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BA Realtors, Armed Robbery & Illegal Drugs

On April 21, 2011, In real estate, by InvestBA
DIC Propiedades Banda de Martilleros

Tools of the Trade: A group of BA realtors were allegedly robbing their clients at gunpoint. (Photo: Clari­n)

OPEN HOUSE: Beautiful estate in Northern Buenos Aires neighborhood, 5 bedrooms, 4 bathrooms, gourmet kitchen, private gardens and pool. Realtors may threaten you at gunpoint; steal your cash, electronics and other valuables; and finance their acquisition of arms and illegal drugs. Sunday 3:00-5:00.

In what is a cautionary tale for foreign investors looking to purchase real estate in Buenos Aires, local law enforcement just announced the bust of a crime ring with alleged ties to a well-known Buenos Aires real estate brokerage.

Through an investigation carried out since December, the police discovered the merry band of twenty-somethings were robbing clients of the brokerage at gunpoint in their homes or on the street. Plotting the kidnap of clients’ children, robbing jewelry stores and trafficking illegal drugs were some of their other alleged extracurricular activities.

The police now have four members of “The Auctioneer’s Gang” in custody and four others are fugitives including the 27-year old son of the brokerage owner. No mention of that gem on the company’s website which boasts “Three decades of Trust and Transparency are the source of our well-deserved prestige. This is because our primary objective is very clear: To deliver service you can trust.”

According to Clarin’s Leonardo De Corso, one of the suspects in custody who was working for the brokerage is also suspected of trafficking several different drugs including marijuana, cocaine and a synthetic drug named “Avatar” for the film characters that appear on the pills. Yet another black eye for a real estate market already lacking in professionalism, reliability and transparency. (Full Story in Spanish)

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GCBA Receives 80 Demo Requests Per Week

On March 29, 2011, In ba government, culture, real estate, by InvestBA
Palermo Hollywood condo under construction in Buenos Aires

A BA Advisory Council now reviews all demo requests for properties built before 1941.

The City of Buenos Aires receives 80 demolition requests per week for old buildings, but that doesn’t mean historic properties are in jeopardy, according to information provided to Clari­n by the GCBA Ministry of Urban Development. Clarin’s Pablo Novillo says the construction boom in Buenos Aires and steady stream of demo requests prompted the City to be more proactive in identifying which buildings have historical significance and need to be preserved.

The buildings in question were built before 1941, and Novillo says the City has already identified those properties in Capital Federal with cultural significance, as well as designated 50 Historic Protection Areas such as the Palermo Parks and the Casco Historico in San Telmo and Monserrat. In the last three years alone, the City government has protected more than 3,000 buildings, while the BA Legislature protected another 575 last year alone.

Legislation enacted in 2007 established the process by which the City would evaluate which buildings can and can not be demolished. Now whenever a developer submits a demo request for a property built before 1941, each request is reviewed by a Historic Affairs Advisory Council which approves or denies the request. If denied, the building is added to GCBA’s catalogue of historic preservation properties.

While that catalogue has a growing backlog, Urban Development Minister Daniel Chai­n says the City of Buenos Aires is close to signing an agreement with the UBA’s Architecture School to get the catalogue completely up to date. (Full Story in Spanish)

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

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VanityBA: Taking A Swing Down 9 de Julio

On January 28, 2011, In entrepreneurs, lifestyle, us companies, vanityba, by InvestBA
The Green Club

Amen Corner at the Corner of Tucuman & 9 de Julio: The Green Club in the Hotel Panamericano

Downtown workers have a new option for relieving stress after work, and it’s not an After Office cocktail party. The Green Club is a new indoor golf center located in the Hotel Panamericano next to the Obelisco and the Avenida 9 de Julio. According to Clari­n, over 100 golfers of all skill levels visit the center daily to tackle the virtual fairways of Pebble Beach or Saint Andrews and fine tune their swings.

The Green Club offers monthly memberships which allow access to the facility, the ability to book tee times and invite friends, an hour of free valet parking, use of an individual locker and even a laundry service for your Green Club Dri-Fit golf shirt. Members can bring a friend and enjoy an hour of time on the simulator followed by lunch or a late afternoon Heineken for about US$25. Individual lessons and video tape swing analysis with resident pros are offered in one-hour sessions for US$50.

