Vail gains favor with Mexican buyers

Seeking havens for money and family, wealthy Mexicans are buying multimillion-dollar homes and businesses in Colorado ski country.

By Teresa at MSN Real Estate Nov 13, 2012 2:12PM

Education Images/UIG/Getty ImagesForeign investors have long been an important part of the U.S. real-estate market, especially in cities such as Miami, Dallas and Los Angeles.

 

But as they look for safe investments, international investors are also looking elsewhere for deals. Wealthy Mexicans, for example, are picking up ski properties in Vail, Colo., and environs, The Wall Street Journal reports.

 

Two of the past three sales at a new Vail Village development called the Solaris were to Mexican families, who paid about $6 million for their new homes. Latin Americans, the majority of them Mexican, have bought 60% of the units there in the $12 million-plus price range.

 

The Mexican investors are attracted to the safety that the area represents to themselves and their families. While some are buying vacation and investment homes, others are moving to Colorado full-time.

"Safety is a huge issue for many of these families," Julie Bergsten, vice president of Slifer Smith & Frampton, told The WSJ. Seeking more Mexican buyers, the Colorado brokerage has created a Latin American division, traveling to Mexico and publishing a buying guide in Spanish for the first time.

 

Most of the cities that draw the largest percentage of international buyers are in Florida, but New York, Honolulu, Phoenix and Las Vegas are all in the top 10, according to a report by Inman News. A study released last year by the National Association of Realtors founds that 58% of international sales were in just four states: Florida, California, Texas and Arizona.

According to that study, Mexico was one of the top countries of origin of international buyers. Canadians buy the most U.S. real estate (23% of international transactions), followed by China (9%), then Mexico, the United Kingdom and India (7% each). Those five countries are responsible for 53% of U.S. sales to international buyers.

 

As has been traditional, both with immigration patterns and real-estate investment, Mexicans have followed relatives, friends and acquaintances to Vail.

Mexican entrepreneur Alejandro Marti moved his family to Vail and bought a bankrupt hotel that he turned into an upscale hotel-condo development that is a hub for Mexican culture and art. Since the Sebastian opened in 2011, about 40% of the condo units have been purchased by buyers from Mexico.

 

Mexico City lawyer Alex Martinez bought a $390,000 fractional ownership at the development after he heard that Marti was the developer. "He's a very well-known businessman, and whatever he does he puts his heart into it," Martinez told The WSJ.

 
182Comments
Dec 22, 2012 10:49AM
avatar
Probably a lot of cash transactions.
Dec 22, 2012 10:47AM
avatar

You ignorant white trash monkeys. How did they come by this money to make an investment???

They worked for it! TRY DOING THE SAME AND INVEST IN THIS OR A FORIEGN COUNTRY OF YOUR CHOICE, INSTEAD OF BITCHING ABOUT IT! SOUR GRAPES YOU LAZY< BITTER AND IGNORANT MONKEYS!

Dec 22, 2012 10:37AM
avatar

Idea  Let's buy the airport and invite Cartel members.

 

We own it  now so bring all the drugs you can sell.

 

No inspections.  No nasty border guards' here !

 

 

Dec 22, 2012 10:18AM
avatar
Sometimes we talk out of ignorance, and maybe because we don't know the reality of things. Mexicans make a big percentage of our military protecting our freedom. Police officers, and firefighters are a high percentage as well. We need to stop making assumptions when we do not know what is going on ,and why this country is what it is now. Because of immigrants........ Some of these people making comments are probably second or third generation immigrants. Lets accept the reality and let people with money spend it on want they want. Wheather they are Mexicans. Arabs, Indians, who cares....
Dec 22, 2012 9:36AM
avatar

Ask Boehner if we can tax THOSE millionaires..

Dec 22, 2012 9:12AM
avatar
The Mexicans also have the highest level of default on loans and purchases.  Credit card companies show minorities such as Mexicans escape their obligations and leave their bills unpaid.  Many Mexicans have so many aliases you dont know who they really are and their prior defaults dont show up under some of their other aliases.  Just wait Vail wont be so happy when all the graffiti and filth filters into their community and when they try to enforce their arrogant snobbish laws, the Mexicans will cry discrimination and the laws will only apply to the whites.  Just wait you will see the problems with mexicans lilke Minnesota has had with Muslims.
Dec 22, 2012 9:02AM
avatar
I see all that drug money getting put to use, which is laundered through U.S banks.
Dec 22, 2012 8:57AM
avatar

At any rate, that town is set to benefit from all those Mexican investors taking the risk and spending their money in Colorado.  If some of them made their money on illegal activities, say drug dealing, the USA will make sure to rake them to the cleaners just as soon as some evidence surfaces. 

