Puerto Penasco’s (Rocky Point) real estate market has changed dramatically since the 2008/09 economic crisis. We have been in a Buyers Market ever since the crisis with average sales pricing dropping 48% from June 08 to the June 2011. .read more in the Mexico Resort Report.
The real estate market was already starting to slow in 2007 with the number of sold units dropping 21% from the previous year. AMPI does not have data from before 2006-07, but experience tells us that 2005 and 2006 were very strong years with units selling as fast as developers could put them on the market. .read more in the Mexico Resort Report.
Total active residential property listings decreased from 1,461 last year to 1,221 this year; a 16% drop in inventory, the first drop in total inventory since the MLS System started. The number of sold units has increased each year since the economic crisis, but prices continue to fall. If the trend of increasing sales and decreasing properties listed continues, the prices will bottom out and start to increase again.These statistics refer to the resale of residential properties and does not include new developments. Most new developments have been put on hold since the economic crisis, with the exception of Laguna Shores....read more in the Mexico Resort Report.
Bodega Aurrera is a Mexican discount-store owned by American discount chain Walmart. The Bodega store opened the first week of March 2011, providing a great deal of optimism about the end of the economic down turn in the local economy. .read more in the Mexico Resort Report.
An upgrade to the Old Port district has long been a popular tourist attraction area that overlooks the port entry and Sandy Beach. The area features the fish market, numerous curio shops selling souveniers, resturants, bars and the malecon where people gather for special events. The upgrade makes it must nicer for visitors and locals to gather to enjoy the culture of Mexico here in Puerto Peñasco. read more in the Mexico Resort Report.