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The Buenos Aires neighborhood that was all the rage in the 90's - La Nación Propiedades
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www.lanacion.com.ar
September 25, 2023
The Buenos Aires neighborhood that was all the rage in the nineties and that today is chosen by more and more families to live
Mercedes Soriano
Luxury projects and large trees grow in the microzone part of Las Cañitas
Palermo is the most sought after place to buy a home in the entire country , according to a regional survey carried out by Properati, and concentrates 7% of national demand. Aspirational, green and trendy , the neighborhood of a thousand names also experiences sustained growth in a particular microzone.
This is La Imprenta , one of the most coveted areas of the city that was named after the historic Hipódromo printing press, which operated on the corner of Maure and Migueletes. As the years passed, the exclusivity of the area spilled a few blocks beyond its direct zone of influence, and today the subzone could be delimited by Avenida del Libertador and Luis María Campos, Jorge Newbery and Federico Lacroze avenues.
The old printing press building that gives its name to the area maintains its original brick facade on the corner of Maure and Migueletes
“La Imprenta is an area that traditionally has high demand and there is always some project under construction but today there are approximately 11 in process at the same time . This is a good offer considering that it is a highly built-up area,” describes Ignacio Mel, owner of the Mel Propiedades real estate agency that markets a brand new project in the aforementioned area. The construction growth in the wooded area is validated by a recent Real Estate Report report, which revealed 31 projects in development or recently completed between Las Cañitas and La Imprenta.
There are different reasons that can explain this level of construction in that place, for example, the benefits that characterize it. “Today the fashionable neighborhood is the classic areas of Palermo and La Imprenta is one of them: it is a top area close to Avenida del Libertador and with good urban equipment. It is a good area for buyers looking for something quiet because it is at a safe distance from the strong nightlife and youth movement, but maintains the gastronomic offer in the form of bars and cafes nearby,” points out its strengths Gabriela Gabriela Besuzzo, manager of Interwin works.
The La Imprenta area of Palermo is thriving with numerous new developments
It is precisely the points of interest combined with the advantageous location that promote the movement of premium units. “The wheel at La Imprenta spins fast : you have high demand even though you pay one of the most expensive prices in the city and you sell quickly in the order of the highest values that the market tolerates,” summarizes the specialist in the area.
This demand, inelastic in price due to its location, explains the interest of developers in launching a new project despite the high costs. “Given the low demand in the market today, I think developers concentrate on those areas where it is known that demand is maintained or where there are possibilities of selling more ,” says Ignacio Mel, director of Mel Propiedades.
The area has always been highly coveted and that is why it maintains a high demand.
For example, Interwin has sold a large part of a project located in Maure at 1650, with four-room units and a store on the ground floor. Besuzzo points out that finished apartments sell for between US$3,000 and US$3,500 per square meter and the average ticket is US$350,000.
The new project in Maure at 1650
The value of the average square meter is still far from the US$4,897/m² that was requested at the peak of 2019, according to historical surveys by Real Estate Report. However, the area maintains exclusivity in its prices and this is evident, for example, in the value of garages. Germán Gómez Picasso, founder of Reporte Inmobiliario, indicates that “ garages in brand new buildings are requested between US$35,000 and US$50,000, a value that is seen in few places in the city .”
Although the majority of buyers in the area are end consumers , a small portion are investors seeking to capitalize or obtain future temporary income, according to Bezzuso. “La Imprenta is highly sought after for temporary rental of small two-room units due to its good urban facilities,” says Bezzuso, and clarifies that the annual rent in dollars is around 6%.
Soledad Balayan, owner of Maure Inmobiliaria, points out that in La Imprenta “the audience for permanent housing is young families with small children and that is why they look for large apartments”
Currently, units with four or more rooms are being built.
Regarding small units, Mel considers that La Imprenta prevails over other Buenos Aires areas thanks to its location and offer of services: “As today there is a market that can more easily absorb the offer of smaller construction, the developer competes against many players and differentiates itself with a good product and good location.”
