Market For a Luxury Realtor with Multiple Languages and Experience

[Daniel82]

My advice, still do business in US and spend her easy money with her love here, novia or novio. Things could get ugly if you depend on making nice money herein Argentina where you come to a new country, a new market, not licensed, not knowing anyone (does she know Marci or his wife ?), where even the very rich ones are so cheap. This is not Palo Alto where you can sell 10m home to a tech CEO and they treat you with respect like you deserve it. --- an advice from someone who is in real estate for 25 years, and have seen enough luxury or sh*ty houses all over the world. Focus on falling in love, not being a realtor here.

Just curious, and so that I can pass this info on to her from the voice of experience (as you say you’ve been in the real estate business a long time in BA) why do you say it’s so challenging and disrespectful? She actually is quite well-connected because of her novio’s family (CEOs of multinationals, bank VPs, and not Macri but yes she does know diputadas and the likes) but was hoping to focus more on wealthy foreigners wishing to invest rather than these Argentinians... You say it’s an industry that is not respected and cheap. How so? Also- is the licensing process complex? I think she really wants to live here with her beau rather than just come visit often and he has quite a good job and is set in his cushy Argentine ways.

 

[perry]

Just curious, and so that I can pass this info on to her from the voice of experience (as you say you’ve been in the real estate business a long time in BA) why do you say it’s so challenging and disrespectful? She actually is quite well-connected because of her novio’s family (CEOs of multinationals, bank VPs, and not Macri but yes she does know diputadas and the likes) but was hoping to focus more on wealthy foreigners wishing to invest rather than these Argentinians... You say it’s an industry that is not respected and cheap. How so? Also- is the licensing process complex? I think she really wants to live here with her beau rather than just come visit often and he has quite a good job and is set in his cushy Argentine ways.

It is very rare that wealthy foreigners will invest over 1 million in real estate here . Most of them are looking for bargains as it is South America . There is so much better real estate markets in the world in Europe , Middle East, Asia , where real estate is much easier to sell and there is credit as well . Most luxury properties over 2 million dollars take years to sell in Buenos Aires. Garryls advice was spot on

 

[Daniel82]

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It is very rare that wealthy foreigners will invest over 1 million in real estate here . Most of them are looking for bargains as it is South America . There is so much better real estate markets in the world in Europe , Middle East, Asia , where real estate is much easier to sell and there is credit as well . Most luxury properties over 2 million dollars take years to sell in Buenos Aires. Garryls advice was spot on

Really? Would you say then that most of the people buying and living in Puerto Madero are locals?

 

[perry]

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Really? Would you say then that most of the people buying and living in Puerto Madero are locals?

Yes 90 percent . Puerto Madero was built on black money from local argentinians . The bigest foreign community is columbians actually

 

[garryl]

Just curious, and so that I can pass this info on to her from the voice of experience (as you say you’ve been in the real estate business a long time in BA) why do you say it’s so challenging and disrespectful? She actually is quite well-connected because of her novio’s family (CEOs of multinationals, bank VPs, and not Macri but yes she does know diputadas and the likes) but was hoping to focus more on wealthy foreigners wishing to invest rather than these Argentinians... You say it’s an industry that is not respected and cheap. How so? Also- is the licensing process complex? I think she really wants to live here with her beau rather than just come visit often and he has quite a good job and is set in his cushy Argentine ways.

1m dollar apt in BS is probably a big deal, but 1m in Bay Area is a house below median price, really a middle class family price that many working professional family can afford. You should let her find it out. If she is so successful in US, she just needs to spend her $ here, the effort and return is probably not worth it. I have never worked in Argentina, Perry just answered your questions.

 

[perry]

1m dollar apt in BS is probably a big deal, but 1m in Bay Area is a house below median price, really a middle class family price that many working professional family can afford. You should let her find it out. If she is so successful in US, she just needs to spend her $ here, the effort and return is probably not worth it. I have never worked in Argentina, Perry just answered your questions.

There is absolutely no credit in Argentina and top end apartments sell very slowly due to lots of offer and low demand . There are many famous cases of properties being on the market for years without selling . This would be considered rare in the United States or Australia . Buenos Aires has also very high costs for buying and now for selling with a new capital gains tax of 15% on all new properties brought since 2018 . This law does not contemplate inflation in pesos meaning that you can still pay a huge tax even though you sell at a loss . Its important that people are informed correctly before buying now .

 

[garryl]

There is absolutely no credit in Argentina and top end apartments sell very slowly due to lots of offer and low demand . There are many famous cases of properties being on the market for years without selling . This would be considered rare in the United States or Australia . Buenos Aires has also very high costs for buying and now for selling with a new capital gains tax of 15% on all new properties brought since 2018 . This law does not contemplate inflation in pesos meaning that you can still pay a huge tax even though you sell at a loss . Its important that people are informed correctly before buying now .

The high end apartment Macri used to live in Palermo Nuevo, is not even worth of multi-million dollars. Imagine after 10 years, you finally get a listing like that, seller is the son of a billionaire and mayor, and he does not even give you exclusive right to sell, a few other agents are selling it too, if you are lucky, you finally sold it after 8 months after killing yourself. You can sell a 2-3m in Silicon Valley in 2-3 weeks. It's a good normal sale, and you do not have to climb Himalaya to do it.
The secret is that many real estate agents (especial the older ones) have other steady income. If there is no sales every month, it's fine. You can not depend your life with your love ones on random commission income, that sucks, whether you sell high end or low end real estate.