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.
Foreign 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.
I HAVE SOME OIL STOCK I CAN TRADE THEM FOR THEIR "CLEANED" MONEY FROM OUR
DIRTY BANKS. (SICK WORLD) JR
Mexican developers like America because in their country everyone is corrupt. You can't buld a resort without a bribe to the contractor, the mayor, the city council, the cheif of police, the building inspector, the union leader, the state legislature, the governor and whoever has their hand out. Plus if they bring their young wives and daughters here who have babies then they all get to stay because of the anchor baby. They just deported a drug cartel's daughter who was pregnant and waiting for her anchor baby to be born. But finally someone saw the scam and deported her.
When will we learn?
mexico doesnt let none citizens own land the us should do the same but our politicians are all whores just like our pres.
How many of these "Foreign(Mexican) Investors" are wealthy drug cartel kingpins, drug dealers, attorneys for drug cartel kingpins, drug dealers or terrorists or help to finance foreign terrorist organizations or may be terrorists themselves?
It seems that the U.S. does not care who or what they let into the U.S. as long as the wealthy/wealthiest U.S. individuals, businesses, corporations and even the leaders of the U.S. government do not care who or what is allowed to enter the U.S. as long as they are able to continue to pad their bank accounts and become even wealthier.
wish they would invest in their own country and maybe alot of the illegals would go back.
they should be thrown out but not in this bleeding heart nation.
people are to stupid to realize when they are being taken for granted.
if you can read english go home **** and take your anchor babies with you
To Victoria Brown (candlesbyvicki)
I hope there is beauty behind ignorance...
They have purchased 60% of the $12M plus price range?
If our neighbors from the south are putting that much money into the economy I think some serious gratitude is in order...Thank You
About Teresa Mears
Teresa Mears is a veteran journalist who has been interested in houses since her father took her to tax auctions to carry the cash at age 10. A former editor of The Miami Herald's Home & Design section, she lives in South Florida where, in addition to writing about real estate, she publishes Miami on the Cheap to help her neighbors adjust to the loss of 60% of their property value.