Any advice on buying a condo in BA. Trustworthy realtors and companies?

[jantango]

Any advice on buying property in BA. I’m in Canada and frequently visit but may move soon.

Talk with people you know personally who own property. Rent before buying. Tour the entire building and get a copy of the monthly expense liquidation and inquire about debts which are usually intentionally omitted by the administration.

Every place I rented was found through tango friends. Word of mouth is often a good way to find what you need.

The professionals spot foreigners easily so take a local friend who you trust with you.

 

[Ries]

I'm curious what the difference is? If you own your unit, how is it not like a condo? Or is it like a co-op, where you own a certain small percentage of the building, equivalent to the size of your unit?

I guess for simplicity you can think of it as similar. The Argentine rules are typically byzantine, so in some legal ways its similar, and in other ways its not. There is a legal requirement and rules for a "consorcio" run by an outside administrator in most cases. And the group of owners has to vote to approve expenses, which can be good, or bad. I would steer clear of big buildings, many times I hear stories of enough skinflint owners who wont vote to spend a dime, and you need 51% to do anything. So you get situations like unfireable union doormen who do nothing, or a year without natural gas because the cost of repairs is too high. Our building is 5 apartments and one storefront, and the politics still sometimes resemble Chicago in the 40s. 100 units, and its the United Nations. In the US, I know of condo boards who vote to charge everybody a hundred grand for some big project, and, aside from sueing there is nothing you can do. Here, you can certainly get hit with a bill you would rather not pay, but its usually amortized over some months, and there are certainly meetings you can attend and argue at.
There is another category, called "PH" which is kind of like a townhouse, but where you own the whole structure. Good, because you dont have to convince everybody else to paint the hall, or wait a year for them to decide how to fix a leaking roof. Bad, because you pay for everything. Then, there are freestanding houses.

 

[Sam Bartolo]

When will it be a good time to buy? Ive been told March April?

 

[TonyTigre]

When will it be a good time to buy? Ive been told March April?

Realtors will always tell their clients it's a great time to buy or sell, any year, any month, any week, any day.
Every place they show you is 'one of a kind', beautiful, charming, has great potential, and/or is a great investment...and you better sign now before you miss that gem.

 

[gringoexpress]

When will it be a good time to buy? Ive been told March April?

Prices jumped immediately after the Ley de Alquileres was repealed. Events will drive prices for the near future. With all this IMF business going on, at some point, the IMF is going to demand free movement of capital. In the near future buying a property will not necessarily require a trash bag full of cash and sending a wire will not incur the risk of getting pesifyed. I would expect more foreign buyers entering the market at that point, driving prices up.

As Congress is still debating over the Ley Omnibus, I'm not sure of the legal status of the blanqueo de capitales at the moment, and maybe nobody else is either. Once locals can be more legally certain that they aren't going to be punished for bringing cash under the mattress into the financial system by buying a property, that money will also be driving prices up.

Depending on what happens in Congress, it's possible that Argentina gets the worst of both worlds, i.e. the inflation occurring now and also a moribund labor market if the labor reforms get defeated. In that case, people may have to unload properties to eat. I suspect that anyone who would have been shaken out already has though, so, prices are probably about as low as they're going to get at the moment.

 

[Sam Bartolo]

I heard from lawyer to wait,untill April. Also locals, some say now some say wait.

 

[Sam Bartolo]

Depending on what happens in Congress, it's possible that Argentina gets the worst of both worlds, i.e. the inflation occurring now and also a moribund labor market if the labor reforms get defeated. In that case, people may have to unload properties to eat. I suspect that anyone who would have been shaken out already has though, so, prices are probably about as low as they're going to get at the moment.

Well said!

 

[gracielle]

There is another category, called "PH" which is kind of like a townhouse....

In general terms a PH is a form of apt ownership that makes certain parts of each unit subject to exclusive or private ownership and certain areas of the property subject to joint ownership for the common use and upkeep by all the co-owners. Such as the front door of the building, the entrance hall, the outer walls of each unit and the hallway that leads to the individual units. The cost of maintenance and repairs is divided among all the owners based on a percentage of the square meters of each unit.

Since 2005 I own and reside in one such "townhouse". It is a 6-unit building of PH's located in Caballito. The specific rules are spelled out in the building's "Reglamento de Copropietarios" which has been registered with the City of BA since 1949.

It took me 3 years to find this type of property at this precise location. It consists of 2 large rooms with high ceilings, a small kitchen and bathroom, a very extensive enclosed patio with skylights facing the "pulmon de manzana" plus a 3rd room upstairs. In total: 89 square meters. One of the pluses is that these types of smaller buildings do not require the hiring of an "encargado". Only a cleaning person is needed for the upkeep of the common areas and the sidewalk.

 

[PaulBee]

My property manager is usually recommended here, but has an EXTREMELY hard time finding building trades people, even if I suggest some for him. Is that just my own experience - or is it a bad time to buy properties that will require work ?

 

[gracielle]

My property manager is usually recommended here, but has an EXTREMELY hard time finding building trades people, even if I suggest some for him. Is that just my own experience - or is it a bad time to buy properties that will require work ?

In my opinion it depends on the magnitude of the project and reasonable expected time from start to completion. For example, finding competent and reliable construction workers and painters. The recommended ones may not be readily available. Weather forecast for February is another factor to take into consideration if the work is external. I plan to have work done in my PH but will wait to start until March. But I am buying the supplies now as I think prices will continue to go up almost on a weekly basis.