La Paloma Condominiums by the Sea, situated on a bluff overlooking the Pacific Ocean in Rosarito Beach, has opened with 82 units.
It is "the only development in Baja California that currently has a permit to sell from the California Department of Real Estate," according to Joe Hofmann, California deputy commissioner of real estate for subdivisions.
Priced from about $90,000, the units range in size from a 600-square-foot studio to a three-bedroom, 1,260-square-foot town house. Among the amenities are two swimming pools, tennis courts, gymnasium, sauna, spa and 24-hour security.
Joe Gutierrez, director of marketing, said that U. S. buyers may purchase at La Paloma, using a government-guaranteed Bank Trust or Fideicomiso , which confers a beneficial interest in the property to the buyer for the life of the trust.
Several financing plans are being offered, with title insurance provided by First American Title Insurance Co. of Santa Ana. Raimundo Arnaiz is project developer.