As
the plane dipped down into the fog, I saw what looked
like thousands of tea lights extending endlessly
in a spider-web pattern. My friends had beseeched
me to stick to safe havens like Cancun, but here
I was, headstrong and hurtling into Mexico City.
In
a country reputedly not for the faint of heart,
I found the ice in my drinks the only threatening
thing; here, my senses were happily assaulted daily
with color, music and a culture of celebration,
passion and bravado.
Still,
there are reasons actress Selma Hayek was quoted
as saying, "My driving abilities from Mexico
have helped me get through Hollywood." My nerves
won't soon forget careening through Mexico City
on a bus that seemingly had no brakes.
Yet surprisingly, retirees, not young adventurers,
are the largest and latest group to migrate to this
fabled country in droves. What besides cool margaritas
and balmy weather is so attractive about a Mexican
retirement?
Casa Comforts
First
of all, my Mexican vacation differs greatly from
what retirees are seeking. 
Many
baby boomers in their 60s want to escape the doldrums
of Florida golf-course living without leaving behind
the comforts and closeness of home. In Mexico, this
paradox is to be found in even the most remote places.
Computer
analyst Carol Selzer and her husband Michael were
vacationing in Mexico in 2004 when they unexpectedly
happened upon a breathtaking house in the fishing
village of Sayulita, on Mexico's West Coast. They
hadn't done much research but wanted to invest in
something other than the stock market. In a week
they bought the house, dubbed it Casa Verde Sayulita
and began renting it out. It may be a while before
they see a profit, but they have already added a
third bedroom and pool using some of the rental
income.
Carol
and Michael don't plan on retiring in Sayulita,
but they like the area because it's affordable and
not yet touristy, unlike the nearby hotspot of Puerto
Vallarta.
Nostalgia Meets Convenience
Mexican
areas targeted to baby-boomer retirement have all
the amenities and comforts of home, explains Maria
Lopez, sales associate at Condo Hotel Center. Plus,
many locations are a short flight or drive away
from the American border.
The
1994 NAFTA agreement between Canada, the U.S. and
Mexico further opened the possibility of Mexico
as a retirement haven. Not surprisingly, most retirees
there are American (about 70%), followed by Canadians.
Howard
Goakey, founder of Mexico Buyer's Guide, says Mexico
draws baby boomers with its spring-break nostalgia.
"As adults, they want to go back to that warm
feeling of beaches and palm trees," he says.
Then
there's the pricing: Most people who are priced
out of beaches from Seattle to San Diego can still
afford beautiful Mexican oceanfront property. In
Puerto Vallarta, for instance, oceanfront condos
go for around $350,000 to $450,000. And you can
find attached golf, spa and fishing facilities at
substantially discounted prices, because "land
in Mexico is abundantly available and inexpensive,
and construction costs are not as high," says
Lopez. "Just about every development has a
boating or golfing amenity."
Clients
coming to Goakey's site are looking to spend an
average of $250,000 almost exclusively for second
homes and are within five years of retirement, looking
to get their foot in the door now.
Financing
is also safer now, says Goakey, with two major title
insurance companies, Stewart (STC) and First American
(FAF) , granting title insurance in U.S.-backed
loans, which are highly recommended to protect your
post-retirement investment.
And
one of the biggest misconceptions about Mexico,
says Goakey, is that health care is not up to standard.
"The Mexican government has figured out that
its No. 1 or 2 industry is tourism," Goakey
explains. "So they're doing everything they
can to protect tourists."
Many
doctors are trained in the U.S., prescription drugs
are available and inexpensive, and health care costs
are about half of what one would expect to pay in
the U.S. because the system is less crowded, Lopez
adds.
Calling All Boomers
Tripp
Dubois, vice president of sales for the U.S.-based
KOR Group, estimates that about 50 million to 75
million baby boomers will retire to Mexico in the
next 10 to 15 years. And Mexican developers are
targeting this demographic with projects that have
come to fruition in the last two years, says Lopez.
U.S.
developer The Related Group recently announced it
is going to build up to one billion dollars worth
of real estate in Mexico, and the KOR Group is working
on Tides Playa del Carmen, an 18-acre urban retreat
to be completed in 2008.
According
to the tourism office Data Tur, Playa del Carmen
has had occupancy rates of over 80% over the past
three years.
Tides
Playa del Carmen
Goakey
is seeing developers spend more on ads competing
for the North American retiree. "It seems every
party you go to you hear, 'Oh yeah, I'm thinking
about Mexico,'" he says. In response to demand,
his Mexico Buyer's Guide will soon come out
with a updated online version, in which properties
will be sorted by area and price range.
Retiring in Real Time
And
for the still reluctant, there's Luma, the first
American developed, full-ownership, active adult
beachfront community in Nuevo Vallarta from Front
Porch Development Company, set to open in summer
2009.
Luma
offers residents the added security of a retirement
community -- including an on-site physician and
nurse, but combined with a sense of lifelong learning,
adventure and spiritual growth aimed at the active
senior.
Front
Porch's biggest market is California, but it fields
inquiries from all over the U.S. and Canada. "It's
a concept that is really resonating," says
senior vice president Ratte. "People want more
than just real estate; they want a lifestyle."
"People
our age are not going to retire the way our parents
and grandparents did," says Ratte.
Though
I may still prefer a brush with danger, Mexico offers,
for the older and no doubt wiser, the out-of-the-ordinary
with increasing creature comforts.
