IL Postcard

Real Estate Auction in Cozumel a Great Chance for Bargains

Date: 10/28/2007

Foreclosure auctions are becoming a hot new way of buying property in Latin America. People aren’t losing their properties because they can’t make mortgage payments, though. Instead, it’s because they are delinquent on property tax payments…decades overdue in some cases.

There is a property auction on the island of Cozumel, off the Yucatán Peninsula in Mexico, this coming Wednesday, so if you want to participate you’ll need to act soon…like tomorrow. I just received this note from Carlos González of Cozumel Living Real Estate Co. in Cozumel:

The City of Cozumel is having its first auction of lots where owners have not paid their property taxes. The city has given these owners plenty of notification and they have still not paid, so they are losing their lots. The lots are listed below. Prices show the minimally accepted bid plus a small fee for our services—we submit the bid on your behalf and also the required down payment, which must be submitted by cashier’s check at the auction on Wednesday. We will be at the auction and will have to spend Tuesday in the bank getting the cashier’s checks. This means that, if you’re interested in taking part, you must wire the down payment to us as soon as possible for it to be here in time.

The balance will be due in 10 days (on Friday, Nov. 9) and the titles will be issued 10 days after that. Since the auction is Wednesday, Oct. 31, 2007, it is urgent that you respond immediately if you want us to bid on one of these lots for you. We also have photos of the lots and plot layouts upon request. Of course, the more you’re willing to bid, the more likely that you’ll win the auction. This is the first auction and people don’t really know how it will work, so this can be to your advantage. Also, we're in low season and no one here has spare funds to invest, making this a great opportunity to pay less than half price for the lots. There will be another auction at the end of January, but that will be high season and people here will have more money.

Auction properties:

1) Calle 21 Sur between 15 B and 15 C (high lot with 12 meters facing Calle 21). The lot goes back 18 meters deep in the middle of the block on the south side). Lot size is 216 meters square at $132/m2. Minimum bid is $28,600, with $5,700 down.

2) 35 Av. So. #450, between Morelos & Calle 5 South. Size 12 x 30 meters = 360 meters square at $95/m2. Minimum bid is $34,300, with $7,000 down.

3) 5 Av. South B #1100, at the corner of 17 South. Lot size is 12 x 19 meters = 228 meters square at $156/m2. (This is a block behind Chedraui and 5 B is a high street, unlike the block directly behind Chedraui .) This one is a corner lot that backs up to #5 below. Together they will form an "L" shape. Minimum bid $35,500, with $7,100 down.

4) Av. Andrés Quintana Roo (Calle 11) #1194, between 55 Av. B and 60 Av. Lot size is 15.5 x 17.5 meters = 271.25 meters square at $135/m2. Minimum bid is $36,500, with $7,100 down.

5) 5 Av. B Sur #1080, between Calles 15 and 17. Lot size is 13 x 18 meters = 234 meters square at $134/m2 (See #3. The two lots are side by side, but will end up forming an "L" shape.) Minimum bid is $31,250, with $6,300 down.

6) 5 Av. B South at 15. Lot size is 12 x 19 meters = 228 meters square at $110/m2. (This is on the opposite end of the block from #3 and #5 above.) Since it faces Calle 15, this could be a good lot for commercial development or a conveniently located vacation rental. Minimum bid is $35,100, with $7,000 down.

7) 15 Av. C South #553, at the end with the 12 meters facing Calle 23. This is a corner lot 12 x 18 meters = 216 meters square at $138/m2. Minimum bid is $29,800, with $6,000 down.

8) Calle 19 South between 25 Av. C and Av. Pedro Joaquín Coldwell (Av. 30). This lot is beside Constrama (a building supply store that faces 30 Av.). Lot size is 12 x 18 meters = 216 meters square at $132/m2. Minimum bid is $28,600, with $6,000 down.

9) 90 Av. B, between Calle 7 and Av. Andrés Quintana Roo (Calle 11). Lot size is 12 x 30 meter = 360 meters square at $78/m2. Minimum bid is $28,200, with $6,000 down.

To contact Carlos to find out more about this, dial 001-(52)-987-869-2345 or
001-(52)-987-872-6431, or call Cozumel Living’s U.S. #: 1-214-329-4088, or
E-mail: carlos@cozumelliving.com.

Best regards,

Suzan Haskins
Latin America Editorial Director