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Excess Inventory, New Construction Tapping the Brakes on Montevideo Rentals

On February 6, 2012, In real estate, uruguay, by InvestBA
Valores Inmuebles Barrios Montevideo

InvestBA recently profiled 15 Montevideo barrios and property appreciation from 2005-2010.

If February is the time to scoop up real estate in Punta del Este at deep discounts to January rents, March may be the month to play the same game in Montevideo and lock in a full-year bargain.

In a series of interviews with local brokers, El Pais’ Andres Oyhenard paints a portrait of a real estate market where rental rates are leveling off and potential renters are apparently feeling no sense of urgency.

In the Uruguayan capital, where rental rates have historically outpaced inflation, the urgency has suddenly flipped to property owners hoping to get renters to sign annual contracts before summer vacations end here in the Southern Cone.

The author cites examples of Montevideo apartments that typically rent for US$750-$1,050 per month being offered at rates 10% below 2011 levels. According to one broker, additional pressure will be felt in March when a wave of new construction apartments hit the market in Montevideo. While 40% of the new units will be owner-occupied, the remaining 60% will jump into Montevideo’s growing pool of rental properties.

Another source says Montevideo renters are no longer willing to just pay any asking price. “The recommendation that we are making to owners is that they adjust their prices down a little bit now, because each month that passes without a tenant will make it more difficult to recoup over 2012 when that apartment was vacant for three or four months.” (Full Story in Spanish)

For more information about Uruguay real estate opportunities, download the new issue of InvestBA Privada.

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InvestBA Private Wealth Missions To Buenos Aires & Mendoza Return

On February 5, 2012, In arts & entertainment, buenos aires events, entrepreneurs, foreign investment, lifestyle, real estate, tourism, by InvestBA
InvestBA Private Wealth Missions

InvestBA Private Wealth Missions unite individual investors in Buenos Aires and Mendoza.

“My wife and I are very grateful to you for exposing us to Argentina”

“We were both amazed at the quality of life in general, in both Buenos Aires and Mendoza.”

“My wife, 6-year-old daughter and I had an incredible time from the moment we arrived!”

“We recently took our first trip to Argentina and had one of the best trips we’ve ever had, and we’ve travelled to five other continents!”

Those are just a few of the testimonials from foreign investors who have joined us for the InvestBA Private Wealth Missions, our annual series of discovery trips in Argentina. The testimonials above were all from U.S. citizens, many of them making their first trip to the Southern Cone of South America.

We launched our Private Wealth Missions in 2008 as a way to introduce small groups of private investors from different countries to the natural beauty, phenomenal growth story and untapped opportunities that await in one of the safest and most livable countries in the Western Hemisphere. In 2012, inbound PWM trips include weeks dedicated to investors from Australia, Brazil, Canada, China, Mexico, South Africa and Western Europe.

The 2012 Private Wealth Mission brochure sets the table for Argentina investment opportunities, explains the Private Wealth Mission concept in greater detail and hopefully encourages you and your family to join us for one of our upcoming Private Wealth Missions in 2012. For more information about PWM pricing and availability, simply fill-out the request form.

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February Brings Bargains, Rental Vacancies in Punta del Este, Rocha Beaches

On February 1, 2012, In lifestyle, real estate, tourism, uruguay, by InvestBA
Maldonado Real Estate

Rental bargains abound in Punta del Este and the surrounding beaches in February.

Like New York hotels in December or Augusta single-family homes in early April, condo and home rental rates usually double or triple in Punta del Este and the surrounding beaches during the month of January. Property owners capitalize on the fact that most Argentines and Brazilians take their vacations in January, but all that insanity of overcrowded beaches, hotels and restaurants fades on February 1.

The annual “recambio” (refill) of properties typically begins today; however, local brokers tell El País that rental vacancies are way up and demand from this currency-controlled side of the Rio de la Plata is way down. So good news for greenback-toting foreign tourists. If you ever wanted a beachside bargain, this is your lucky year.

