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Real Estate

Articles, Breaking News, Real Estate, Rosarito, Tijuana

Baja’s New Luxury Towers “The Wavve” Break Ground

The Wavve, a new luxury residential project by Estrategia Urbana, has officially begun construction on the scenic toll road to Rosarito.

Located in Punta Bandera, at kilometer 18 of the coastal highway, The Wavve will feature two towers, each with 150 apartments offering stunning panoramic views.

Today, Thursday, the ceremonial first stone was placed, with company executives from Estrategia Urbana, Bustamante Realty Group, local officials, and invited guests in attendance.

Notable figures at the event included Arturo Espinoza Jaramillo, Baja California’s Secretary of Infrastructure; Mónica Vega Aguirre, Secretary of Environment; Miguel Aguíñiga, Secretary of Tourism; and Tijuana’s Secretary of Urban Mobility, María del Pilar Vázquez, among others.

Leading the ceremony were Jonathan Cohen, CEO of Estrategia Urbana, and Moises Zapan, the company’s CCO. They expressed their gratitude to local authorities, their clients, and everyone who contributed to the company’s establishment in Baja California. Special thanks went to the construction team working on The Wavve.

Héctor Bustamante, the director of the company managing the sales, announced that 60% of the units have already been sold.

Mónica Vega highlighted the project’s environmental efforts, which include a water treatment plant and solar panels for common areas, showcasing the developer’s commitment to sustainability.

With an investment of nearly 1.5 billion pesos, The Wavve is expected to generate over 450 jobs. According to Jonathan Cohen, this is just the first of several projects planned for Baja California by Estrategia Urbana, a company with over 25 years of experience and more than 70 projects completed in Mexico and the U.S.

More information on the project can be found at www.thewavvebaja.com

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 Articles, Breaking News, Real Estate

Remax Baja Realty Expands to Todos Santos, Baja Sur

Remax Hidden Paradise Arrives in Todos Santos to Revolutionize the Local Real Estate Market

The magic of Todos Santos merges with the experience of Remax in the newly inaugurated Remax Hidden Paradise office. Located in the heart of our Pueblo Mágico, the agency promises to become a benchmark for those looking to buy or rent properties in the region.

With a team of highly trained professionals and extensive knowledge of the local market, Remax Hidden Paradise offers comprehensive services to meet the needs of its clients. Whether you dream of a beachfront villa in Los Cabos, a refuge in the Todos Santos desert, or an investment in the growing La Paz market, this new office will provide you with the necessary advice and support at every stage of the process.

“Mariela Frias, said, “We are excited to bring the Remax brand to Todos Santos and contribute to the development of this unique community. Our goal is to offer a service of excellence, based on trust, transparency, and commitment to our clients.”

The opening of Remax Hidden Paradise marks a milestone in the real estate market of Baja California Sur, expanding the options and opportunities for those looking to settle or invest in this privileged region.

For more information, visit the Remax Hidden Paradise office in front of Banorte, or call +619-632-70-45.

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 Articles, Real Estate, Rosarito

El Descanso Announces New Stage on Its Development

Descanso Sunset, nestled in the El Descanso community in Rosarito, offers a private community of 101 houses adapted to the lifestyle of their clients. This exclusive community will feature a spectacular and modern club house with an infinity pool and ocean views, jacuzzi, gym, restaurant, bar and a panoramic view to enjoy its magnificent surroundings. A business center will also be available,  featuring a conference room, terrace and fireplace.

All these in their exclusive location, within close proximity to a dazzling variety of fine restaurants, exclusive clubs, cultural events and exciting sport activities, but far enough away from the city bustle to give you and your loved ones peace and privacy in an intimate setting.

A short 30-minute drive will take you from Descanso sunset to San Diego, Tijuana or the Wine Valley.

For over 26 years PromoCasa has developed around 32,000 houses in Mexicali, Tijuana, Tecate, Rosarito and, more recently, in Los Cabos, since 1992. At each of these developments the developer has been able to adapt to the changes in the market, transforming constantly to offer innovation in each home built. For this project they joined in a partnership with the Santana Group, who provided the land.

Descanso Sunset is offering 2 spacious one-level home options, with 2 or 3 bedrooms, sitting on 3,200+ square feet lots. They both feature a nice roof terrace with beautiful ocean views.

Starting at just $230,000 USD, and considering the current shortage of inventory in this price range for sale in Rosarito, as recently stated by Gustavo Torres – head of the AMPI Real Estate Association in the city – this new development is not expected to last long on the market.

Drop by their offices at the development in Rancho Mision El Descanso, on K 55.4 on the Ensenada-Tijuana toll road. You can call for an appointment at (661) 614-1039. More information available on their website www.descanso.com.mx.

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 Articles, Real Estate, Rosarito

Drew Juvinall Dead at 82 Years Old

There’s a lot of joy and laughter in heaven these days. Drew Juvinall just arrived!