In another order, La Imprenta together with Las Cañitas demonstrate another real estate phenomenon caused by the complex macroeconomic context. “Of the 31 buildings, 14 are not offered for sale publicly , a fact that is being seen a lot in the city. There are developers who directly prefer not to sell at current values since they are not sure that with the value they sell today they will be able to build the same square meters ,” says Gómez Picasso.
La Imprenta is a highly built-up area, so the land to develop comes from houses and premises for sale
Specialists agree that developers building new projects today could have purchased the land in the past and started when the cost of construction reached its most convenient price . In August 2019, the square meter of construction of a building reached its bottom at US$469. Except on two occasions, the value has not stopped increasing since then and today averages US$1,049, according to a recent report by Reporte Inmobiliario.
Soledad Balayan maintains that the land market is born from old houses or PHs that finish the succession or from some premises that are sold . “For example, where the 15-story Azuri Boulevard project is being built, at Olleros 1881, there was previously a PH with premises in front and an office in the back and a low seven-story building. Such is the need for land that tall buildings are demolished to make even higher ones,” says Ignacio Mel. The project is aligned with the demand for large typologies: it consists of four-room semi-flats that sell for US$3,200 and will be delivered in August of this year.
The microzone is positioned for its tree-lined paths and green boulevards
The obstacle that developers have to overcome to build in a place with guaranteed demand is the method of purchasing the land. “In this area, land is paid for in cash only . Although in peripheral areas the payment of land with exchange of units is used, in La Imprenta the landowners have the upper hand to negotiate, just as it can happen in La Isla de Recoleta or in Palermo Chico, where there are no more lands available either. ”says the Interwin Construction Manager.
In this context, it analyzes that the incidence of land starts from US$800 and US$1000 per square meter and can reach approximately US$1300/m² in the most premium blocks, such as Olleros Boulevard. By adding the final square meter of construction of between US$1,200 and US$1,500, he states that the projects reach profitability at the bottom only if they are sold from US$2,500.
Render of the Quartier Lacroze project
On Federico Lacroze Avenue, on the other side of Luis María Campos Avenue, a building from the Quartier brand, by Argencons, is also under construction. “It is a very consolidated and traditional area. There are many buildings, many years old, with families of more than two generations in the neighborhood. So we saw unmet demand in a consolidated area. The buildings that exist in general do not have amenities and have high expenses with little compensation. That is why we are moving forward with a project with more efficient amenities and expenses.for the consideration it gives,” explains Carlos Spina, director and partner of Argencons, the developer who created the brand. The project being built by Criba and will be delivered in the first quarter of 2024 has all four-bedroom units sold and few three-bedroom units available; records a sales value that averages prices below US$4000.
The Las Cañitas area, sister of La Imprenta, also promises a revaluation due to a new acquisition in its streets for being a trendy gourmet hub and the inauguration of its first plaza , a public park of more than 6,700 m² that is the result of a urban planning agreement approved by the Legislature and made between the Buenos Aires Government and the real estate developer ABV.
The plaza will occupy a 6,750 m² plot of land that was disused
Next to it, a real estate project is being built: Decó Polo , a development with an imperial access plaza and a double-height lobby. It is made up of three basements, a basement with a ground floor, first floor and second floor, and two 30-story towers with apartments from 160 to 890 square meters. “The other great luxury differential of this project is the presence of the Armani/Casa brand in the setting of the common spaces,” adds Gabriela Goldszer, director of Ocampo, the real estate agency that exclusively markets the project.
The Decó Polo project that is being built in the block adjacent to the recently inaugurated plaza
Mercedes Soriano
www.buyellba.com
Source:
El barrio porteño que fue furor en los noventa y que hoy es elegido por cada vez más familias para vivir
La Imprenta experimenta un crecimiento sostenido de desarrollos y una tipología reaparece para satisfacer la alta demanda: los departamentos grandes de hasta cuatro ambientes
www.lanacion.com.ar
September 25, 2023
The Buenos Aires neighborhood that was all the rage in the nineties and that today is chosen by more and more families to live
La Imprenta is experiencing a sustained growth in developments and a typology reappears to satisfy the high demand: large apartments with up to four rooms.
