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U.S. Baby Boomers Drive Baja's Real Estate Boom

Posted by: Abhijeet Chavan

27 February 2006 - 3:00pm

"Long considered a weekend party destination for Southern California students and a low-rent getaway for American and Canadian retirees on a budget, the northern Baja coastline is undergoing a real estate boom fed primarily by Americans who are tapping their equity back home to buy a weekend getaway or retirement home south of the border.

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These aren't aging surfers seeking beachfront shacks or Midwest retirees fleeing the snow in their Winnebagos, though those folks still come here in large numbers. Real estate agents say at least 80% of the people buying today on the Baja coast are baby boomers who are spending $300,000 and up to purchase high-rise oceanfront condominiums and large, single-level homes with enough room for kids, dogs and toys.

By cashing out on America's home equity explosion, some of Baja's newest residents are trying out early retirement."

American bay boomers are cashing out of the U.S. housing market and trying out early retirement in Baja.

"Long considered a weekend party destination for Southern California students and a low-rent getaway for American and Canadian retirees on a budget, the northern Baja coastline is undergoing a real estate boom fed primarily by Americans who are tapping their equity back home to buy a weekend getaway or retirement home south of the border.

These aren't aging surfers seeking beachfront shacks or Midwest retirees fleeing the snow in their Winnebagos, though those folks still come here in large numbers. Real estate agents say at least 80% of the people buying today on the Baja coast are baby boomers who are spending $300,000 and up to purchase high-rise oceanfront condominiums and large, single-level homes with enough room for kids, dogs and toys.

By cashing out on America's home equity explosion, some of Baja's newest residents are trying out early retirement."

Source: Los Angeles Times, Feb 21, 2006
Full Story: They're Building in Baja, and Boomers Are Buying
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