Front Elevation: Point of Interest
Location and luxury lure buyers to Mexico’s Punta Mita.
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Mexico-based developer Dine had a specific goal in mind 15 years ago when it purchased Punta Mita, a 1,500-acre parcel of land north of Puerto Vallarta. "We wanted to create the first high-end resort in Mexico geared to the international market," says Santiago Ortiz, president of Punta Mita Properties. "But back then the Mexican real estate market was unstable. No one was interested in high-end development—everyone in the industry thought we were crazy."Dine proved otherwise. Its land occupies the spearlike tip of the peninsula that forms the northern border of Banderas Bay, Mexico’s largest natural bay. Bordered on three sides by water—Banderas Bay, the Pacific Ocean, and Litigu Bay—Punta Mita delivers ocean views, white-sand beaches, lush vegetation, quick access from Puerto Vallarta, and the privacy of a gate-guarded community.
In 1999, the opening of the Four Seasons Resort brought golf, spa, and fine dining to Punta Mita, launching its status as an up-and-coming resort destination. Soon, people looking to buy vacation homes in Hawaii or Los Cabos turned their attention to Punta Mita. "What makes us different is exclusivity, security, the size-to-value ratio—especially when compared to Hawaii—and the legal infrastructure," says Ortiz. "Our legislation mirrors homeowners’ associations at luxury communities in the United States."
Punta Mita will add further credibility to its claims this year with the opening of the new St. Regis Resort and Residences and a second Jack Nicklaus golf course. The St. Regis will be the second of four
luxury hotel properties at Punta Mita. The third will be a smaller, more intimate hotel—possibly another Four Seasons—consisting of 80 private bungalows, and is scheduled to open in 2010. The fourth, yet-to-be-named hotel is rumored to be a Ritz-Carlton.
Both the St. Regis and the possible Four Seasons bungalow hotel project will offer fractional- and whole-ownership options, but the majority of Punta Mita residences, expected to reach a total of 1,000 when the development is complete, are scattered in a collection of communities consisting of condominiums, villas, and private homes catering to golf and beach lifestyles. Current prices throughout the area range from $615,000 to $14 million.
Other new communities within Punta Mita
include El Encanto, Porta Fortuna, and Kupuri, the latter of which is poised to
become Punta Mita’s most elite enclave. It offers just 14
homesites, eight of which have been sold, and all of which afford ocean views and
beach access. Though all homeowners at Punta Mita enjoy a membership with access
to golf, tennis, and three private beach clubs, Kupuri residents receive a few
additional perks. The Tuka Yacht and Beach Club will be available to Kupuri
residents only, as will the Sunset Bar—a cocktail spot set atop Careyeros
Mountain, which is accessible by funicular train.