Mercedes Soriano
Luxury projects and large trees grow in the microzone part of Las Cañitas
Palermo is the most sought after place to buy a home in the entire country , according to a regional survey carried out by Properati, and concentrates 7% of national demand. Aspirational, green and trendy , the neighborhood of a thousand names also experiences sustained growth in a particular microzone.
This is La Imprenta , one of the most coveted areas of the city that was named after the historic Hipódromo printing press, which operated on the corner of Maure and Migueletes. As the years passed, the exclusivity of the area spilled a few blocks beyond its direct zone of influence, and today the subzone could be delimited by Avenida del Libertador and Luis María Campos, Jorge Newbery and Federico Lacroze avenues.
The old printing press building that gives its name to the area maintains its original brick facade on the corner of Maure and Migueletes
“La Imprenta is an area that traditionally has high demand and there is always some project under construction but today there are approximately 11 in process at the same time . This is a good offer considering that it is a highly built-up area,” describes Ignacio Mel, owner of the Mel Propiedades real estate agency that markets a brand new project in the aforementioned area. The construction growth in the wooded area is validated by a recent Real Estate Report report, which revealed 31 projects in development or recently completed between Las Cañitas and La Imprenta.
There are different reasons that can explain this level of construction in that place, for example, the benefits that characterize it. “Today the fashionable neighborhood is the classic areas of Palermo and La Imprenta is one of them: it is a top area close to Avenida del Libertador and with good urban equipment. It is a good area for buyers looking for something quiet because it is at a safe distance from the strong nightlife and youth movement, but maintains the gastronomic offer in the form of bars and cafes nearby,” points out its strengths Gabriela Gabriela Besuzzo, manager of Interwin works.
The La Imprenta area of Palermo is thriving with numerous new developments
It is precisely the points of interest combined with the advantageous location that promote the movement of premium units. “The wheel at La Imprenta spins fast : you have high demand even though you pay one of the most expensive prices in the city and you sell quickly in the order of the highest values that the market tolerates,” summarizes the specialist in the area.
This demand, inelastic in price due to its location, explains the interest of developers in launching a new project despite the high costs. “Given the low demand in the market today, I think developers concentrate on those areas where it is known that demand is maintained or where there are possibilities of selling more ,” says Ignacio Mel, director of Mel Propiedades.
The area has always been highly coveted and that is why it maintains a high demand.
A demand finally met
Behind the skeletons of the new constructions hides a change invisible to the naked eye. “Lately, several projects have been carried out for large units with four or more rooms, something that was missing in La Imprenta,” highlights Mel. “This shows that the need was read into the demand that wanted something that was not a standard one-room apartment or a small two-room apartment. In the 90s, many small units were built in the city because there was great demand from investors and loans that allowed professionals to access housing. In recent years, the lack of credit made those who could buy a unit try to buy a large one to live in and the sanction of the rental law scared away investors.”explains Soledad Balayan, owner of Maure Inmobiliaria. Specifically, she points out that at La Imprenta “ the audience is young families with small children and that is why they are looking for large apartments.”For example, Interwin has sold a large part of a project located in Maure at 1650, with four-room units and a store on the ground floor. Besuzzo points out that finished apartments sell for between US$3,000 and US$3,500 per square meter and the average ticket is US$350,000.
The new project in Maure at 1650
The value of the average square meter is still far from the US$4,897/m² that was requested at the peak of 2019, according to historical surveys by Real Estate Report. However, the area maintains exclusivity in its prices and this is evident, for example, in the value of garages. Germán Gómez Picasso, founder of Reporte Inmobiliario, indicates that “ garages in brand new buildings are requested between US$35,000 and US$50,000, a value that is seen in few places in the city .”
Although the majority of buyers in the area are end consumers , a small portion are investors seeking to capitalize or obtain future temporary income, according to Bezzuso. “La Imprenta is highly sought after for temporary rental of small two-room units due to its good urban facilities,” says Bezzuso, and clarifies that the annual rent in dollars is around 6%.
Soledad Balayan, owner of Maure Inmobiliaria, points out that in La Imprenta “the audience for permanent housing is young families with small children and that is why they look for large apartments”
Currently, units with four or more rooms are being built.
