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LORETO BAY: LAST PEARL BY THE SEA.
Five communities were set aside by the Mexican government 20-years
ago to be center piece of the country's
Tourism industry. They included Cancun, Ixtapa, Los Cabos and
Huatulac. The last is Loreto, a fishing village of 12,000 inhabitants
just 700 miles south of San Diego. Unlike her four sisters, the
environment will be the focus at The Village of Loreto Bay, a 8,000
acre development that will feature 6000 single homes and condominiums.
Pre-construction prices start at $300,000 dollars for a small unit
and
up to $2.5 million for custom beach front homes, about half the price
of a comparable place in California. Developer Jim Grogan, CEO of the
Loreto Bay Company in Scottsdale, Arizona has partnered with the Trust
for Sustainable Development in Victoria British Columbia. David
Butterfield is the President of the Trust and the Chairman of Loreto
Bay Company.
Loreto Bay is Butterfield's dream community. Every effort is being
made not to "Cabolize" this new development. No automobiles, high
rises, or fast-food restaurants will be allowed in the villages. They
will be constructed along 3-miles of beach front property at the Sea of
Cortez, going back to the Sierra de la Giganta mountains. Construction
will be done in 5 phases and take 10 years. Upon completion, there will
be a golf course, beach club, shops and an artisan village, all within
walking or biking distance of the residences. The five thousand
undeveloped acres will be held as a natural preserve, featuring trails
for hiking, cycling and horseback riding. Farming and organic orchards
will be encouraged. The old fears of buying in Mexico have been
eradicated now that the country has changed its laws related to foreign
ownership. The Mexican government placed Baja in a restricted zone,
where non-Mexicans can buy property through a renewable 50-year bank
trust where a Mexican bank holds the title to the property and the
foreign buyer is the trust beneficiary.
For baby boomers, Loreto Bay offers an opportunity to get in on the
ground floor of a community that is still relatively affordable, It's
also one
that embraces the values of their generation: concern for the
environment, sustainability and a community of vibrant,
educated inhabitants who measures quality of life by
factors other than the dollar. It's also rather unique in that the
builders are your neighbors. It's a place where they have chosen to
live.
Early sales have been brisk; five hundred units have already been
sold. American buyers have snatched up 70 percent of the units with
Canadians taking the other 30. Just 90 minutes from Los Angles on a
non-stop flight, Loreto Bay offers the best that man and nature can
offer this side of Eden.
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