Category Archives: Real Estate

Planned new U.S. embassy in Mexico is a “fiasco”

The current U.S. Embassy in Mexico City is crowded, outdated and needs to be replaced.
The current U.S. Embassy in Mexico City is crowded, outdated and needs to be replaced.

By Nancy Cordes / CBS

No one disputes that the current U.S. Embassy in Mexico City is crowded, outdated and needs to be replaced. So four years ago the State Department bought a 15 acre plot in a former industrial district for $120 million.

But there was a catch: the site had housed a Colgate-Palmolive factory for decades, which left behind hazardous waste. Colgate has been cleaning the site but it’s been three and a half years and it’s still not ready for construction.

It is an embassy that was supposed to cost $577 million to build, but the construction estimate has gone up by one third — and the State Department hasn’t even broken ground yet.

“It’s a bit of a fiasco,” said Rep. Jason Chaffetz, R-Utah.

http://www.cbsnews.com/news/us-embassy-mexico-city-fiasco/

Underground community planned in Mexico City

News Au – Architects in Mexico City have come up with an ambitious solution to its strict building regulations and designed a massive 300 metre deep inverted skyscraper. Shaped like an upside down pyramid, the building will accommodate 5,000 people and offer retail, housing and cultural attractions with a huge glass ceiling above to provide natural light.

http://www.news.com.au/travel/travel-ideas/incredible-underground-cities-to-relieve-overcrowding/story-fnjpja3r-1227332656557

Oil plunge might create Mexico City office glut

Office glutBloomberg – Capital Reforma is part of a decade-long building spree that threatens to leave Mexico City with a large surplus of office space as the fall in oil prices undermines the economy. The new buildings, repaved streets and gardens have revitalized this historic financial district, bisected by Paseo de la Reforma. Now investors in the new real estate investment trusts that financed the towers face the prospect of higher vacancies and lower returns.

http://www.bloomberg.com/news/articles/2015-04-29/mexico-financial-hub-faces-office-glut-after-oil-plunges

How the nature of real estate in Mexico is changing

The different players in the local real estate game — agents, agencies, developers and portals — need to adjust quickly.
The different players in the local real estate game — agents, agencies, developers and portals — need to adjust quickly.

By Vera Makarov / Inman

It is estimated that Mexico will reach 65 million Internet users this year. This is having a significant effect on the real estate market.

According to Lamudi’s research, 82 percent of consumers now use the Internet in their real estate search process, as they move away from traditional methods and turn to desktops and laptops, as well as mobile devices, to search for properties.

In the last quarter of 2014, the number of online real estate queries in Mexico grew by 25 percent from 2013, according to Google Analytics.

This access is causing house-hunters to become more specific and analytical in their search for property. The ability to reduce time and optimize each search through the filtration of location, property type and price, is encouraging consumers to move online.

http://www.inman.com/2015/04/20/how-the-nature-of-real-estate-in-mexico-is-changing/