Regarding small units, Mel considers that La Imprenta prevails over other Buenos Aires areas thanks to its location and offer of services: “As today there is a market that can more easily absorb the offer of smaller construction, the developer competes against many players and differentiates itself with a good product and good location.”
In another order, La Imprenta together with Las Cañitas demonstrate another real estate phenomenon caused by the complex macroeconomic context. “Of the 31 buildings, 14 are not offered for sale publicly , a fact that is being seen a lot in the city. There are developers who directly prefer not to sell at current values since they are not sure that with the value they sell today they will be able to build the same square meters ,” says Gómez Picasso.
The challenge of finding where to develop
As in the rest of Palermo, land for development in La Imprenta is scarce . “They are well-priced lands that defend their value over time,” says Besuzzo and clarifies that “there are no land opportunities with low incidence as can appear in Saavedra and Coghlan.”
La Imprenta is a highly built-up area, so the land to develop comes from houses and premises for sale
Specialists agree that developers building new projects today could have purchased the land in the past and started when the cost of construction reached its most convenient price . In August 2019, the square meter of construction of a building reached its bottom at US$469. Except on two occasions, the value has not stopped increasing since then and today averages US$1,049, according to a recent report by Reporte Inmobiliario.
Soledad Balayan maintains that the land market is born from old houses or PHs that finish the succession or from some premises that are sold . “For example, where the 15-story Azuri Boulevard project is being built, at Olleros 1881, there was previously a PH with premises in front and an office in the back and a low seven-story building. Such is the need for land that tall buildings are demolished to make even higher ones,” says Ignacio Mel. The project is aligned with the demand for large typologies: it consists of four-room semi-flats that sell for US$3,200 and will be delivered in August of this year.
The microzone is positioned for its tree-lined paths and green boulevards
The obstacle that developers have to overcome to build in a place with guaranteed demand is the method of purchasing the land. “In this area, land is paid for in cash only . Although in peripheral areas the payment of land with exchange of units is used, in La Imprenta the landowners have the upper hand to negotiate, just as it can happen in La Isla de Recoleta or in Palermo Chico, where there are no more lands available either. ”says the Interwin Construction Manager.
In this context, it analyzes that the incidence of land starts from US$800 and US$1000 per square meter and can reach approximately US$1300/m² in the most premium blocks, such as Olleros Boulevard. By adding the final square meter of construction of between US$1,200 and US$1,500, he states that the projects reach profitability at the bottom only if they are sold from US$2,500.
A booming area
The director of Mel Propiedades indicates that if the construction radius is expanded, several more developments can be observed: “ There are more high-quality products nearby that benefit from the good location .”
Render of the Quartier Lacroze project
On Federico Lacroze Avenue, on the other side of Luis María Campos Avenue, a building from the Quartier brand, by Argencons, is also under construction. “It is a very consolidated and traditional area. There are many buildings, many years old, with families of more than two generations in the neighborhood. So we saw unmet demand in a consolidated area. The buildings that exist in general do not have amenities and have high expenses with little compensation. That is why we are moving forward with a project with more efficient amenities and expenses.for the consideration it gives,” explains Carlos Spina, director and partner of Argencons, the developer who created the brand. The project being built by Criba and will be delivered in the first quarter of 2024 has all four-bedroom units sold and few three-bedroom units available; records a sales value that averages prices below US$4000.
The Las Cañitas area, sister of La Imprenta, also promises a revaluation due to a new acquisition in its streets for being a trendy gourmet hub and the inauguration of its first plaza , a public park of more than 6,700 m² that is the result of a urban planning agreement approved by the Legislature and made between the Buenos Aires Government and the real estate developer ABV.
The plaza will occupy a 6,750 m² plot of land that was disused
Next to it, a real estate project is being built: Decó Polo , a development with an imperial access plaza and a double-height lobby. It is made up of three basements, a basement with a ground floor, first floor and second floor, and two 30-story towers with apartments from 160 to 890 square meters. “The other great luxury differential of this project is the presence of the Armani/Casa brand in the setting of the common spaces,” adds Gabriela Goldszer, director of Ocampo, the real estate agency that exclusively markets the project.
The Decó Polo project that is being built in the block adjacent to the recently inaugurated plaza
Mercedes Soriano
www.buyellba.com
