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BA Home is South America’s Most Expensive

On March 31, 2010, In argentina polo, foreign investment, real estate, by InvestBA
Polo Anyone? This BA listing features several outdoor amenities including 7 Class A polo fields.

Polo Anyone? This BA listing features several outdoor amenities including 7 Class A polo fields.

A property in Buenos Aires is now the most expensive listing in South America but, interestingly enough, the house may not be the biggest attraction for potential buyers.

Spread out over 185 acres in the Buenos Aires neighborhood of Pilar, the La Felicitas Polo Club features the 29,000 square foot main residence, a 6,400 square foot clubhouse, two stables, a tennis court and a 12 acre lake suitable for aquatic sports. The listing’s finest amenity, however, may actually be the seven Class “A” polo fields which have served as the site of several tournaments in recent years.

Sotheby’s Argentina describes the property as being “built with the highest standards” and possessing “everything necessary to provide guests with maximum comfort.” Visitors and media outlets describe the property as vast and deserving of a car or helicopter for proper orientation.

While it has yet to be included on the Forbes annual property ranking, La Felicitas tops Argentina’s last listing superlative, a $12.9 million estancia in Chubut Province, by almost $10 million. In comparison, the next most expensive listings that Sotheby’s currently promotes in Buenos Aires are a $2.4 million, three-story home in Barrio Parque adjacent to the parks of Palermo followed by a 4 bedroom residence in Belgrano Chico for $1.5 million.

For more information about Buenos Aires real estate opportunities, download IncomeBA and the new issue of InvestBA Privada.

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Growth & HR Challenges for BA Tech Sector

On March 30, 2010, In competitiveness, foreign investment, technology, by InvestBA
Recruitment flyer for IBM Argentina; IT demand outweighs the supply of candidates in Buenos Aires.

Recruitment flyer for IBM Argentina; IT demand outweighs the supply of candidates in Buenos Aires.

Representatives of two of the biggest players in the Buenos Aires IT space made back-to-back appearances on the BA business radio program Efecto Mariposa (Butterfly Effect) today and shared valuable insight on the advantages and challenges to sustained sector growth in Argentina.

IBM Argentina‘s Director of Marketing, Communications & Community Relations, Ignacio Vaca de Osma, said the English accent spoken here and the time zone overlap with the U.S. were two local advantages of doing business in BA.

In terms of challenges, he emphasized the need to re-evaluate and accelerate the traditional Argentine six-year university programs. BA students would be much more inclined to choose an IT career if they could finish in three years and start working for a first-class company like IBM immediately upon graduation.

Carlos Stella, Human Resources Director for Tata Consultancy Services in Latin America, agreed with the need for curriculum tweaking, emphasizing the need for intensive English language and cultural integration training, considering many local IT employees have supervisors in foreign countries. Tata currently has 240 employees working in the new Parque Patricios Tech District and plans to have 1,400 by year-end.

Argentines make up roughly 90% of Tata’s current workforce with employees from India filling out the ranks. Both representatives felt greater emphasis needs to be placed on promoting IT careers if the country is going to keep pace with the global demand. As Vaca de Osma summed it up, “this is an historic opportunity to generate value-added services for the world.”

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Holy Tourism!: The Buquebus Takes Flight

On March 29, 2010, In a-bric, arts & entertainment, competitiveness, foreign investment, tourism, uruguay, us companies, by InvestBA
Buquebus Airlines

Well-known ferry operator Buquebus takes to the friendly skies between BA & Punta later this week.

With Holy Week underway, many Argentines are preparing for one last family vacation on the beaches of Uruguay. On the receiving end of the tourist influx and revenue from Argentina and Brazil, Uruguay designates this week as Tourism Week.

Seizing the moment and simultaneously injecting some needed competition in the short-haul arena, Buquebus is launching direct air service from Buenos Aires to Punta del Este.

According to La Nación, the well-known ferry and bus operator plans to offer three flights daily from Aeroparque Jorge Newberry to Punta’s Laguna del Sauce International Airport aboard a fleet of new ATR 72-500s.

Buquebus has already purchased two of the planes, two more will be acquired before year-end and the company retains the option to buy a fifth and sixth aircraft in 2011. The fleet acquisitions coincide with the planned addition of new Buquebus routes from Punta del Este to Porto Alegre (Brazil), Ezeiza International Airport and Salto, Uruguay.

