Mexico, Hot Spot for U.S. Retirees

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Luma Leading Trend

According to several major U.S. publications, there is a burgeoning trend of American retirees buying property in Mexico. Luma Living, an active adult community on the Bay of Banderas, is at the forefront of this movement, with groundbreaking set for late this fall.

One of the most recent major magazines to cover the development is Kiplinger's Personal Finance. Its Retirement Planning 2007 guide feature titled, "The Lure of Living South of the Border" discusses the trend in depth. The article states, "Seeking a year-round tropical climate and a relatively low cost of living, U.S. retirees are flocking south of the border," and goes on to say Mexico is a "perennial favorite."

The Kiplinger's article, which also ran on Yahoo! Finance, profiled Luma as a new active living community being built in Nuevo Vallarta, naming it "the first U.S.-developed active-adult community in Mexico." Lee Ratta, senior vice president at Front Porch, the organization behind Luma, was quoted in the article as saying, "Luma has all the advantages of a Mexican lifestyle and the convenience of American-style living."

Earlier this spring, The Washington Times published an article, "Mexico's Pacific Coast Beckons Retirees" (April 1, 2007), describing Mexico as being in the midst of a "building boom" and listing Luma as one of the new developments under way. RealtyTimes also ran a story, "Retiring in Mexico: No Longer Just a Dream," on April 23, 2007.

Designed for residents aged 50 and over, Luma offers a unique blend of setting, style and services, including a Lifestyle Concierge Program. The first phase of residences are set to open spring/summer of 2009 and will feature designer kitchens, soaring 11- to 13-foot high ceilings, glass walls and large terraces for indoor/outdoor living. Pricing for Luma residences range from the $400,000s to $1.8 million.

Alex Urrutia, Luma sales director for Prudential California Realty, Vallarta Division, said buyer interest in the property is high: "The response is an excellent confirmation of baby boomers' desire to live in beachfront active adult communities in Mexico."

A Front Porch Development Company project, Luma will be built in partnership with Mexico-based Grupo Krone. Front Porch Development Company is the real estate development partner of Front Porch, California's largest nonprofit provider of senior living communities. When completed, Luma will showcase bold contemporary Mexican design by the renowned Ernesto Del Castillo Marquez Architecture Firm and offer over 400 stunning residences, 264 of which will be beachfront.