PUERTO PENASCO, Mexico – In some ways, this little fishing village dubbed “Rocky Point’’ is beginning to look a lot like Cancun.
With high-rise, futuristic-looking condominium towers jutting up in every direction along this flat-as-the-horizon beach, Rocky Point might need to go back to its original name, Puerto Penasco, just to handle the new image.
The driving force behind the change is the Worldwide Group from Hermosillo, Mexico and two developers from Phoenix -- Alan Mishkin and Steven Barger of Abigail Properties.
Between them, they have built, or are building, 15 massive towers of condos that are 10 to 15 stories high. The 342-acre project is called the Las Palomas Seaside Golf Community, and includes an 18-hole golf course that just opened.
According to Barger, 860 out of the 1,500 condos are already sold, with sales totaling over $300 million. Amazing numbers when you consider the project is not quite three years old.
Just as eye-opening, 75 percent of the sales have been to Arizonans, with 30 to 35 percent tied to East Valley residents.
“There are lots of reasons why people are buying property down here,’’ Barger explained. “First of all, it’s still very affordable compared to other ocean-front property throughout the world. . . .
“And for Arizonans, it’s only three or four hours to get here, which is as close as you can get to the ocean from Phoenix or Tucson.’’
As Barger pointed out, owning property in Mexico is easier than it once was.
“Sure, you might need title insurance, just like you need in the ( U.S.),’’ Barger said. “But it all goes into a bank trust, so you control the property just like you can in the ( U.S.).’’
Today, one-bedroom condos start at $300,000 and go all the way up to $1.8 million for a 13 th story penthouse. Amazing appreciation, considering those original units back in 2003 sold for $160,000 to $500,000.
Mishkin, who at one time owned the golf courses at the Arizona Biltmore and Scottsdale Country Club, said there is another reason people flock to Rocky Point.
“There is no hustle-bustle like back home, and the ocean is like therapy,’’ Mishkin said. “Arizonans have always had a love affair with Rocky Point, and now that’s true more than ever.’’
While owning property on the beach is sweet from a lifestyle standpoint, having a golf course like the Links at Las Paloma is the final piece of the puzzle, Mishkin said..
“Now all the amenities of home are right here at your second home,’’ he said of the community.
According to Mishkin, Las Palomas also has been good for the locals, reducing unemployment to an unheard of (for Mexico) 3 percent while bolstering the economy with what will eventually be a $750 million impact.’’
What’s it all mean? Mishkin said only time will tell, although he likes what he sees – and hears.
“They’re now referring to Rocky Point as a ‘blue-collar San Diego,’ and that’s pretty cool,’’ he said. “I know this might seem hard to fathom, but by comparison, Cabo (San Lucas) has 12,000 rooms and condos, and we have about 4,000 right now.
“But with the 50 miles of beachfront in every direction, someday Rocky Point will be bigger than Cabo.’’
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