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Caballito: The most sought-after neighborhood in the city that is experiencing an unexpected change in trend - La Nación
Source:
www.lanacion.com.ar
August 30, 2023
The most sought-after neighborhood in the city that is experiencing an unexpected change in trend
By Mercedes Soriano
Two hundred years ago, the weather vane in the shape of a horse from a grocery store marked the direction of these streets and would end up defining the name of the neighborhood: the brass figure that looked from above on the corner of Rivadavia Avenue and Emilio Miter baptized the area that today It is established as one of the most sought after in the city of Buenos Aires, with its own characteristics and some curiosities. Located in the geographic center of CABA, it thrives with new real estate developments and competes in demand with established neighborhoods such as Palermo, Recoleta and Belgrano. “Today Caballito is one of the main sources of growth in the real estate sector, it is one of the areas where there is the greatest amount of square meters under construction. and, additionally, it is one of the neighborhoods with the highest loyalty rate,” says Kevin Savelski, director of the 8.66 group, which has four projects underway in the area. Since 2019, the neighborhood has been positioned first in the Mercado Libre ranking, which measures which are the most sought-after neighborhoods to buy a property. Historically, demand went against the grain in this area. "Unlike the other neighborhoods where the north is more expensive and more aspirational than the south, in Caballito the category works were concentrated in the south,from Rivadavia Avenue to Directorio Avenue,” describes Agustín Walger, director of Lepore Propiedades. Indeed, the southern area is the one that brings together the most luxurious buildings in the neighborhood and the one that attracts high-profile inquiries. “It is the demand that steps on the tip of Flores and Parque Chacabuco with Carabobo and Directorio avenues,” defines Gerardo Azcuy, founder of the developer that bears his last name, which has 60,000 square meters under construction in that corridor, of which this year 21,000 square meters will be delivered. In this area, an avenue easily identified by its intense trees and elegant buildings stands out above the rest. “Pedro Goyena Avenue is like Caballito's Libertador Avenue,”defines the developer. The properties on this artery have the highest real estate values in the neighborhood. “The land on Goyena does not go below US$1,000 in incidence while on another avenue it averages between US$600 and US$700 per square meter,” says Azcuy, and clarifies that these costs are transferred to the final product: the finished projects are around US$3,500 and US$4,500 per square meter. After just one block, the imposing mansions of the picturesque English neighborhood emerge.
Pedro Goyena Avenue stands out for its trees and its quality buildings; a few blocks away, the mansions of the English neighborhood rise.
Goyena and its surroundings have flourished in recent years with a parade of establishments that inaugurated a new Buenos Aires gastronomic hub with the arrival of different proposals: the pastas of Cucina Paradiso and Napule; Salve's Spanish food; the Nucha, Es Ruiz and Le Blé pastry shops; Próspero Velazco's bakery; sushi from Fabric and Sushi Club; the “Palermitano” menu at La Panera Rosa; the trendy burgers of Burger Couple, and the cafeteria of Adorado, Arena, Café Martínez and Tostado. The Belgium brewery and some neighborhood classics such as Morelia and Almacén de Pizzas complete the circuit. There is no shortage of Rapanui chocolates or Lucciano's ice creams.
From classics to gourmet proposals, the gastronomic offer extends in the streets of Caballito
The area surrounding Rivadavia Park also attracts attention because it is one of the examples that show the change in the real estate cycle. After three years of falling property values, the price of a brand-new square meter is on the rise. A survey recently carried out by Reporte Inmobiliario indicates that in the last year prices increased by 1.41%, almost neutralizing last year's decrease of 1.92%. Specifically, the report refers to the 58 developments within the 75 blocks of the south side included between Del Barco Centenera streets, Rivadavia avenue, La Plata Avenue and Directorio avenue. These bring together a total of 160,168 square meters. In the face of so much development, dollar savers who opt for brick as a safeguard of value look at the great opportunities in the neighborhood. Of the 58 ventures, three are recently completed and the rest are in different stages of execution. In numbers, Azcuy points out that the cost per square meter starts at US$2,500 on different avenues in the neighborhood, while in Pedro Goyena the initial price when the project is launched has a base of US$3,000. The internal streets have slightly more accessible values. “Well projects can start at US$2,000, depending on the quality of construction and location, and finished projects can start at US$3,000. On the other hand, used units have fallen by around 30% because if not, they are not sold and, as there is a lot of competition with brand new apartments, they have to be special units in very good condition and very well located so that they can be sold.”, analyzes Alejandra González, leader of the Justevila real estate agency. An unexpected change in trend Whoever walks through the rest of the neighborhood begins to see more and more construction works crossing Rivadavia Avenue. High values in the south, lack of land, and the opportunity to build cheaper just a few blocks away led to a decentralization of the premium environment that strengthened the north. This spillover effect It is evident in the Parque Centenario area, an area circumscribed by the Sarmiento railroad tracks to the south, Río de Janeiro Street and Honorio Pueyrredón Avenue, as east and west limits respectively, and Ángel Gallardo Avenue as the northern border with Villa Crespo. . Among the 50 blocks north of Rivadavia Avenue, 37 projects are in different stages of execution, of which 14 are works in the initiation stage.
