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Real Estate Sales Great New Construction For Sale that is going to be Completed by August 2024 - Meet Palermo

Wow @Johnny congratulations. It turned out beautiful. Is that balcony all your apartment? It looks very big. Your view looks incredible. It is rare to get unobstructed views like that in BA. It looks very modern. Looks like you have a lot of sunlight which I love. Fabulous.
Thanks! Yes that is my entire balcony of my apartment. It extends from the living room all the way to the bedroom. I love it because there is a low rise building in front of it so it will never have the view blocked. The building is very modern. I love that style. Sunlight all day long.

Wow. I LOVE the look of your apartment. Is it on Airbnb? Can you post the link or can you DM me it? I love the look of it. Can I ask what the monthly expenses are in something like this?
Yes I just sent you a DM @Jenn. It's on Airbnb. The expense are very low. I pay less than $85 USD /month at least the first few months. I am not clear if that will go up but it has been the same the past few months. The building was set up so that it wouldn't have a lot of expenses. We have a doorman during the day but he leaves at 6 PM. There is a video security service 24/7 so they record and have a person that is remote that watches the entrance.

It's cool as all the owners just have a facial scan at the entrance that opens the doors. And my rental guests have a blue tooth key to enter the building on their phone and the developer included high end smart locks to the apartments so no one even needs a key.
 
Thanks Johnny for the kind words. Your place turned out fabulous. I'm glad you purchased the penthouse. You will have a lot of capital appreciation. I'm very pleased with how all the units turned out in the building. We will celebrate the next time you're in BA.
Thanks Mike for everything!

Fabulous @Johnny. You happened to get in at a good time. Prices were low when you bought but have been going up. Are you doing short term or long term rentals?
I feel very very lucky. Mike told me that prices had bottomed out and to jump on this unit. What sold me is that he also purchased a few units in the building. I have piggy backed on a few other properties that he purchased properties on and it has always worked out extremely well.

I thought about doing long-term rentals but I already decided to furnish it and I wanted to come down a few times a year and use it. If I rented it out long term I can't stay in it. I have been VERY happy with short-term. I'm charging about $125 USD per night or about $2,500 USD per month on Airbnb. Considering the price I paid for the apartment I am extremely happy! I have had several short-term bookings but I also rented it for a 34 night booking and it was $2,900. I have to pay a management fee but well worth it.

I love Palermo Uno! I believe it's mostly all short-term rentals. I rented in that building for a few months. The views are some of the best in BA. Location is essential for me. I like being close to a subway and very central. Palermo Uno was great for that.

This building also is great. I love that area near Alto Palermo shopping mall.

The place looks beautiful. @Johnny what did you spend furnishing it? You can PM me if you don't want to post. I found furniture extremely expensive in BA. I like the look of this and would also love the link to book it.
I didn't stay in Palermo Uno but I visited that building and the office of GyD is right next to Palermo Uno. That is the same developer that built my apartment and also the developer that I bought my 2nd apartment that they are building now. I am very happy with them. I had several meetings with them on a few other projects. Very nice people. I was fortunate to have lunch a few times with the owners of that company.

I loved the location of where my building is. It's not as touristy as other parts but I was told that the neighborhood will grow tremendously over the next few years. Mike bought up a lot of properties in Soho before it was all developed into what it is today and told me the area of my apartment has the same potential.
 
Thanks! Yes that is my entire balcony of my apartment. It extends from the living room all the way to the bedroom. I love it because there is a low rise building in front of it so it will never have the view blocked. The building is very modern. I love that style. Sunlight all day long.


Yes I just sent you a DM @Jenn. It's on Airbnb. The expense are very low. I pay less than $85 USD /month at least the first few months. I am not clear if that will go up but it has been the same the past few months. The building was set up so that it wouldn't have a lot of expenses. We have a doorman during the day but he leaves at 6 PM. There is a video security service 24/7 so they record and have a person that is remote that watches the entrance.

It's cool as all the owners just have a facial scan at the entrance that opens the doors. And my rental guests have a blue tooth key to enter the building on their phone and the developer included high end smart locks to the apartments so no one even needs a key.
Great job on the apartment @Johnny.

