Real Estate valuation

[steveo]

Hi - my relative passed away in BA and we're trying to see how much their home is worth. Is there a website or local realtor that can help with that? English preferred.

Thanks!

 

[Ries]

realtors are usually pretty neighborhood specific. we used one recently to look at apartments in Retiro, and they would not even consider listing my friends apartment in Villa Devoto. So it really depends on where it is.
You can look online at Argenprop and Zona Prop, and do a map based search of the neighborhood, and see what the asking prices are, for equivalent sized places.

Argenprop - Alquiler y venta de departamentos, casas y otros inmuebles

Alquiler y Venta de departamentos, casas, PH, terrenos y otros inmuebles. Encontrá en Argenprop un lugar para cada etapa de tu vida!

www.argenprop.com

Inmuebles en Argentina: venta y alquiler de departamentos, casas y otras propiedades - ZonaProp

Alquiler, compra y venta de propiedades en Argentina: casas, departamentos, terrenos y otros inmuebles. ¡La propiedad de tus sueños está en ZonaProp!

www.zonaprop.com.ar

 

[steveinbsas]

Hi - my relative passed away in BA and we're trying to see how much their home is worth. Is there a website or local realtor that can help with that? English preferred.

Thanks!

It is quite likely that several of the real estate offices in the neighborhood where your relative's property is located offer free appraisals. As you check out the listings on the suggested websites, look for the word "tasaciones" (which means appraisals).

Beware of realators in Argentina. Most are relatively small and family owned and operated. Based on previous posts in this forum you might get the impression that real estate agents in Capital Federal are not well known for their honestly or for working well (sharing commissions) with other brokers

l know from personal experience with one broker whose office was next door to my apartment building in Recoleta. In early 2007 he made a tasación "gratis" for the elderly woman who owned the apartment directly below mine. She then listed the apartment with him and it sold very quickly. The broker made a quick four percent on the sale. Much to my horror, the elderly woman's apartment had sold for almost forty percent less than I had paid for my apartment about six months earlier.

In my opinion, a "fair" price for her apartment in 2007 would have been at least twenty-five percent more than the tasación. Even though her apartment needed to be recycled (at cost of ten to fifteen thousand dollars to be "equal" to my apartment, which had been beautifully recycled before I bought it).

My first thought when I learned about the sale at the incredibly low price was that I might have paid way too much for my apartment in the first place, but I would not have the answer until I put it on the market in 2009, lising it for a price which would be enough to recoup everything that I paid in late 2006, plus a ten percent gain on my three year investment.

It took about six months to sell my apartment after putting it on the market in 2009. It was a difficult time to sell, following the US real estate crash of 2008, but I wanted to by a a sPH to get out from under the burden of the monthly espensas. During those six months, I changed brokers, as the first one had not presented any offers. This was the same broker who had the listing when I bought the apartment in 2006. Prior to changing the listing agent, I asked for a tasación from the broker next door. His appraisal was nearly twenty percent less than I paid for the apartment in 2006.

At that point I decided to list the apartment with a member of this forum who, at the time was working for ReMax. After showing the apartment several times he presented an offer which covered 100% of what I paid for the apartment in 2006, as well as his commission, the escribano's fee, and the cost of the transfer of the funds from the USA.

I didn't realize any profit on my investment, but I hadn't paid any rent to live in a beautiful one bedroom apartment on Aranales in Recoleta for three and a half years. Of course that is not relevant to your situation, but my experience, how I learned about the potential for misuse of the appraisal process, undoubtedly is.

The suggestion to search websites such as zonaprop for current listings in the neighborhood of the property is great. Perhaps the best thing about ReMax is that they have many 'independent" brokers who can work together. Some are no doubt better than others, but the closest ReMax agent to the location of the property you want to sell might be a good place to start. With any luck, someone in their office will speak English, and (perhaps even less likely) also have integrity.

 

[elhombresinnombre]

It is quite likely that several of the real estate offices in the neighborhood where your relative's property is located offer free appraisals. As you check out the listings on the suggested websites, look for the word "tasaciones" (which means appraisals).

Beware of realators in Argentina. Most are relatively small and family owned and operated. Based on previous posts in this forum you might get the impression that real estate agents in Capital Federal are not well known for their honestly or for working well (sharing commissions) with other brokers

l know from personal experience with one broker whose office was next door to my apartment building in Recoleta. In early 2007 he made a tasación "gratis" for the elderly woman who owned the apartment directly below mine. She then listed the apartment with him and it sold very quickly. The broker made a quick four percent on the sale. Much to my horror, the elderly woman's apartment had sold for almost forty percent less than I had paid for my apartment about six months earlier.

