The Baja Bubble

The long hoped-for (ahem) real estate bubble in northern Baja is finally underway:

Luis Maizel and his partner, Igal Gordon, have nearly sold
out the first Calafia tower, where a two-bedroom unit costs $265,000,
more than double the price of two years ago. Three-quarters of the 48
condominiums in the 16-story second tower are sold. And the developers
are about to begin construction on a third tower, one of several dozen
oceanfront developments that are being planned along the 68 miles of
rugged coastline between Tijuana and Ensenada.

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Comments

  1. The hot San Diego market saw its’ top in the Summer of ’05 and has been getting softer each month since than.
    The down trend will soon show up in Baja and all hyper-real estate appreciation areas of the last few years.