More than a century and a half after Mexico lost Texas to the U.S., Virgilio Garza wants a piece of it back.
A “Texas for Sale” sign and cowgirls in boots and white hats greeted Garza at the Convex center in Monterrey, Mexico, earlier this month. A Monterrey developer and investor, Garza was in search of foreclosed U.S. property to buy.
“Texas is like our home,” said Garza, 45, who joined hundreds of Mexicans poring over lists of Texas properties at the four-day event. Garza, who owns manufacturing sites and other land in Mexico, said he and five partners may invest as much as $8 million in Texas. “We believe there can be some opportunities.”
A rising peso and an economy growing faster than the U.S. have given some Mexicans the buying power to take advantage of the housing slump in Texas, which the U.S. annexed in 1845 after Texans gained independence from Mexico nine years earlier. A three-year war followed and ended with Mexico ceding about half its territory, including Arizona, Nevada and California
(Bloomberg — one of a plethora of news alternatives to the Associated Press)
The peso has been continuing to rise, which isn’t necessarily a good thing.
2 responses so far ↓
Mr. Rushing // 28 June 2008 at 4:19 pm |
Oh no! We can’t have someone actually buy property in Texas! That would be bad! Espicially if they plan on renovating it and possibly sell it later for a profit! (eyes roll)
richmx2 // 28 June 2008 at 4:36 pm |
But with the way the economy is going, they may have to hire gringos to do the renovation work