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For Sale in Mexico: A Stylish Modern Townhouse within the Heart of Mexico City

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This four-bedroom townhouse with a first-floor gallery space and 4 terraces is within the affluent Mexico City neighborhood of Condesa. Inbuilt 2019, the four-level home was designed by the well-known Mexican architectural firm of Ambrosi/Etchegaray, together with the inside design firm Esrawe Studio.

The 6,780-square-foot house is unusual for the neighborhood since it has a five-car garage, said Luis Díaz, an agent with Mexico Sotheby’s International Realty, which has the listing. The residence is built above the garage, where the most important entrance is positioned.

A large oak door opens into an entry foyer with an elevator that services all 4 floors. A small picket stairwell lined with black Mexican marble is to the suitable of the doorway and results in a square atrium space, also lined with marble, with a roof-level skylight.

A doorway within the atrium connects to the gallery, which has wooden flooring and recessed lighting. “This a part of the home is largely the lounge, however the owner is an art collector and he has his art featured here as an alternative,” Mr. Díaz said.

Glass doors at one end of the gallery open onto a covered dining terrace with a bar overlooking the road. A hallway off the gallery results in the combined kitchen, dining and lounge area. The kitchen has sleek Italian cabinetry, built-in Miele appliances and granite counters. One other set of glass doors at one end of the kitchen opens onto a second atrium, this one open at the highest and with a tree growing up from the ground.

On the second level is an exercise studio with a glass wall overlooking the gallery, a steam room and shower, and a hot tub on an out of doors terrace. There may be also a big office with built-in shelving.

Three bedrooms are on the third floor, each with its own bath. The first suite has a lounge area, a glass wall overlooking the kitchen atrium and a walk-in closet.

The fourth bedroom, with a big closet unit integrated into the room, is on the highest floor, where there may be also a piece space with extensive built-in shelving and cabinetry, in addition to a rooftop terrace.

The house also has a water purification system, and the German-made windows block out street noise, Mr. Díaz said.

Condesa is a energetic, walkable district that has turn out to be increasingly popular with tourists. Mr. Díaz compared it to Recent York City’s SoHo neighborhood, with its mix of fashionable cafes and boutiques, restaurants and galleries. Condesa can also be known for the nine-acre Parque Mexico, which has a big amphitheater, sculptures, fountains, ponds and walkways.

After a slowdown throughout the pandemic, the housing market in Mexico City is gaining strength, driven particularly by rising demand within the prime areas of this city of 8.8 million residents.

“We sold more properties in April of this yr than in the entire last yr within the triple-A places of town,” Mr. Díaz said. “The demand has been growing lots.”

Mexico doesn’t have a centralized database for real estate transactions. But in line with the information platform Statista, the common home price in Mexico City was about 2.9 million pesos ($148,000) in the primary quarter of this yr, making it Mexico’s most costly market.

Prices in Condesa, Polanco and Roma, a cluster of upscale districts prized for his or her architecture, culture and culinary scenes, are amongst the very best in town, at $465 to $555 a square foot, Mr. Díaz said.

Still, Mexico City is cheaper than many markets in the USA, and Americans are moving across the border in growing numbers. In response to the Washington, D.C.-based Migration Policy Institute, roughly 799,000 migrants from the USA were living in Mexico as of mid-2020, in comparison with 740,000 in 2015. The U.S. State Department puts the number at closer to 1.5 million.

“There are a number of digital nomads in Mexico City now — the pandemic modified it,” said Edyta Norejko, general director of ForHouse, an agency that makes a speciality of working with foreign buyers. “Finding rentals may be very difficult — there will not be a number of apartments available.”

The accompanying rise of Airbnb and a tighter market overall have frustrated some local residents, who’re faced with rising rents and changing neighborhoods.

Americans are also flocking to the Riviera Maya coastline, within the southeastern state of Quintana Roo, which incorporates popular resort areas like Tulum, Cancun and Playa del Carmen.

“ set of buyers are drawn to it because they’re priced out of either a primary or second home in the USA,” said Chet Kittleson, the chief executive officer of Far Homes, a Seattle-based agency focused on simplifying the buying process in Mexico for foreigners. “And there are large expat communities in these areas.”

Nationally, as of September, the median price of a house was 887,000 pesos ($45,000), in line with a report from Mexico’s Federal Mortgage Society, a government financial agency. Third-quarter prices were up a median of 9.4 percent compared with the identical period a yr earlier. Price gains were highest within the states of Quintana Roo and Baja California Sur.

Americans make up the best share of foreign buyers by far, agents said. Ms. Norejko said that 70 percent of the international clients she works with in Mexico City are Americans, primarily from Recent York, San Francisco and Chicago. One other 20 percent are from Canada, and the remainder are from Europe.

A recent study by the actual estate search portals Trovit and Properati found that Americans accounted for 80 percent of searches for homes in Mexico City on their sites, and almost half of all searches for rentals.

Foreign buyers purchasing property inside about 30 miles of a coastline or 60 miles of a border must arrange what is named a fideicomiso, a trust in a Mexican bank, Mr. Kittleson said.

“That trust is what’s on the title of the house,” he said. “You pay an upfront fee and work with an attorney. The trust is sweet for 50 years.”

A notary handles the acquisition transaction, acting as a neutral third party.

Financing isn’t particularly attractive for foreigners, as origination fees and deposit requirements are high, and rates of interest are currently around 7 to 9 percent, Mr. Kittleson said.

Spanish: Mexican peso (1 peso = $0.05)

Notary fees and the transfer tax typically total around 8 percent of the acquisition price, Ms. Norejko said.

Annual property taxes on this home total about $4,000, Mr. Díaz said.

Luis Díaz, Mexico Sotheby’s International Realty, 011-52-55-8107-5698, cdmxsir.com

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