Spanish developers are hoping investor interest in the hot U.S. housing market spreads south of the border.
A new town-home development, Eagle Village, is under construction in Puerto Peñasco, Sonora — also known as Rocky Point.
It is being developed by Adlanto Developers, based in Málaga, Spain.
Nine of the 31 homes under construction — with a starting price of $280,000 — have already sold. Three more are under contract.
"Our company, of 30 years, had mostly focused on developments in Spain," said Álvaro Moreno, U.S. development director for Adlanto. "Around 2006, we identified Mexico as a potential market and located this available land."
The property is at the entrance to Peñasco, if entering from Arizona, about 10 minutes northwest of Sandy Beach.
He said the majority of buyers are interested in vacation homes that can be rented out when they are not using them.
Eagle Village offers rental management services in the gated community.
The 1,400-square-foot, two-story, two-bedroom homes have en suite bathrooms and a half-bath on the main floor.
About a four-hour drive from Tucson they also appeal to people working from home permanently, Moreno said.
"Many see it as a short car ride with a home office for long weekends," he said. "I believe the pandemic has given us all a reminder to enjoy life."
The community has underground utilities, a wastewater treatment plant and prewired internet, and is competitively priced.
Other beachfront homes in Peñasco are commanding more than $850,000.
Buyers and inquiries are mostly coming from Arizona, "since it's known as 'Arizona's beach,'" Moreno said. Interest is also high from buyers in Seattle and Canada. In Mexico, buyers are coming from Mexicali, Hermosillo and Tijuana.
"Some want a permanent home, some a vacation home and some a rental investment," he said. "They like that it's not dense and crowded."
A native of Peñasco, Myriam Hernandez was the first customer to buy one the new town homes in Eagle Village.
When she moved to Washington State a few years ago, she invested in other vacation homes in Peñasco as rentals.
During the pandemic, Hernandez returned to Peñasco to be close to family and heard about the new development.
"It has the best golf in the region, plus the beach and lagoons," she said. "It will pay for itself with renters."
Hernandez, a broker with Keller Williams, said the community is away from the high-rise condos and party crowds that Peñasco is known for.
"The concept is appealing," she said. "It's a unique product and the Spaniards have put a special touch on it."
Eagle Village is within the master planned community of Islas del Mar, a 600-acre community that will include more housing, hotels and a retail boardwalk.
It underwent a beach certification process with the Mexican Institute for Normalization and Certification and its 1.5 miles is the longest recreational/certified beach in Mexico.
Visit eaglevillage.mx for more information.
Contact reporter Gabriela Rico at email@example.com