Las Vegans buying in Mexico development

Las Vegans are among the buyers eagerly awaiting the finished product at a new development in Mexico.

Paraiso del Mar, a 1,700-acre residential and recreational development across the Bay of La Paz, will begin delivering the 300 condominiums and homes of its first phase this month.

La Paz faces the Gulf of California, on the Eastern side of the Baja Peninsula, two hours north of Cabo San Lucas.

Paraiso del Mar will be situated on a secluded peninsula with five miles of beach frontage, minutes from La Paz by ferry.

The development has sold almost 600 units to date, about a dozen of them to Las Vegans, according to John Fair, co-founding partner of the development.

"We were looking for a vacation home that was close enough to be used on long weekends or for short trips; somewhere we could escape to frequently," said Las Vegas resident Bob Meyer. "With its swimmable beaches, spectacular diving, incredible fishing and excellent golf, Paraiso del Mar was the perfect choice. We can be there in the same time it takes to drive to California or Arizona, but its Old World Mexican charm is worlds away."

"We have always enjoyed the spectacular beaches and moderate tropical climate of Southern Baja," said buyer Mary Jones, also of Las Vegas. "We chose La Paz over Cabo because the people have welcomed us into their community instead of us feeling like tourists. What's really special is that Paraiso del Mar sits on this perfect, private peninsula where you can escape to your very own Mexican villa. The endless beach and gentle waters are amazing, world class golf is out your back door and the charming plaza is just steps away. It's our paradise!"

The first phase of the project includes a church, a central plaza -- or "zocolo" -- a boutique hotel, restaurants, a beach club, marina and an Arthur Hills-designed golf course.

The development has a 10-year build-out, and its master plan calls for more than 800 acres of wildlife sanctuaries, mangrove preserves, and open space. The remaining 900 acres will be developed with residential units, including 1,600 single-family homes, more than 2,000 condominium units, 500 hotel rooms and recreational amenities, such as tennis courts, swimming pools, a country club, miles of hiking trails, and an additional golf course. Prices for the condos and homes range from the mid-$200,000s to more than $1 million, and sizes from 1,450 square feet to a 3,000-square-foot home.

The project is being developed by Fair, owner of Fair Companies in Denver; and Luis Cano, a La Paz native and real estate developer. Both were involved in the development of the Esperanza resort in Cabo San Lucas.

Fair said the majority of buyers are buying second homes or retirement homes in the community. The typical buyer is around 50 years old, maybe a year or two from becoming an empty nester, with the intention of spending a couple of months in their Mexican home and moving that up over time to six months, then full time.

One of the major attractions, according to Fair, is affordability. "You have a very high quality of life at a very affordable price," he said. "You can have a maid for $250 a month. Most people in Las Vegas, when they look at beachfront properties they look in Southern California, and it's just cost prohibitive. Here you can have a beachfront condo for under $400,000."

Owners receive a deed of trust in which a Mexican bank is the trustee and the purchaser is the beneficiary. The initial term of the trust is 50 years, and it is renewable in 50-year increments in perpetuity.

Fair said he and Cano have made the real estate transaction process as simple as possible, even using Stewart Title Guaranty de Mexico, a division of Stewart Title Guaranty Company in Houston.

"The whole purchase decision, the master planning, everything is very much like a U.S. transaction, down to U.S. title insurance and U.S. banks providing mortgages," said Fair.

"The experience is more like buying in the U.S. market than has ever been done in a Mexican project."

More information is available at 888-789-4975 or paradiseofthesea.com.