Luxury Real Estate

By Barbara Waugh

Cuernavaca’s perfect climate and proximity to Mexico City make it a favorite weekend retreat and the destination of choice for a large expatriate community.

If you’ve ever dreamed of owning (foreigners can own luxury property in their own name) or renting your own Mexican villa, this is the place, whether you’re looking for a winter retreat, summer vacation home, weekend getaway or year-round residence.

A strong buyer’s market exists for luxury homes in all styles, sizes and price ranges, usually including a pool and garden. But as prices rise, many of the real bargains are being snapped up, from the cool, tree-shaded heights of Rancho Cortes and Vista Hermosa to the warm, tropical gardens of Palmira and Acapantzingo, all fashionable Cuernavaca neighborhoods.

Both Travel & Leisure and The Robb Report, two popular U.S. luxury lifestyle publications, have ranked Cuernavaca as among the best communities in the world in which to live. Forbes magazine has on several occasions featured a luxury Cuernavaca property on its website as its Property of the Week.

Mexico City is an hour’s drive via a modern six-lane highway, and its international airport is a half-hour farther. The Cuernavaca airport, located on the outskirts of the city, offers limited commercial service within Mexico, charter flights and service for private planes.

At a lower cost than they would be charged at other world-class resorts, residents and visitors can enjoy golf, tennis and horseback riding, as well as holistic spas, fine international restaurants, cultural events, U.S. and international television programming, recreational parks and much more.

Many foreigners prefer Cuernavaca proper over life in the suburbs or countryside, citing privacy, security, convenience and cultural diversity.

Other resort destinations in the region, such as Tepoztlan, a charming village with a lively crafts market, and Cocoyoc, home to a popular golf course and equestrian events, have their admirers, but no outlying destination offers those four important qualities to the extent that Cuernavaca does.

Rental prices are higher during the high season, Thanksgiving to Easter, when it’s freezing up north. A house with all services, garden, pool and staff, rents from $250 a day, or about $7,500 a month, depending on size. Yearly rentals cost less proportionately, but offer fewer services.

Good neighborhoods in all areas offer a choice of property locations. Unlike other Mexican towns popular with expatriates, Cuernavaca’s international community is not concentrated in one place. You can choose to be in the Historic Center, near the impressive 16th-century Cathedral and the Cortes Palace, or in a quiet gated community, on a golf course or near equestrian facilities, at the Racquet Club, on a broad avenue or a cobblestone street – the choices are numerous.

Many residents live in a privada, a private street a block or two long with controlled access, security and no through traffic. A house built by a well-known architect in a privada with a lovely terrace, pool and garden is priced from about $475,000.

One key factor in deciding where to buy or rent is temperature: southern Cuernavaca is 1,000 feet lower than its northern counterpart, and can be as much as 10 degrees Fahrenheit warmer.

Building in a foreign country, and therefore in a foreign language, shouldn’t be an obstacle: English-speaking architects can help. It is cheaper and easier, however, to buy a property than build, and prices are negotiable. Besides, most of the best sites have already been built on.

As an owner, you may rent your property during the seasonal months for enough to cover the yearly maintenance. Absentee ownership will require a good administrator, which is easy to find. Time-shares are almost nonexistent, except among groups of friends or relatives who make their own arrangements; there are more condominiums every day.

Title insurance for Mexican real estate (TIMR) protects against risks involved in the transfer of property rights. The price of the policy may vary between 0.5 percent and 1 percent of the property value, according to an attorney familiar with the insurance. But most buyers do not need title insurance because Mexican notaries are civil servants responsible for ensuring that titles are clear and there are no liens or debts on the properties.


Editor’s Note:
Barbara Waugh is the Broker/Owner of Barbara Waugh Properties Cuernavaca. A real estate broker in Mexico for more than 35 years, Waugh has for the past 10 years been an affiliate of Who’s Who in Luxury Real Estate. For more information, visit www.barbarawaugh.com or www.cuernavacaproperties.com, or e-mail bw (at) barbarawaugh.com. These sound like some wonderful opportunities in Mexico. By the way, "Cuernavaca" means cow's horn in English. The photo above is from www.flickr.com/photos/kafka4prez/82996937 and it is the copyright of kafka4prez.