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Apartment buying process confusing in Buenos Aires. Do I need to use the seller's realtor?

That is something annoying here. The amount of times people are late to meetings. I can't wrap my head around going to an appointment where I might buy a property and the listing agent or the buyer's agent now showing up on time. They always blame it on the traffic.
 
Yeah my place is in Palermo and I went the monthly rental route. Initially I planned to move down there around this time right now, but pushing it back 6-9 months and wasn't worried about optimizing profit. They were already thin and even more so with increasing inflation and place booked til end of the year.
I bought last year too @FuturoBA. I own a bunch of properties. Half the battle is just buying at the right time. I usually just buy and hold and over time if you're buying in good neighborhoods I have always had the properties go up over the long haul. I was told last year by @BuySellBA that prices were at crazy low prices with inflation adjusted dollars. They told me it was a total no brainer to buy and I'm glad I did. My neighbor keeps offering to buy my apartment from me but I'm not selling.

I was told there is an insane number of realtors in Buenos Aires and almost the majority of them don't do well at all. It's not difficult to see why when you look at some of these listings. I was told there is a small group of realtors that do very well year after year.
 
I'll never understand the poor quality photos, even if they weren't professionally taken at least don't make it look like a monkey took them -photos at odd angles, up-close random part of cabinet, or rooms that they didn't even bother to clean.

I guess that's a big part of it, lack of professionalism. If sellers don't care enough to show off their place in the best light, they probably don't care enough to remember what they told one listing agent vs another how to price it.
Hilarious and true. Most realtors just don't get it and are very lazy there. They don't invest any money in photos or floor plans. They do the bare minimum. Just keep in mind there are about 35,000 realtors in Buenos Aires and there are only around 5,000 sales per month in CABA. I've bought and sold a lot of properties in Buenos Aires over the past 22 years. Just having professional photos and floor plans and getting back to people quickly, showing up on time has enabled me to get huge premiums on my properties when I sold them.

Anyone that bought real estate in Buenos Aires in premium areas like Palermo or Recoleta last year or this year is going to do well over the next few years.
 
Congrats! If you bought last year or beginning of this year you are already probably up 10% on value. Crazy how quickly prices are going up. Monthly rentals route is probably not bad to go. Guaranteed income for a few months vs. sitting empty until high season starts. Since you bought, how much has your monthly expenses gone up? In most of my girlfriend's properties they have almost tripled in less than a year.

I am trying to figure out if that type of inflation will slow down or will keep going up. I guess still very affordable compared to the States but still makes me wonder how people here on peso salaries can cope with it.

:ROFLMAO::ROFLMAO::ROFLMAO: Too funny! Yes that is very true. These days most smart phones take great quality photos. It's almost like they are taking horrible photos on purpose. Like you mentioned, strange angles or just photos of the cabinets or something. I couldn't take worse photos if I tried yet they are trying to sell an apartment like that.

Several times I have gone to appointments and the listing agent will be late. Not just 5-10 minutes. Sometimes 30 minutes late! Very spoiled by Redfin back home. I will never complain about American realtors again!
I haven't gotten the latest report yet, but with all I'm hearing of tripling expenses kinda afraid to see now lol.
I bought last year too @FuturoBA. I own a bunch of properties. Half the battle is just buying at the right time. I usually just buy and hold and over time if you're buying in good neighborhoods I have always had the properties go up over the long haul. I was told last year by @BuySellBA that prices were at crazy low prices with inflation adjusted dollars. They told me it was a total no brainer to buy and I'm glad I did. My neighbor keeps offering to buy my apartment from me but I'm not selling.

I was told there is an insane number of realtors in Buenos Aires and almost the majority of them don't do well at all. It's not difficult to see why when you look at some of these listings. I was told there is a small group of realtors that do very well year after year.
Agree timing is important and prices will continue to rise from when it was at the lowest last year. If everything goes well with eventual move I don't plan to sell, but knowing if that should change it's good to know value will be going up.
Hilarious and true. Most realtors just don't get it and are very lazy there. They don't invest any money in photos or floor plans. They do the bare minimum. Just keep in mind there are about 35,000 realtors in Buenos Aires and there are only around 5,000 sales per month in CABA. I've bought and sold a lot of properties in Buenos Aires over the past 22 years. Just having professional photos and floor plans and getting back to people quickly, showing up on time has enabled me to get huge premiums on my properties when I sold them.

Anyone that bought real estate in Buenos Aires in premium areas like Palermo or Recoleta last year or this year is going to do well over the next few years.
Crazy there's that many realtors. Are there any regulations to becoming one? Or can just about anyone claim to be one after a class, or maybe not even that? Seems like anyone who's at least competent should be doing well.

