Love the look of that building and the area seems nice but that place looks so tiny. Even in the floor plan it doesn't look like there is much room for a big bed. Looks like prices are really going up now. That apartment is like $4,307 USD per sq. meter which seems high. I guess those news articles are correct that prices are going up. Every time I look it seems like prices are higher.
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Real Estate Sales Another micro-neighborhood of Buenos Aires' Palermo - Palermo Freud
- Thread starter BuySellBA
- Start date
Uncle Wong
Well-known member
Wow prices are definitely going up. I was just there a few short months ago and prices weren't that high. But prices of everything seem to have gone up. I hit some of my favorite restaurants and everything cost a lot more than just a few months ago. How quickly things can change here in a short time.
Che Vos
Well-known member
That building very beautiful on the bottom but very ugly on top with only the window. 27 m2 is smaller than hotel room.
Avocado
Well-known member
I agree. They take a beautiful classic building and make ugly apartments on top. They should make that illegal to do that.
Canada Goose
Well-known member
Thank you @BuySellBA! You all nailed it. You told me last year this would happen. I can't wait for my apartment to be finished in August.Here is yet another article in the Buenos Aires newspapers talking about Palermo Freud. Our company always likes to stay ahead of the curve. We predicted last year in August 2023 that this was the next up-and-coming area. We spotted this trend earlier many years ago when we knew that Palermo Soho and Palermo Hollywood would be up-and-coming areas. We believe Palermo Freud is even better located and in the future real estate prices in this area should be some of the highest in Palermo.
We like this quote from Germán Gómez Picasso, director of Reporte Inmobiliario, who is the best source of real estate information in Buenos Aires. “ All the numbers indicate that those who bought six months ago made the best purchase in the universe,” says Gómez Picasso. This is exactly why @BuySellBA started heavily recommending for our investors to start investing in Buenos Aires again. We forecasted the bottom and we predicted that prices would head up. That is exactly what happened.
Spend Thrift
Well-known member
Yikes! Your properties keep getting smaller and smaller. Looks like a college dorm room. Ha. Including room for the fold up futon.
Lol it's ok @Che Vos just turn your head upset down when you look at it 🙃
Just teasing Che above but I get it when things become more modernized it can take away from the character that made a place what it was, esp for locals. I see here it too often in the US with these new, box styled, texas doughnut apartments that all look exactly the same. There's a balance in blending something new with something classic. The curved blending of the windows fits well with with the curvatures of the base taking the edge off of it a bit, but to each their own.
I admit this is too small, even for my taste unless I was staying for a very short term rental or ETA that I'd maybe consider to use a a rental/airbnb property.
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Pobre Luis
Member
Agree with you. I don't mind modern but I agree a balance of blending is in order. I don't think many care too much these days. They are more interested in what the view is like inside. The view from that building must be good. BA has plenty of beautiful buildings but it has plenty of really ugly buildings too!
Swowbird
Well-known member
Yes I have rented in this area too and I like it as it is more quiet than Soho. There are many University students in this area. My novia attended Universidad de Palermo which is in this area.
Wow I haven't looked in BA since last year. Are prices really going for above $4,300 now in Palermo?? @FuturoBA were prices this high when you bought? You said you bought in this building? What were prices like and when did you buy? Are they moving up this quickly now?
I paid nowhere near that per sqmeter and purchased end of last year. That listing has been listed for 255 days and I believe it was for the same back then too.
Canada Goose
Well-known member
I was going to say! I just bought a new construction late last year and I paid about $2,700 per sq. meter. I'm told prices have gone up and my building where I bought sold out. That unit listed is crazy small. I can't imagine there are too many takers for that being so tiny.
Johnny
Active member
I guess I'm one of those really really lucky ones. I bought back in September 2023. I got a penthouse apartment for $2,250 USD m2. But actually it's less than that as @BuySellBA negotiated for me to get $500 USD per month rent until the building is done. So by the time the building is done in August I will have paid about $2,150 per sq. meter which I consider a great deal!!
