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In Demand-Punta Mita Still Drawing Interest From DevelopersOctober 17, 2007 By: Travel Agent Central Contributor Travel Agent
Efforts spanning about a decade to try to build Punta Mita as a luxury destination in Mexico are paying off as luxury real estate there continues to grow.
Travel Agent recently met with representatives of Mita Residential, a company founded in 2005 that specializes in villas, condos and haciendas, to talk about the future plans for the already booming luxury vacation spot. The company is looking to add more haciendas and a second Jack Nicklaus Signature golf course to its already product-heavy resort area within the next year, representatives told Travel Agent last week. Mita Residential already has the Four Seasons Punta Mita, the Las Palmas Villas, Hacienda de Mita and Las Terrazas Golf Villas among its portfolio, just to name a few, and plans to build more. One of the already announced plans includes a St. Regis Resort & Residences sometime in 2008. “Everyone knows about the Four Seasons, but I don’t think enough people know about the other luxury products we have and will have,” says Jessica Van Kurczyn, sales director for Mita Residential. “Punta Mita continues to be a major luxury destination in Mexico and we continue to be a major part of that.”
Developer/owner Dine reports solid growth in Punta Mita: The latest residential sales figures reach $31.1 million, an increase of 50 percent, up from $20.8 million during the same period in 2006. So far for 2007, Dine has sold 43 out of 55 pre-construction four- to five-bedroom Four Seasons Private Villas, each with up to 7,995 square feet of both indoor and outdoor space, currently priced from $3.6 million for beachfront, hillside or ocean views. The surging popularity of Punta Mita as a luxury, second-home resort on Mexico's Pacific Coast, has also prompted El Encanto to begin construction on Phase II of its master-planned residential community ahead of schedule. The international group that is developing El Encanto has sold all the multimillion-dollar residences that comprise Phase I, and will offer 22 ocean and golf view homes in Phase II, salted to begin this month. The residences range in price from $1.2 million to $3 million and have up to 7,291 square feet of interior and outdoor living space. Phase II will also include construction of La Tortuga, an exclusive residence ocean club.