$85/month is extremely good. Mine jumped up quite a bit last year but they have now stabilized. Not having a live in doorman really helps contain expenses. That was a smart decision. More and more buildings are trying to get rid of the live in doormen as they cost too much. More buildings are moving to that totem video monitoring system.
 
The place looks beautiful. @Johnny what did you spend furnishing it? You can PM me if you don't want to post. I found furniture extremely expensive in BA. I like the look of this and would also love the link to book it.
Thank you. Furniture is expensive in Argentina! The process to furnish took a long time. Many furniture items they do not have readily available and I had to pay a deposit and then they started making it. Some of the stuff took almost 2 months to get. Electronics are expensive compared to the USA too. I went higher end as I know from experience you can charge more per night going higher end.

I went with high quality mattresses which was very expensive. My sofa bed also was expensive and took a while to make. Also no lights at all come with apartments so I had to buy lighting for all the apartment too. Things like high quality sheets and bedding are expensive too. I got a spreadsheet with all the expenses and they provided receipts for everything. Some things the designer got a discount but it was a lot of work preparing everything. They would send me updates on everything. I also went with an expensive photograph in the living room. All told I spent $18,600 USD furnishing plus a fee I had to pay to the designer to buy everything and coordinate delivery, etc.

@VINO I just sent you a PM with the listing.
 
Thank you. Furniture is expensive in Argentina! The process to furnish took a long time. Many furniture items they do not have readily available and I had to pay a deposit and then they started making it. Some of the stuff took almost 2 months to get. Electronics are expensive compared to the USA too. I went higher end as I know from experience you can charge more per night going higher end.

I went with high quality mattresses which was very expensive. My sofa bed also was expensive and took a while to make. Also no lights at all come with apartments so I had to buy lighting for all the apartment too. Things like high quality sheets and bedding are expensive too. I got a spreadsheet with all the expenses and they provided receipts for everything. Some things the designer got a discount but it was a lot of work preparing everything. They would send me updates on everything. I also went with an expensive photograph in the living room. All told I spent $18,600 USD furnishing plus a fee I had to pay to the designer to buy everything and coordinate delivery, etc.

@VINO I just sent you a PM with the listing.
What is the deal with mattresses in BA? I went into a store in the mall and I saw mattresses for like 4-5 million pesos! Between $3,300 and $4,500 dollars for a mattress. I couldn't believe it. Prices of TVs are also expensive.
 
Congrats @Johnny the place looks awesome. Amazing how much furniture and interior design makes a difference. Most airbnbs I see listed in BA have the bare bone minimum w Ikea looking furniture. Yours is clearly high end. As expensive as it was it seems to be offset by the premium you can charge, so a worthwhile investment.
 
Congrats @Johnny the place looks awesome. Amazing how much furniture and interior design makes a difference. Most airbnbs I see listed in BA have the bare bone minimum w Ikea looking furniture. Yours is clearly high end. As expensive as it was it seems to be offset by the premium you can charge, so a worthwhile investment.
Indeed, congrats Johnny! Really great to see photos of a GyD project, makes me excited about the next one.
 
Thank you. Furniture is expensive in Argentina! The process to furnish took a long time. Many furniture items they do not have readily available and I had to pay a deposit and then they started making it. Some of the stuff took almost 2 months to get. Electronics are expensive compared to the USA too. I went higher end as I know from experience you can charge more per night going higher end.

I went with high quality mattresses which was very expensive. My sofa bed also was expensive and took a while to make. Also no lights at all come with apartments so I had to buy lighting for all the apartment too. Things like high quality sheets and bedding are expensive too. I got a spreadsheet with all the expenses and they provided receipts for everything. Some things the designer got a discount but it was a lot of work preparing everything. They would send me updates on everything. I also went with an expensive photograph in the living room. All told I spent $18,600 USD furnishing plus a fee I had to pay to the designer to buy everything and coordinate delivery, etc.

