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Alvear Tower Puerto Madero Will Be Tallest Building in Buenos Aires

On October 26, 2011, In competitiveness, real estate, by InvestBA
Alvear Tower Puerto Madero

Machismo Vertical: Rival Latin American developers continue to bicker over whose is bigger.

Puerto Madero has always been a Buenos Aires neighborhood full of superlatives, some grounded in reality and others bordering on urban legend. Now the newest high-rise-kid-on-the-dique will definitely stir the anti-development pot and set a record for the tallest building in Buenos Aires.

Grupo Alvear will invest US$130 million to build the Alvear Tower Puerto Madero, a 54-story residential tower with luxury residences, pools, tennis courts and the requisite pet washing facility, according to La Nacion. Depending on the floor and unit size, the price per square foot of residences range from $550 to $930 per square foot ($6,000 to $10,000 per square meter).

Construction has already commenced on the 770-foot building (235 meters) with completion scheduled for December 2015. Sources say Grupo Alvear has already taken in US$50 million for the sale of 25% of the building’s 174 units which translates into an average price of US$1.16 million. This would make them the most expensive, unoccupied units in Buenos Aires.

Coming in at 54 stories, the Alvear Tower Puerto Madero will be the same height as the Emirates Office Tower in Dubai and replace the Le Parc Figueroa Alcorta as the tallest building in Buenos Aires. Local media are already claiming it will be the tallest building in South America; however, this is not true. The Alvear Tower will be 30 feet taller than the Parque Central Towers in Caracas but the new Gran Torre Santiago will be over 200 feet taller than the Alvear. (Full Story in Spanish)

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

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Office Party: Asia de Cuba Comes to WTC

On March 7, 2011, In arts & entertainment, uruguay, by InvestBA
Asia de Cuba

While Asia de Cuba joins Walrus in the WTC, the chorus grows louder for Starbucks and Havanna.

Last Thursday we shared the news regarding the exponential growth in Uruguay office space and the fact that Montevideo’s World Trade Center complex is still the most expensive address to set up shop. And while the location, layout and amenities of WTC are superb, the After Office and nightlife offerings in Montevideo have always been limited. That may change now that Buenos Aires-based Asia de Cuba has opened its doors in the WTC’s Plaza de las Torres.

The Plaza, which ties together the various buildings in the complex and serves as a meeting space for arts and cultural events, also has a few restaurants like Burger King, Sao Paulo’s Gardenia and Uruguay’s own Walrus which recently celebrated one year of Wednesday After Offices at WTC. Walrus’ 2,300 Facebook friends should tell you something about pent-up demand among Montevideo suits for a party other than ice cream in the break room or cake in the conference room.

Sensing the demand and an opportunity to replicate the Resto-Disco success it has enjoyed for a decade in Puerto Madero, Asia de Cuba decided to join the office party. Mobile giant and tower-tenant Claro sponsored the opening night festivities which featured AdC’s time-tested formula of Asian cuisine, good drinks and great music well past midnight…a welcome addition for the 30-and-up business crowd that frequents the Southern Cone After Office.

With WTC4 on the horizon, InfoNegocios asked readers what they would like to see next, and apparently they need some caffeine the morning after a good Cuervo, Heineken or Stella-soaked After Office. The number one answer respondents gave was either Starbucks or Havanna. (Full Story in Spanish)

For more information about investment opportunities in Argentina and Uruguay, download IncomeBA and 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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La Nacion: 5 Buenos Aires Real Estate Trends and Predictions For 2011

On December 27, 2010, In real estate, by InvestBA
Puerto Madero View

Rose Colored Vista? BA brokers make their 2011 predictions, and InvestBA offers some balance.

La Nacion ends the year with a survey of local real estate brokers and developers (B&D) regarding their outlook and expectations for 2011. Considering the nature of their business, their collective forecast is predictably optimistic, so we’ll put our spin (IBA) on the list to keep things balanced. (Full Story in Spanish)

    1. B&D: The level of investor demand we have seen for the past year will continue in 2011, even though it is an election year. IBA: The importance of the upcoming elections cannot be diminished, especially given the unrest of the past few weeks. An administration that emulates Brazil and Chile in terms of encouraging DFI, promoting transparency, eschewing populist rhetoric and actually enforcing existing immigration and property laws will go a long way toward restoring confidence.
    2. B&D: The greatest demand will be among buyers looking for units under US$200,000, but there is a growing niche looking for more expensive offerings. IBA: The under-$200,000 market will be strongest in emerging barrios like Villa Crespo, Villa Urquiza and Barracas where that sum actually buys a decent-sized apartment. 2 and 3-room units with good locations/views in the Big 3 are well north of US$200,000.
    3. B&D: Values per square foot will not decrease, because the local real estate market is not fueled by cheap credit, but rather cash and real investment. IBA: The all-cash factor is an undeniable advantage of the real estate markets in Argentina and Uruguay, but no guarantee of a price floor. Cash or credit, if there is an oversupply of units in a given market (e.g., Puerto de Madero, Mar del Plata), prices per square foot will adjust accordingly.
    4. B&D: Land prices will continue rising, especially in Capital Federal where available lots are increasingly scarce. IBA: Agreed. Ditto for construction costs.
    5. B&D: Small units which can be resold quickly will be the most in demand. IBA: Cheaper is not necessarily better, and developers who only build 1 and 2-room units in the city’s most expensive neighborhoods are simply following the herd. The trailblazers will be recycling buildings and developing large units in BA’s emerging barrios with Subte access.

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

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Buenos Aires Property Search: Puerto Madero Condominiums

On December 10, 2010, In real estate, by InvestBA

This week’s featured property search focuses on luxury high-rise properties in Puerto Madero. Last week a front-page story in Cronista suggested recent closing prices are roughly 20-30% lower than the price levels reached during 2009 and early 2010. To get a better for the statu quo portuario inmobiliario,InvestBA selected ten properties in eight buildings spread across Docks 2, 3 and 4 including Chateaux Puerto Madero, Le Parc Puerto Madero, Los Molinos, Los Molinos III, Madero Center, Mulieres Puerto Madero, Torres El Faro and Torres Renoir.

Most of the residences feature 3 or 4 bathrooms, 4 or 5 bathrooms and range in size from 1,990 to 4,520 square feet indoors and 2,250 to 5,920 square feet including outdoor terraces with some of the best views of downtown Buenos Aires, the Ecological Reserve and the Río de la Plata.

The Cronista article suggested today’s closing prices in Puerto Madero are pulling back from the $500/SF and Higher range, and four of these residences meet that criteria including a spacious 4/5 in Chateaux listed for $1.85 million ($478/SF), a smart 3/3 in Los Molinos listed for $1.09 million ($413/SF), and the most attractively-priced unit, an almost 3,000-square foot 3/4 in Madero Center for $1.14 million ($383/SF).

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

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