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 News from Around Banderas Bay | October 2007 
Punta Mita's Growth Spurs Early Start for Phase II of El Encanto Luxury Residential Development
 PRNewswire
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Punta Mita, Mexico - The surging popularity of Punta Mita as a luxury, second-home resort on Mexico's Pacific Coast, has prompted El Encanto to begin construction on Phase II of its master-planned residential community ahead of schedule, announced the property's co-owners and developers, New York-based AIG Global Real Estate, Mexico City-based BCBA Impulse and Dallas-based Casa Mexicana.
The international group that is developing El Encanto has sold all the multimillion dollar residences that comprise Phase I, and will offer 22 ocean and golf view homes in Phase II beginning in October. The residences range in price from US$1.2 million to US$3 million and have up to 7,291 square feet of interior and outdoor living space. Phase II will also include construction of La Tortuga, an exclusive residence ocean club.
When construction is complete, El Encanto will feature 54 homes situated on a terraced hillside overlooking the Bay of Banderas in Punta Mita, a 1,500-acre gated peninsula, 26 miles from Puerto Vallarta.
Punta Mita is also home to the Four Seasons Punta Mita Resort and 18-hole Jack Nicklaus Signature Golf Course, ranked world's best golf resort by readers of Conde Nast Traveler 2006. A St. Regis Resort & Residences and second Jack Nicklaus Signature Golf Course are scheduled to open in 2008.
"Just as the luxury market in the United States has been largely immune from the slowdown in the rest of the U.S. housing market, we are seeing continued strong interest in El Encanto's luxury properties, " said Maria Cintron, chief operating officer of Casa Mexicana. "Punta Mita is not a market typically dependent on financing as most buyers are attracted by the excellent investment opportunities and the resort's natural beauty and proximity to the United States."
Brooks Mohrman, Managing Director of AIG Global Real Estate, said with more than 78 million baby boomers reaching retirement age in the next 15 years, the second-home market remains a bright spot in the real estate sector. Mexico, in particular, has been a popular draw and was recently named world's top retirement haven by International Living Magazine.
"We manage properties all over the world, but have found Punta Mita to be one of the top destinations for developing second-home properties in part because of huge interest from baby boomers in owning luxury real estate in Mexico," Mohrman said.
AIG Global Real Estate has approximately $14.3 billion in equity under management, and employs more than 500 professionals in 30 offices worldwide. Other El Encanto partners include BCBA Impulse, one of Mexico's most innovative residential developers, and Casa Mexicana, an industry leader in the planning, development, marketing, construction and sales of high-end resort properties in Mexico.
Architect Jaime Guzman, whose residential designs can be found at luxury properties from Puerto Vallarta to Mexico City, has joined creative forces with KMD, one of the United States' leading architectural firms, to create El Encanto's unique design signature.
For more information on El Encanto, visit ElEncanto-PuntaMita.com |
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