Still, there are probably plenty of people who has visited Rocky Point (Puerto Peñasco, Sonora) and other beach areas on the Sea of Cortez and fell in love with it. I know we did. I and my husband rented a condo for a few days in the “Las Palmas” beachfront resort in Rocky Point – http://www.laspalmas-mex.com/ back in March of 2006.

Puerto Peñasco (Rocky Point), Condos and Hotels

Our short vacation was awesome and it was nice to be able to reach Mexican paradise in mere 3.5 hours of driving from the desert of Tucson, Arizona.

Las Palmas Condo, Rocky Point (Puerto Peñasco), Sonora, Mexico

Soon after our arrival, sitting on the Condo’s balcony and enjoying the magnificent view of the Sea of Cortez, we started to discuss a possibility of owning one of those Puerto Peñasco Beach Condos. Next day, exploring the downtown of Rocky Point, we stopped by the Long Realty’s Rocky Point office. There were plenty of properties available for sale, but quite away from where we were staying. Many for sale homes and condos were a brand new projects, still in the development phase. Being aware of some issues with Mexican projects and their possibility to be stuck in those phases forever, we were more inclined to invest in the currently existing property.

Back at Las Palmas, we discovered that a few Condos were for sale, but 2BR/2BA were priced well above $400,000 – a ridiculous amount, compared to the prices of Luxury Condos in Tucson – barely touching $200,000 in the midst of housing market boom. In addition, hearing the story of Las Palmas Casitas (3-4BR homes) appreciating over 100% in the past 2 years (from original $600K+ to $1.3MM+) , we realized that it was simply too late to pour money into this market.

As such, we spent more time on the beach and in the restaurants, enjoying wonderful weather and delicious culinary creations.

“The Reef” restaurant in Puerto Peñasco (Rocky Point), Sonora, Mexico.

…

In July of 2008, browsing through the real estate articles in the Arizona Daily Star, I saw a headline that caught my attention: “Investors left holding sand as condo deals falter, go bad in Sonora” written By Gabriela Rico, Tucson, Arizona | Published: 03.09.2008.

If the question in this post title has anything to do with your future plans, I’d suggest to go through the trouble of registering with Arizona Daily Star and read this article, otherwise you might end up burying your money in the beautiful Sonoran sand.