@VINO I just sent you a PM with the listing.
Congrats @Johnny that turned out spectacular! Very airy and that area is great. I prefer that area not being in the heart of all the tourists. So true about how long it takes to get things. I have a bad back and ordered a good mattress and I was also shocked how much a great one costs. I spent over $2,000 dollars on a mattress alone! But they are a good investment.
The good ones aren't made here and have a big tax is what I am told.

It turned out wonderful.

Congrats @Johnny the place looks awesome. Amazing how much furniture and interior design makes a difference. Most airbnbs I see listed in BA have the bare bone minimum w Ikea looking furniture. Yours is clearly high end. As expensive as it was it seems to be offset by the premium you can charge, so a worthwhile investment.
90% of all the Airbnbs in BA are dumpy with terrible furniture and terrible mattresses. I rented an apartment on a long term lease but I had to change the mattress. Felt like sleeping on bricks. Most don't want to make the investment. Also what is with owners just having Queen beds and not King. Most Airbnbs don't have king size beds. That alone probably helps with some guests.
 
I looked in that building and liked it but there are no more 2 bedroom units available! I want to get at least 2 bedrooms as I heard that is better for Airbnb rentals. I see this same builder is doing this project called Alma. Has anyone purchased in that development? If so, can you post about your experiences? There are only two 2 bedrooms left.

Yes we purchased a unit in Alma Palermo for a client last year while it was being built. It turned out beautiful! It's been booked solid since we finished it a few months ago and already in the top 5% of all Airbnb's in Buenos Aires. The owner is extremely pleased and ended up buying another pozo unit as well.

Screenshot 2025-02-22 at 7.30.03 AM.jpg
 
Congrats @Johnny that turned out spectacular! Very airy and that area is great. I prefer that area not being in the heart of all the tourists. So true about how long it takes to get things. I have a bad back and ordered a good mattress and I was also shocked how much a great one costs. I spent over $2,000 dollars on a mattress alone! But they are a good investment.
The good ones aren't made here and have a big tax is what I am told.

It turned out wonderful.


90% of all the Airbnbs in BA are dumpy with terrible furniture and terrible mattresses. I rented an apartment on a long term lease but I had to change the mattress. Felt like sleeping on bricks. Most don't want to make the investment. Also what is with owners just having Queen beds and not King. Most Airbnbs don't have king size beds. That alone probably helps with some guests.
This was my experience renting a few Airbnbs in BA. It is fair to say most owners in BA on Airbnb spend very little furnishing their place. I had to leave the first Airbnb I had because the bed was too uncomfortable. The place didn't even have a coffee maker either. I did find a nice Airbnb in Recoleta and it was owned by an American. I think foreigners probably furnish and spend more money vs. locals.
 
Yes I just sent you a DM @Jenn. It's on Airbnb. The expense are very low. I pay less than $85 USD /month at least the first few months. I am not clear if that will go up but it has been the same the past few months. The building was set up so that it wouldn't have a lot of expenses. We have a doorman during the day but he leaves at 6 PM. There is a video security service 24/7 so they record and have a person that is remote that watches the entrance.
You did very good Johnny. Congratulations for you. You apartment turned out beautiful. You lucky you bill so low. Are you sure so low? That not common for new building in Palermo.

My condo bill jump up like crazy last year. It still go up! Many building have many problems with people pay late. I read story that 35% to 40% of people paying their expensas late! Very difficult situation if everyone pay late.

 
Stunning apartment @Johnny. Good location.

You did very good Johnny. Congratulations for you. You apartment turned out beautiful. You lucky you bill so low. Are you sure so low? That not common for new building in Palermo.

My condo bill jump up like crazy last year. It still go up! Many building have many problems with people pay late. I read story that 35% to 40% of people paying their expensas late! Very difficult situation if everyone pay late.

This makes me very angry because my condo fee was affordable when I bought it but now it has increased beyond what I am comfortable with. I have rented out my property now and leaving BA. The new tenant will have to pay that bill. When I bought my apartment 20 years ago the monthly bill was $60 a month. Now I am paying almost $400 a month including my ABL bill.

Salaries have not gone up by that amount over the years! Most of this increase has been since Milei started! It was stable before that. Getting rid of the subsidies just killed expenses. Just terrible.
 
