The real estate market in our country, despite
the frequent fluctuations caused by macroeconomic problems and insecurity, have
remained into the favorites for the acquisition of a vacation home or spend a
quiet retirement in Mexican surroundings with pleasant climate. Whether to
enjoy a village nestled in the magical center of the country such as San Miguel
de Allende or Lagos de Moreno or to delight with the beach in the traditional
Puerto Vallarta, in the modern Cancun or in Los Cabos – a blend of tradition
and modernity – we have many attractions and a growing housing development
business to fit – so far – to – almost – all tastes and pockets.
The primary audience for residential
developments focused on foreigners, are the Baby Boomers, the postwar
generation born between 1940 and 1960 which today are between 55 and 75 years
old. They are hardworking, independent, with exquisite tastes and frequently,
most of them, have the purchasing power to buy a 7 room villa at the beach; they
love marble finishes, designer furniture and take a dinner in an elegant
restaurant with a nice glass of red wine. They are clients of the modern
movement; they grew with the ideas of Le Corbusier and modern cities in sprawled
suburbs and they are not only used to drive but enjoy moving by car.
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| Suburb at Portland, Oregon, with car dependence |
And like any city designed for them, Los Cabos has
the hallmark of the Baby Boomers. Not only has the best hotels, golf courses
and restaurants in the country, but it is emerging as the most expensive city
to live in Mexico; its layout is not unlike modern cities with ever wider roads,
more parking spaces and an operation depending only in vehicles... has anyone
tried to move on foot or by public transport around the city?
It is inevitable that new generations begin to
take an interest in this wonderful and heavenly destination but along with
them, we need to work in transforming both the city and the real estate that has
traditionally been generated until now. The potential audience of Los Cabos for
the next decades is the generation X composed by people born between 1960 and
1980, but are we ready for them?
Generation X is characterized by
individualistic, skeptical and self-sufficient people; economic opportunities
for them were not as easy or plentiful as it was for the previous generation
and therefore are generally more professionally prepared and open to face
challenges. Their lifestyle is healthier and sustainable, they decided to
reduce car use and opt for the advantages that traditional cities offer them with
faster and cheaper journeys, they prefer neighborhood shops to large
supermarkets and a good nearby restaurant that offers similar quality than expensive
ones… finally what matters is not the name but the quality and the cost-effectiveness
of the products they consume so their consumption are more related to market
research and the Internet than acquire products just because they need them.
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| Terrace at Downtown, Portland |
The city of this generation is not the suburb, they
has been reunited with the traditional centers and all the amenities they offer
them. They have left large villas to live in townhouses or apartments in which
they enjoy the benefits of living in community instead of having their own pool
or gym; they are concerned not only in reduce energy payment but to contribute
to a better world so they bet on renewable energies, reuse of resources and
also to buy an old home to update and implement a local business, finally their
future is not as assured as the generation of their parents.
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| New Urbanist development at Porland |
And they must adapt to the actual towns or our cities
must adapt to them? Surely we should create programs to update the real estate
and modify the design parameters of subdivisions, condominiums and towns to a
more contemporary and efficient use of space, as it have successfully done in other
cities, especially if we want to continue being one of the most attractive
destinations in Mexico for foreign audiences. Current offer is only looking at
a specific clients that will keep interested only a few years more in Los
Cabos; in no time, new generations looking for new products to meet their needs
and finding none, will go to emerging markets leaving existing developments to ruin
and abandonment.
Contrary to the big break of current paradigms
we expect from local governments, which will hardly occur, we better have to build
cities for new generations from the private sector, adapting existing spaces
instead of building new peripheral developments away from traditional life as
they have done unsatisfactorily in other domestic destinations like Acapulco,
Veracruz and Mazatlan. The task is to achieve a full of life continuous urban
image with new and restyling buildings both provided with quality public spaces
to adapt to the new generations and thus, to generate new tourism. Are we
ready?
JPV
If you want to know more of the Baby Boomers or X Generation X, you can
visit the links below.
http://www.forbes.com.mx/millennials-baby-boomers-y-generacion-x-la-combinacion-perfecta/
