Ready, Fire, Aim! - Mihail's Public Blog > Comments on Trading up is hard to do in a bubble

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Mihail, the building, venture, investment frenzy in Puerto Penasco, Mexico,

Rocky Point , we gringos call it, is whispered and now shouted to be "the new Cancun". One of my sisters has lost her mind and bought five houses on the soon to be built Jack Nicholas golf course, etc. Another realtor sister from Guadalajara, Mexico has relocated there, taken her daughter and a niece with her, and her husband will soon join them, in real estate sales and developments.

Family here tries to slow their enthusiasm, but they are RP MAD we say. So are many others as Pres. Fox visited and spoke of new freeways, an international airport and a new scheme to bring cruise ships up inside the Sea of Cortez (absolutely ruining it, of course, as Jack Nicholas' golf course takes out an estuary, desalinization plants go in to make salt, and sleepy little fishermen there have nowhere to go, but into resort maid service, etc.).

One man's boom is another man's despair. I fear my rent going up as Arizona real estate is out of control now, too. And, IL pray for fishermen in RP. My sisters are trying to figure out how to turn shrimp boats into day fishing cruisers for tourists, etc. and how to teach this to the fishermen. Sigh.....

posted by benzinha on August 6, 2005 at 11:42 AM | link to this | reply

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