You lucky you bill so low. Are you sure so low? That not common for new building in Palermo.

Congrats @Johnny the place looks awesome. Amazing how much furniture and interior design makes a difference. Most airbnbs I see listed in BA have the bare bone minimum w Ikea looking furniture. Yours is clearly high end. As expensive as it was it seems to be offset by the premium you can charge, so a worthwhile investment.
Thank you @FuturoBA. I think you also bought a place not too far from mine. How are your rentals going? I agree about spending the money to get it higher end. I own a few rental apartments and I have been able to get more money with nicer furniture and a good mattress. The biggest factor is that I get a lot of repeat guests that come back because it is nicer than most others. I was surprised there isn't many things readily available at the high end. I either had to wait to get it shipped there or they had to make it. My sofa bed took a while to make. So did the black out curtains which had to get custom made.

Indeed, congrats Johnny! Really great to see photos of a GyD project, makes me excited about the next one.
Thank you @CraigM! Yes I am excited when the next property in Palermo Hollywood finishes. I think it should be similar but I bought a 2 bedroom apartment in that building. Mike told me you bought a 3 bedroom in that building so I'm jealous. We will all have to celebrate once that building is done. I'm told that 5 of us bought in that new building.

This was my experience renting a few Airbnbs in BA. It is fair to say most owners in BA on Airbnb spend very little furnishing their place. I had to leave the first Airbnb I had because the bed was too uncomfortable. The place didn't even have a coffee maker either. I did find a nice Airbnb in Recoleta and it was owned by an American. I think foreigners probably furnish and spend more money vs. locals.
That is the thing I hate about Airbnbs and mostly why I have rented hotels because a nice hotel always has decent mattresses. In BA, I rented a really high end Airbnb with @earlyretirement and it was great. Very nice furniture except the mattresses were very cheap and hard as a rock. My back hurt for a while after that.

90% of all the Airbnbs in BA are dumpy with terrible furniture and terrible mattresses. I rented an apartment on a long term lease but I had to change the mattress. Felt like sleeping on bricks. Most don't want to make the investment. Also what is with owners just having Queen beds and not King. Most Airbnbs don't have king size beds. That alone probably helps with some guests.
I noticed the same thing. Mike told me that most rental guests that are couples want a King bed but the price for a King vs. a Queen really jumps up so most people just get a Queen. Or there might not be much room for beds in the small bedrooms in BA. My bedroom wasn't huge but I took BuysellBA's advice to put in a King bed even though it took up a good portion of the room. And so far that was great advice because people were looking for a King bed. It seems like the key in BA is to do things that other owners aren't doing and you will have less competition that way.

You did very good Johnny. Congratulations for you. You apartment turned out beautiful. You lucky you bill so low. Are you sure so low? That not common for new building in Palermo.
Thank you @Avocado! It did turn out great and I am happy. Originally I was going to buy with a building with a pool, gym and a bunch of amenities but I was told that those buildings have high HOA bills. For my first purchase, I just wanted something low maintenance with low fees.

I was surprised it was so low but you can see my actual bill below for January. The originally estimated it would be around $100 USD per month. The bill was 71,172 pesos which was about $59 dollars. I'm told it should go up as more and more owners move in. A lot of the units in the building are short-term rentals. @earlyretirement bought a few for himself and about 6 for other investors. They told me that water is included in the HOA bill but all the owners will get pro-rated amounts based on the size of their units. So maybe it will go up a little but they told me it should stay under $100 dollars a month.


hoa bill.jpg

Stunning apartment @Johnny. Good location.


This makes me very angry because my condo fee was affordable when I bought it but now it has increased beyond what I am comfortable with. I have rented out my property now and leaving BA. The new tenant will have to pay that bill. When I bought my apartment 20 years ago the monthly bill was $60 a month. Now I am paying almost $400 a month including my ABL bill.