“The extensive growth that the southern area had, the scarcity of lots, plus the increase in the value of the square meter, inevitably dragged the growth towards Caballito Norte,an area with more opportunities to undertake more square meters at a slightly lower value,” says Savelski. Luis D'Odorico, director of D'Odorico Propiedades, translates it into numbers: “The incidence of the lot in the south is US$600 to US$800 per square meter while in the northern area it is between US$300 and US$500, depending on location.” Beyond consolidation, the available land in the southern part is also decisive. “The only large plots of land that remain are more than six or seven PHs on the same lot,” says González, from Justevila. The benefit of land values is combined with the window of opportunity generated by the devaluation in the cost of construction. Currently, constructing a building of just over 1000 total square meters in eight-story horizontal property starts from a budget of US$602,078.17, with a cost per salable square meter of almost US$762.32. Measured in blue dollars,This month it costs 1.82% cheaper than in July, according to the Real Estate Report. “The growth in the number of works, to a large extent, is driven by investors who have a surplus of pesos and cannot find where to put them to protect themselves from being liquefied by inflation, and the square meter is one more way they found to 'buy' dollars," says Germán Gómez Picasso, founder of Reporte Inmobiliario.
Between the southern zone and the northern zone of Caballito, there are almost 100 real estate projects underway.
Post-pandemic demand “The new projects are given because people after the pandemic are not necessarily looking for a location but rather that the apartment has good measurements, ventilated and bright spaces. They prefer to live in the north with an aerial view rather than between party walls in a quiet part of the building. To achieve luminosity and views you have to get lots at affordable values to build large-scale buildings,” analyzes D'Odorico. In contrast to the scarcity of lots in the south, the opportunities in the north are due to the fact that in this area of the neighborhood there were companies that stopped operating and were sold as properties, which gave rise to the possibility of planning projects. bigger. The opportunity to build in height and on the sidesIt allowed us to add amenities, an aspect that improves quality and the final price. “A pool in a 15-meter triple front is not the same as a small one on a terrace. On these lands you have lungs of apple with a pool, solarium and grill. Building taller buildings implies more light, space and height, and therefore, higher value units,” indicates the expert. González highlights the completion of the properties offered in the area. “Caballito has grown exponentially in the last 25 years in terms of quantity and quality of works,” he believes. “Apartments without double glass or without Italian porcelain floors are almost not accepted,” he exemplifies. Luis D'Odorico agrees, who points out that "the developer who buys in an area that is not the core of a neighborhood and paid a lower price for the lot has to offer construction quality, in that mix success occurs."
Comfortable measurements, ventilated and bright spaces, some of the most frequent requirements before buying a property
A highly sought-after aspect since the reconsideration of the quality of life generated by the pandemic is contact with nature. The northern Caballito area has Centenario Park as the protagonist and a new work that seeks to add greenery and its own recreation space. The project consisted of eliminating several lanes on Honorio Pueyrredón Avenue, between Gaona Avenue and Neuquén Street, to create a linear, pedestrian park, dubbed “green street.” The work connects two green spaces, Plaza 24 de Septiembre and Plaza Giordano Bruno, and adds almost 10,000 square meters of areas with tree planting and wooden benches, among other attractions for neighbors. The neighborhood spiritIt also appears in the evaluation of experts when they explain the proliferation of constructions. “This has a positive impact on all of Caballito, but especially construction is taking place at a good pace towards the north, which is an area that does not lose that spirit, with low houses and a lot of greenery ,” says Savelski.
With the elimination of several lanes on Honorio Pueyrredón Avenue, a linear park was developed, named “green street.”
