Building for US Boomers in Mexico

"Teaming with Mexico's tourism development agency," Loreto Bay Co. of Scottsdale, AZ "is developing a seaside town" in Baja California "with plans for 6,000 units ranging from $280,000 condos to $1 million custom-built beach houses," says today's Wall Street Journal.

"The company has taken orders for 554 homes.... Most of the buyers, says James Grogan, president and chief executive, are Americans and Canadians.

"As home sales start to slow in the U.S., some builders are casting a hopeful eye on Mexico, placing bets that a growing population of North American retirees will want to buy mid- and high-end homes there," the paper reports.