What are Cabo Real Estate buyers looking for in 2021? a V.V.V.S.P.
What are Cabo Real Estate Buyers looking for in 2021? A very, very, very, special property.
I remember the exact moment it began. It was a warm summer evening mid-2020.
We had been in the house, sheltering in place since March and I was experimenting with a recipe I had found online in a desperate attempt to make the best use out of our bonanza of quickly over-ripening mangos. With David Bowie playing softly in the background I was stirring a cauldron of mango, lime juice, and agave syrup when my phone rang. The caller was a client whose Cabo home search had been temporarily suspended while the world assessed the best way to move forward together during these uncertain times.
He was more determined than ever to find his new address in Cabo. The next day, another call, a different client also ready to move forward. The trend continued to the point that I had to upgrade my monthly plan at Telcel.
The Los Cabos real estate market was heating up. Not the type of gradual increase that has sent poor, unassuming frogs to their demise in demented science experiments but the kind where you fry your hand on the car door handle after thirty-seven seconds inside an OXXO picking up a frosty Topo Chico on a scorching summer day. A fuse had been lit. Buyers kept calling and calling and calling.
What property types were they looking for? By and large the same thing that every Cabo buyer is looking for. What I call a “Very, Very, Very, Special Property” or…
Views- In college, I lived in Arizona, a beautiful state with deserts, and mesas, and peaks, and valleys. Over my, ahem, five years living there, I came up with a theory that I believe still holds true today. When you break it down to a science, humans are animals composed mainly of water, and the further away from bodies of water we are, the more erratic our behaviors become. Cabo buyers want views of that magnificent ocean that surrounds us and creates the framework for our day to day lives.
Value– A completely subjective term but of great importance. The beauty of Cabo is that there is something for everyone. When comparing the cost of living in Cabo compared to almost anywhere along the ocean coast of the United States and Canada, value is found in nearly every Cabo community. Those that offer the flexibility to generate income from rental when not in use by owners are seeing a very high demand.
Vibe- Each neighborhood and development has its own heartbeat largely made up by the collective energy of the homeowners they attract. The median age of Cabo buyers has dropped as of late and sleepy retirement communities are being outpaced in demand by those that offer their homeowners a stimulation of the senses and activities focused on both mental and physical health.
Space- As in wide-open sunny space. This past year has taught us the true value to our wellbeing that nearly 360 days of sunshine Cabo enjoys. Starting your day with a walk on the beach cures nearly all that ails you. Having a home in Cabo has always been an asset but never more so than when you need an escape route during a global pandemic. Beachfront communities with direct access to the sand have been on the top of nearly all my callers lists.
Potential for Return- In TripAdvisors Top Ten Trending Destinations for 2021, Cabo was number one. Buyers want to cash in on that trend as well. While many people have postponed their Cabo trips creating pent-up travel demand soon to explode, others have continued to visit the destination and need a place to stay. Allowing rentals is a must-have. Having a rental program in-house is a plus and having an on-site property management team that can generate income for owners without a lot of direct effort is a huge bonus.
Thankfully, a VVVSP is not a unicorn. There are many around the entire peninsula of Baja California Sur, each offering a different lifestyle and unique charm. The community that my callers have most preferred, however, is The Cape Residences on Monuments Beach, an exclusive full-service boutique collection of one, two, and three bedroom residences “where once in a lifetime happens every day.” Homeowners enjoy all of the amenities of a Forbes Travel Guide Five Star Hotel and earn income from the fully-managed revenue-split rental program.
If you are also looking for your own VVVSP call me, your new life awaits.