Yep just like this guy in the article said. Whoever bought 6 months again made the best purchase in the universe! That is me. I guess construction costs have skyrocketed since then. Crazy in only 6 months conditions can change so much. The best thing is that $500 US bucks a month is tax free income. They pay me on time like clockwork!We like this quote from Germán Gómez Picasso, director of Reporte Inmobiliario, who is the best source of real estate information in Buenos Aires. “ All the numbers indicate that those who bought six months ago made the best purchase in the universe,” says Gómez Picasso. This is exactly why @BuySellBA started heavily recommending for our investors to start investing in Buenos Aires again. We forecasted the bottom and we predicted that prices would head up. That is exactly what happened.
There are only 2 apartments on the penthouse level. My Porteño neighbor offered to buy my unit and of course I refused. He offered me $30,000 dollars to flip it. I made him the same offer and he also refused!
Flamingo
Well-known member
Owners here have no mortgages and carrying costs are very low. It is crazy but I have some friends that will list and some wait 2 years to get their price. They are in no hurry. If it sells it sells if not they wait.
BuySellBA
Administrator
That is a really tiny apartment. When they are that small it isn't desirable at all. The issue is that Argentina's real estate system was struggling for the past few years and some developers build really TINY apartments because the locals weren't buying so they were trying to build tiny to keep the prices down. Now those that are buying, aren't buying tiny apartments like that.
International investors would rather pay more money and get a bigger place. When apartments are that tiny that are not only undesirable for living but also for vacation stays as well. The market is flooded on Airbnb with cheap and small studio apartments so there is a lot of competition for a nothing special, tiny apartment with just a tiny outdoor space.
Completely correct. Having no mortgages is really different here and the costs are much lower here vs. other world capital cities around the world. HOA, utilities, etc are very low here. So some just purchased vs. just keeping the cash under their mattress as a store of value. There aren't too many safe investments in Argentina besides real estate. Some are getting into crypto but the masses here I don't believe will get into it and it's still volatile.
Johnny
Active member
First of all I don't know if this is common or not. I don't think it is too normal there. I hired @BuySellBA to help me purchase an apartment in Buenos Aires. So they did everything for me. I just did what they told me to do. They had a relationship with the developer who is building my apartment. They told me they could negotiate a payment plan to me for rental income if I paid 100% of the apartment up front then I could get a discounted rate or get paid a monthly cash payment for each month until the building was delivered to me.
I was just going to ask for a discounted rate but @BuySellBA said it was better to get the cash because of the potential capital gains when I sell it so this way worked out better. The 1st of each month they have paid me $500 USD. Actually they paid me up front for 5 months so they gave me $2,500 USD cash and pay me each month. They were able to help me get a slight discount as well.
I own several properties in other places but this was the first time I purchased in Argentina. In the beginning, it sounded complicated and there would be a fee to get cash into Argentina but BuySellBA negotiated with the developer to set up an account outside of Argentina so I just wired from my bank in the USA to their bank. I didn't have any fees at all to get cash into Argentina which was sweet. I looked at a few other properties that didn't have that option.
I am in the process of buying another property with the same developer in a new project they are starting later this year. I will post some photos later this year when my apartment is ready.
earlyretirement
Moderator
This is a great article from one of my friends. It discussed real estate in Buenos Aires in the first quarter of 2024. Spot on target. As I mentioned from last August 2023, all of these things would culminate together to increase prices up. With 80% increase in construction costs, you can bet prices are going to keep going up.
BuySellBA
Administrator
Yet another article in the paper that talks about real estate prices turning the other way after falling for 5 YEARS. Timing is everything when buying real estate. Our office at @BuySellBA forecasted everything that is happening now last year in August 2023 when we forecasted that we were at the bottom or a few months from hitting the bottom.
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