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Palermo, Colegiales and Chacarita: The neighborhood “triple frontier” that is a property boom for young people
November 30, 2023
This area of the city is growing thanks to the spillover effect of Palermo Hollywood and is preferred by young people
By Victoria Aranda
A node is a conversion point, a convergent zone; a space in which part of the connections of other spaces that share the same characteristics and which, in turn, are also nodes, converge. The real estate market simplifies the concept since in CABA, there are several neighborhoods in which their limits merge and become confused, forming true nodes, in this case, real estate.
One of them has been formed between Chacarita, Colegiales and Palermo, with a multiplicity of offers. In principle, it is worth recording the reference values to check how much prices fluctuate according to the side of the “triple frontier” on which the venture is located. According to the latest data from the Zonaprop Index, the square meter is trading at US$2,368, US$2,551 and US$2,987, respectively.
The data frames the testimony of Rodrigo Saldaña, commercial manager of Oslo Propiedades , a real estate agency that markets several initiatives in the area: “Normally the public that prefers this area is from Palermo, who seeks to pay somewhat less than in the heart of Palermo Hollywood with almost the same benefits, because we are very close to the gastronomic and commercial hub,” he explains.
The rise of the real estate market on the avenues of Palermo, Chacarita and Colegiales
The spill from Palermo towards its neighboring neighborhoods
“Thus, the Palermo spill was quite consolidated towards Niceto Vega Avenue and towards Córdoba, added to the fact that the Córdoba and Juan B. Justo bridge was eliminated, which makes that area much more attractive and open for developers to start. to appreciate it and seek to build there,” he continues in relation to the interest aroused by the area and some of its reference arteries that sometimes serve as neighborhood boundaries.“It is an area that also has a lot of rental demand,” adds Diego Rybka, director of the Grupo Uno en Uno developer who was encouraged to buy land more than five years ago. He acquired the building where the famous HotelCar operated on Córdoba and Carranza avenues and built Vitta , a housing complex that has a “forest” in the green lung and connection to Córdoba avenue. “Palermo is a sought-after area, but this particular part was a bit in decline, abandoned. That's why we only bought there when we found out about the viaduct and the demolition of the bridge. Because of the greater connectivity,” explains the developer and clarifies that the building is finished and has one- and two-room units that are usually purchased as an investment” at a sale value of 2900/m². “The rents, which are already made by the owners or third parties, for the two rooms average around US$1000 per month.”
Developers are attracted to these new areas
1) Niceto Vega Avenue
Another of the Buenos Aires corridors that has undergone a major change in the last 15 years is Niceto Vega Avenue, which extends between Colegiales and Palermo Soho. Although until a while ago it was an area of workshops and small works, the addition of important projects gave it another face. The transformation was strengthened with the elimination of the level crossing on Juan B. Justo Avenue. “ In the last five years, 10 projects were built that changed its appearance,” says Gustavo Glazman, partner at Infinity Line . The developer assures that it is a wide avenue that has little traffic and that, in addition, it benefited along its entire length when the railroad tracks were raised. “It is an agile road through which few bus lines pass, it is a wooded area, in addition to being located in a strategic point that is easy to access to different parts of the city,” adds Glazman, who finished building Florean Niceto , a project of residential units of between one and four rooms in Niceto at 5700 that sell for an average of US$3,000 per m².
Much changed in the possibility of construction in the area when the train tracks were raised.
Saldaña adds another project in the area: Vizion Córdoba , on the corner of Córdoba and Santos Dumont, with units ranging from large divisible studio apartments from US$86,000, to three-bedrooms, with one m2 for US$2,100.
“In Niceto and Bonpland there is Terre Hollywood, almost everything delivered, with studio apartments from US$103,000 (it also has two- and three-bedroom units), with a square meter that is US$2,800, and which is also a full-amenity project,” he adds, illustrating the variations that are recorded in the values.
“With Mova, in Santos Dumont and Álvarez Thomas - completes - a project with studio apartments that started at US$75,000, we sold for an average of US$2500/m², although the average finished in a work like this (full amenities), is in US$2800/m²″.
In the last 15 years the neighborhoods of Chacarita and Colegiales changed their appearance
2) Álvarez Thomas Avenue
Álvarez Thomas Avenue is one of the corridors preferred by developers specifically in the section where Colegiales borders Chacarita . Matías Botello, director of Soldati , states that the avenue seems to have found a harmonious balance between the spirit of a residential neighborhood and innovative real estate projects. On the one hand, it has quick access to any cardinal point of Buenos Aires, it has a great gastronomic and leisure life while offering the tranquility of a neighborhood of low houses and tree-lined streets, with lots of greenery and avant-garde architecture. “Next to Plaza Mafalda and the gastronomic center that was formed around it, in an environment surrounded by leisure activities, there are educational centers of excellence, health centers, sports centers, supermarkets and means of transportation,” he explains.The corridor still maintains that air of a quiet neighborhood but with a large number of new gastronomic proposals and promising urban development. One of the projects underway on Álvarez Thomas is Garda Olleros , by Avilis Real Estate: two buildings, one on the avenue and the other on Olleros, with common spaces and units that are offered for sale at US$1,700/m².
