Anyone Here Ever Bought A Fideicomiso -- A New Apt. In Ba?

[Matiasba]

I have over 3o years of experience in real estate in Buenos Aires
and for this reason I have only bought already built and functioning properties(and mostly older ones of superb quality!)
The gas station next to my building exploded in 2002 and the windows of places across the street blew out, structural damges ,etc
NOTHING NADA happened to ours! and our was flsuh to the station!
I know the fideicomiso is an interesting idea and very tempting but as an Argentine myself, a bird in the hand is better than two in the bush! Good luck and let us know what happens

This.
Fideicomiso is always risky and youre in other peoples hands, I would never enter in a fideicomiso, at least not before being positive sure that they are serious people.
About the reserve, that should have not happened, so if you still have the paper I guess you could do something.
And something else, today constructions are very very VERY poor quality, these new buildings around the city, 1 ambientes or 2, you just cant compare it with a building from the 40s, 50s even 60s, they are way too much more solid. I recommendd buying old buildings, I did, and its a world of difference.
Good luck.

 

[shoush]

very true! I've heard the same things, the newer buildings always have electrical problems and are made very cheap. Ive also heard of buildings in construction that just never finish, they run out of money, or suddenly you have to invest more or they can't continue building. If I were to ever buy one, it would be one that was almost finished, although as said before, the older buildings are built much better!
take what happened as a sign, and be happy that you have a good reason to get your money back and find a better place!

 

[French jurist]

Another thing to take into account: the coming two years which can be full of surprises (e.g. if inflation becomes worst and the wages are not raised enough = workers might stop to work, etc.).

I vaguely recall construction sites showing no activity back in 2003/2004.

In the actual situation, I'd stack on USD bills, in order to get ready if there's any financial disaster (a big one), like in early 2002: you'll have a window of opportunities that will last 1 or 2 months.

 

[Jaredberryman]

I bought my apartment, and it wasn't finished, but it was "almost finished." If the target for finishing a building is 2 years, expect it to be finished in 3 or 4. My building was almost finished, and they still couldn't get to the finish date. They hurried, so some of the interior was done hastily and thus had to be redone later.

 

[argsteve]

OK.. Thank you for all the advice.... yes a new building..... is sort of like gambling throwing the dice......

Tex... the building finished in 3 or 4 years!!!! .. that does scare me!!!

well thanks for the info..... cheers

 

[mariano-BCN]

One of my friends bought into a fideocomiso several years ago - one that the builder just broke ground on in Caballito. After about 4 months, some inspectors came and halted construction - the project sat idle for about 3 years until construction began again, meanwhile my friend had already sold his other apartment to obtain the downpayment for the fideocomiso, the original builder went bankrupt and later disappeared, the whole thing was tied up in a legal battle and the construction project auctioned off to another builder who is completing the building within the next few months. The good part is my friend didn't lose his money and what he paid for the apartment was frozen at the original price which was supposedly "at cost" at that time. So he is getting a brand new 2 ambientes in Caballito for $50,000 U$ which is probably worth double that now. The bad part was he spent several years living with his parents, renting, etc. but it all worked out as it usually does here, but not unless you fight for your rights.

You forgot to mention the most important thing of the bad part: the stress that such a situation means. How many nights of no sleep costed this?

 

[mariano-BCN]

I'm looking for a flat to buy and from the many flats I already saw some were brand-new but I was shocked about how bad they were finished.

 

[ghost]

There are some places where throwing the dice is not a rigged gamble. Argentina is not one of those places. If you are 3 days into a deal and the deal is already changing.....get out, fast.

 

[Gringoboy]

Surely what happened to Steve is a bit like buying a new car, choosing a nice metallic blue, only to find that when it's delivered it's silver just like every other damn car.
And then the salesman tells you they made a mistake.

 

[cbonanni]

The Mrs. and I considered these , yet found the quality , and finish ( or lack thereof ), of ones we saw completed were horrible. We bought in a fine older building and renovated. Much happier.

Things to remember ; The square meters in NEVER what they say it will be. The closets will have to be finished , as well as the kitchen , flooring , lighting , etc.......

A friend bought one , and had a hot water heater hanging in her shower till they finished the central water heating , one year later.......