The Development
- What is Rivera Cuale?
- What does Rivera Cuale mean?
- Where is Rivera Cuale located?
- What style is Rivera Cuale’s architecture?
- How big is the development?
- Who is the developer?
- When will Rivera Cuale start construction of the second building?
- How long until Rivera Cuale finishes the three phases?
- What is the construction schedule?
- Where will the next building be?
- Will all buildings have a view to the bay?
- Where will the new pedestrian bridge be?
Sales Information
- Why should I buy now?
- Is financing available?
- I have decided to buy, now what? When do I need to execute the purchase agreement?
- What is the minimum down payment required?
- Who holds my down payment?
- Is there a way to put the down payment in escrow, or at least part of it?
- What happens if I don’t execute the purchase agreement or make the deposit?
- Can I later cancel my purchase agreement?
- After I make the down payment, when do I make the balance payment?
- Is there a sales office? What are the hours of operation?
Owing Property in Mexico
- Can foreigners own property at Rivera Cuale?
- How long does a Fideicomiso last?
- Is a Fideicomiso a lease agreement?
- How long does it take to create a Fideicomiso?
- What is the annual fee of a Fideicomiso?
- Can a US corporation own property at Rivera Cuale?
- What are the closing costs associated with a purchase?
- Can I sell my property or leave it to my heirs?
- Do I have to pay property taxes?
- Can I purchase title insurance for a unit at Rivera Cuale?
Unit/Amenities details
- How many apartment types does Rivera Cuale have?
- How does Rivera Cuale deliver the units?
- Can I choose the finishes of my unit?
- What happens if I want to make changes in the unit?
- What is the floor to ceiling height in the apartments?
- Why do the areas vary on the same floor plan?
- When will I be able to move in?
- Do units come with parking spaces and are they assigned?
- Is there visitor parking?
- Is there storage outside the unit?
- What appliances can the laundry room accommodate?
- How are utilities metered?
- Is Internet available?
- What is the approximate area of the amenities?
- Is the riverwalk a public walkway?
- How many swimming pools will the development have, and will they be solar heated?
- Will there be a Jacuzzi in the pool area?
- Will there be a fitness room?
- What are the monthly HOA (condo/maintenance) fees?
- Is there a water purification system in the building?
The Development
Rivera Cuale is a community of full ownership condominiums in the heart of downtown Puerto Vallarta on the banks of the Cuale River. The buildings are surrounded by lush gardens with beautiful outdoor lounge spaces that create an oasis in the city. Throughout Rivera Cuale you’ll enjoy beautiful views of the river and its amazing vegetation, mountains, the village and the sparkling bay. The condominiums are spacious and make ideal vacation homes, or permanent residences. The architecture is traditional Vallarta style, with modern influences that surround you in ultimate comfort.
2. What does Rivera Cuale mean?
Rivera means “riverbed” or “brook”, so Rivera Cuale means “riverbed of the Cuale River.” The Cuale River is a soft, rolling river that starts high up in the Sierra Madre and crosses the center of Vallarta. Just a few minutes’ walk from Rivera Cuale, you can explore an island that is home to the Cuale Cultural Center, plus restaurants, shops, a local archaeology museum and the John Huston Plaza, a space dedicated to the director who made Vallarta famous with his movie, “Night of the Iguana.”
3. Where is Rivera Cuale located?
The development is centrally located in the heart of downtown Puerto Vallarta, just steps away from the city’s most popular restaurants, galleries, markets, cafes, shops and beaches. From Rivera Cuale you can easily explore Vallarta on foot. Plus, it’s conveniently located just six miles from Puerto Vallarta’s airport, making arrivals and departures very easy.
4. What style is Rivera Cuale’s architecture?
The architect’s vision was to design a project that conversed with the surrounding Vallarta style architecture. This is why you will find endemic trees, local materials, architectural details, and overall architectural style that remind you of the traditional Vallarta architecture.
5. How big is the development?
Building A contains 43 units and the next two buildings will have a similar number. The buildings are strategically positioned to maximize views and to enhance the common open areas where owners can enjoy lush gardens with exotic vegetation, swimming pools, lounge areas, riverwalk and more. The site is about 2.5 acres.
