PHOENIX — Arizonans are buying 90% of the condominiums being built at a $1 billion, 150-acre master-planned community near Puerto Peñasco, Mexico — and work has started on the next phase of the project.
Puerto Peñasco-based MG Developments has completed construction and sold out its first two 24-story condominium towers; the third tower is 95% sold out and is slated to deliver units by the end of the year.
"Ninety percent of our buyers are in Arizona," said Keith Allen, director of sales for Encántame Resorts. "Half of our clients rent them and put them in a rental pool for income and the other half are owner occupied."
Totaling 314 units, the first three towers represent the tallest buildings in the state of Sonora.
Condominium prices range from the mid $200,000s for a 600-square-foot studio to $2.2 million for a 4-bedroom penthouse. All the penthouses are already sold out, Allen said.
The $1 billion project is being financed through Banco del Bajio in Guadalajara.
Read more of this article from the Phoenix Business Journal.
