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I am trying to get a better feel for the real estate market Lakeside and what effects if any the new immigration policies and the world economy in general is having on it. I have been watching the MLS listings. They show the new listings and properties that have been reduced, but it is hard to find out what the listed properties sold for in relationship to the original asking price. I could be wrong but it appears the prices are dropping. Would appreciated any comments.

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Funny some of the real estate agents were telling me how much better it is. I don't think so. Yes we are moving

some less expensive houses or deals but the main market above 250USD is terrible. Yes we do have a market

but it is mostly inexpensive houses or deals as I said before. Folks here are reluctant to lower prices

because they own the houses free and clear. All I can say to you as far as the real estate business goes pick

your agent and company very very carefully. I know they exist so don't dump on me folks but I have not met a

real estate agent I would trust. They do not have to nor do they disclose. Even a buyers agent seems reluctant

to disclose. Our experience is being in the business up north as a broker, mobile notary, and property manager.

We have also been watching the market here for four years closely we are still renting and unless the market

picks up and recreates the old days we see no financial reason to buy. Information down here is much harder

to find about the local real estate market also. Not trying to be a Debbie Downer here but I would do my homework,

move down here and rent and go to every open house, read every real estate ad and ask around and find the

best agent you can find and than decide whether to buy. Can you live in a Mexican village or do you need a nice

quiet gated community? Do you have a car?? Do you want to walk everywhere?? These questions and many

more should be thought out before buying. Let me leave you with one thought. Wow what a great house until

7am at night when one of the neighbors every night fries fatback and you smell it every night. Any property

should be seen at daytime, night, weekends so you know what the neighborhood it really like before you buy.

You asked for comments there you go.

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That makes me wonder :

FSBO or Agent?

What is the best way to buy?

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I have to say we have an EXCELLENT real estate agent. He is VERY trustworthy and very open. He is so enthusiastic with the selling of our house. I would highly recommend him if anyone is interested. We are very confident that he will be able to sell our house.

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I bought 3 days after I got here and I have never been sorry. That was going on 13 years ago.

But, things have changed here radically so renting first is a very good idea. You need to find out if living in Mexico is for you. It is much easier for foreigners to live here than it was in the past, but you might find the stresses, strains and frustrations of living in a different culture more than you can cope with and that the pleasure of living here does not balance in the long run.

However, when you check out a neighborhood and find it quiet and smell free, that could change when a new renter or owner moves into the neighborhood, or, it could get better.

The only thing consistent thing about life at Lakeside is that it is inconsistent.

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I moved in May, rented for 3 months & bought the house I'm in & will probably die in. Absolutely no regrets & I had a wonderful agent but I was used to being in different cultures for close to 30 years. Your mileage might vary. At my age I don't care about up & down property values.

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I'm a homeowner who discovered the total lack of disclosure the hard way. The agent, the broker and the owner were all aware of the problems and were interested in only one thing: getting the money. They even did some things that were neither ethical nor legal, but that's the past and I'm not going to get into it.

Just bear in mind that the buying process is very, very different from up north.

Also bear in mind that if a vacant lot is next to the property, and you're not looking at a gated community or one with a homeowner's assn and strict rules, it's "anything goes". Supposedly, three stories in Ajijic Village is not allowed . There are height limits. NOT. There are shining examples recently built and being built that evidently had "special permission" for their structures. Enforcement is nada. Your neighbor can sell to a car painting operation, or a quiet little restaurant can turn into a night club. Your only recourse at that point is to move, and you would probably lose money in the process, since now you have an obvious nuisance next door or across the street.

My advice is the same as everybody else's. Rent for awhile. That won't save you from the situations I mentioned above, so just exercise caution if you decide to buy.

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We will be moving back to the US sometime before May. Our house is up for sale and I can tell you that all the realtors we interviewed told us the market with ex-pats is almost non-existent and the Mexican buyers are only wanting to buy deals. We will sell our house for much less than it is worth and we will lower the price til it sells. We tried one real estate agency that is more focused on the ex-pat market first and they had no calls on the listing in three months. Now we are trying an agency that works with the Mexican buyer here and in adjoining states.

