Tag Archives | apartment

New Buenos Aires Condo Hotel Development

A good friend of mine has just launched his latest Buenos Aires condominium hotel development project – 4955 Charcas.

After selling out his first development project, 5865 Nicaragua, entirely in pre-sale, he has focused his attention on developing his next set of luxury condominium-hotel apartment units in Buenos Aires. These new luxury studios in Palermo Hollywood are 43 and 45 square meters in size, feature complete kitchens, high-end finish out and large American-style bathrooms. The entire building will be of a much higher construction quality than typically found in Argentina.

In addition to the high-quality construction, his project is unique in Buenos Aires in many other ways. First, these units are great investments. You can choose to have his company manage and rent the units, rent them yourself or through another company, or use the unit personally. There are also no restrictions on the time that you can personally use the unit; unlike many other similar projects. As an investment, the rate of return at only 30% occupancy could be almost 10% and at 70% occupancy you could see a 25% return. (You can get more information on their FAQ page.)

These units are also sold for a fixed-price, meaning the price you get up front is the final price. This is extremely rare in Argentina as most developers charge a lower price per square meter initially, but then have price increases built into the contract. You will then see two to three price increases before the project is complete, which means your final price is significantly higher than the initial price. Also, buying in pre-sale means that you only pay 40% down and then can make 15 interest-free payments.

Finally, they take care of all the logistics of getting the money into Argentina as well as handling taxes, getting tax id numbers, etc. Most Argentine developers require a full cash payment and it’s up to you to figure out how to get the money into the country, which is a costly and time-consuming procedure. With his business, you can pay via check or wire transfer to their US corporate account.  Since everything is done legally and “en blanco” you’ll never have any problems when you go to sell.

I can also personally vouch for their integrity and honesty. I’ve worked with them in the past, and they’ve been entirely forthcoming about every aspect of the buying and construction process. This has been in stark contrast to much of the real estate buying process I have experienced here where I saw first-hand how additional fees and assessments could be added on.

Check out their web site or email them for additional information.

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Looking for an apartment in Buenos Aires? Have $5.9 million to spare?

Most Expensive Apartment in Buenos AiresThe Travelling Buenos Aires blog has an great story about one of the city’s most famous buildings, the Kavanagh Building in front of San Martin Square.  The building was unique for its time (featuring central air and cold storage) and was also the tallest building in Buenos Aires.  They also relate an interesting rumor about exactly why it was built. 

Most Expensive Apartment in Buenos AiresJust recently, its most famous apartment went on sale for $5.9 million U.S.  The 726 sq meter apartment occupies the 14th floor and comes completely furnished.  It includes a living room (with full bar and media room), dining room, two master bedrooms, two other bedrooms, private gardens, kitchen and breakfast room, dance floor (with smoke machine, projected laser beam and disco lights) and more.  It even has its own web site and video:

 So, at just over $8000 per sq meter, it could be just what you’re looking for!

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Finding an Apartment

Finding an apartment in a foreign country when you’re not there may seem like a daunting task, but with the Internet it’s pretty easy. Once I decided to make the move, I immediately went to Craigslist Buenos Aires to see what apartments were available. I had some specific requirements – furnished, located in Palermo Soho, accepts dogs, has some outdoor space, and is as roomy as possible.  Luckily, Craigslist lets you search and sort by apartment features and area. In addition, since my Spanish is very basic, it’s helpful that many of the ads are in English. If you’re fluent in Spanish, you probably have a number of other options available to you that I did not.

Craigslist has both owners and real estate brokers who post ads. In many cases, the real estate brokers will charge a fee for finding an apartment which is usually one month’s rent. This is a question you should ask up front if it is not specified in the ad. Foreigners will also be charge a much higher rate than locals.  This is especially for short-term, furnished rentals. Anyhow, I was willing to pay a bit more for the first six months so that I could find a clean, safe place and learn my way around. I figured I could move after the first six months and find a better place if we had to.

Luckily, on the first day of searching, I found an apartment that looked perfect.  It was in Palermo Soho, was large, and while it did not have outdoor space, had an indoor pool! The owner was listing it and there was no fee, plus his English was very good so it was easy to email back and forth. He sent over photos of the apartment:

It looked great! It was a bit more than I wanted to spend, but I didn’t want any problems, so I decided it made sense to do it for the first six months at least.  I sent over the U.S. $510 deposit. Continue Reading →

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