Cancun Condo Owners?

[jimnjana]

Beginning to research a condo in Cancun. The one we are looking at is called Solymar. It's next door to the Sun Palace where we usually vacation a couple weeks a year. Anyone own a condo in Cancun? My biggest concerns are on-site management and financials of the condo assoc. While we have a trip planned in November, we are considering going in July to research further. Solymar appears to be showing its age, we would be buying a potential second home vs strictly for investment. I know there are newer condos to the North, but we like being on the South end of the hotel zone. While we could pay cash for a studio, we would likely want two studio/lockout or 2 br unit so we may have to finance and that leads to a host of other questions. We really like Play de Carmen too, but it looks like real estate prices have sky rocketed. tips? pitfalls?

 

[COcheesehead]

Get a copy of the reserve study from the HOA, then compare that to the reserves on hand so you know what potential assessments you on the hook for in the future.

No reserve study? Run.

 

[brett]

I read recently on TUG that the re sale vale of many timeshares average 0-15 percent. Even after the day you have finalized the deal to buy.

The resale rates are incredibly low for a reason. Lots of supply, not much demand. Saw some advertised for one cent, many others for one dollar.

 

[Sunset]

I read recently on TUG that the re sale vale of many timeshares average 0-15 percent. Even after the day you have finalized the deal to buy.

The resale rates are incredibly low for a reason. Lots of supply, not much demand. Saw some advertised for one cent, many others for one dollar.

Yes, if someone really wants one, ebay or TUG is a great place to start.

Actually I think TUG is best to start with, due to the experience of many users and the advice they give.

 

[erkevin]

I read recently on TUG that the re sale vale of many timeshares average 0-15 percent. Even after the day you have finalized the deal to buy.

The resale rates are incredibly low for a reason. Lots of supply, not much demand. Saw some advertised for one cent, many others for one dollar.

Dont think OP is talking about timeshares

 

[Gotadimple]

But the resale value in Cancun should be a consideration. The OP is talking about a vacation home, and is asking opinion about the upkeep of a particular property.

Upkeep is the first indicator there may be a management or financial problem. Resale value given how many timeshares are available can also be something to think long and hard about.

- Rita