I’m sorry, but it does my heart good to read an article in the online L.A. Times today entitled “U.S. housing woes go south -- to Baja.”
The sub-heading says it all: “'Flippers' from California who invested in the construction boom on the northern Mexican coast are now finding it difficult to unload their condos.”
Some snippets as reported by Marla Dickerson:
“Ground zero was this mid-sized community about 20 miles south of Tijuana, where developers sold hundreds of condominiums on spec. Most jacked up their prices as their projects filled, fueling a sense of urgency among U.S. buyers to get in while the getting was good.”
“Greed has turned to regret for some investors who now can't sell their Mexican properties.”
“Flippers who can't find buyers will have to come up with the cash to honor their contracts, or secure Mexican mortgage financing at rates as high as 12%.”
”Those that can't close the deals risk forfeiting their down payment, often 30% of the purchase price.”
Wow, that just made my day. Hope it makes your day, too. Karma, anyone?
Happy Saturday!
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