The virtual venture is the work of Absolute Golf, a group of golf management professionals chosen by Ohio-based aboutGolf to be the exclusive distributor of aboutGolf simulators in Argentina, Brazil and Chile. Absolute Golf sells and rents the cutting edge simulators which are on display this weekend at the PGA Merchandise Show in Orlando. The Panamericano facility, which is being touted as the first urban golf center in Latin America, offers 6,000 square feet of golf training and amenities like a RestoBar, BMW Lounge, and VIP lounges for corporate meetings.

For more information about Buenos Aires luxury living, visit our archives and download the new issue of InvestBA Privada.

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Clarin: Only 28% of Puerto Madero High-Rise Units Are Occupied

On January 18, 2011, In foreign investment, real estate, by InvestBA
Puerto Madero

One of BA's safest neighborhoods, Puerto Madero is most popular with domestic and foreign investors.

That statistic according to Clari­n in the latest analysis of the high-profile BA neighborhood. InvestBA reported in December on the recent pullback in closing prices for Puerto Madero units, and now 2010 Census data shed additional light on the high ratio of investor-owned units in some of BA’ s most expensive high-rise condominiums. The numbers, culled from the 2010 Census, show a year-round population of 4,720 versus total residential capacity for 16,800 residents.

“Puerto Madero has a rigid security system with video cameras and a reputation for being the safest neighborhood in the City, but not many residents to take care of,” writes Romina Smith adding, “If Puerto Madero were like Palermo and changed its name along with the trends, surely today it would be called Puerto Fantasma.” Smith turned to Jose Maria Donati, the City of Buenos Aires’ Census Director, for a better understanding of the numbers.

“In Puerto Madero the growth in new units exceeds the population growth. It’s a phenomenon that can be explained for various reasons, primarily the fact that many units are not occupied or are the property of foreign investors who use them as vacation properties,” says Donati. Local brokers are in agreement and don’t see the occupancy situation as cause for concern considering the majority of units have been sold in most towers. Portenos, especially those with young children, may be turned off by PM’s lack of schools, hospitals and supermarkets, but that trend could reverse as more projects like Madero Harbour come online. (Full Story in Spanish)

For more information about Buenos Aires real estate predictions and trends, download the latest issue of InvestBA Privada.

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2010 Real Estate Appreciation in Buenos Aires Neighborhoods

On January 5, 2011, In ba government, real estate, by InvestBA
Buenos Aires Real Estate Price Change by Neighborhood

With two exceptions, BA barrios posting the biggest gains were in the extreme north and south.

A new analysis of real estate price variations for 2009-2010 shows the greatest year-over-year increases in Palermo and Liniers (20 to 25%) followed by 15 to 20% gains in Belgrano, Nunez, Paternal and four southern Capital Federal neighborhoods benefiting from increased business and infrastructure investment from the City of Buenos Aires: Barracas, Constitucion, Nueva Pompeya and Parque Patricios.

Barracas is home to the new Metropolitan Design Center and Parque Patricios is the site of the BA Tech District where an estimated 130 IT companies will be operating by year’s end. The only three BA barrios posting YOY decreases were Colegiales, Recoleta and Retiro.

The data are based on a study of existing apartments in Capital Federal, and according to Clari­n the average increase in price per square foot citywide was 7.74%, although the variations by barrio ranged from annual decreases of 5% to annual increases of almost 25%.

The majority of neighborhoods (30 of 47) like Boedo, Chacarita, La Boca, and San Telmo fell in the 10 to 15% increase category. Clarín also notes the average gap between highest and lowest price per square foot in individual barrios widened to 53% with Almagro, Caballito, Palermo and Retiro showing the greatest variation between minimum and maximum price per square foot.

Brokers surveyed anticipate demand for new units in 2011 will be strongest from investors and existing homeowners looking to trade up, as mortgages remain out-of-reach for first-time homebuyers in Buenos Aires and Argentina in general. (Full Story in Spanish)

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

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