Davidglen77
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So I have a friend (Argentine female) who gets divorced. The apartment she lived in with her now ex-husband and 2 young daughters is sold and the money divided 75/25 in her favor. She moves in with her boyfriend, and they decide to buy a new larger apartment together.
They see this new building going up near Caballito, with all the bells and whistles, 3 ambientes, balcon aterrazado, gymnasio, SUM, pileta, jardin, cochera cubierta, vigilancia 24hs, and so on and so on.......
Since this building is not built yet, and just the hole is dug and the initial foundation constructed, the price and terms are very reasonable $125,000 total price, $35,000 U$D downpayment, $1,000 U$D per month for 24 months and the balance at closing. At this point, it's now month #10 and so far they have paid a total of $45,000 U$D.
One fine day as construcion is going on, some inspectors come by, have a heated conversation with the capataz (foreman) and the next day the construction site gets closed down by the city of Buenos Aires. The site has now been closed down for nearly 2 months, and nobody has a projected date as to when they will be authorized to start construction again or why the site was closed down. Even better the builder told her that she is required to keep making the monthly payments, and if she doesn't she will lose the money she's paid so far
So for any of you thinking about investing in a not-yet-built property, keep in mind that this is a real risk, especially with the Macri administration at the head of the city government.
Although there have been some devastating accidents here with construction sites, like a new building under construction in Villa Urquiza where the workers operating the construction equipment did something to damage the foundation of the building next to the construction site. Unfortunately this caused the building to colapse with several people inside and 2 young men were killed and several businesses destroyed. This was on Mendoza st. in Villa Urquiza at the end of 2010. There was also a construction crane collapse in Las Cañitas a few months ago. Since these incidents happened they are being extra careful, but I still would never trust the motives of any municipal inspector from the "Agencia Gubernamental de Control" also known as "AGC" which is located at Peron 2933.
They see this new building going up near Caballito, with all the bells and whistles, 3 ambientes, balcon aterrazado, gymnasio, SUM, pileta, jardin, cochera cubierta, vigilancia 24hs, and so on and so on.......
Since this building is not built yet, and just the hole is dug and the initial foundation constructed, the price and terms are very reasonable $125,000 total price, $35,000 U$D downpayment, $1,000 U$D per month for 24 months and the balance at closing. At this point, it's now month #10 and so far they have paid a total of $45,000 U$D.
One fine day as construcion is going on, some inspectors come by, have a heated conversation with the capataz (foreman) and the next day the construction site gets closed down by the city of Buenos Aires. The site has now been closed down for nearly 2 months, and nobody has a projected date as to when they will be authorized to start construction again or why the site was closed down. Even better the builder told her that she is required to keep making the monthly payments, and if she doesn't she will lose the money she's paid so far
So for any of you thinking about investing in a not-yet-built property, keep in mind that this is a real risk, especially with the Macri administration at the head of the city government.
Although there have been some devastating accidents here with construction sites, like a new building under construction in Villa Urquiza where the workers operating the construction equipment did something to damage the foundation of the building next to the construction site. Unfortunately this caused the building to colapse with several people inside and 2 young men were killed and several businesses destroyed. This was on Mendoza st. in Villa Urquiza at the end of 2010. There was also a construction crane collapse in Las Cañitas a few months ago. Since these incidents happened they are being extra careful, but I still would never trust the motives of any municipal inspector from the "Agencia Gubernamental de Control" also known as "AGC" which is located at Peron 2933.
