Cabo San Lucas has long been a haven for college students embarking on the rite of passage known as spring break, but that 20-something party atmosphere is starting to change as more developers eye the tip of Mexico’s Baja peninsula. Sure, the tequila is still flowing, but among the visitors to Cabo these days you’ll find families flocking to quiet beaches and luxurious properties. Olamar, a new development formerly named the Residence Club at Monuments Beach, is just five minutes from downtown Cabo. It’s the first resort property from the LaTour Signature Group and is slated for occupancy in June.

What’s for Sale

There is a mix of 48 wholly owned and fractional properties at Olamar. The three- and four-bedroom shared ownership residences, with views of the Sea of Cortez and Cabo’s famed granite arches, range from 1,430 to 3,415 square feet. Pricing starts in the mid-$300s for a one-eighth share. The ten whole ownership oceanfront villas start at $2 million.

What You Get

Fractional owners get six weeks of use each year. All residences are just steps from Monuments Beach, a 600-foot stretch of sand that is well-known for attracting surfers. Each home at Olamar has indoor and outdoor areas that flow seamlessly into one another, making them ideal entertaining spaces. The penthouses have 1,430 square foot private rooftop additions, each with a heated plunge pool, garden, covered seating area, half bath and a kitchenette with barbecue. The development’s architects have worked on other luxury resorts in the area including Las Ventanas and Palmilla. Residence interiors will have a local flair, including carved stone details and hand painted tiles. There will also be an owners’ lounge and a 7,000 square foot infinity pool, along with five hot tubs.

The development is backed by Tom LaTour, hospitality veteran and former CEO of Kimpton Hotels & Restaurants. This is LaTour’s first real estate development under his new company, the LaTour Signature Group. Airport pick-up, discounted tee times at nearby resorts, an on-call butler and even a “surf concierge” will be available to owners. Also expect daily wine hours, a perk that LaTour brought over from his days at the helm of Kimpton hotels. Olamar has partnered with ViaMari, a membership-based yacht club and owners who join ViaMari get exclusive use of its private yachts including luxury Sportfishers, cruising yachts and sailing catamarans ranging between 45 and 70 feet. Olamar’s concierge will handle reserving the yacht.

The Halogen Guides Take

While property ownership in Mexico has become easier in recent years, it’s not exactly a simple money-for-property exchange. The Mexican government prohibits foreign ownership of property within 50 kilometers, or about 31 miles, of the coastline. It does allow foreigners to purchase property in these restricted areas through a fideicomiso, which is a trust agreement between a Mexican bank and the seller of property. The bank holds the title of the property on your behalf and is obligated to follow instructions given by the buyer who is the trust beneficiary. American ownership of vacation property in Mexico has flourished in recent years, so there are local attorneys and developers well equipped to handle such transactions. Just be aware that you will need to seek out this local guidance and jump through this extra hoop en route to buying a second home south of the border. Additionally, closing costs on Mexican real estate transactions are typically higher than those in the U.S.

There are a host of other vacation home alternatives in the Cabo San Lucas area. Nearly every major destination club, including Exclusive Resorts, Lusso Collection and Quintess, LRW have scooped up properties in this corner of Mexico, making Cabo the most popular ownership location for destination clubs. There is no shortage of private residence clubs, either. The Residences at Esperanza is an existing PRC on the property of a five-star resort. Price range from $150,000 to $1.4 million. Capella Pedregal, a new oceanfront development, will also have fractional units for sale starting at $460,000 for five weeks of use. Misión la Serena, yet another fractional development, has one-eighth shares of two- and three-bedroom homes for $375,000 to $435,000.