Our Punta Mita Properties real estate office has experienced a great first quarter of 2012, especially considering the ups and downs experienced by the U.S. stock market in general. As we have seen in the past, the correlation between the NYSE and other stock indices, and the resort real estate market in Mexico is almost 1:1. This time around, the key difference is that there is a bit of a longer lag between the stock market and the real estate market recovery.
Nevertheless, we are pleased to announce that during the first quarter of this year, Punta Mita Properties has closed a number of transactions including an El Encanto condominium, a Kupuri lot as well as a Lagos resale lot for a total sales volume of $3,450,000. We have under contract a volume of $10,900,000, which we fully expect to close within the next 60 days. This is the most significant increase in sales volume our office has experienced since the economic decline that began in late 2008.
Activity this past quarter has also increased significantly in terms of real estate tours, web site visits and requests for information regarding properties for sale. Our expectation is to close during the 1st semester of 2012 twice the sales volume generated in Punta Mita during the entire year of 2011, so we are definitely looking at a turn around in Punta Mita’s real estate sales activity taking place in 2012.