Summer 2010 Update

While we were giving thought to this Project Update, we decided to call a short “Time Out” to review and reminisce a bit about the world in general, changes in our area of the Gulf Coast, and in our emerging community, since we began to create Santillana del Mar & Sea Ranch a bit more than three years ago. A few years ago, Campeche was finally getting noticed as one of the few unspoiled, friendly, safe, traditional and historic areas left in the Yucatan Peninsula and specifically along the Gulf Coast. Unknown to us when we purchased the property where our project is located, a major European development group was purchasing a large section of land nearby for the first megaproject along the coast, including condo towers, a golf course, a marina, hotels, shopping centers etc. Many visitors from North America, Europe and elsewhere were showing up, with an appreciation of the quality of life here.

As the financial events of 2008 and 2009 unfolded, we were curious about how progress and development in our area would be affected. While traveling here and there during this period, we were able to talk with friends and clients in many places, including most of Europe, Dubai, Singapore and the U. S. As market uncertainty hit most of the world, we began to realize that the Yucatan had remained a relative oasis of tranquility in the middle of it all. Yes, there were fewer visitors for a couple of years, yes, the real estate market was a bit quiet, but there was no significant downturn in real estate values either in land or in houses. Why not? Perhaps for several reasons. Ironically, since Mexican banks have historically not lent much money, and when they do it is with plenty of collateral and guarantees, there wasn’t much in the way of bank foreclosures, mortgage “investment packages” gone sour, etc. It also appears that wealthy Mexicans from larger Mexican cities are moving here more and more, to get away from the unfortunate lack of security that is a real problem in the North and the capital.

Complete update click here.