Salaries have not gone up by that amount over the years! Most of this increase has been since Milei started! It was stable before that. Getting rid of the subsidies just killed expenses. Just terrible.
Sorry to hear your condo fees jumped up so much. But are you really trying to compare what bills were 20 years ago?? If I gave examples of everything I am paying in the USA that have jumped up from 20 years ago I would have an endless list.

I do feel for those in BA who are having to deal with this. I wouldn't want to pay those kind of monthly fees for an apartment. But even still, my friend has an apartment like mine in downtown San Diego and he pays about $900 a month hoa fees so mine are about 8 X less expensive. He does have a full time doorman around the clock and mine leaves at 6 PM.
 
Yes we purchased a unit in Alma Palermo for a client last year while it was being built. It turned out beautiful! It's been booked solid since we finished it a few months ago and already in the top 5% of all Airbnb's in Buenos Aires. The owner is extremely pleased and ended up buying another pozo unit as well.

View attachment 8716
Great to see that rental a guest favorite so quickly. I watched them put that building up. I like that area and think it should gentrify a lot. @BuySellBA what kind of income is generated from this property? You can DM me if you want. This is something that I would like. That kind of set up. I want a pool which isn't easy to find. Does having the pool help with rentals at all? It looks nice. How much did it cost to decorate and furnish that?
 
Great to see that rental a guest favorite so quickly. I watched them put that building up. I like that area and think it should gentrify a lot. @BuySellBA what kind of income is generated from this property? You can DM me if you want. This is something that I would like. That kind of set up. I want a pool which isn't easy to find. Does having the pool help with rentals at all? It looks nice. How much did it cost to decorate and furnish that?
The area is really great. A bit closer to Soho vs. the other building on this thread but I'm expecting that entire area to continue to gentrify over the next few years. There is going to be tremendous growth and you can already see it with the amount of construction in the area. I was one of the first to predict the trend in Soho and Hollywood after the corralito buying up much of the land and properties there. I think this area is going to experience tremendous growth and capital appreciation over the next several years and become more popular with tourism as well because it is so Central and not as gritty as Soho now.

This Airbnb above has been booked absolutely solid since we finished it. Literally one client will leave and the other will come the same day. I was surprised with how many people are looking for a pool as that was not the case before but it is nice having a pool during the hot summer months. So that might explain why it's so packed.

The blended nightly rate has been from $175 to $225/night with an average of about $195/ USD night. Occupancy rates have been very high and feedback has been great. $24,507 USD spent furnishing it plus the fee to the interior designer to coordinate everything and purchase it. Quite a bit to spend but that's what it takes to get a higher end property with higher end furniture and especially higher end mattresses. On a 2 bedroom unit you can easily spend $4,000+ USD just on mattresses alone. Then add in high end TV's in each room, washing machine, dryer, fridge and everything else and it adds up. I spent about $26,000 furnishing my 2 bedroom property.

I have a detailed spreadsheet of every single thing I buy. Maybe I'll post it this week on our X account. Most locals just spend as little as possible which is ok as well but you can't charge nearly the same cheap as you are dealing with lots of competition at the cheap end.

I learned a long time ago it was better to be the Four Seasons or Park Hyatt vs. Super 8 or Motel 6. People staying in more expensive properties take much better care of them. In many of these places if they are coming for work, an employer is paying the bill so they don't care how much it costs up to their per diem. I always prefer that type of crowd.
 
The area is really great. A bit closer to Soho vs. the other building on this thread but I'm expecting that entire area to continue to gentrify over the next few years. There is going to be tremendous growth and you can already see it with the amount of construction in the area. I was one of the first to predict the trend in Soho and Hollywood after the corralito buying up much of the land and properties there. I think this area is going to experience tremendous growth and capital appreciation over the next several years and become more popular with tourism as well because it is so Central and not as gritty as Soho now.

This Airbnb above has been booked absolutely solid since we finished it. Literally one client will leave and the other will come the same day. I was surprised with how many people are looking for a pool as that was not the case before but it is nice having a pool during the hot summer months. So that might explain why it's so packed.