The Rivera Cuale team includes talented engineers, architects and real estate developers with experience in both Mexico and the US markets. Grupo Zeiba, a Mexico City developer with a combined 50 years of experience (mostly residential) leads the project.
http://www.zeiba.com/ KMD Architects, a leading design and architecture firm based in San Francisco, conceptualized the development. The company has worldwide experience in hospitality, residential and resorts. http://www.kmdarchitects.com/ Rivera Cuale’s architecture honors traditional Vallarta style, while incorporating high standards of modern luxury. The development team offers residents the ultimate in quality, by carefully choosing its contractors and paying special attention to reduced environmental impact.
7. When will Rivera Cuale start construction of the second building?
This will depend on market demand, but as soon as possible.
8. How long until Rivera Cuale finishes the three phases?
This will depend on market demand, but as soon as possible. Once started, each phase of construction lasts approximately 16 months.
9. What is the construction schedule?
Phase One was completed and operational in October, 2009. Construction of Phase Two will begin as soon as Phase One is almost sold out, and construction of Phase Three will begin after Phase Two is complete and pretty much sold out.
10. Where will the next building be?
About 30 feet over from (to the northwest of) Building A, with the back of it lining up with the front of Building A.
11. Will all buildings have a view to the bay?
All three buildings will face west to the bay, and almost all units have bay, town, mountain and river views.
12. Where will the new pedestrian bridge be?
From Gringo Gulch across to the Isla Cuale near the Cultural Center.
Sales Information
Buying earlier rather than later provides you the best selection and pricing, and a greater return on your investment.
Some of our clients have worked with a professional mortgage broker who has successfully placed mortgages for foreigners in PV for the last five years. Also, Bancomer, together with Compass Bank, one of the largest banking groups in Mexico, is now aggressively marketing mortgages for foreign investors in Mexico. They have English speaking experts in their loan departments. Mortgage rates are now available in Mexico as low as 5.25%!
3. I have decided to buy, now what? When do I need to execute the purchase agreement?
Your Rivera Cuale representative will work with you to guide you through the process. You will receive a package with all necessary information to execute the purchase of your desired unit. You will have seven calendar days after receiving the package to execute the purchase agreement and pay the down payment. If you take no action by the end of this period, we will put the unit back on the market.
4. What is the minimum down payment required?
30% of purchase price.
The down payment goes directly to the developer and will be applied directly to the construction of the development.
6. Is there a way to put the down payment in escrow, or at least part of it?
We don’t offer this option as a standard choice, but we may be able to design a specific program with our escrow company to suit your needs. Naturally, there will be additional costs involved and the same pricing may not apply for this option.
7. What happens if I don’t execute the purchase agreement or make the deposit?
We cannot hold the unit if no action is taken, so in this case we will put the unit back on the market.
8. Can I later cancel my purchase agreement?
No, the purchase agreement is a binding contract and you cannot cancel it without losing your down payment.
9. After I make the down payment, when do I make the balance payment?
Generally you will make the balance payment just before taking possession of your unit, but in some cases buyers pay the final balance sooner than that.
10. Is there a sales office? What are the hours of operation?
Rivera Cuale operates a dedicated sales center on site so that clients can experience the riverfront oasis and visit model units. Sales advisors are on hand to answer questions and offer property tours. You can visit the Location pages of our website for directions and hours.
Owing Property in Mexico
1. Can foreigners own property at Rivera Cuale?
Yes. Since Rivera Cuale is in the restricted zone (land within 60 miles of the borders and 30 miles of the coastline), foreigners must legally acquire rights on a unit through a land trust, called a “Fideicomiso”. Basically, the Mexican government issues a permit to a Mexican bank to act as purchaser of the property. The Mexican bank acts as trustee and the buyer is appointed the trust beneficiary. The beneficiary has the right to use, enjoy, rent, possess the property and sell the trust rights or instruct the trustee to do so. The Mexican bank is obligated to take instructions from the trust beneficiary.
2. How long does a Fideicomiso last?
The Fideicomiso is on 50-year renewable terms into perpetuity.
3. Is a Fideicomiso a lease agreement?
No. As a trust beneficiary you have all the rights to enjoy, rent, improve, use the unit and sell the trust rights or instruct the trustee to sell the unit. You essentially have the same rights as a property owner in the U.S. or Canada.
4. How long does it take to create a Fideicomiso?
Usually from 60 to 90 days. The Rivera Cuale team will work with you and the notary (“notario”) to assist in the process.
