Batman Comic in Buenos Aires

La Baticueva Portena: Bruce Wayne moves to BA, and Batman joins forces with El Gaucho.

“BA is the new Gotham.” We said it first in the Summer Issue of Privada when we profiled the ultra-sophisticated Algodon Mansion in Recoleta. To quote, InvestBA has long rejected the misnomer of BA as the Paris of South America. While architecture is certainly one similarity, the city’s pace, diversity, nightlife, grit and boundless creativity have always made New York a more logical comparison. How else can you explain the porteno propensity to christen BA barrios with names like Palermo SoHo and Queens?

And now we have additional ammunition for the BA/Gotham parallel, courtesy of DC Comics. “In the latest issue of Batman, The Caped Crusader moves from Gotham to Buenos Aires where he dances tango (as Bruce Wayne) and even joins forces with a local superhero, El Gaucho,” according to Ciudad1.com. ” As Batman moves through BA, the comic makes reference to a variety of Argentine people and places including La Boca, Borges, El Eternauta, Las Islas Malvinas, and even Quilmes.

In the final analysis, Ciudad1 says, “While a comic isn’t likely to boost the inflow of U.S. tourists to Argentina, this is a beautiful souvenir that lets us know the South also exists for the North Americans.” As for Batman’s current location in Capital Federal, Argentina Anime says he’s sleeping in La Boca. And billionaire Bruce Wayne? Try the Algodon Mansion.

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.

View from Parque Patricios apartment in Buenos Aires

Emerging: Rooftop view from a 3-room apartment in Parque Patricios currently listed at $63,500.

When looking for residential real estate opportunities, many porteños and foreign investors have historically focused on three of the wealthiest and most densely-populated neighborhoods in Buenos Aires: Belgrano, Palermo and Barrio Norte.

And while outside interest and new project development in these three barrios continues unabated, local studies suggest some smaller, grittier neighborhoods are emerging as potentially more attractive investment alternatives.

CIBA, the Real Estate Chamber of Buenos Aires Province, reports that three BA barrios—once considered only marginal—are actually offering better returns for some real estate investors. In calculating ROI, the study focused on the ratio of average annual rental income (that a buyer could anticipate) to average purchase price for an existing three-room property in good condition.

Based on this criteria, the Top 3 neighborhoods in Capital Federal were Parque Patricios (6.10%), La Boca (5.95%) and Congreso (5.93%). The numbers highlight the affordability of units in these lesser-known areas according to local broker Luis Ramos of L.J. Ramos: “Today, in general, it’s more convenient to purchase real estate located in areas that aren’t so coveted, because the rental rate differential isn’t so great to make you think you could make significantly more income in one neighborhood over another.”

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

 

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