It amazes me that here in Mexico City, in the middle of a recession, where the real estate market is flat, and where everywhere there are advertisements for apartments and office space for rent or for sale, the construction of new buildings continues unabated.
The latest example in my neighborhood is right across from the World Trade Center. There used to be an empty lot that was used as parking space. Now I see construction cranes there. The signs on the barricade surrounding the site advertise a luxury, condominium building called "Alure Insurgentes". (I suppose they misspelled the English word "allure" with only one L since in Spanish a double L is pronounced like a Y.) The building will be 21 stories high with ninety apartments.
(Please don't tell me that shag carpets are coming back into style!)
This morning I was walking down Nuevo León Avenue and I came upon another lot where a apartment building called "Conjunto Nuevo León" is going to be built. This one will have 105 apartments with a starting price of a little over 7 million pesos (about 350,000 U.S. dollars).
Just across the street another apartment building is going up, although this one is much smaller with only seven units.
Farther down Nuevo León Avenue, right across from Parque España, is another building which is almost completed. It is called "Garden Condesa". According to the sign, apartments are available for pre-sale and you can visit a sample apartment. The eight story building will have 47 apartments that start at 8 million pesos.
It will be interesting to see if the developers are able to fill these projects.
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