Reeco:Long-termInvestmentinMexicoPaysOffFROM THE ROCKY POINT TIMES
Editors Note: Jeff Reeco, Coldwell Banker Rocky Points' Director of Project Development and two-time Coldwell Banker International President's Circle award winner, is one of our communities' most experienced real estate professionals. His contribution to our community has been large, and is destined to be lasting. We are pleased to present this profile of Jeff, and share his insights into Rocky Points' future.
Jeff Reeco personifies the the profitability of long-term commitment to Mexico, and the broader-based insights that only such commitment provides. His achievements since coming to Rocky Point in 1994 eminently qualify him to advise us about our communities' bright future, and how to best take advantage of the new opportunities that are being born here daily.
A native of Florida, as a young man Jeff was an accomplished motorcyclist, with a long history of victories that he is characteristically modest about, saying simply, "I won a few races." Jeffs' lifetime friend Norman Le Fevre, Coldwell Banker Rocky Points' General Sales Manager and an accomplished motorcyclist himself, has a different view. "Jeff is an absolutely fantastic rider. Highly skilled. When he was young no one could ride a BMX like him. "Won a few races" is a joke. Jeff won a lot of races!"
The owner of a highly successful construction company in the United States, Jeff moved to Oaxaca State, Mexico, in 1991, which is where he met his wife Audrey Anguiano. After careful consideration, Jeff and Audrey decided to relocate to our community in 1994, having been captivated by our tranquil port and seeing the development opportunities that were rapidly coming into being.
They began acquiring and renovating existing properties, a business that they found both enjoyable and profitable. "It was very gratifying to see the transformation of those properties. Many of the structures that we renovated had some existing charming elements -- especially the locations in the Old Port -- they just needed work, and attention to detail. Audrey is a wonderful artist with a great eye for color and texture. She was -- and remains -- a tremendous help to me. We were able to provide what the structures needed, and that's what our buyers responded to" says Jeff.
Very rapidly Jeff caught the eye of Roger Clifton, then the owner of First Mexican Investments, who offered Jeff a position as one of First Mexicans' first agents. Jeff accepted the position. "It was a logical progression. I knew that I'd learn a lot from Roger, and as an agent -- if you're a good agent -- you get a great overview of the market. That's your job: you're supposed to know everything that's out there. Also, it was compatible with the renovations that we were doing. It was really the best of all worlds for us." Jeff was a very good agent, and had a highly successful 2 ½ years with First Mexican.
Eventually Jeff was courted by Playa La Jolla, which was headed by Daniel Brown, Gus Brow's brother. Jeff accepted a position with Plata La Jolla as XXXXXXX, and worked there for the next 2 ½ years. "It's all about learning. You have to keep learning, and I knew that I'd learn a lot from the Browns. Playa La Jolla was a terrific experience (REASON IT WAS A TERRIFIC EXPERIENCE)."
During this period Jeff and Audrey had the opportunity to buy the historic Hotel Bella Vista in Rocky Points' Old Port, an opportunity that they jumped at. "We love the Old Port -- it's where we live -- and the Bella Vista was one of the Ports' premier historic structures. From the start, we knew that it would make marvelous condominiums that could be affordably priced. Affordability is very important."
Jeff and Audrey completed a complete renovation of the Bella Vista in 19XX and re-named the building Casa Del Puerto, a name that it carries to this day. The offering rapidly sold-out, and the condominiums have continued to steadily increase in value. "We're very proud of what we accomplished at Casa Del Puerto, and it has been a joy to have our clients as neighbors. If there is a single model for what we like to accomplish with our projects in the Old Port it's Casa Del Puerto."
It was at this time that Jeff decided to start his own brokerage and development company, Oceanfront Properties. "Beyond the brokerage, we began spec-building houses in Las Conchas. That was very rewarding on several levels. First, we were able to conceptualize the house from the ground up, not within whatever restrictions an existing structure presented. Second, we were able to take full advantage of local materials and craftsmanship. After many years of construction experience in the United States, it has certainly been a pleasure to build with the hand-craftsmanship that Mexico's lower labor costs allow. Whether it is beautifully hand-painted tile work or spectacular hand-crafted Boveda domed ceilings, even modestly priced quality-built Mexican homes enjoy a level of finish that is unattainable in the United States except at the very highest price points. It is a joy to see our clients marvel at what their dollar buys in Rocky Point, and their happiness with the properties they purchase."
It was also at this time that Jeff met Jonni Francis, Broker-Owner of Coldwell Banker Rocky Point, with whom he developed a long-term business association. "I met Jonni when she first moved to Rocky Point full-time in 1998. She'd opened a brokerage, Team Rocky Point. While in some sense she was direct competition -- we both had brokerages -- we always had a great relationship. She's a very dynamic person, and very honest and ethical. It was always a pleasure doing business with her."
Jonni echoes these memories. "In 1998 I talked to both Coldwell Banker and Keller Williams about opening an office in Rocky Point, but their view was that the market simply wasn't mature enough. I was certain that they were being shortsighted, but when people don't get it they don't get it. It's as simple as that. That's when I moved forward with Team Rocky Point, and first met Jeff. I admired Jeff from the start -- his ambition, his business ethics, and his development ideas -- and over time we developed the idea that, together, we could bring American-standard real estate practices to this market."
In 2002 a remarkable thing happened: Coldwell Banker approached Jonni. "The explosion in the scope of active development -- and valuation -- in Rocky Point had become major news within the real estate community in the United States, and even in the popular press! Coldwell Banker wanted a strong presence in this market, and I wanted the corporate resources they could provide that would allow us to take our services to the next level. I was flattered that Jeff chose to join Coldwell Banker Rocky Point and assist me in my venture. Jeff has been in Rocky Point for a very long time. His experience is a huge asset to the brokerage. It is a perfect blending of skill sets and business values"
Jeff saw accepting the Coldwell Banker opportunity as an obvious decision. "I knew Jonni's business ethics -- which are exemplary -- and I knew that the resources and support systems that Coldwell Banker International would provide us would be best for my clients. It's really as simple as that. We haven't been disappointed: Coldwell Banker Rocky Point has attracted the finest agents in Rocky Point, and Coldwell Banker International has performed flawlessly for all of us and, more importantly, for our clients."
As Director of Project Development for Coldwell Banker Rocky Point, Jeff is involved with all aspects of creating a successful development. "We pride ourselves on delivering a complete suite of services to our developer-clients. We start by helping them find the correct property to develop and move forward through each necessary step: pinpointing their market; working with architects to create the best design; overseeing the legal necessities that insure secure ownership for customers; developing a marketing strategy; assembling a sales team; and properly presenting the message of the developments' value to the public. This is what Coldwell Banker is known for worldwide, and what we deliver here in Rocky Point."
Jeff also believes strongly in the long-term viability of the Rocky Point market. "I've been here a long time, and I've never felt more strongly that Rocky Points' best days are ahead of it. Some people obsess on the slight ups and downs of real estate markets as if they were watching a stock ticker, which entirely misses the point. Real estate is a longer-term investment vehicle, and needs to be understood in those terms. The factors that determine the long-term value of real estate are structural, the first being the adage "location, location, location". Rocky Point has a location that is unique in Mexico! We have a fantastic location just 60 miles south of the border with unequaled access to the United States. Our community now offers a mature real estate market with arguably the most diverse residential and commercial real estate offerings in Mexico, and a rapidly expanding base of amenities. Rocky Point is no more than 10 years into a 25 year growth cycle, and this community will continue to grow for decades."
Jeff adds, "I believe that Will Rogers said it best: Don't wait to buy real estate, Buy real estate and wait."
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