Whatever happened to the real estate crash? (When are prices goin to fall?)

[gouchobob]

Last June I sold my apartment in Recoleta and bought the PH in Belgrano. It was a time when sales were very, very slow, but I wanted to get out of Recoleta and out from under ever increasing consorcio expenses (from $450 to $850 per month in less than three years).

Shortly after Pericles posted my Recoleta apartment on the ReMax website (and before he showed it to more than a half dozen clients), another ReMax agent brought the buyer to the table...but it was obviously Pericles who closed the sale. I was siting at the table as Pericles did the talking...just like a week ago when he closed the sale of the PH.

My prime motive for buying the PH in Belgrano was having a place to live without consorcio expenses and it was priced "low for the meters" for a quick sale (the owner was dying). I bought it the day after seeing it for the first time. All I did was paint it, replace the toilet seats and termotanque, add an a/c in the living room and a marble fireplace in the galleria (all bought on mercadolibre except the toilet seats).

The PH in Belgrano was the ideal apartment for me to live in the city and I really love it, but I no longer want to live in the city. I prefer to live in a house with land, trees, a swimming pool, and no neighbors. I found even more than I was looking for near Punta Alta. I posted photos in page 4 of this thread: Where is home to an expat?

The best aspect of all of this is that the purchase price of the 5 bedroom house (with almost 6000 M2 of land) is 66% of the sale price of the Belgrano PH.

I am not buying it as an investment, however, but rather a place to live (if not survive).

I'm not buying gold as investment, either...just guns and seeds.

Your new place looks nice, congratulations! I like your reasons as well, its not investment but a place to live.

 

[soulskier]

May I take this opportunity to post our Patagonia Income Producing Property for sale?

 

[Alzinho]

Sounds brilliant steve!

When's the house-warming party?
And, considering it's lack of neighbours, can you get in a 5k sound system, CDJs & turntables and I'll DJ?

;-)

 

[HenryNisental]

iS THE ph for sale? where is it located exactly?
how big?
how much?
henry

 

[HenryNisental]

Call me at 4687-1604

 

[steveinbsas]

iS THE ph for sale? where is it located exactly?
how big?
how much?
henry

The Ph was reserved this past week. It was the first post on the forum home page for about six weeks. I'm sorry you missed it. If the buyer does not show up for the boleto we'll post again and I'll contact you.

You can still see a few photos of it in page two of this thread: Why not Belgrano?

 

[perry]

Soulskier thats a beautiful property and for what it offers in lifestyle is worth the price.

Steve congrats on a successful sale and your new move .

Going back to the topic at hand prices have not decreased and in the better neighbourhoods there is good demand and few good deals to be had. As stated before by many there is no doubt that its safer to have property in Buenos Aires or the campo than keep dollars for the future on the basis of real estate prices decreasing.

 

[soulskier]

Soulskier thats a beautiful property and for what it offers in lifestyle is worth the price.

Thanks Pericles. My wife and I feel extremely lucky to call it home for the last 3 years .

 

[ghost]

It is unlikely that real estate prices will decline unless there is another of the famous 10 year melt-downs, such as 2001.
2011 will be an interesting year. Or maybe not. Who knows?

 

[Polloculo]

Yep, they are not lying, prices in most areas have been going up the past year. I spoke to my real estate agent at a party recently after talking to friends who are looking to buy at the moment telling me of properties they went to look at being reserved the day they are put on the market (small apartments around Boedo) and she said pretty much that most prices had risen 20% in the last year.

In regards to the stability of house prices even during the famed cash of '01 house prices definitely dropped as there was panicked selling (and bargains to be had for the astute), things resumed to normal levels remarkably quickly (within months) however due to cash being king here. This past year excluded, growth is normally quite slow, so don't expect this current price to be sustained forever if you are looking to buy here purely as an investment.