I have also heard from some realtors that there are many more rentals on the market now than at this time last year. They specifically mentioned to me that some folks are leaving because of the new immingration law, whether it is set in stone or not.

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It is really hard to tell about conditions in a house here and I would advise any potential buyer to have a home inspector--Brad Grieve for one--look at the systems before you buy. That won't find all problems but it helps.

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  • 1 month later...

We will be moving back to the US sometime before May. Our house is up for sale and I can tell you that all the realtors we interviewed told us the market with ex-pats is almost non-existent and the Mexican buyers are only wanting to buy deals. We will sell our house for much less than it is worth and we will lower the price til it sells. We tried one real estate agency that is more focused on the ex-pat market first and they had no calls on the listing in three months. Now we are trying an agency that works with the Mexican buyer here and in adjoining states.

I have also heard from some realtors that there are many more rentals on the market now than at this time last year. They specifically mentioned to me that some folks are leaving because of the new immingration law, whether it is set in stone or not.

Lakeheron

The market indeed is very bad. We had been trying to sell our house for 3 years with no luck. Also it is a buyers market with a wide selection to choose from an eager sellers willing to make a deal. Our house price is rock bottom and giving it away is not an option. A reasonable and fair deal is o.k but loosing thousands of dollars plus real estate commission is not my description of a good deal. Buyers are counting on the urgency ( desperation) of the sellers to get a real good bargain. We will like to go back closer to the family but I won't give away what we work so hard for. Things will get better. All we have to do is to hang in until the right buyer comes our way. I don't know if going with a Mexican Realty will make a difference.

Good Luck

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I eat breakfast with a bunch of long term expats and this was discussed at breakfast today, The general thought was that the expats were shrinking and the MX population was rising.

Guad continues to grow and this seems to becoming a weekend hangout more and more. Sunday afternoon, traffic going back to Guad backs up eastbound for miles..

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We will be moving back to the US sometime before May. Our house is up for sale and I can tell you that all the realtors we interviewed told us the market with ex-pats is almost non-existent and the Mexican buyers are only wanting to buy deals. We will sell our house for much less than it is worth and we will lower the price til it sells. We tried one real estate agency that is more focused on the ex-pat market first and they had no calls on the listing in three months. Now we are trying an agency that works with the Mexican buyer here and in adjoining states.

I have also heard from some realtors that there are many more rentals on the market now than at this time last year. They specifically mentioned to me that some folks are leaving because of the new immingration law, whether it is set in stone or not.

" We will sell our house for much less than it is worth" as a former Realtor in the U.S. I can honestly say that your house WILL sell for what a willing and able buyer will pay for it. It is not worth more than that. That is the reality of selling a house.
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In this market, we could easily lose $150 to $200K on our place if we had to sell it now. We don't but I sure have no illusions that this situation is going to change any time soon. I am very concerned that the income limits of the new immigration law are really going to reduce the flow of newcomers here to a trickle, in which case we would probably be looking at a 50 percent loss if we had to sell and the main source of buyers was Mexicans from GDL who aren't going to pay the gringo-elevated prices of this area.

We have no intention of returning to the U.S. as we do not see things moving in a positive direction there, plus, frankly, we flat out love living in Mexico. One way or the other, we'll work it out.

Coming here today, I would not buy unless I came across a property that is basically being fire-sale priced. We actually have one of those on our block but even it hasn't been snapped up yet.

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It gets down to the simple fact that there are many more buyers in the under $250K range than in the $400K range. On the other hand, those immigrants from the U.S. who can qualify under the new rules will be the ones with money to spend. Strange balancing act, but there it is.

Rent at this point, and wait. Nobody has a crystal ball to see how these new rules will affect the real estate market.

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