For years homes in San Miguel’s Centro were the most desirable. Is this still true today?

The unanimous answer to this question was yes, and, as all quickly added, still the most expensive. But things are changing. Alma Cecilia noted that because of the price range and size of the homes in Centro, today 70% of clients were open to looking at other areas near to, but not in, the town’s center.
And Armando feels things may change more in the future. He noted that San Miguel’s charter, as a World Heritage Site, calls for increasingly restricting traffic in the historical center. He feels that this will lead to people seeing the outlying areas of town, where people can easily do their banking, get their groceries or dine at local restaurants, more appealing, and consequently decrease demand for el Centro; with home prices falling to reflect that.

What colonias are growing in popularity at the moment?

“San Antonio has been one of the most requested areas, probably because of low-medium prices and for being close to Centro,” replied Jorge and also said that Atascadero, which was San Miguel’s first residencial type colonia, is also popular because it’s close to Centro.
Alma Cecilia answered that, “The hot and popular areas are San Antonio, Guadalupe, Independencia, Obraje and Guadiana—with lower starting prices, better deals and still walking distance to Centro.”
Bill felt that San Miguel’s colonias could be broken down to just a few; Centro, San Antonio, Independencia, Guadalupe, Balcones, Atascadero, Allende and Guadiana and he said, “Each neighborhood offers something completely different for a completely different person. So, what is most popular... Allende is the most popular for lower income homes, Guadiana is the most popular if you want to be in your own exclusive area without a gate on it, but you have to have $600,000 or up... Each individual neighborhood is popular in its own way, but the top three are San Antonio, Independencia and Guadalupe.”

What are today’s home buyers looking for in a neighborhood?

Views and walking distance: this seems to be the realtor’s mantra in San Miguel—we heard it from everyone we asked; views and walking distance. “Most people are looking for nice to great views to the Parroquia and mountains,” said Jorge and Bill took it one step further, “Views sell, they buy the house because they like the view.”
And while being within walking distance of Centro was also considered crucial, only one realtor specified flat walking distance. In fact, some of the colonias mentioned as being popular, such as Atascadero and Balcones, require a fairly stiff climb back home again from Centro.
When questioned specifically on the issue of security, most agreed that it was becoming an increasing factor on buyer’s minds, but to what extent was unclear. Jesus feels that security had become more important just recently, resulting in more interest in gated communities. But both Alma Cecilia and Bill pointed out that people have always been concerned about personal safety and have asked, “is it okay be in this area” for years.

Are home buyers only looking at established neighborhoods or is there interest in new developments?
Our realtors agreed that international buyers were more interested in established neighborhoods and that many of the new in-town developments appeal mainly to a national audience. “That is the market that they focus on, second home buyers from Mexico City, Monterrey, Guadalajara; and it works because the price is what Mexican people can pay for a second home.” replied Jesus. Armando agreed, pointing out that, for example, a new home in El Secreto was cheaper than a home in colonia San Antonio.
Jesus also felt that the developments outside of San Miguel were attractive at his time because they can offer more and different amenities. He cited Las Ventanas (golf community) as an example, noting that sales are increasing as they get further along in construction and that they should have 9-holes ready to play this summer. Other developments that rated mention were Los Labradores, Vista Antigua and Villas Acuarela—“if you want to be in the center of town”-(Bill).

Where do you see investment potential and growth opportunities among San Miguel’s colonias?

“Today, any place in San Miguel offers a good opportunity for investment,” replied Jorge, “for reasons such as the dollar-peso currency exchange, good increase of value on properties and low yearly property taxes.”
Alma Cecilia was more specific in her picks, “I believe the upcoming areas are in Guadalupe, Azteca... all the walking distance neighborhoods have a great investment potential” and went on to say, “the surrounding areas will be also be improved, Obraje, Independencia, Olimpo, La Palmita, Allende, Valle del Maiz are all areas that will be popular in the long term.”
Bill felt that this improvement was already taking place. He pointed out that land price is very inexpensive right now, much less than it was even a year ago. Due to that, areas that previously drew no interest, such as Allende, are becoming very interesting now and, “they are changing overnight.” As people buy in they are upgrading their new property; “painting a house here, landscaping and empty lot there,” making the not-so-popular areas much more attractive; perhaps the up and coming colonias of the future.