New figures show home prices in major U.S. cities dropped this past year to what they were in the summer of 2004.
That news has developers luring Americans across the border to buy and some of the hottest properties are along Mexico’s Pacific Coast.
It’s known as a “fly and buy”.
The Riviera Nayarit, just north of Puerto Vallarta, is one of the hot areas.
The process is part sell, part sightseeing and part seminar.
It’s doing so well that a risk manager for a San Antonio real estate company traveled south of the border to learn more.
“I heard an astronomical figure about how many, I forget what it was, about how many U.S. citizens will be retiring to Mexico in the next ten years,” said Hank Braunstein with Keller Williams Heritage Realty.
Developers anticipate more Americans looking for the next big place to buy will cross the border.
About 78 million baby boomers are expected to retire in Mexico in the next 15 years.
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