In my opinion, a "fair" price for her apartment in 2007 would have been at least twenty-five percent more than the tasación. Even though her apartment needed to be recycled (at cost of ten to fifteen thousand dollars to be "equal" to my apartment, which had been beautifully recycled before I bought it).

My first thought when I learned about the sale at the incredibly low price was that I might have paid way too much for my apartment in the first place, but I would not have the answer until I put it on the market in 2009, lising it for a price which would be enough to recoup everything that I paid in late 2006, plus a ten percent gain on my three year investment.

It took about six months to sell my apartment after putting it on the market in 2009. It was a difficult time to sell, following the US real estate crash of 2008, but I wanted to by a a sPH to get out from under the burden of the monthly espensas. During those six months, I changed brokers, as the first one had not presented any offers. This was the same broker who had the listing when I bought the apartment in 2006. Prior to changing the listing agent, I asked for a tasación from the broker next door. His appraisal was nearly twenty percent less than I paid for the apartment in 2006.

At that point I decided to list the apartment with a member of this forum who, at the time was working for ReMax. After showing the apartment several times he presented an offer which covered 100% of what I paid for the apartment in 2006, as well as his commission, the escribano's fee, and the cost of the transfer of the funds from the USA.

I didn't realize any profit on my investment, but I hadn't paid any rent to live in a beautiful one bedroom apartment on Aranales in Recoleta for three and a half years. Of course that is not relevant to your situation, but my experience, how I learned about the potential for misuse of the appraisal process, undoubtedly is.

The suggestion to search websites such as zonaprop for current listings in the neighborhood of the property is great. Perhaps the best thing about ReMax is that they have many 'independent" brokers who can work together. Some are no doubt better than others, but the closest ReMax agent to the location of the property you want to sell might be a good place to start. With any luck, someone in their office will speak English, and (perhaps even less likely) also have integrity.

Wot @steveinbsas sed - in spades. Most families have tales of being ripped off or of attempted ripoffery by estate agents here.

I'm sorry for your loss @steveo. Did your relative have any particular personal friends here who might be willing handle some of the things that will need doing here? The personal touch definitely helps and somebody who cared about the deceased would be even better.

 

[Ceviche]

Real estate agents are terrible here.

It can be hard to understand the dynamics until you live here, you are familiar wth the zone and the prices, and at least speak moderate Spanish.

 

[NoSoyDeAqui]

You say the property is in "BA"...you mean CABA or province?

Zonaprop is indeed a good place to start for CABA and vicinity. Problem is that numbers there are ASKING price, not sales. Due to most transactions done "en negro", actual sales figures are almost impossible to get in Argentina.

About a year ago I sold an apartment with the person listed below. Works with properties in CABA and zona Norte. Excellent english. Provided market analysis, with comps sold over the last few months (from the own ReMax database, actual sales numbers). She even arranged to have some repair / improvements done prior to sale.

Disclaimer: she is related to me, but still a very honest person

 

[Boxitracio]

Steve's anecdote is the most valuable. He is spot on.

A Real Estate Agent (Corredor Inmobiliario) is a middleman between the buyer and the seller. He is in charge of the commercialization of the property.

The use of a Real Estate Agent it is not mandatory by law. You can commercialize your own property. Only a public notary (Escribano Público) it is mandatory by law. Customs and traditions say that the public notary is selected by the purchasing party.

It is an unwise decision to allow the same person to perform both: the appraisal and the commercialization of the property.

You should probably hire two different professionals. One for each task.​

• A professional to perform the appraisal.​
• A real estate agent to perform the commercialization (Again, not mandatory, you can do it yourself)
  
  
  IMHO the property appraisal should always be performed by a third party. The options are:​
  
  
• Tribunal Tasaciones de la Nación Argentina (TTN). (The most expensive. Recommended for large business investments)​
• A private company offering appraisal services.​
• A freelance professional, licensed, offering appraisal services. The standards from the TTN are: the first choice is a construction professional (Civil Engineer, Architect, Maestro Mayor de Obras), second choice is a real estate agent (Corredor Inmobiliario). You can probably get a list of professionals offering these type of services from the respective licensing boards/chartered institutes (Colegios Profesionales: Ingeniero Civil, Maestro Mayor de Obras, Arquitecto, Corredor Inmobiliario). (The most affordable. Recommended for homes, condos, apartments, small business)​

For the appraisal, you will need to provide blueprints (preferably) and also allow the property to be inspected.

You should receive the appraisal in the form of a written technical report with the full name of the professional and his license number. Someone should always take responsability for the engineering work. You should not accept a "verbal" or "by word of mouth", ''free appraisal'' done by a ''Phantom''.

