PUERTO PEÑASCO, MEXICO — Puerto Peñasco-based MG Developments has sold 80% of its lots within the $1 billion master-planned community it is developing at Playa Encanto Beach in Rocky Point, about a four-hour drive south of Phoenix.
These lots range from 6,000 to 8,200 square feet, said Keith Allen, sales director for Encántame Resorts.
Of the 118 lots, only 24 remain for sale, with prices ranging between $90,000 and $130,000.
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"You can own property in Mexico," Allen said. "We just do it with a different process. We use a bank trust. The bank that holds the trust, which is your title, reports to the federal government any foreigners that own property here in Mexico. You have full ownership."
Read more of this story from the Business Journal.