This reminds me of Peter Thiel's book Zero to One and the different axes of optimism/pessimism and definite/indefinite with regards to mindset, and specifically the indefinite-pessimist quadrant who looks into a bleak future, has no idea what to do about it, and are generally slackers with low expectations. Unfortunately, this seems to describe many here in Argentina too well.
 
I just watched a Youtube video where there was a similar figure for # of agents here. I think they said 33,000 agents in BA. The guy was selling courses on becoming a realtor but I heard it wasn't regulated well. I think it's just a course but my girlfriend's friend never took any course and just does it on the side. I don't think anyone really cares if you have a license or not. It's not like the US where you have to have a license and pass a test.

In the States most realtors don't make much money either. Florida and California have something like 250,000 realtors in each state but I would guess most don't make any money at all. I haven't read that book Futuro but many people here do seem pessimistic here.
 
I haven't gotten the latest report yet, but with all I'm hearing of tripling expenses kinda afraid to see now lol.

Agree timing is important and prices will continue to rise from when it was at the lowest last year. If everything goes well with eventual move I don't plan to sell, but knowing if that should change it's good to know value will be going up.

Crazy there's that many realtors. Are there any regulations to becoming one? Or can just about anyone claim to be one after a class, or maybe not even that? Seems like anyone who's at least competent should be doing well.

This reminds me of Peter Thiel's book Zero to One and the different axes of optimism/pessimism and definite/indefinite with regards to mindset, and specifically the indefinite-pessimist quadrant who looks into a bleak future, has no idea what to do about it, and are generally slackers with low expectations. Unfortunately, this seems to describe many here in Argentina too well.
You can get certification to become a realtor but the lady that helped us was just a lady with a lot of hustle. This was before some of the search engines. She would go on individual realtor websites and see properties in the areas that we told her. She did not have any license or experience but she was great. She got the sellers agents to share with her. I don't think listing agents care if someone is licensed or not. All they care is about someone bringing them a buyer. Probably same with property owners.
 
Here in Argentina many people don't get insurance on their property. As you say not so many chances for problems. Some houses or ground floor units in Palermo and other areas have problems with flooding when we have heavy rain but not so common for problem. I don't have any insurance on my flat.
You weren't kidding @Vero! I saw all the rain you all are getting the past few days! Saw the flooding that you talked about!

 
I bought last year too @FuturoBA. I own a bunch of properties. Half the battle is just buying at the right time. I usually just buy and hold and over time if you're buying in good neighborhoods I have always had the properties go up over the long haul. I was told last year by @BuySellBA that prices were at crazy low prices with inflation adjusted dollars. They told me it was a total no brainer to buy and I'm glad I did. My neighbor keeps offering to buy my apartment from me but I'm not selling.

I was told there is an insane number of realtors in Buenos Aires and almost the majority of them don't do well at all. It's not difficult to see why when you look at some of these listings. I was told there is a small group of realtors that do very well year after year.
You're lucky! I just saw a post on X that said from last year at the bottom to now a year later prices are already up 20% in some neighborhoods like Recoleta and Palermo. Wow that was quick! @Johnny that was some good timing. I'm happy for you too @FuturoBA!

 
You're lucky! I just saw a post on X that said from last year at the bottom to now a year later prices are already up 20% in some neighborhoods like Recoleta and Palermo. Wow that was quick! @Johnny that was some good timing. I'm happy for you too @FuturoBA!

I haven't been following the market that closely. I did not realize prices in CABA have spiked so suddenly in a year. @earlyretirement do you think prices will continue to go up?
 
I haven't been following the market that closely. I did not realize prices in CABA have spiked so suddenly in a year. @earlyretirement do you think prices will continue to go up?
Hi @Betsy Ross,

Yes, from the bottom of last year to now the most desirable areas like Palermo and Recoleta have gone up 20% in some areas. I have one client that we bought last year and a family member passed away and he wouldn't be able to move down to Buenos Aires as planned. He flipped his apartment for 20% more than what we paid just last year.

I have been posting since last year that real estate prices would go up and posted the reasons why. You are seeing that US dollar savings are moving from "under the mattress" and into the Argentina banking system. More people have confidence in the banking system. I also predicted a tax amnesty that would bring in potentially up to $100 Billion dollars and we are starting to see money come back. The reality is that the majority of these funds will most likely make it's way into the real estate sector. As well, mortgages are becoming more and more available. Volume is still low but banks are anxious to give them now and all competing with one another to dole them out.

As the economy improves, banks will race to get new customers and also keep the customers they do have. A mortgage ties someone to that bank for decades.

