Record-Breaking Sale Smashes Expectations in Mexico’s Riviera Nayarit
One&Only Mandarina Private Homes has smashed the record for the highest sale price ever achieved for a single-family home in Mexico’s Riviera Nayarit region at $17,528,506.
The record-breaking property, Villa 38, was purchased by a Boston-based partner at a private equity fund who was attracted to the One&Only brand and saw the value of the natural beauty and secluded location of Mandarina. The previous record-breaker in Riviera Nayarit was at Punta Mita Resort in 2019 when a single-family home sold for $16,700,000, according to La Punta Realty.
The luxury market in Riviera Nayarit is booming. Buyers, including the new owner of Villa 38, believe in the future of the destination and expect that real estate values will rise as more people discover the area.
Riviera Nayarit has already seen an incredible increase in eight-figure sales over the past decade and prices only continue to rise. From 2012 to 2018, only six homes in the $10 million price bracket sold in Riviera Nayarit. From 2019 to 2021 this figure doubled to 12 sold homes over $10 million. This year alone, seven homes over $10 million have already been sold in Riviera Nayarit as of July, with several more in serious negotiations.
More about the home:
The oceanfront home features over 12,000 interior square feet and over 6,164 exterior square feet, as well as eight bedrooms, eight bathrooms, three powder rooms and a private pool. The home will feature an office, gym, hammock lounging area in the tropical gardens, fire pit, water features, an additional rooftop lounge area and finishes and furnishings made from natural and locally sourced materials.
Villa 38’s buyer is also working alongside the property’s developer, RLH Properties, Mexico’s top publicly traded hotel and development group, to customize the home to his liking, a privilege offered to all buyers at One&Only Mandarina Private Homes. The home is located on one of the largest lots of oceanfront land at One&Only Mandarina Private Homes and features spectacular views of the Pacific Ocean, coastline and jungle.