"We decided that what we wanted to do was a very low-density development that could have a combination of public spaces and golf, and very private places," says Rossetto, whose company originally purchased the Punta Mita acreage from a private landowner who owned the entire parcel. "We designed, at that time, the areas we thought should be hotels, and areas that we considered private enclaves, and came up with a master plan." Negotiating development and hotel parcels with various partners was, as always, replete with challenges. Still, since DINE provided funding for the master plan on its own, Rossetto says they encountered no obstacles in funding construction of the common spaces.
Fast-forward to now, when what greets you at the end of the 45-minute drive from the coast town of Puerto Vallarta is a mix of large and small, very prominent and ultra-secluded properties. On the massive side, there's the Four Seasons Resort Punta Mita, with a residence-resort portion designed by architect Jose Virgil in an Old Mexican style (villa prices range from $3.75 million to $4 million), as well as the villas at the St. Regis Punta Mita Resort (puntamita.com.mx), scheduled to open in late 2009. The Four Seasons resort was created first on the land — "we agreed to give them enough years for the hotel to be established before we opened another one," Rossetto says — and while other resorts have now risen around it, the developers have sought to preserve Punta Mita's tranquility. The master plan stipulates a low-density total of 1,200 units on 1,500 acres.
The smaller residences, including El Encanto (54 red-tile-roofed homes, with infinity plunge pools) and Porta Fortuna (a 64-residence enclave, each selling for an average of $1.7 million) also promise isolation — from both the madding crowds and the maddening U.S. markets.
Under principles set down from day one, whoever buys any sort of property here also becomes a full-fledged member of the Punta Mita community, allowing access to the tennis center, upcoming equestrian facility and the two Jack Nicklaus golf courses. Then there are the financial perks that even the best-laid master plan could not have anticipated: Whereas 15 years ago Mexico's economy was in crisis — with weak banking systems, the devaluation of the peso and a $50 billion bailout — today, the country enjoys a growing economy, bolstered by a recent housing boom; over the past three years, investments in vacation homes in Mexico, primarily by buyers from the U.S. and Canada, have risen 60 percent. Add the stabilization of the peso, the historically low property taxes and the recent legal changes allowing for foreign ownership of coastal land, and, taken as a whole, Mexico is suddenly something of an investment haven.
"The macroeconomics of Mexico are very strong, with record bank reserves, balanced public finances, controlled inflation, low unemployment and a low national debt," Rossetto says. "Now is the perfect time for U.S. buyers to take a second look at Mexico."
Funny how sometimes, with the right plan in hand, the best deals just seem to fall into place.