Chacarita is the new fashionable gastronomic hub among young people
OM Palermo is also under construction on this avenue, located where the old offices of the Polka production company used to operate. “We have a dynamic purchasing method. A unit of the complex can be purchased financed in 70 installments for an amount that almost represents the value of a monthly rental,” says Marcos Juejati, president of the developer Northbaires, and adds: “The purchase model allows the owner to finish pay in the years after moving in, as we estimate that units will be delivered within 30 months.” In this case, the sales price starts at US$2,600 per m², with tickets for a one-bedroom unit with 33 square meters starting at US$98,000.
In the area there are financed projects that can be purchased in 70 installments
Magnet for young people and tourists
“Palermo is definitely the nerve center, but Chacarita and Colegiales are the natural overflow, feeding off each other,” says Alejandro Reyser, partner of the developer RED with a presence in the area through Dorrego Mío and referring to the node from which He spoke a few lines back. “The values of Palermo are inaccessible to many; then Chacarita and Colegiales become excellent options”, he highlights.According to the developer, a young audience predominates in the area. As he shares, it is an area with a lot of home office , with a public that needs good and quick access to the center, something that especially characterizes the blocks that concern us. For Reyser, it is a sector that has its own style, with identity, and in the present tense, which means that it is consolidated.
In these neighborhoods, a young public predominates who does a lot of home office work.
The prices of their project located at 900 Dorrego - one of the central streets of the node - start at US$95,000 for a 45m² apartment. Additionally, Reyser highlights the work in the public sphere that, together with the private sphere, drives developments in the area. “Since the creation of the Audiovisual District by the CABA government , this area has grown a lot in quantity and quality of real estate projects. But not only that, the gastronomic proposals flourished and became the natural spill of Palermo,” he emphasizes.
The area is also characterized by its commercial growth and outlet stores.
“Chacarita and Villa Crespo have become, after the pandemic, a center of what is new in the City. They are the coolest neighborhoods with cultural and gastronomic offerings and at the same time with the flavor of the neighborhood with greengrocers and cafes to sit and watch life go by," says Jorge Mazzinghi, from the Estudio Mazzinghi Sanchez Arquitectos studio that built Black Loyola, a four-year project. Apartments on Loyola Street, steps from Ravignani. “There are 12 units that sell for US$250,000,” he details. The architect relates that “you could say that it is the Palermo Viejo of 40 years ago when that neighborhood began to evolve and then unfolded into Palermo Soho and Hollywood.”
As an advantage, it stands out that both Chacarita and Villa Crespo have the advantage that they are not so invaded by commercial premises and are close to all the Palermo Hollywood scene. In fact, the architect is moving forward with two other projects of the same brand: one on Ravignani and the other on Fraga, both projects within a 10-block radius.
Chacarita became one of the coolest neighborhoods in the city
“And in the private work that he also promoted, the Movistar Arena stands out, and Banco Galicia, which developed its own building for almost 1,600 employees and from where a large part of the bank's back office is carried out,” Reyser highlights. According to him, it is an area also suitable for temporary rentals.
In this sense, Darío Rizzo, CEO of Alternativa Propiedades Darío Rizzo, expresses himself, highlighting that in addition to the traditional neighborhoods such as Recoleta or Barrio Norte, Plaza San Martín and Belgrano, other areas have been added that have begun to awaken the interest of the public. this type of rentals such as Colegiales, Chacarita, “that is, areas bordering the northern corridor but where prices are up to 30% cheaper.”
The creation of the Movistar Arena generated a lot of movement in the neighborhood, modifying its nightlife.
Thus, Rizzo points out, the renewed offer of modern buildings, and with amenities, added to the enhancement of parks and squares, and bike paths, collaborated so that these areas, previously relegated, began to position themselves in this segment. Reference values? Search engines reveal that they are, in fact, very varied, since they depend on the exact typology and location. But yes, at least at the time of this edition, they were all expressed in dollars.
Key factors
For Ignacio Mel, director of Mel Propiedades, another firm with ventures in the node, specifically in Colegiales, the three are neighborhoods that attract young people, have a trendy gastronomic offer and are not characterized by being high density. With a magnifying glass on the business, the broker explains that Chacarita represented – and represents – an opportunity that was very relegated but close to the most in-demand neighborhoods.
Colegiales is characterized by its tree-lined streets
Logically, it is in that proximity where growth occurred and occurs with greater vigor. “It is the neighborhood that has exploded the most in recent years, and that is still being finalized, since there is still a lot to develop,” Mel evaluates, explaining that the supply continues to be concentrated there due to a natural issue of land scarcity. In addition, it has great connectivity as it has access to the train and subway. “When crossing Córdoba towards Palermo, there are differences of up to 20%, 25% more,” says Diego Migliorisi, owner of the homonymous real estate agency, putting precise numbers on the business and indicating that the availability of land is another of the keys that explain the growth of the node. By the way, as he comments, depending on which side of the “triple border” you are on, there is also proximity to Villa Crespo.
“The other reasons why it is a sought-after area? There are the outlets, there are corporate offers and there is nightlife without losing the neighborhood tranquility,” Migliorisi asks and answers, before stating: “It is one of the areas with the most growth that Buenos Aires has – and will have – in the coming years.”
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