Patrick Clifton sees the future (from 2008)

jerry

jerry

Guest
"Patrick Clifton sees this growth phase as phenomenal, but not indefinite. "Beachfront property will always continue to appreciate," said Clifton. "This period of change in Penasco is an ideal time for investors and home buyers." you just want to laugh but what is the lesson to be learned

A few of mine
Work with small builders with local ties

 Buy existing single family or nearly finished houses....only get into small unfinished condos that are close and you know the players.

Ignore Realtor happy talk...they are just following orders but remember North Beach losses could have been stopped at 1.5 million if the real estate community spilled the beans...instead they sold an extra 50 million bucks worth of crap.
 
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playaperro

playaperro

El Pirata
Kind of sad when one of the nicest beach houses at las conchas sells for $800,000. They bought the land and house for $900,000 and raised it to the ground and
built this palace with $90,000 worth of furniture.
 
dry heat

dry heat

Pigeon coup coordinator
I would say the furniture was closer to $150,000

playaperro said:
Kind of sad when one of the nicest beach houses at las conchas sells for $800,000. They bought the land and house for $900,000 and raised it to the ground and
built this palace with $90,000 worth of furniture.
Click to expand...
 
Roberto

Roberto

Guest
Relevant to Clifton. Word on the street is that Roger is in the hospital and in very poor condition.
 
Roberto

Roberto

Guest
playaperro said:
Kind of sad when one of the nicest beach houses at las conchas sells for $800,000. They bought the land and house for $900,000 and raised it to the ground and
built this palace with $90,000 worth of furniture.
Click to expand...
Whch property are you referring to Dog?
 
playaperro

playaperro

El Pirata
The house has a name that i just can't recall, maybe dry can help me out, they tried to sell it as an1/8 share I think it might be called el presidente.
 
R

rplarry

Guest
playaperro said:
The house has a name that i just can't recall, maybe dry can help me out, they tried to sell it as an1/8 share I think it might be called el presidente.
Click to expand...
There were several homes that were gigantic and very nicely furnished that ended up selling for way less than they were even built for. One was Casa de Tequila or maybe it was called The Tequila House in section 5. It was built & furnished for about 1.2 mil back in '07 and sold for about $800,000 in 2010.

The other was or is El Presidente which the guy built as a spec 8 share offering starting at $495,000 per 1/8th share. Even in the most robust times, this was laughed at. He always said he only had 4 shares remaing for sale. Then you find our he hadn't sold even one share and the 4 that were already taken or sold were actually 4 shares he held onto for himself.

El Preidente link:

El Presidente

Private Homes, Las Conchas Vacation Rental - VRBO 359403 - 6 BR Puerto Penasco (Rocky Point) House in Mexico, El Presidente
 
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