Keep in mind real estate prices fell up to 50% from the peak in 2018 to the bottom last year. I predict we will surpass that peak and go beyond it. How quickly depends on how much money comes back into the amnesty program. We will need to ride out this recession but you can see the price increases in the real estate market even during a brutal recession. That's because the one safe area for most people to invest in is real estate. Even if rental yields don't produce high yields, to locals it's a safer type of investments. For the most part, people don't invest in starting businesses, investing in the stock market or buying crypto. It's real estate.

This isn't "luck". People said the same thing when I started buying real estate in 2002 in Buenos Aires after the corralito. Or when we sold almost all of our portfolio in 2018 and 2019 in Buenos Aires at the peak.
 
You're lucky! I just saw a post on X that said from last year at the bottom to now a year later prices are already up 20% in some neighborhoods like Recoleta and Palermo. Wow that was quick! @Johnny that was some good timing. I'm happy for you too @FuturoBA!

Thanks @Blockchain! I couldn't believe how affordable property prices were last year. I still think they are very well priced for being a big major city and for the quality of the city. I loved Buenos Aires and can't wait to come back.
 
Another question. I see some buildings sell garage spaces. I am not sure I will need a car here but in case I do buy a car if I don't buy a private parking space, how much is it to rent a space in a building? Does anyone know how much the rent is? To buy them I am seeing anywhere from $25,000 to $40,000 dollars.
 
Another question. I see some buildings sell garage spaces. I am not sure I will need a car here but in case I do buy a car if I don't buy a private parking space, how much is it to rent a space in a building? Does anyone know how much the rent is? To buy them I am seeing anywhere from $25,000 to $40,000 dollars.
The parking spots keep going up each year. I'm paying 80,000 pesos per month in my space. (About $62 USD at current exchange rate). I regret not buying a parking space when I bought my apartment. They were only around $12,000 USD when I bought my apartment many years ago. Prices just keep going up on garage spaces because many public lots end up closing down and sometimes buildings are build in it's place so less and less garage spaces.
 
The parking spots keep going up each year. I'm paying 80,000 pesos per month in my space. (About $62 USD at current exchange rate). I regret not buying a parking space when I bought my apartment. They were only around $12,000 USD when I bought my apartment many years ago. Prices just keep going up on garage spaces because many public lots end up closing down and sometimes buildings are build in it's place so less and less garage spaces.
I don't have a parking spot but I know in my building spots are going for 100,000 pesos a month right now. As Vince mentioned, the prices keep going up.
 
Another question. I see some buildings sell garage spaces. I am not sure I will need a car here but in case I do buy a car if I don't buy a private parking space, how much is it to rent a space in a building? Does anyone know how much the rent is? To buy them I am seeing anywhere from $25,000 to $40,000 dollars.
Rents keep going up on covered garages. I haven't seen less than 75,000 pesos and it can go up to 150,000 pesos per month depending on the location. And many now it is not safe to park on the street as thieves will break windows looking to steal items so these cocheras are a must now if you have a car.
 
I don't have a parking spot but I know in my building spots are going for 100,000 pesos a month right now. As Vince mentioned, the prices keep going up.
Darn that seems like a lot to pay per month relative to the typical salary. Here in the States garage spaces are really expensive but our salaries are higher. I heard the median salary is like $575 US so to pay almost $100 per month to park your car seems very expensive!
 
@tootsi,

Betsy and Vince are correct. My friends that don't own garages are paying 90,000 pesos per month for a private garage space right now. The rents keep going up on them. But as @Vero mentioned, a coverage garage space is essential today. It wasn't a big issue parking on the street before but with the poor recession break ins and smashed windows are more common.

Most expats probably wouldn't need a car. Most don't want to drive in Buenos Aires. But some that have kids there prefer to have a car. When I lived in Buenos Aires I had a car and had a garage space. I actually purchased several garage spaces. To give you an idea of the cost of them. The garage spaces were going for about $9,000 back in 2002. Prices of garage spaces fluctuated along with the prices of real estate there. I sold all of my garage spaces in 2018 and 2019. The most expensive I sold for $25,000. The prices of them came down over the past several years but now they are heading back up.

Some I didn't want to sell but I sold the apartments and in most buildings you can't own a garage space unless you own an apartment. Also, for rentals, some buildings will only allow you to rent out to someone that lives in the building for security. I never had any issues renting out any of my units.

The public garages over the years have sold and apartment buildings have often times went in their places which keeps pushing up demand for parking spaces. These garages are a printing press. Some will never sold. I tried to buy a large one in Recoleta but they wouldn't sell the land as they were making too much money on the parking lots.
 
Thanks, everyone. Very helpful. Doubtful that I will get a car here but I guess one never knows. Worst case scenario it sounds like I could easily rent it out each month and make some extra cash and values on it probably will go up so I may add that option. Thanks.
 
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