Golf & BusinessMay 23, 2014

Back from la muerte? Signs of life in Los Cabos real estate

By Peter Finch

I visited Mexico's Diamante Resort in early 2012 as part of a travel articleI was writing on Los Cabos. (Click here if you want to read it.)At the time, the resort's Dunes Course (below) was up and running—but not muchelse. A clubhouse was under construction, and I remember passing by somemostly empty condos overlooking the course.

loop-diamante dunes.jpg

Economic recovery seemed a long way off. As I drove away from theresort, I recall thinking the developer and his lenders had better bepatient. It was going to get harder before it got easier.

Things are looking up at Diamante these days, according to a Bloombergreport. It says a 31 percent gain in U.S.home prices has encouraged owners to use their equity to buy second homes in Mexico.

They probably feel like they're getting good deals. Prices in Los Cabosplunged 40 percent in the global financial crisis. They have gainedabout 5 percent a year since 2012.  Bloomberg attributes those numbersto Bruce Greenberg, director of real estate valuation services forDeloitte in Mexico City.

Lots at Diamante are up about 10 percent since 2010, developer Ken Jowdytold Bloomberg.

Part of the excitement at Diamante is the new, Tiger Woods-designedcourse, El Cardonal, which debuts later this year.

If it's anything like the Dunes course, golfers are in for somethingspecial. Designed by Davis Love III, the Dunes opened in 2009 and wasranked No. 1 in Mexico by Golf Digest in 2012. It was easily among themost memorable courses I've played. 

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