So become accostummed to see some brown faces bankrolling themselves around.

 

Those of us still thinking of Mexicans as always being at the bottom of the social scale must change our narrow biases. Those biases stopped being current decades ago.  But there is always that inner desire to see others lesser than us when in fact, we are the low-class humans.  

Dec 22, 2012 8:36AM
avatar
For the cartels, business is still good. Why not invest it in Vail. Don't rule out oil either. With a national oil company, the executives can plaunder the national resources for their own opulence. Pseudo-Capitalism knows no more extremes than the Mexican economy. (Yes, Plaunder=Pilfer and Launder)
Dec 22, 2012 8:04AM
avatar
Anyone wondering what is wrong with this country needn't read any further than the comments here. America is no longer the home of the free and the brave, it has become one of the racists and hatred.
Dec 22, 2012 7:44AM
Dec 22, 2012 7:41AM
avatar

HARSH, YOU SAY?

 

1. There will be no special bilingual programs in the schools, no special ballots for elections, and all government business will be conducted in our language.

 

2. Foreigners will NOT have the right to vote, no matter how long they are here.

 

3. Foreigners will NEVER be able to hold political office.

 

4. Foreigners will not be a burden to the taxpayers. No welfare, no food stamps, no health care, nor any other government assistance programs.

5. Foreigners can invest in this country, but it must be an amount equal to 40,000 times the daily minimum wage.

6. If foreigners do come and want to buy land that will be okay, BUT options will be restricted. You are not allowed to own waterfront property. That property is reserved for citizens naturally born into this country.

7. Foreigners may not protest; no demonstrations, no waving a foreign flag, no political organizing, no bad-mouthing our president or his policies. If you do you will be sent home.

8. If you do come to this country illegally, you will be hunted down and sent straight to jail.

Harsh, you say???

The above laws happen to be the immigration laws of "MEXICO"!!!

Dec 22, 2012 7:34AM
avatar

Wow, it’s been interesting reading some of these comments. First, this just shows the level of ignorance of people in this country. Mexico is a country with a social making much like the US, Doctors, Attorneys, Bankers and Business Owners live and make up the population of Mexico. If you were to gather all the Drug Dealers and there organizations the percentage is so Minimal it’s to the point of ignorance to stereotype all Mexicans as Drug Dealers. Now don’t get me wrong, maybe some of the buyers of these expensive homes are cartel bosses...  I wouldn’t know. But if they are...  we should thank them for investing that money back in our economy...  does anybody here realize how many US citizens benefit from a real-estate transaction of this size....  Construction workers (Union most likely), Real-estate agents (Most Likely White in Vail), Bankers (Most Likely White in Vail), All levels of government collecting much needed taxes for the transactions, and the list goes on. So instead of posting ignorant comments pick up a book and educate your self’s.

Dec 22, 2012 7:28AM
avatar
I guess people truly do forget history............  Nearly half of Colorado belonged to Mexico at a point in history.

So, what home should they go back to?!


Dec 22, 2012 7:20AM
avatar

Id like to know just how they have so much money! Disgusts me.

Dec 22, 2012 7:15AM
avatar

Yes, there are very rich people in Mexico. A small group that have sucked the life out of that country through their uncontrolled greed. Sound familiar? The danger is not from outside our borders. These folks and their money were invited here and those who extended the invite don't care how the money was made.

Dec 22, 2012 6:56AM
avatar
I think it would be much better if they invested in the future of Mexico.
Dec 22, 2012 6:55AM
avatar
American are lately well known to be ignorant, they never been in Mexico or know anything about it but the ones that are in the states. there is a lot of wealthy mexicans that has businesses and what not. or maybe you all are forgetin that a mexican man is the richest man in the world??
Dec 22, 2012 6:52AM
avatar
What else are they going to spend their drug money on?
Dec 22, 2012 6:51AM
avatar
"Mexicans with cash to spare", right? All due respect, how much of that money is from drug cartels and illegal activity? I'd bet that most of the purchases were made with paper bags of crumpled cash.
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

FIND YOUR DREAM HOME OR APARTMENT

or
Powered by

WHAT'S YOUR HOME WORTH?

HOME IMPROVEMENT PROFESSIONALS

Find local plumbers, electricians, contractors and more.