We’ll all miss this one-of-a-kind, witty, candid, amusingly irreverent, real estate ‘guru’ – and remarkable man – forever.  Heaven’s gain is our loss!

Drew came into this world at San Francisco Children’s Hospital and spent the first two-thirds of his 82 years in the Bay Area.

He was bigger than life, incredibly energetic – and delighted in living.  And he did it his way!  He was passionate about real estate, fast cars, the 49ers and barbecuing.

He adored his daughter Leigh, and always said how fortunate he was to have found his soulmate, Lana, his partner in real estate, as well as in life.

He formed the commercial real estate company of Juvinall-Neiman, with offices in Santa Rosa and Marin, with 40 agents, which he sold to Grubb & Ellis before moving to Visalia in 1989.  He and Lana worked for the Fresno office of Grubb & Ellis until the parent company set up an unprecedented satellite office for him in Visalia.

Drew and Lana Jordan then formed Jordan & Juvinall Commercial Real Estate in Visalia. Then, after building their oceanfront “vacation” home in Baja, they moved there permanently, and established Rosarito Beach Realty, which became as successful as Drew’s many other endeavors.  Never one to be content with the status quo, in February, 2018, he opened a second office in the La Fonda-La Mision area, which Lana will continue, as Drew wanted.

In 1992, he gathered together a group of prominent Visalia business and civic leaders to found the Tulare-Kings Counties Business and Industry Forecast.  It was attended each year by more than 500 business persons. He qualified for the prestigious Society of Industrial and Office Realtors, was a member of the International Council of Shopping Centers and Tulare County Economic Development Corporation.

In Baja, he was instrumental in founding the Rosarito Chapter of AMPI (Mexican National Assn. of Realtors).  He was one of the first proponents for real estate licensing in the State of Baja California, and both he and Lana became licensed Baja brokers.  He always retained his California Real Estate Brokers License and continued as a member of NARS.

He delighted children in orphanages and in the hills above Rosarito in his Santa Claus suit, where he passed out presents with a hearty “Ho!Ho!Ho!”.

Above all, he was infamous for his “priest robes”, always saying “bless you my children” and relishing everyone’s reactions.  With that twinkle in his eye, he was equally believable as a benevolent priest and as jolly old St. Nick.

He leaves behind his wife, Lana Jordan Juvinall, daughter Leigh Konopka (son-in-law Jeff), as well as grandchildren, other close relatives, and many close friends.

A celebration of life to be announced.  Memories are welcome and may be shared at bajadrew@gmail.com.

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 Articles, Baja Norte, Ensenada, Real Estate, Rosarito, San Felipe, Tecate, Tijuana

Mexican Land Trusts, Big IRS implications

I was intrigued by a recent presentation by a Mexican bank on the subject of Fideicomisos (land trusts). By way of a quick primer, ownership of real property in the “restricted zone” (100 km from borders, 50 km from shore) by a foreigner must be done through a Fideicomiso.

As it turns out, Mexican banks have a monopoly on this Fideicomiso business. The bank’s role is to hold the title to property on your behalf. One can direct the disposition of the property; sell, give away, or otherwise encumber the property. ‘Fidos’ are good estate planning vehicles from the Mexican perspective. At death, the property is transferred via the trust, perhaps a more efficient mechanism than Mexican probate.

Some banks appear to be pulling out of the “fido” market. When I asked why, I was told there is increased emphasis on anti-money laundering compliance by bank regulators, which to me means there may be a new spotlight on this market segment.

One of the reasons I attended was to see how much awareness there was on the part of bank officials on the federal income tax aspects of Fidos.  None. Zilge-ola. That means you, the person who may need to enter into a fido to own property, must pay special attention, because the bank won’t tell you.

Here’s the rub. What may work from a Mexican perspective may be sheer disaster from a U.S. tax perspective. Properly structured fidos (meaning they meet IRS requirements) are deemed to be “disregarded entities,” and the IRS will not bother you. When they are not, they become IRS ‘radioactive’. They become reportable foreign trusts. Every time there is an IRS reportable ‘anything’ you have better had done it right from the beginning.

“Good” fidos have only one property in them.  At the presentation it seemed like it was common to add more than one property per fido. Again, ok from the Mexican point of view, but runs afoul of IRS ‘safe harbors’. In fact, bank officials later confirmed they gladly would add properties to an existing fideicomiso, for a fee.

Another trait of “good” fidos:  They do nothing but hold title to property. Be wary of the bank doing other things for the property; managing it, paying taxes or other things. The IRS does not like that.

Food for thought:  New owner, new trust, or just substitute the name? Does one inherit the federal tax troubles of the last fido owner?

Orlando Gotay is a California licensed tax attorney (with a Master of Laws in Taxation) admitted to practice before the IRS, the U.S. Tax Court and other taxing agencies.  His love of things Mexican has led him to devote part of his practice to federal and state tax matters of U.S. expats in Mexico.  He can be reached at tax@orlandogotay.com or Facebook: GotayTaxLawyer.  This is just a most general outline. It is informational only and not meant as legal advice.

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