SMA featuring 360 virtual tours to give you a real flavor of the homes you might like and eliminate those you do not. |
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| Select Real Estate Blog by Richard McClarty (05/13/08) |
| Select Real Estate announces new blog for their customers |
| In our ongoing effort to help our customers find the real estate properties they are looking for and to keep them informed on new trends in the industry, we have installed a blog system that will be updated on a regular basis with current information pertaining to the real estate market in San Miguel De Allende Mexico. |
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