In the last 4 years, the downtown area of Puerto Vallarta has experienced an increase in construction of condo buildings and developers all seem to want to outdo each other’s last buildings common areas, which may include rooftop infinity-edge pools, gyms and lounge areas.
This is all very attractive and enticing for today’s buyers, especially for the discounts offered in a strong market however, buying preconstruction at home is something that makes people nervous, let alone buying preconstruction in a different country.
Yes, buying preconstruction is a risk anywhere but the key to minimizing this risk is to buy from a reputable developer, someone that has already proven to deliver high quality construction on time. Delays in construction are not uncommon, and all developers will include a 3 to 6 month delay contingency clause in their contracts to protect themselves. All developers at one time or another may have used their contingency clause but, there is a difference between this and not delivering in the time stipulated in the contract.
You may also want to make your DP as little as possible and finish paying for it when you take possession of the unit.
Another way to minimize the risk is to buy the unit once the building is finished and the units are ready to be deeded however, you may not be able to get the discounts offered in preconstruction.
It is always a good idea to have a reputable real estate agent to represent you in a preconstruction purchase as they know who is whom in their local market and for your convenience, I present you 3 good options in preconstruction that may be of interest to you.
ARCO PLAYA in Sierra del Mar Los Arcos
Next door to their beach club is the last building in this development. The developer has an impeccable reputation having delivered Residencial Sierra del Mar, and the first 4 buildings in the beachfront development of Sierra del Mar Los Arcos: Arco Sur, Arco Mayor, Arco Menor and Arco Norte.
Arco Playa has already started construction and is right on schedule. The building will be seven stories high with one unit per floor (PH is already sold), 3 bedrooms, 3.5 bathrooms, ranging from 2,690SqFt to 3,228SqFt
Prices range from $695,000 to $895,000 with a 15% discount for the next 3 sales.
Payment plans are 35% down; 60% in 4 equal quarterly payments and 5% upon delivery in June 2019.