Forget Cabo: Why Wealthy Buyers Are Moving North

The California people dream about still exists.

Artists. Surfers. Dusty roads. Empty beaches. Pacific sunsets.

You just have to go south of the border to find it. 🇲🇽

About an hour north of Cabo San Lucas sits Todos Santos, a historic Baja town that has quietly evolved from an artists’ haven into one of the most desirable lifestyle destinations on Mexico’s Pacific coast.

And I believe its next chapter could be particularly interesting for real estate.

I’ve been investing in Los Cabos for more than a decade, and whenever a market becomes as successful as Cabo has, I ask the same question:

Where does the opportunity go next?

Todos Santos is one of the places I’m watching closely.

As Cabo has become more expensive, developed, and polished, a different type of buyer has started looking farther afield—searching for character, privacy, space, and a stronger sense of authenticity.

Todos Santos offers exactly that.

Historic streets and galleries.

Boutique hotels and farm-to-table restaurants.

Organic farms and wellness retreats.

Surf beaches and dramatic Pacific scenery.

And crucially, it’s still close enough to Cabo to benefit from the infrastructure and international connectivity that helped transform southern Baja.

My name is Ronan McMahon. For more than 20 years, I’ve been a full-time international real estate investor and scout.

Baja California Sur is also one of the markets I know best. I’ve scouted Todos Santos repeatedly over the years, watching it evolve as better highway access and affluent buyers brought a new level of boutique luxury to the town.

CHAPTERS ⏱️

00:00 — The Magic of Old California
03:41 — The Cabo Effect
04:50 — Rising Demand & Limited Supply
05:59 — How Foreigners Buy in Coastal Mexico
08:57 — The Rental Opportunity
10:30 — Is Todos Santos Right for You?
11:41 — Subscribe & Next Steps

In this episode, you’ll discover:

• Why Todos Santos is benefiting from the success of Cabo 🌴
• What makes this market different from a traditional Mexican resort destination 🌊
• How foreigners can legally own coastal property in Mexico 🇲🇽
• What different budgets can buy in Todos Santos today 🏡
• Where the rental opportunity lies—and what type of property works best 📈
• Why limited supply could become increasingly important as demand grows

Todos Santos is not cheap anymore.

Entry-level condos and renovation opportunities can run from roughly $300,000 to $500,000, while a spacious, modern home might require a budget closer to $600,000 to $800,000. Prime ocean-view villas can climb well into seven figures.

But buyers coming from California, Texas, Arizona, Colorado, Canada and elsewhere aren’t necessarily comparing Todos Santos with inexpensive Mexican markets.

They’re comparing the lifestyle with places like coastal California.

And that changes the equation.

What interests me most is the scarcity.

The historic center cannot simply expand. Prime ocean-view parcels are limited. Water infrastructure constrains large-scale development. And much of what attracts people here in the first place depends on Todos Santos remaining relatively small.

That creates an interesting combination:

Affluent demand. Limited supply. And a lifestyle that’s increasingly difficult to replicate.

For rental investors, this also isn’t a market where I’d simply buy a generic condo and expect Cabo-style occupancy.

The strongest properties tend to offer an experience—great architecture, indoor-outdoor living, views, a courtyard, a pool, or easy access to the historic center, restaurants, galleries, beaches and surf.

For me, that’s what the Todos Santos story is really about.

It’s no longer an undiscovered artists’ town.

But it hasn’t become another Cabo either.

And for the right buyer, that space in between may be exactly where the opportunity lies.

⭐️ Subscribe for more on-the-ground insights into emerging real estate markets around the world.

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