Thread: Wealthy Mexicans Buying Homes in Southern Arizona

Wealthy Mexicans Buying Homes in Southern Arizona

Moving to try to avoid cartel violence

Updated: Tuesday, 31 Aug 2010, 9:11 PM MDT
Published : Tuesday, 31 Aug 2010, 9:11 PM MDT

NOGALES, Ariz. - The real estate market in Nogales, Arizona is getting a slight boom -- as a direct result of the recent violence in Sonora, Mexico.

Some wealthy Mexican business owners are purchasing sprawling homes in Nogales, Ariz. and moving because they are in fear of their lives.

With all the reports of violence in their backyards, they are fearful that the drug cartels will take advantage of their affluent families, extort them or even kidnap them.

So, they are keeping their businesses in Mexico, but packing up their families and moving north of the border -- becoming resident aliens and then commuting to work.

"The violence across the border has really sprung up this new buyer niche that we're getting," says Gabriel Gastelum, a Santa Cruz County realtor.

"Sixty percent of our sales tax revenue comes from Mexico so that makes a big and direct impact to our private sector and downtown merchants," says Nogales mayor Octavio Garcia-Von Borstel.

Town officials don't know how long the surge will last, but it has certainly helped the southern Arizona economy and housing market.

http://www.myfoxphoenix.com/dpp/news/im ... -8-31-2010