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North or South?

Vancouver, Canada
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110 posts
43 reviews
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North or South?

Heading to Cozumel for Christmas 2014 - haven't been to Cozumel in 25 years!

If you had an opportunity to buy a condo for an investment, would you buy north of town or south of town? We are staying on the north coast. Looks like it has snorkelling outside of the condo and a close proximity to the golf course. Walking distance to town too. Seems more appealing than the south side.......

Colo Spgs
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1. Re: North or South?

It sounds like you have determined what is important to you and made a decision based upon that.

Edited: 17 April 2014, 02:43
oz
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2. Re: North or South?

I personally would do the north end.

Vancouver, Canada
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3. Re: North or South?

We have determined what is important to us, Is that good criteria to purchase an investment? Maybe being more neutral and open to other investors' opinions would be helpful.

Colo Spgs
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for Cozumel
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4. Re: North or South?

I would get more proof that it really is an investment.

What are the options south of town? Any places with a real beach?

cozumel
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5. Re: North or South?

Investment? I don't know of anything that would qualify as "investment" except pre-construction as a knowledgeable, connected insider. Personally, I'd find the northern zone more appealing. In terms of investment, that would depend on what percentage discount from original selling price. It has been a buyers' market for quite a while. Were you actually considering "investing" in a place you hadn't visited in 25 years?

Vancouver, Canada
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6. Re: North or South?

Yes, we are getting a bit ahead of ourselves. We have been to many places in Mexico. Just returned from Isla Mujeres - cute place but no good snorkelling. We want to possibly purchase a condo and our criteria is oceanfront, close to town, and snorkelling. The golf course would be a perk for potential renters. The idea is to rent it out as much as possible and use it when we can.

New York City, New...
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7. Re: North or South?

I understand your thinking & I agree.(my family has "invested" in a north end condo already) Its not as much of a buyers market on the waterfront for owners as you may believe. the buyers market applies more to renters. on the positive note you will slowly gain value & the place should be able to support its expenses with rental income. As an investment I would view this as a parking place for your money more than an income generator, but you & your family get ownership perks in paradise

Cozumel, Mexico
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8. Re: North or South?

When I raced cars, we had a saying...."never put anything on the track you can't afford to leave there". Buying a condo in Cozumel as a vacation place is not an investment and is much the same thing. It is a second home and rarely will you get more than you paid for it. After that come the expenses. Condo fees, taxes, sky high electrical costs, special accountants, property management fees, maintenance....lot's of it.

Never, ever will your "rental income" pay the mortgage. It's not going to happen-no matter what the sales person says. The island is full of people who bought into that idea and sold their condos at a loss.

If you are simply thinking that this would be a cheap way to do vacations, it isn't. You'd be much better off renting long term than owning. If you are planning on living here for many months and for many years and have no qualms about breaking even while your condo is on the market for a year or more when you go to sell it, go for it.

We could write a book about our purchase in the North end and all the things we learned. We plan on living here 4-6 months a year, so our investment strategy is different.

That being said, we like the North end. We can bike and cab into town ($5 usd) and be in town in 4-5 minutes. Depending on where you are looking, some condos have a great view of downtown. You can see how many ships are in town and plan your day accordingly.

You might get better information on CozumelMyCozumel or Cozumel4You on FB.

Minneapolis
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9. Re: North or South?

Have been in love with Cozumel for many years and occasionally think about owning. The math just isn't in our favor. The oceanfront properties are pricey, but the deal breaker are fees as said above. The best condos on the North end rent for roughly $5000 per month. Purchase prices are in the mid 300s and up. Even if we were to spend 3 months each year -- at $15,000 per season to rent, we could stay for nearly 25 years before equating the purchase price alone. Add in fees, insurance, furnishings, utilities, repairs, etc. We decided to let the ownership be someone else's headache. Don't need the worry of the next hurricane blowing through. We want to be less encumbered at this point in our life -- not more.

However, to respond to your question, we would prefer the North end.

Edited: 17 April 2014, 15:04
Saginaw, Texas
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10. Re: North or South?

Great information here. Even if it is a bit sobering for us dreamers. Gracias!

As a condo renter I prefer the north end.