Engineer Looks to Yucatan, Mexico for Beachfront Property Investment
James Greene
May 27, 2008
Gary Mayfield wasn't ready to retire, but he wanted a solid, convenient investment property.
Like many investors, Mayfield began looking overseas for a secure property investment. Beachfront property inside the U.S. borders has been rapidly disappearing, driving real estate investors to Mexico for its proximity to the United States and relatively affordable beachfront property.
After considering several sites in South America, Mayfield finally decided on Yucatan beachfront property.
"About 3 years ago, I started looking initially in Panama," said Mayfield, a petroleum engineer. "I was interested in buying down there because of information I'd been receiving on the Internet on overseas investments."
However, after his trip to Panama, Mayfield changed his mind and started looking a little closer to home.
"It occurred to me after my trip down (to Panama) that it would be more likely for me to go to Mexico because of the easy access," Mayfield said. "It's half the cost to fly there, and less than half the time. After thinking about it, I decided it would be a much better investment for me to look at the Yucatan Peninsula."
Mayfield found a knowledgeable partner for his Yucatan investment in Mr. Gary Walding, a real estate broker for International Holdings & Trust.
"I initially went down there trying to get a feel for the marketplace in general," said Mayfield. "He gave me a pretty good feel on all that. I wanted to make sure I wasn't getting into something that was a scam, and I felt like he dealt with me very honestly."
Working with an American company increased Mayfield's security level with the investment, and he appreciated the low-pressure relationship.
Having been on vacation to Cancun and Cozumel, Mayfield knew the Yucatan area and was familiar with the Mexican beachfront property. The easy access to the area, along with relatively short and inexpensive flights, played a part in his decision to invest in some beachfront property in the Yucatan.
"The Yucatan area is being bought up fast," said Mr. Walding. "There's not a lot of it, and it's very affordable as compared to Cancun, which is three or four hours away. It's less commercialized and more relaxing. You're not seeing the deluge of tourists that you do in Cancun and Cozumel."
American ex-pats are finding it easy to acclimate to Mexico, especially the Yucatan area. According to the Dallas Morning News, 25 percent of all Americans living abroad are living in Mexico at least part of the year and more than a third of those Americans are living there year-round.
Policy changes within recent years have made it easier for foreigners to acquire beachfront property in Mexico to build their dream beach house. Building costs are lower in Mexico as compared to the United States, and property taxes are less than $200 a year.
"It's like the last frontier to be bought up," said Mr. Walding. "I sell to a lot of real estate people who are looking for the next boom, because real estate is flat in the U.S. They're looking for the next trend, and they're coming to the Yucatan in Mexico."
Mayfield welcomes the trend and the increased property value for his investment.
"I acquired my property a little over a year ago and the value has increased about 33 percent (since then)," he said. "I look forward to a continued increase as I understand what's going on in the region. It's a good investment for personal private use or as an investment for development or resale."
Find out today what the Yucatan has to offer. Visit International Holdings & Trust online at http://www.yucatanviews.com or call them at (785) 783-4790.
Like many investors, Mayfield began looking overseas for a secure property investment. Beachfront property inside the U.S. borders has been rapidly disappearing, driving real estate investors to Mexico for its proximity to the United States and relatively affordable beachfront property.
After considering several sites in South America, Mayfield finally decided on Yucatan beachfront property.
"About 3 years ago, I started looking initially in Panama," said Mayfield, a petroleum engineer. "I was interested in buying down there because of information I'd been receiving on the Internet on overseas investments."
However, after his trip to Panama, Mayfield changed his mind and started looking a little closer to home.
"It occurred to me after my trip down (to Panama) that it would be more likely for me to go to Mexico because of the easy access," Mayfield said. "It's half the cost to fly there, and less than half the time. After thinking about it, I decided it would be a much better investment for me to look at the Yucatan Peninsula."
Mayfield found a knowledgeable partner for his Yucatan investment in Mr. Gary Walding, a real estate broker for International Holdings & Trust.
"I initially went down there trying to get a feel for the marketplace in general," said Mayfield. "He gave me a pretty good feel on all that. I wanted to make sure I wasn't getting into something that was a scam, and I felt like he dealt with me very honestly."
Working with an American company increased Mayfield's security level with the investment, and he appreciated the low-pressure relationship.
Having been on vacation to Cancun and Cozumel, Mayfield knew the Yucatan area and was familiar with the Mexican beachfront property. The easy access to the area, along with relatively short and inexpensive flights, played a part in his decision to invest in some beachfront property in the Yucatan.
"The Yucatan area is being bought up fast," said Mr. Walding. "There's not a lot of it, and it's very affordable as compared to Cancun, which is three or four hours away. It's less commercialized and more relaxing. You're not seeing the deluge of tourists that you do in Cancun and Cozumel."
American ex-pats are finding it easy to acclimate to Mexico, especially the Yucatan area. According to the Dallas Morning News, 25 percent of all Americans living abroad are living in Mexico at least part of the year and more than a third of those Americans are living there year-round.
Policy changes within recent years have made it easier for foreigners to acquire beachfront property in Mexico to build their dream beach house. Building costs are lower in Mexico as compared to the United States, and property taxes are less than $200 a year.
"It's like the last frontier to be bought up," said Mr. Walding. "I sell to a lot of real estate people who are looking for the next boom, because real estate is flat in the U.S. They're looking for the next trend, and they're coming to the Yucatan in Mexico."
Mayfield welcomes the trend and the increased property value for his investment.
"I acquired my property a little over a year ago and the value has increased about 33 percent (since then)," he said. "I look forward to a continued increase as I understand what's going on in the region. It's a good investment for personal private use or as an investment for development or resale."
Find out today what the Yucatan has to offer. Visit International Holdings & Trust online at http://www.yucatanviews.com or call them at (785) 783-4790.