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Luxury Buyers Seek Unique Properties in BA

On October 25, 2010, In foreign investment, real estate, tourism, by InvestBA
Libertador 4444 View

Palermo view from a US$2.5 million penthouse residence on Avenida Libertador in Buenos Aires.

With looming tax hikes, rising real unemployment and falling property values at home, many foreign buyers continue to look to our corner of the Southern Cone for unique real estate properties ranging from condominiums to single-family homes and vineyards to estancias, writes Annabella Quiroga in today’s iEco.

And while there is always an influx of foreign travelers and potential buyers to Buenos Aires, Argentina and Uruguay, high-end brokers have the added challenge of marketing über-lujoso listings that may only be within the reach of a select few. On the sell side of the equation, the listing process is made even more challenging when local sellers refuse to publish their asking price. For example, Quiroga says one of Sotheby’s “most spectacular” listings is a 40,000 square foot, 9-bedroom French mansion called the Club de Campo Abril, but the confidentiality agreement signed between broker and seller keeps the listing price under wraps until qualified buyers can be identified.

The divide between local seller and foreign buyer can also be a product of local sellers believing they can pad their prices for unsuspecting foreign buyers. Think again, says Quiroga, as greater transparency and online access to information helps foreign buyers stay informed with the status quo in Argentina both in terms of real estate prices and the broader macroeconomic situation. (Full story in Spanish)

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

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Foothill Foothold: Bariloche Real Estate Attracts Year-Round Buyers

On September 28, 2010, In foreign investment, real estate, tourism, by InvestBA
Bariloche Casa

A 4-bedroom home in Bariloche listed for US$240,000, roughly one-tenth of a similar-size home in Aspen.

As winter turns to spring in Argentina, ski and snowboard fanatics are enjoying the final days of the 2010 Season in Bariloche, San Marti­n de los Andes and Villa La Angostura.

Heavy snowfall this month made for ideal conditions and helped resorts like Chapelco push season’s end to early October. So when the snow stops falling next month, will tourists and investors lose interest? Not likely, says Laura Henderson in a new Financial Times House & Home article.

In “Foothill Foothold” Henderson describes the year-round appeal for outdoor enthusiasts of not just San Carlos de Bariloche, but the entire Lakes region extending north across Nahuel Huapi Lake to Villa La Angostura and San Martín de los Andes in the north.

“Wealthy Argentines already enjoy Patagonia’s wild open spaces,” writes Henderson adding, “Now Americans, Brazilians and Europeans are gaining a foothold, lured by favourable prices, upscale homes on a par with those found in Aspen or Whistler for 50-60 percent less,  a tax-light regime and a buoyant rentals market.”

Scanning through property listings in the region, the 50-60 percent estimate may be a tad conservative when you consider new construction condominiums can be found in the Patagonia for US$70,000 and large single-family homes purchased for US$250,000. With one bedroom condos in Downtown Aspen selling for $1.5 million and West Aspen homes fetching US $3-4 million, the Colorado:Argentina discount is probably closer to 90%. (Full Story)

For more information about Argentina real estate opportunities, visit our archives or download the new issue of InvestBA Privada.

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VanityBA: Madero Harbour Coming Soon to Puerto Madero

On September 24, 2010, In real estate, vanityba, by laura
Madero Harbour Shopping Center

The Madero Harbour Shopping Center will be the $75 million retail component of a $300 million development.

In March 2011, the doors of Puerto Madero’s first shopping center, aptly named Madero Harbour, will open to the public. In addition to 120 luxury retailers and service providers, the $75 million center being developed by GNV Group will include a supermarket (Puerto Madero’s first), a gym, several restaurants and movie theaters, satisfying a huge demand that exists in the young neighborhood.

Puerto Madero’s unusual demographics are not expected to negatively affect the success of the shopping center in any way. Although the BA barrio only has 12,000 residents, over 30,000 people work there Monday through Friday and over 100,000 visitors descend on the weekends.

“We expect to attract over 500,000 visitors annually,” says Alejandro Ginevra, president of GNV Group. And a shopping center is just the tip of the high-rise iceberg, Ginevra tells La Nacion. The developer has plans for two office towers, a luxury residential complex, and two 5-star hotels which will raise the total project value to US$300 million.

Madero Harbour will be located at Elvira Rawson de Dellipiane 150, Dique 1. For more information about Puerto Madero, visit our archives and download the new issue of InvestBA Privada.

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Veranear: Why Punta del Este Real Estate Isn’t A Year-Round Deal

On September 22, 2010, In foreign investment, real estate, uruguay, by InvestBA
Punta del Este Marina

While year-round rental income isn't assured, Punta del Este real estate can still be a good investment anchor.

Over the past eighteen months, foreign buyers closed over $1.5 billion in real estate transactions in Uruguay with $700 million of those deals taking place in the balneario playground of Punta del Este; an impressive number for a town with a year-round population of only 7,300.

Yet, considering high season is limited to January, February and a few major holidays during the shoulder months, El Pai­s says buying real estate in Punta de Este isn’t for small investors looking for year-round rental income.

“Today, we are net sellers of properties in Punta del Este,” says Mariano Sardans, CEO of wealth management firm FDI Gerenciamiento Patrimonial, “When the profitability begins to turn negative, the people who originally bought looking for rental income begin to sell.” And, Sardans notes, those who never bought in the first place may be looking for opportunities in the U.S. and Europe, now that real estate prices there have fallen sharply in the wake of the global financial crisis.

Still, Punta del Este remains an attractive alternative for small investors who want an investment anchor, says Francisco Bistiancic, president of the Maldonado Real Estate Chamber. “There are people who don’t want to lose money and don’t expect to generate 10% rental income per year. With this type of investment, the small buyer has the assurance that no bank is going to freeze his assets and that his money won’t lose its value due to currency fluctuations. And he takes advantage of the opportunity to be able to enjoy his purchase during the summer months.” (Full Story in Spanish)

For more news and information about investing in Uruguay, visit our archives and download the new issue of InvestBA Privada.

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Buenos Aires Real Estate Sales Continue Rising Rhythm

On September 15, 2010, In foreign investment, real estate, by InvestBA
Pinares Bosque Privado

Roads are being paved and neighborhoods are taking shape in BA gated communities like Pinares

The sale of new and existing properties continues its upward trajectory in the City of Buenos Aires after a lethargic 2009. The market recovery that began last December has gained momentum during the course of 2010 as we reported in May.

Now the latest statistics from the BA Notary College show a 31.3% gain in real estate transactions closed in July 2010 compared to July 2009, as inflation fears continue to provide ample incentive for a “refugio de valor.” The total dollar amount of July’s 5,535 closings jumped 68% compared to July 2009, while the average value of properties sold rose 28%.

ElArgentino.com says the greatest demand was for properties priced in the US$63,000-US$228,000 range, followed by properties priced above US$228,000. While July’s 5,535 closings were a significant YOY improvement, the number represented a 1.4% decrease compared to June 2010.

There’s a similar story in the Province of Buenos Aires where the 10,730 July closings represent a 70% gain over July 2009. The president of the Provincial Notary College describes the data as proof that “real estate continues to be a good investment.” The broader, more sobering analysis this morning from Bloomberg underscores inflationary fears are fueling current Argentina consumer demand for housing and autos. (ElArgentino.com Story in Spanish)

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

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