The blended nightly rate has been from $175 to $225/night with an average of about $195/ USD night. Occupancy rates have been very high and feedback has been great. $24,507 USD spent furnishing it plus the fee to the interior designer to coordinate everything and purchase it. Quite a bit to spend but that's what it takes to get a higher end property with higher end furniture and especially higher end mattresses. On a 2 bedroom unit you can easily spend $4,000+ USD just on mattresses alone. Then add in high end TV's in each room, washing machine, dryer, fridge and everything else and it adds up. I spent about $26,000 furnishing my 2 bedroom property.

I have a detailed spreadsheet of every single thing I buy. Maybe I'll post it this week on our X account. Most locals just spend as little as possible which is ok as well but you can't charge nearly the same cheap as you are dealing with lots of competition at the cheap end.

I learned a long time ago it was better to be the Four Seasons or Park Hyatt vs. Super 8 or Motel 6. People staying in more expensive properties take much better care of them. In many of these places if they are coming for work, an employer is paying the bill so they don't care how much it costs up to their per diem. I always prefer that type of crowd.
Wait. you are getting $200 dollars a NIGHT on your rental? Is that a typo? That is a very dear price. I thought most Airbnbs are very cheap in BA. That is very expensive! Why not just stay in a hotel at that point!
 
Wait. you are getting $200 dollars a NIGHT on your rental? Is that a typo? That is a very dear price. I thought most Airbnbs are very cheap in BA. That is very expensive! Why not just stay in a hotel at that point!
That is the listed price but with weekly bookings it's discounted a bit. But it's still several thousands of dollars each month in rental income. You have to keep in mind some 5 star hotels like the 4 Seasons or Park Hyatt are up to $600 - $700 US pre night and those are mostly smaller rooms.

Many people want the space of an apartment and also a full kitchen. On longer term stays they like having a washing machine and dryer. Staying in an apartment is a different experience than staying in hotels. You live more like a local in an apartment vs. hotel. One is different from the other.

The positive thing is there are many different price ranges for all sorts of properties in Buenos Aires. Tons and tons of rentals here so something for everyone.

My condo bill jump up like crazy last year. It still go up! Many building have many problems with people pay late. I read story that 35% to 40% of people paying their expensas late! Very difficult situation if everyone pay late.
Yes you make a good point Avocado. Many people in buildings are paying late due to the high cost of expenses now. Here is an apartment I own in Palermo Hollywood in a building with a lot of amenities like 24/7 security, doorman, spa, gym, pool on the roof and expenses have gone up quite a bit. You can see all the people late on their bills. (Look at Deuda Column).

HOA 1.jpg

HOA2.jpg
HOA3.jpg
 
That is the listed price but with weekly bookings it's discounted a bit. But it's still several thousands of dollars each month in rental income. You have to keep in mind some 5 star hotels like the 4 Seasons or Park Hyatt are up to $600 - $700 US pre night and those are mostly smaller rooms.

Many people want the space of an apartment and also a full kitchen. On longer term stays they like having a washing machine and dryer. Staying in an apartment is a different experience than staying in hotels. You live more like a local in an apartment vs. hotel. One is different from the other.

The positive thing is there are many different price ranges for all sorts of properties in Buenos Aires. Tons and tons of rentals here so something for everyone.


Yes you make a good point Avocado. Many people in buildings are paying late due to the high cost of expenses now. Here is an apartment I own in Palermo Hollywood in a building with a lot of amenities like 24/7 security, doorman, spa, gym, pool on the roof and expenses have gone up quite a bit. You can see all the people late on their bills. (Look at Deuda Column).

View attachment 8718

View attachment 8719
View attachment 8720
People are paying late in my building too.
 
Thank you @CraigM! Yes I am excited when the next property in Palermo Hollywood finishes. I think it should be similar but I bought a 2 bedroom apartment in that building. Mike told me you bought a 3 bedroom in that building so I'm jealous. We will all have to celebrate once that building is done. I'm told that 5 of us bought in that new building.
Absolutely Johnny, would very much enjoy celebrating with you all when it's complete. We combined a couple of units into a 3br, Nicolas at GyD was really great to work with on that. As always the proof will be in the pudding but looking at those photos of yours sure gives us confidence. Enjoy that beautiful apartment!
 
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