Thread: Argentine Real Estate
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08-02-09 17:57 #28
Posts: 2599Originally Posted by Artisttyp
There's another "Crisis" coming and Argentine real estate will go in the tank.
Exon
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08-02-09 17:30 #27
Posts: 243Why?
Originally Posted by Sidney
Example: A young guy like me (40) has a few pennies but not many. He goes to south america all the time and leaves his apartment empty in NYC.
Maybe he gets the backing to purchase an apt in BA of up to roughly 100k. He can then be assured he owns a home. He lives in BA (half way to civilization) and takes month long trips to lima colombia or some other budget location. He rents out the apartment (maybe) when he is gone.
Is this guy (me!) losing anything in your humble opinion?
There has to be some benefit to owning even if it's in argentina. Right?
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07-13-09 23:31 #26
Posts: 247Airplane,
I sold my first property here in October 2006, and maybe things have changed, but then it was pretty straightforward. No requirements for proof of residency abroad, but I had to go to the AFIP to get a declaration that I owed no taxes, and because I'd stated I was divorced, had to get an official statement of this from my home country. That was pretty complicated as it was 20 plus years ago. Had to go through the "Apostille procedure" and get an official translation. But proof of foreign residency, no.
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07-13-09 17:13 #25
Posts: 14Requirements for selling a home
I wasn't able to find anything about this with my ability to search the forum for it.
I am a US citizen. I don't have resident status in Argentina. I stay there 6 to 7 months per year.
I own 2 places in Bs As and want to sell one.
My accountant in Bs As has told me that the AFIP requires a "certificado de residencia en el exterior" to sell property and without this certificate, I can't sell it.
I have to get this certificate from, in my case, the Argentine consulate in Los Angeles.
I don't own or rent anything in the USA. I stay with friends the 2 to 3 months of the year I am there. I use their address for my USA mailing address. I don't receive any bills, or anything else at this address, that the consulate will accept as proof of residence and so they won't give me a certificate. The person I talked to at the consulate also told me that I don't need this certificate to sell property.
I don't know whether my accountant, or the guy at the consulate is mistaken, so I don't know what to do next. The accountant insists that I must have this certificate.
Any non Argentine resident who has sold property there have any ideas?
Thanks
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02-14-09 10:30 #24
Posts: 39What's the deal with building permits?
If you own a plot of land, what's the situation with building on it?
Assume you can:
A) Buy a plot of land.
Be) Hire a builder to erect a house on it without seeking permission first.
C) Hire a decent layer.
Does that mean that, because legal decisions are generally delayed by 5 to 7 years in Argentina, a person can build a house without permission, and live in it for 5 years?
Presumably after 5 years you might get a demolition order but hey, you got to live there for 5 years!
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09-16-08 11:54 #23
Posts: 1064English comon law and most jurisdictions in the USA
Recognize squatters' rights, but have methods to more quickly determine whether the title holder has lost thier rights to the property or still maintains title to the property. The difference is that it takes 5 to 7 years to resolve this type of situation in Argentina. In Florida you might need 6 months to one year.
Assuming both sides have competent attorneys.
This court system and sqatter's rights are the real reasons why there are not mortgages widely available in Argentina. Mexico and Brazil changed their laws over the last few years and magically a broad based mortgage industry was born in both countries.
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09-16-08 05:59 #22
Posts: 705In many countries owning property is a sound investment. Usually the property appreciates and there are well defined laws which protect your investment.
Argentina is not one of those countries. By and large, if it flies, floats, fucks or is located in Argentina rent it, don't buy it.
It is incredible but true. If you own property in Argentina and somehow homeless people are able to break into that property (house in Buenos Aires or a farm in Patagonia) it will take the courts several years to evict the squatters. By that time you will be, lucky to have anything that resembles the property you once owned.
If you ask Argentineans why they have no respect for property rights they will look at you in a puzzled manner as if to say "Isn't it this way everywhere?"
Argentina is the country that time forgot. Argentina has peculiar ideas and concepts similar to an island inhabited by dinosaurs.
I
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09-15-08 22:16 #21
Posts: 34AR next econom crisis & amp; RE land value
Greetings,
Considering the seeming inevitability of the nex AR economical crisis, what are forum readers views and experience regarding the possible decline of real estate values then? Particularly I am interested in attractive land, like northern Pagagonia, and such.
Many thanks!
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09-11-08 14:24 #20
Posts: 54Response to Sidney's post
But you need to add a much higher percentage for AR country risk, vacancy, taxes, and repairs. Personally, I woudn't buy it unless I netted 15-20%! Don't dismiss that we are in the midst or a severe decline in world real estate prices. Forget the ''giddy''days of the last several years.
This makes sense and if we use a 15% hurdle rate, a property that sells for $400K would have to yield $60K in annualized rental revenue (or a whopping $5K per month) What can you rent in B. Aires for 15,000 pesos per mes?
Thoughts well appreciated supporting purchasing (Tu compras) property in be. Aires. Even a $80K place in San Telmo.
Jaggar
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09-10-08 14:22 #19
Posts: 54Buy vs Rent
I have been looking at the economics associated with buying vs selling. I am now in a "special" apt in a prime recoleta neighborhood (right next to Las Heras why Pueyrredon) Other side pueyrredon than Madaho. These digs are a penthouse (13th floor) with a skyline view and slight view of "Rio de Plata."
Rent: U$D1100 per month.
Market Value - $400K (I have been doing my homework)
If US buyer buys at $400K
Rental cost per annum $15,000 (conservative estimate - account seasonality)
US Cost of capital (say 6%) [cost of money in us - borrow rate]
400,000 * 6% = $24K US.
Rent is still a bargain and purchase price too high.
My humble opinion.
JaggarLast edited by Jaggar; 09-10-08 at 14:34. Reason: add
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06-26-08 15:56 #18
Posts: 2470Originally Posted by Peter Europa
And yes, it will never be Puerto Madero. That is a good thing.
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06-26-08 09:53 #17
Posts: 271Originally Posted by MCSE
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06-26-08 01:16 #16
Posts: 547Originally Posted by Sinistra
What's better than Puerto Madero? San Telmo stills cheap, and if the city gov makes a few changes San Telmo and part of Barracas it's going to be Puerto Madero's extension.
MCSE's free R. E. Consultant advise.
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06-25-08 16:29 #15
Posts: 271Burbuja
In Puerto Madero there are hundreds, maybe thousands of new apartments going up and they aren't selling. The real estate offices around here are empty. If you haven't noticed, apartment prices have stagnated even while thousands of new places are coming online. Bubble: everybody wants to becomes an architect, everybody is an investor in real estate, new buildings are everywhere, those apartments on the market aren't moving and everybody talks about housing and wants to own an apartment that can be rented to foreigners. Anybody who doesn't think we're in a bubble is in deep, deep denial.
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11-24-06 22:21 #14
Posts: 38Your right, foreigners can't OPEN CHECKING ACCOUNTS!
The official at my bank tells me that a person MUST reside here in Argentina AND have some utility in their name. AND must have the account for 6 months in good standing BEFORE you can do a transfer. THEN they give you about 4 pages of "red tape", (tramites) to fill out in order to get your wired money. It's a pain in the ass!