While January is a sure thing, the first two weeks of February are make or break time for Uruguay coastal property owners, and the president of the Maldonado Real Estate Chamber sums up the willingness of owners to negotiate. “There are very few requests for the first two weeks of February,” says Juan Francisco Bistiancic who describes local brokers as “very worried.” Translation: There are so many vacant units, you can toss the listing price out the window and simply make an offer.

According to El País, US$3,000 will get you a three-bedroom home close to the beach or US$1,800 for a two-bedroom condominium in Punta del Este for the entire month of February. OK, so maybe you won’t get to go clubbing with Guetta and Zuckerberg this year, but with the money you’ll save, you can open your own boliche . (Full Story in Spanish)

For more information about Punta del Este property rentals, contact us directly.

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VanityBA: Algodon Mansion First BA Hotel Named to Relais & Châteaux Collection

On January 27, 2012, In creative class, foreign investment, lifestyle, real estate, tourism, us companies, vanityba, wine & vineyards, by InvestBA

From Gotham With Love. That’s how we summed up our initial impression of the Algodon Mansion in last summer’s issue of InvestBA Privada. Now it seems the hotel that redefined the luxury category in Buenos Aires has joined one of the most exclusive clubs of hoteliers, chefs and restaurateurs. Algodon Mansion is the first and only Buenos Aires hotel to become a member of the Relais & Chateaux Collection.

According to Relais & Chateaux, ”The hotel’s 1912 French classical landmark building has been impeccably restored and re-imagined with stylish contemporary elegance. Attended by 24-hour butlers, each of the 10 suites overlooks the shady residential street as well as an exquisite interior light-well and waterfall cascading into the lobby. Rooms are exceptionally spacious and offer superior amenities and comfort. The restaurant, Chez Nous, reinterprets traditional regional dishes, taking Argentine gastronomy to a new level.”

According to Travel Pulse, “Chez Nous becomes only the second Buenos Aires restaurant to join the Relais & Chateaux Collection.” The Algodon Wines featured at Chez Nous also received their share of accolades this month when Robert Parker’s Argentina Wine Ratings were released. The 2008 Algodon Malbec received a “91″ and the 2008 Algodon Bonarda received a “90.”

For more information about luxury hotels, fine dining and shopping in Buenos Aires, download the new issue of InvestBA Privada.

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Palermo Real Estate: The Buenos Aires Barrio & Brand With The Greatest Demand

On January 26, 2012, In foreign investment, real estate, by InvestBA
Palermo barrio porteño

The diversity of properties and prices within Palermo makes it appealing for porteños and foreigners alike.

The Buenos Aires neighborhood of Palermo is the largest and most populated in the City of Buenos Aires. It also has the most gallerias and boutiques, the most museums and cultural centers, the most gourmet restaurants, the most Subte stations, the best hospitals, the most miles of Mejor en Bici paths and, of course, the most parks and sprawling green spaces. All of which makes today’s headline in Clarín seem like a statement of the obvious.

“Palermo is Increasingly More Expensive.” Wow! Imagine that. Real estate prices are rising in a neighborhood with all of those natural and man-made superlatives. And the second half of the headline is borderline hyperbole: “Palermo Prices Are Approaching Puerto Madero.”  No BA barrio real estate prices are approaching the Neighborless Nirvana of Puerto Madero ($441/square foot), including Palermo ($278/square foot).

The only “approaching” going on in the Buenos Aires real estate market would be Puerto Madero condo prices moving south from their 2009 peak of roughly $464/square foot ($5,000/m2), a trend we have followed for the past 18 months. And the $278/square foot number for Palermo is a blended average. As the article reluctantly reveals, the great thing about Palermo is the wide range of properties and prices within Palermo proper including Villa Crespo ($250/SF), Las Cañitas ($272/SF) and Palermo Soho ($317/SF).

And if you really think $278/SF is expensive, spend a long weekend looking at property in Ipanema or the Jardim Paulista. Or save the trip to Brazil and just take the word straight from Florianopolis or even UBS. Bottom line, you can’t look at Palermo real estate without mixing in some context, and you can’t blame more porteños and foreigners for wanting to live there. (Full Story in Spanish)

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

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