Concern in the Hotel Sector Over Winter Holidays: Reservations Do Not Exceed 25%

[CraigM]

Darn! A lot of people hire @BuySellBA to purchase. I saw an X post they are buying about 3 to 5 properties each week. It is a lot of properties. I wonder if they are all pozos. I read about a huge renovation of a PH. I can't wait to see how that turns out.

@CraigM do you mind if I ask you when you bought it? What was the m2 price then? What is it now? How much did it go up?

BuySellBA could give you a closer estimate but roughly speaking $3000/m2, closer to $3400/m2 when you include all the taxes and fees. Not sure what they're charging today but the last price sheet I saw was 15 or 20% higher for units on lower floors.

 

[Target]

Very true Mike. A friend of mine from London said he's only seen two kinds of home prices there "high and higher".

Prices in EU capital cities are just insane. Every time I go back over the past 3 decades it just keeps going higher and higher. With inflation I doubt we will ever see that change.

BuySellBA could give you a closer estimate but roughly speaking $3000/m2, closer to $3400/m2 when you include all the taxes and fees. Not sure what they're charging today but the last price sheet I saw was 15 or 20% higher for units on lower floors.

When did you first buy Craig? In most new construction I am looking in Palermo it is all over $4,100 per m2 now and some much higher than that. So you got in at $3,000 m2? How long ago was that? That is a big jump up. Is this years?

 

[CraigM]

When did you first buy Craig? In most new construction I am looking in Palermo it is all over $4,100 per m2 now and some much higher than that. So you got in at $3,000 m2? How long ago was that? That is a big jump up. Is this years?

Spring or Summer 2024. As I understood it, the earlier you buy into a project the better deal you get. So some of the appreciation we've experienced is due to that rather than the market going up. I'm sure the first buyers got a hell of a deal.

 

[Target]

Spring or Summer 2024. As I understood it, the earlier you buy into a project the better deal you get. So some of the appreciation we've experienced is due to that rather than the market going up. I'm sure the first buyers got a hell of a deal.

Wow! That is still a lot of appreciation in only 1 year!! I had no idea you can make that much in BA real estate so quickly. Where is your property located?

 

[nikad]

For the Rome equivalent of Palermo, nice units (not new) that I saw were $25,000 to $50,000 per m2. Unlike BA you don't see much new construction in Rome, so you have to compare to existing units. We passed by one really nice place that was asking almost $60 million (50 million Euros).

And I would take Buenos Aires over Rome any day of the week. It is shocking how expensive real estate is in parts of Europe. I am glad I bought in Buenos Aires when I did. We own our primary house and own 2 rental units that we live off the income from.

Spring or Summer 2024. As I understood it, the earlier you buy into a project the better deal you get. So some of the appreciation we've experienced is due to that rather than the market going up. I'm sure the first buyers got a hell of a deal.

Congratulations Craig! My husband and I bought another property at the end of 2023 and we are happy we did. It is true on pozos the sooner you get in the better. There is more risk at the beginning of a project. Some investors jump in even before the plans are approved by the city with the ability go get your money back if they don't get approved. You must be very careful with pozos. Many go out of business. Even experienced investors can lose money. IIRC, I read even BowTiedMara lost a lot of money buying many pozos and the project ultimately failed and they still did not build the building after many years.

If you bought with @BuySellBA I assume you only went with a major developer? If so, it is like printing money. My father continually just buys pozos and sells the boleto before the building is done. He usually just waits until 6 months before the building is finished to maximize his ROI. He has sold over 17 boletos in his life. And it is nice as the property never goes in your name. So you can just make this tax free income. @CraigM will you keep this property for yourself or was an investment to sell your boleto?

 

[CraigM]

And I would take Buenos Aires over Rome any day of the week. It is shocking how expensive real estate is in parts of Europe. I am glad I bought in Buenos Aires when I did. We own our primary house and own 2 rental units that we live off the income from.

Congratulations Craig! My husband and I bought another property at the end of 2023 and we are happy we did. It is true on pozos the sooner you get in the better. There is more risk at the beginning of a project. Some investors jump in even before the plans are approved by the city with the ability go get your money back if they don't get approved. You must be very careful with pozos. Many go out of business. Even experienced investors can lose money. IIRC, I read even BowTiedMara lost a lot of money buying many pozos and the project ultimately failed and they still did not build the building after many years.

If you bought with @BuySellBA I assume you only went with a major developer? If so, it is like printing money. My father continually just buys pozos and sells the boleto before the building is done. He usually just waits until 6 months before the building is finished to maximize his ROI. He has sold over 17 boletos in his life. And it is nice as the property never goes in your name. So you can just make this tax free income. @CraigM will you keep this property for yourself or was an investment to sell your boleto?

That's remarkable, good for your father. Our plan is to keep the units but who knows what the future brings. We did everything through BuySellBA so our fate is tied with them!

 

[Wally]

That's remarkable, good for your father. Our plan is to keep the units but who knows what the future brings. We did everything through BuySellBA so our fate is tied with them!

They are a very good company. Mike's track record in Buenos Aires is unmatched. I know a few foreigners that used them and use them now. Very solid company. I don't think you can go wrong buying at the price you bought Craig if you bought last year. Property prices are still far down from the peak we hit in 2017. Still a way to go up and inflation is coming back up.

Mike forecasted blue rate would go back up a few months ago and it's happening just like he said.

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