As in the buying and selling market, Caballito is the most sought after for rent, according to the survey prepared by Mercado Libre and the University of San Andrés. The bad news for those who want to arrive in the neighborhood is that the apartments offered in traditional modality are as scarce as in the rest of the city. The latest Real Estate Report indicates that there are 11 studio apartments, 51 two-bedroom properties and 27 three-bedroom properties available. Just as the supply decreases to historical lows, the value requested by the owners increases: those that increased the most in the last year were the studio apartments. The average asking price for this type of property is $180,000 per month, a figure that grew by 280.95% in 12 months. The neighborhood in full construction boom does not escape the reality of the rental market.
www.buysellba.com
Source:
Caballito. El barrio más buscado de la ciudad que protagoniza un inesperado cambio de tendencia
Caballito. El barrio más buscado de la ciudad que protagoniza un inesperado cambio de tendencia
www.lanacion.com.ar
August 30, 2023
The most sought-after neighborhood in the city that is experiencing an unexpected change in trend
By Mercedes Soriano
Two hundred years ago, the weather vane in the shape of a horse from a grocery store marked the direction of these streets and would end up defining the name of the neighborhood: the brass figure that looked from above on the corner of Rivadavia Avenue and Emilio Miter baptized the area that today It is established as one of the most sought after in the city of Buenos Aires, with its own characteristics and some curiosities. Located in the geographic center of CABA, it thrives with new real estate developments and competes in demand with established neighborhoods such as Palermo, Recoleta and Belgrano. “Today Caballito is one of the main sources of growth in the real estate sector, it is one of the areas where there is the greatest amount of square meters under construction. and, additionally, it is one of the neighborhoods with the highest loyalty rate,” says Kevin Savelski, director of the 8.66 group, which has four projects underway in the area. Since 2019, the neighborhood has been positioned first in the Mercado Libre ranking, which measures which are the most sought-after neighborhoods to buy a property. Historically, demand went against the grain in this area. "Unlike the other neighborhoods where the north is more expensive and more aspirational than the south, in Caballito the category works were concentrated in the south,from Rivadavia Avenue to Directorio Avenue,” describes Agustín Walger, director of Lepore Propiedades. Indeed, the southern area is the one that brings together the most luxurious buildings in the neighborhood and the one that attracts high-profile inquiries. “It is the demand that steps on the tip of Flores and Parque Chacabuco with Carabobo and Directorio avenues,” defines Gerardo Azcuy, founder of the developer that bears his last name, which has 60,000 square meters under construction in that corridor, of which this year 21,000 square meters will be delivered. In this area, an avenue easily identified by its intense trees and elegant buildings stands out above the rest. “Pedro Goyena Avenue is like Caballito's Libertador Avenue,”defines the developer. The properties on this artery have the highest real estate values in the neighborhood. “The land on Goyena does not go below US$1,000 in incidence while on another avenue it averages between US$600 and US$700 per square meter,” says Azcuy, and clarifies that these costs are transferred to the final product: the finished projects are around US$3,500 and US$4,500 per square meter. After just one block, the imposing mansions of the picturesque English neighborhood emerge.
Pedro Goyena Avenue stands out for its trees and its quality buildings; a few blocks away, the mansions of the English neighborhood rise.
Goyena and its surroundings have flourished in recent years with a parade of establishments that inaugurated a new Buenos Aires gastronomic hub with the arrival of different proposals: the pastas of Cucina Paradiso and Napule; Salve's Spanish food; the Nucha, Es Ruiz and Le Blé pastry shops; Próspero Velazco's bakery; sushi from Fabric and Sushi Club; the “Palermitano” menu at La Panera Rosa; the trendy burgers of Burger Couple, and the cafeteria of Adorado, Arena, Café Martínez and Tostado. The Belgium brewery and some neighborhood classics such as Morelia and Almacén de Pizzas complete the circuit. There is no shortage of Rapanui chocolates or Lucciano's ice creams.
From classics to gourmet proposals, the gastronomic offer extends in the streets of Caballito
The area surrounding Rivadavia Park also attracts attention because it is one of the examples that show the change in the real estate cycle. After three years of falling property values, the price of a brand-new square meter is on the rise. A survey recently carried out by Reporte Inmobiliario indicates that in the last year prices increased by 1.41%, almost neutralizing last year's decrease of 1.92%. Specifically, the report refers to the 58 developments within the 75 blocks of the south side included between Del Barco Centenera streets, Rivadavia avenue, La Plata Avenue and Directorio avenue. These bring together a total of 160,168 square meters. In the face of so much development, dollar savers who opt for brick as a safeguard of value look at the great opportunities in the neighborhood. Of the 58 ventures, three are recently completed and the rest are in different stages of execution. In numbers, Azcuy points out that the cost per square meter starts at US$2,500 on different avenues in the neighborhood, while in Pedro Goyena the initial price when the project is launched has a base of US$3,000. The internal streets have slightly more accessible values. “Well projects can start at US$2,000, depending on the quality of construction and location, and finished projects can start at US$3,000. On the other hand, used units have fallen by around 30% because if not, they are not sold and, as there is a lot of competition with brand new apartments, they have to be special units in very good condition and very well located so that they can be sold.”, analyzes Alejandra González, leader of the Justevila real estate agency. An unexpected change in trend Whoever walks through the rest of the neighborhood begins to see more and more construction works crossing Rivadavia Avenue. High values in the south, lack of land, and the opportunity to build cheaper just a few blocks away led to a decentralization of the premium environment that strengthened the north. This spillover effect It is evident in the Parque Centenario area, an area circumscribed by the Sarmiento railroad tracks to the south, Río de Janeiro Street and Honorio Pueyrredón Avenue, as east and west limits respectively, and Ángel Gallardo Avenue as the northern border with Villa Crespo. . Among the 50 blocks north of Rivadavia Avenue, 37 projects are in different stages of execution, of which 14 are works in the initiation stage.
