Puerto Vallarta Condo Tower Shows that High-End Market Still Thrives

The launch party will be held Friday and five of 46 condo units are presold, with three more under contract. Not earth-shattering, perhaps, but further evidence that the real estate slowdown is an inconsistent beast.  The first of two towers at Grupo GVA’s $40 million-plus Dos Marias condo project just outside Puerto Vallarta, on Mexico’s Pacific coast, broke ground about two months ago. The 18-story south tower will include 29 two-bedroom homes of nearly 2,000 square feet each, 13 three-bedroom homes of 2,400 to 2,500 square feet all at the building’s corners. In addition, there will be four penthouses: a traditional penthouse on the top floor and three two-story townhouse penthouses below it.  Shared amenities at the development will include a bar and pool area, a gym with sun deck, 24-hour security and a small grocery store. The second tower will feature a multi-edge infinity pool on the 12th floor; a second pool in the south tower will overlook the jungle and the adjacent river. Two of the penthouses are among the presold units, Wayne Franklin, president of Tropicasa Realty, Dos Marias’ sales representative, told CPN. “People are still looking for retirement and vacation homes,” he said, and the top end of the market hasn’t seen much fallout from the recession. Preconstruction prices start at $297,000 and go up to nearly $1 million for a penthouse.  Tropicasa has cast a wide net to market Dos Marias, he said, and buyers so far have included Americans, Mexicans and Canadians, with some European interest as well. “Mexico is basically on sale as far as Canadians are concerned,” Franklin noted.  The first tower is scheduled for completion in 12 to 15 months. A second, very similar tower on the five-acre site will break ground in about six months, depending on sales in the first tower.