Woo hoo! That is terrific. Did you move in already? Was everything as expected? Did you have any issues at all once taking possession of it? Did the monthly expenses match up with what they said it would be? I am going through the process of looking at some properties but they did not guarantee what the monthly expenses would be. Did you get your first bill yet?
Congrats @FuturoBA! I'm glad to hear everything went smoothly. You bought at a great time. You should experience some great capital appreciation on that property. What neighborhood did you end up buying in?
Thanks. I have my property manager taking care of everything until I move here.
Thanks. Plan was to move in around July but might have to push that back some. In the mean time having my property manager help with furnishing the place to rent out until then. I don't have the expensas but he's been taking it out from credits I had from which I paid more in estimated taxes than what was finalized. I don't recall how much expenses were, but it couldn't be much esp w it empty right now. January and February it was hard to get quotes on furniture and blinds etc so a bit of a delay with that.
Thank you. I believe I saw a report stating Oct was the bottom and prices have been increasing now. Sometimes I'd still go on zonaprop to see what's there and looks bare now. I bought in Alto Palermo I believe it's called, a little south of Parque Las Heras.
Near the Alto Palermo shopping mall and that general area is a great area. Honestly, anywhere in Palermo is really great. I like over near that area. I have been buying several properties not too far from that area. I think for living it is better vs. heart of Soho which is really touristy now. Yes, the bottom was around September or October 2023. As you mentioned, not as much on ZonaProp these days even compared to a few months ago. Sales volume really went up after President Milei won the election and also fewer people want to sell now that he is in office as well.
As much as I enjoyed Soho 100% agree it's too touristy. Although I did see a 2B/1.5BA newly renovated that photographs very well there for a bit more and thought about purchasing. Probably would have been a better investment too for ROI as a rental/airbnb, but the current unit fits more my style for living long term -- quieter with a better view.
It sounds like you found a nice unit that you will be comfortable living in and that is about the best that you can ask for. Your timing was good buying now. Prices fell a lot for many years. Most locals are talking about prices going up now and more activity. Congrats on buying now.
Again congrats @FuturoBA. Palermo Soho is good for tourists if they are only in town for a week or so. But for everyday living, we believe you will be very happy where you purchased. We predict that will be an up and coming area to live in for locals. Not sure on the exact location of your place, but this general area is being marketed now. "Palermo Freud". We believe the entire area from Scalabrini Ortiz - Las Heras - Gallo - Solar will have tremendous growth and appeal over the next several years heading into the future.
Wow so many different areas of Palermo. I've heard of Palermo Freud before, but didn't know which area it was referring to, and you're right it is located here. Thanks for the link, it really is central to everything and amazing how much cocheras/garages are going for too. I was considering either here in Palermo Freud or Palermo Chico/Botanico.Again congrats @FuturoBA. Palermo Soho is good for tourists if they are only in town for a week or so. But for everyday living, we believe you will be very happy where you purchased. We predict that will be an up and coming area to live in for locals. Not sure on the exact location of your place, but this general area is being marketed now. "Palermo Freud". We believe the entire area from Scalabrini Ortiz - Las Heras - Gallo - Solar will have tremendous growth and appeal over the next several years heading into the future.
You can read this article about the area. Property values and especially garage spaces in Palermo Freud are going up at a good pace. You will enjoy living in the area. You can't go wrong anywhere in Palermo for living but we believe this general area will experience a lot of growth over the next few years and will be great for living. We have many friends and clients living in that area and they really love it. A very convenient and central area.
You are welcome. You bought at a great time. You should experience significant capital appreciation over the next several years. Enjoy your new apartment.
No way a title deed should take 2 YEARS. I've never heard of it taking that long. I'd start to worry about that. There are a lot of scams. When we were buying there were all kinds of people trying to sell properties under a trust or fidecomiso scam where you can never hold the title under your own name. They mostly target foreigners on those kind of scams. But locals get caught up with them as well. I wouldn't buy anything where I can't get the title in my own name. I know sometimes with paperwork things take time especially if it is new but no reason it would take 2 years. That would make me nervous.
Yes, I've heard about some of these whacky situations. The times I have seen issues is when people fall in love with a certain property and they will do things that aren't normal. They will get talked into buying something that aren't under normal circumstances. I am not sure what will happen to some of these gated communities if massive amounts of people stop buying HOA dues. It is one thing in an apartment but in many of these gated communities, there is massive overhead and massive infrastructure to maintain.
@FuturoBA did you ever get the title deed? I looked at a new construction in Palermo Hollywood today and is the same deal from the sounds of things. They tell me that the title deed won't be ready for a while as even though the building is done they didn't sell all the units. They say it can take as long as 1.5 years!
I wouldn't have dreamed of trying to do this on my own. Things are much different in Argentina vs other places I have purchased. I am lucky that I had a lot of great advice. I used @BuySellBA and they were great! I used them on both properties I purchased. When I was in BA last year I met the lawyer they work with and she was great. She got both me and my wife's CDI number. I am not sure what CUIT is but I didn't have to get that. We did the CDI process remote as my wife was not in BA but we got power of attorney documents and had to get an Apostille on it and send down to BA. It was very easy. I wouldn't try to do this on your own and especially remote.
I won't answer for @FuturoBA because maybe he had a different experience. I would be curious to know if he had the same thing happen. My building is all sold out but they said that it would take about 6-8 months for the title deed to be done. I did not have to pay the legal fees yet. I will pay that once the title deed is ready. I did have to pay some taxes. I had to pay about 1% stamp tax when I paid for the apartment. I am told I will have to pay the remaining portion of stamp taxes when I do the escritura.
Thank you Johnny!!!
Yes still waiting on the deed, and my experience matches up well with @Johnny where I was told the same it could take 6 months or more even after all units are sold. Likewise I have not paid the legal fees yet and will pay when the deed is ready. Also there was a certification of signatures fee and I believe I paid the estimated tax, which wasn't necessarily all due at the time of closing.
I looked at a pozo and they explained it the same way so all of these places look to do exactly the same thing.
You are welcome. I sent you a DM of my lawyer. Remember you can't use your own lawyer on a new construction. I used my escribano to get my tax id # and she wouldn't have charged for it if I used her but I have to use the builder's lawyer as that is how it is on new construction.
Thanks for this explanation. It was helpful. I was looking at some new developments and they couldn't speak English and I had a difficult time understanding what the closing was like. Only I thought they said I had to pay legal fees at possession so this is different. I wouldn't want to pay legal fees until I got my title deed. Thanks for the helpful posts @Johnny and @FuturoBA.