“The extensive growth that the southern area had, the scarcity of lots, plus the increase in the value of the square meter, inevitably dragged the growth towards Caballito Norte,an area with more opportunities to undertake more square meters at a slightly lower value,” says Savelski. Luis D'Odorico, director of D'Odorico Propiedades, translates it into numbers: “The incidence of the lot in the south is US$600 to US$800 per square meter while in the northern area it is between US$300 and US$500, depending on location.” Beyond consolidation, the available land in the southern part is also decisive. “The only large plots of land that remain are more than six or seven PHs on the same lot,” says González, from Justevila. The benefit of land values is combined with the window of opportunity generated by the devaluation in the cost of construction. Currently, constructing a building of just over 1000 total square meters in eight-story horizontal property starts from a budget of US$602,078.17, with a cost per salable square meter of almost US$762.32. Measured in blue dollars,This month it costs 1.82% cheaper than in July, according to the Real Estate Report. “The growth in the number of works, to a large extent, is driven by investors who have a surplus of pesos and cannot find where to put them to protect themselves from being liquefied by inflation, and the square meter is one more way they found to 'buy' dollars," says Germán Gómez Picasso, founder of Reporte Inmobiliario.
Between the southern zone and the northern zone of Caballito, there are almost 100 real estate projects underway.
Post-pandemic demand “The new projects are given because people after the pandemic are not necessarily looking for a location but rather that the apartment has good measurements, ventilated and bright spaces. They prefer to live in the north with an aerial view rather than between party walls in a quiet part of the building. To achieve luminosity and views you have to get lots at affordable values to build large-scale buildings,” analyzes D'Odorico. In contrast to the scarcity of lots in the south, the opportunities in the north are due to the fact that in this area of the neighborhood there were companies that stopped operating and were sold as properties, which gave rise to the possibility of planning projects. bigger. The opportunity to build in height and on the sidesIt allowed us to add amenities, an aspect that improves quality and the final price. “A pool in a 15-meter triple front is not the same as a small one on a terrace. On these lands you have lungs of apple with a pool, solarium and grill. Building taller buildings implies more light, space and height, and therefore, higher value units,” indicates the expert. González highlights the completion of the properties offered in the area. “Caballito has grown exponentially in the last 25 years in terms of quantity and quality of works,” he believes. “Apartments without double glass or without Italian porcelain floors are almost not accepted,” he exemplifies. Luis D'Odorico agrees, who points out that "the developer who buys in an area that is not the core of a neighborhood and paid a lower price for the lot has to offer construction quality, in that mix success occurs."
Comfortable measurements, ventilated and bright spaces, some of the most frequent requirements before buying a property
A highly sought-after aspect since the reconsideration of the quality of life generated by the pandemic is contact with nature. The northern Caballito area has Centenario Park as the protagonist and a new work that seeks to add greenery and its own recreation space. The project consisted of eliminating several lanes on Honorio Pueyrredón Avenue, between Gaona Avenue and Neuquén Street, to create a linear, pedestrian park, dubbed “green street.” The work connects two green spaces, Plaza 24 de Septiembre and Plaza Giordano Bruno, and adds almost 10,000 square meters of areas with tree planting and wooden benches, among other attractions for neighbors. The neighborhood spiritIt also appears in the evaluation of experts when they explain the proliferation of constructions. “This has a positive impact on all of Caballito, but especially construction is taking place at a good pace towards the north, which is an area that does not lose that spirit, with low houses and a lot of greenery ,” says Savelski.
With the elimination of several lanes on Honorio Pueyrredón Avenue, a linear park was developed, named “green street.”
As in the buying and selling market, Caballito is the most sought after for rent, according to the survey prepared by Mercado Libre and the University of San Andrés. The bad news for those who want to arrive in the neighborhood is that the apartments offered in traditional modality are as scarce as in the rest of the city. The latest Real Estate Report indicates that there are 11 studio apartments, 51 two-bedroom properties and 27 three-bedroom properties available. Just as the supply decreases to historical lows, the value requested by the owners increases: those that increased the most in the last year were the studio apartments. The average asking price for this type of property is $180,000 per month, a figure that grew by 280.95% in 12 months. The neighborhood in full construction boom does not escape the reality of the rental market.
www.buysellba.com