For greater guarantee of the technical report oversight, you could also request to the professional that the technical report to be stamped with the seal of the license board/chartered institute (You should request this from the professional. A technical report with an ''Encomienda profesional'')

The methodology used for the appraisal will be one of the methods explained by the Argentine tribunal of appraisals (Tribunal de Tasaciones de la Nación Argentina)

Hope it helps
Best regards​

References:

https://www.argentina.gob.ar/tribunal-de-tasaciones-de-la-nacion/normas-nacionales-de-valuacion

https://www.argentina.gob.ar/pedido-de-tasacion

 

[Konner_Long]

Steve's anecdote is the most valuable. He is spot on.

A Real Estate Agent (Corredor Inmobiliario) is a middleman between the buyer and the seller. He is in charge of the commercialization of the property.

The use of a Real Estate Agent it is not mandatory by law. You can commercialize your own property. Only a public notary (Escribano Público) it is mandatory by law. Customs and traditions say that the public notary is selected by the purchasing party.

It is an unwise decision to allow the same person to perform both: the appraisal and the commercialization of the property.

You should probably hire two different professionals. One for each task.​

• A professional to perform the appraisal.​
• A real estate agent to perform the commercialization (Again, not mandatory, you can do it yourself)
  
  
  IMHO the property appraisal should always be performed by a third party. The options are:​
  
  
• Tribunal Tasaciones de la Nación Argentina (TTN). (The most expensive. Recommended for large business investments)​
• A private company offering appraisal services.​
• A freelance professional, licensed, offering appraisal services. The standards from the TTN are: the first choice is a construction professional (Civil Engineer, Architect, Maestro Mayor de Obras), second choice is a real estate agent (Corredor Inmobiliario). You can probably get a list of professionals offering these type of services from the respective licensing boards/chartered institutes (Colegios Profesionales: Ingeniero Civil, Maestro Mayor de Obras, Arquitecto, Corredor Inmobiliario). (The most affordable. Recommended for homes, condos, apartments, small business)​

For the appraisal, you will need to provide blueprints (preferably) and also allow the property to be inspected.

You should receive the appraisal in the form of a written technical report with the full name of the professional and his license number. Someone should always take responsability for the engineering work. You should not accept a "verbal" or "by word of mouth", ''free appraisal'' done by a ''Phantom''.

For greater guarantee of the technical report oversight, you could also request to the professional that the technical report to be stamped with the seal of the license board/chartered institute (You should request this from the professional. A technical report with an ''Encomienda profesional'')

The methodology used for the appraisal will be one of the methods explained by the Argentine tribunal of appraisals (Tribunal de Tasaciones de la Nación Argentina)

Hope it helps
Best regards​

References:

https://www.argentina.gob.ar/tribunal-de-tasaciones-de-la-nacion/normas-nacionales-de-valuacion

https://www.argentina.gob.ar/pedido-de-tasacion

I am also looking at property but more along Devoto, VdParque, La Paternal area and would never have thought of this. Thank you.

On another note, there is so much valuable information here. Wish we had a thread where we could pin all the valuable posts like these and the WU posts or migrations posts. Would be such a valuable resource for newcomers or just those who needed help.

 

[Boxitracio]

I am also looking at property but more along Devoto, VdParque, La Paternal area and would never have thought of this. Thank you.

On another note, there is so much valuable information here. Wish we had a thread where we could pin all the valuable posts like these and the WU posts or migrations posts. Would be such a valuable resource for newcomers or just those who needed help.

I really like Villa Devoto, is a quiet Neighbourhood, lots of stylish old homes with large gardens and swimming pools. It's mostly sector ABC1. It's expensive, the average Joe is priced out of the market. Villa del Parque it is also nice, it has a similar vive but it is less uppscale and more affordable. Montecastro, it is adjacent to both, Devoto and Villa del Parque. It is not that fancy but it is even more quieter and even more affordable. It has been growing steady in the last decade or so, mostly around Avda Alvarez Jonte. It is a long walk or a short bus ride from V.Devoto and Villa del Parque respective commercial centers. You should check it out as well if you are on a budget and you are already considering Paternal. You should also check Villa Santa Rita and Villa Mitre they are both adjacent to Villa del Parque. In the fair majority of these Neighbourhoods i just mentioned the urban plan is limited to low raise buildings (3 floors or 9meters) (with the exemption of the main avenues and some of the city blocks around them) so it will remain low density population in the future, it is not going to become overdeveloped like most of the Neighbourhoods downtown or around Palermo.​