When asked about tickets, Buquebus CEO Juan Patricio López said they will be competitively priced with occasional promotions “to stimulate travel among Argentines who have a house in Punta del Este and want to fly more frequently.”

In other BA airline news, Texas-based American Airlines announced a third seasonal flight from Miami to Buenos Aires. “Argentina offers our customers looking for a South American vacation a rich and unique cultural experience,” said American SVP Peter Dolara. “Known for being an important financial center, Buenos Aires is also a popular destination for our business travelers.” The third Miami-Ezeiza flight will operate from July 2 to August 23. (Buquebus Online)

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Carpe Pasaporte: Living the Dream in Buenos Aires

On March 26, 2010, In lifestyle, tourism, wine & vineyards, by InvestBA
More Americans and Canadians discovering the quality of Life in Buenos Aires and Argentina

"Just livin' the dream": When the economy has everyone around you down, BA might make sense.

While some of our home countries are drowning in debt, others lack optimism regarding job prospects and the economic outlook. It’s times like this when many begin to re-prioritize and ponder quality of life, a common narrative thread here on InvestBA.

Whether it’s the annual International Living ranking or a wine expert lauding the “wonderfulness” of BA, or a foreign investor branding Argentina “the best place in the world,” these sources bring added credibility considering they have all scoured the planet looking for the best of whatever it is they are searching for: places to retire, food & wine, or prime real estate.

For the uninitiated, these articles fuel the imagination but don’t necessarily show you how to connect the dots and make the leap. Shelter Offshore to the rescue. The expat resource which touts Wealthier Living Abroad, fills in the dream-to-reality canvas for readers with some back-of-the-envelope calculations and a carpe pasaporte-inducing headline, “Live Your Dream Life Abroad for Less than £1,000 a Month.” ($1,300 USD).

Argentina is one of four Latin American countries mentioned in the article and Buenos Aires neighborhoods like Palermo SoHo are singled out for their abundance of dining, educational and cultural offerings. Once you’ve made the leap, Shelter Offshore recommends a minimum six-month commitment at whatever “wealthier” destination readers may choose. (Full article)

For more information about investment opportunities in Buenos Aires, download IncomeBA and the new issue of InvestBA Privada.

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Gimme Shelter: Miami or Buenos Aires?

On March 25, 2010, In foreign investment, lifestyle, real estate, tourism, by InvestBA
Condo inventory is moving again in Miami, but BA makes a better case for flight to quality.

Condo inventory is moving again in Miami, but BA makes a better case for flight to quality.

Crisis meant opportunity for investors in Buenos Aires real estate back in 2002, so—perhaps sensing blood and short sales in the high-rise waters of Miami-Dade—one BA investment advisor wonders if similar opportunities await Buenos Aires buyers in Miami in 2010.

“Median prices in Miami have already fallen 35% from the 2006 peak…and the average recession lasts five years,” writes Marcelo Elbaum of Convexity Asset Management. The abundance of finished units and foreclosures, he reasons, offers investor groups the ability to be picky and even purchase entire buildings from developers, sometimes for as little as $50,000 per unit.

Recent reports from Miami suggest that, of the 23,000 new units built in the Downtown/Brickell/Biscayne Corridor, only 7,300 remain unsold. In addition, high-rise inventory in the under-$300,000 market is down to a six-month supply; much of it snatched up in recent months by foreign investors.

But before pulling the trigger on a condo in the 305, Elbaum brings his readers back to Buenos Aires and recommends a calm, comparative analysis in their own backyard. This pause for additional due diligence reveals a market where the advantages may be greater for the individual investor. Statistics show there is considerable strength in the BA market for properties priced under-$65,000, while sales of 1 and 2-room apartments jumped 53% over last year.

Furthermore, BA real estate advisors will tell you the continued buying motivation in BA is a refugio de valor. And therein lies the main difference with Miami, where the recent buying surge is less emblematic of a flight to quality and perhaps more indicative of a Sunshine State sequel: Return of the Flippers.

For more information about Buenos Aires real estate opportunities, download IncomeBA and the new issue of InvestBA Privada.

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