5. What is the annual fee of a Fideicomiso?
The average annual fee payable to the trustee is about $500 USD.
6. Can a US corporation own property at Rivera Cuale?
The trust beneficiary can be a person, multiple partners, a foreign corporation or other entity. The Mexican bank appointed as trustee will follow instructions from whoever is on the property deed as the trust beneficiary.
7. What are the closing costs associated with a purchase?
Generally, closing costs average around 3.5% to 5% of the purchase price, but it will depend on whether you purchase directly (as a corporation or a Mexican national) or through a Fideicomiso (trust) as a foreigner.
8. Can I sell my property or leave it to my heirs?
Yes, the buyer is the trust beneficiary of the property that is put into a trust. The bank receives and follows instructions from the trust beneficiary, who has the right to use, enjoy, improve, sell or bequeath the property.
9. Do I have to pay property taxes?
As a property owner, you have the same rights and obligations as a Mexican homeowner; therefore, you need to pay property taxes. Taxes are very low compared to U.S. and Canadian property taxes and are determined by each state and municipality. Taxes are adjusted annually but the variance tends to be minimal.
10. Can I purchase title insurance for a unit at Rivera Cuale?
US title insurance is available for Mexican properties. A buyer can choose whether to buy an individual policy and is responsible for the cost. Rivera Cuale has a master title policy with Stewart Title.
Unit/Amenities details
1. How many apartment types does Rivera Cuale have?
There are several types to choose from: 1-bedroom, 2-bedroom, 3-bedroom and Penthouse (3-4 bedrooms) layouts. Many of the units offer a bonus TV room/den. For more information on floor plans please visit The Homes section of our website.
2. How does Rivera Cuale deliver the units?
Units are delivered complete with finished floor, cabinetry, and fixed appliances, and are installation-ready for optional appliances, as well as wired for cable TV and land line telephone.
3. Can I choose the finishes of my unit?
We offer no-cost finishing options where buyers can choose among different Contemporary and Traditional Mexican style finishing elements.
4. What happens if I want to make changes in the unit?
We do not encourage changes since we are trying to keep costs low and pass the savings on to buyers. However, if you feel strongly about changes we may be able to accommodate them at an extra cost to you, and provided that they are requested in time and do not compromise structural integrity.
5. What is the floor to ceiling height in the apartments?
The floor to ceiling height in most living, dining and bedroom areas is approximately a generous 9’2″. In bathrooms, kitchen and service areas, generally it’s 8′.
6. Why do the areas vary on the same floor plan?
As the building grows higher the terraces move back slightly. This setting back is part of the architectural design solution that integrates a vast amount of outdoor living space.
7. When will I be able to move in?
Generally units in Building A can be ready for delivery in 90 days or less.
8. Do units come with parking spaces and are they assigned?
Almost every unit comes with a deeded, assigned parking space.
Yes, there are some spaces inside Rivera Cuale reserved for visitors.
10. Is there storage outside the unit?
Yes, there are a limited number of private storage spaces for sale on the parking level.
11. What appliances can the laundry room accommodate?
Depending on the unit, a full size, side by side washer and dryer, or a unitized (stacking) washer and dryer.
12. How are utilities metered?
Utilities are metered individually for water, gas and electricity.
Yes, we have installed high speed wireless Internet for the whole building and it is included in your monthly HOA fees.
14. What is the approximate area of the amenities?
The amenities will cover approximately 4,000 square meters or 43,000 square feet. The linear riverfront portion of the amenities will be approximately 160 meters or 525 feet.
15. Is the riverwalk a public walkway?
No, the riverwalk on the property is restricted to residents of Rivera Cuale only and is within the private property of the development.
16. How many swimming pools will the development have, and will they be solar heated?
There will be three, and at least one is solar heated. (The Phase One pool is already solar heated.)
17. Will there be a Jacuzzi in the pool area?
Yes, there will be an outdoor Jacuzzi in Phase Three.
18. Will there be a fitness room?
Yes, there will be a fitness room by the pool area in Phase Two.
19. What are the monthly HOA (condo/maintenance) fees?
The fees are based on size of condo including terrace and are $23.98 pesos per square meter.
20. Is there a water purification system in the building?
Owners may elect to have a purification system (reverse osmosis) installed in their units.