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5 Corners of Palermo with Properties 20% Cheaper - La Nacion Propiedades
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Las cinco esquinas de Palermo con propiedades en venta un 20% más baratas que en otras zonas del barrio
Se trata de una zona de la ciudad donde confluyen tres barrios potenciando sus virtudes y ofreciendo precios más bajos que Palermo
www.lanacion.com.ar
September 11, 2024
This is an area of the city where three neighborhoods come together, enhancing their virtues and offering lower prices than Palermo.
By: Maria Josefina Lanzi
Five corners that border Palermo, Colegiales and Chacarita have real estate projects that promise to lift the area Lepore
The boundaries between neighborhoods can define and mark the contour of an area to accentuate the virtues of a place. But they can also imply expansion and growth of places that are becoming more and more interesting and have a “spillover” effect on other spaces. This is the case of the five corners that converge in Arévalo, Avenida Dorrego and Avenida Córdoba, a node that unites Chacharita, Palermo and Colegiales, three booming neighborhoods, which generate a unique area with projects that promise potential. And in particular in these five corners there are two projects underway that promise to change the physiognomy of the microzone.
“Chacalermogiales is a place with great potential in the city of Buenos Aires, which has evolved rapidly, offering a balance between modern urban life and a quieter neighborhood environment ,” shares Anabela Santos, director of the developer InArch, the company that is building a US$15 million investment project right on one of those corners. The businesswoman adds that “people seek out this area mainly for its strategic location, which combines proximity to the Audiovisual District and the main gastronomic and cultural centers of the city.”
Two real estate projects will be built at the 5 corners of Córdoba and Arévalo that promise to transform the area Google Maps
Indeed, these are neighborhoods that each offer different virtues that generate a unique identity. Colegiales is a residential area with low houses and trees –since it is not possible to build high-rise buildings–, ideal for young families. Chacarita has busier areas such as Federico Lacroze, Elcano, Forest and Corrientes avenues, but with the uniqueness of preserving the neighborhood spirit in other more residential areas. It has had a boom in bars and restaurants in recent times that, together with Palermo, make it a coveted gastronomic hub that revitalizes the area.
InArch is moving forward with the construction of Nodo Dorrego, a nine-story building on Arévalo and Córdoba , with two levels for amenities, which will be completed in December 2026. “It is a project with studio apartments from 34 m² and a ticket that starts at US$90,780 . It will also have one-bedroom apartments with prices between US$143,663 and US$205,338 . While the three-room apartments have an approximate ticket price of US$310,650. Finally, the four-room apartments are sold for a ticket price between US$379,717 and US$427,717,” details the developer.
Dorrego Node, in the heart of Palermo, will have an investment of US$15 millionIn Arch
The Palermo project will have nine floors and two levels of amenitiesInArch
“ Those who previously looked to Palermo Hollywood as a cool place to live are now looking into other areas that are the natural overflow of that neighborhood ,” shares Agustín Walger, director of Lepore Properties, the real estate agency that sells another of the projects being built on one of those five corners. The broker explains that this is a phenomenon that has been occurring for some time in other neighborhoods: “Villa Urquiza has been pushing towards Chacarita or Belgrano towards Colegiales, all making ventures that aim to maintain continuity in the construction quality .”
The project that Walger is marketing in this area is Dorrego Place, a building located in Chacalermogiales that will have 11 floors and is estimated to be ready by February 2026. It will have a total of 38 units, ranging from 33 m² studios for a ticket starting at US$82,000 in the sales pool, to one-bedroom apartments that start at 45 m² and reach 53 m² for a ticket starting at US$105,000, also in the sales pool. In addition, it will have a 150 m² commercial ground floor and two top floors with amenities .
“ The price per m² is US$2,350, although we estimate that due to the layout, project, product, ticket and area it could be revalued to today's market to US$2,800/2,900,” says Walger, pointing out that he promises a 5% to 6% return for those who buy it to turn it into rent. The revealing fact is that, a few blocks away, there are projects being built in the heart of Palermo Hollywood and that are offered from the ground up at US$3,000/m² . In short, it is a difference of more than 20%.
Dorrego Place will be built in a rapidly growing area of Palermo Lepore
The project located in Palermo is expected to be ready by December 2026 Lepore
Another strong point of Chacalermogiales is its connectivity and access. “It is close to the northern corridor, and its growing attractiveness is due in part to improvements in infrastructure and connectivity, which has sparked considerable interest among developers and buyers,” adds Santos. He is referring to the fact that three years ago the bridge on Juan B. Justo Avenue was removed, which flew over the Córdoba corridor and, in some way, isolated the two Palermos: the Soho from the Hollywood. Today both are integrated, which worked as a magnet to attract more and more real estate projects. This benefit “attracted the attention of a young public, couples who are buying their first home or who have a small child, who are looking for two- and two-bedroom units,” says Walger.
The interest in the microzone is also reflected in the prices . Walger explains that a well-located lot in Palermo costs between US$700 and US$900/m², while in Chacalermogiales they start at US$500 and can reach US$700/m². “ This variation in land is large, because building costs the same everywhere, the big difference is made by the value of the lot,” he explains.
For those who buy the units with an investment vision, Walger assures that “ rents for the studio apartments can be around US$1000 per month , while the larger units could generate higher rents, in line with the quality of the project and the demand in the area.” In addition, they point out that they expect a revaluation “of between 15% and 25% upon completion of the project in December 2026, considering the continued development of the area and infrastructure improvements.”
The ground floor of the project will have a commercial premises Lepore
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