As a global recession seems not far-fetched at this moment, I am concerned about the ability of the store, restaurants and other merchants in Lo de Marcos to financially weather this storm.
The Travel-Hospitality sector has been the hardest hit to date and Lo de Marcos relies on Tourism as our primary income base.
As the busy local Real Estate office, the CoronaVirus has hit us hard and fast. We closed our doors this past Monday, for two weeks, and in just 4 days, I am seeing firsthand our new Reality.
**Today, I asked each of the companies 4 Directors to come up with additional potential income streams
**Then I had to inform the Principal of the local language school that we are unable to continue with the Scholarship program for 14 students.
**This was followed by a rental cancellation on a unit we represent in Nuevo Vallarta.
I have reached out to both my Accountant and Attorney and have been told there is no Federal or State money available for businesses at this time so, my friends, let’s buckle up and prepare for the ride.
For the savvy investor, we have a few properties that would make an excellent investment with the value of the pesos today. Casa Concha is a 6 unit apartment building available for $206,000.00 USD. Take a look here — https://www.galvanrealestateandservices.com/properties/casa-concha/
This brings me right back to where I started. If Galvan Real Estate and Services is seeing this upending of its business, then what are the smaller businesses going to do to survive?
I think the answer is that we all must pull together in support of each other.
As a community, we need to reach out in support of our neighbors… we might just have to get creative on how we do it. As a homeowner returning to the States or to Canada please consider a larger than usual propina to get your staff thru the Summer. Even thou the vast majority of the Pueblo is exploring Social Distancing, there are restaurants and wine bars in town that will deliver. Everyone in town can and will deliver right to your door, so just ask.
For more information on Lo de Marcos, here is a great read — https://www.galvanrealestateandservices.com/experience-the-mexico-of-10-years-ago-today-in-lo-de-marcos/
Please feel free to contact me with any questions, ideas or suggestions – Director@GalvanRealEstateandServices.com