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Post by jabberwocky on Jul 18, 2016 15:52:26 GMT -5
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Post by mudd on Jul 18, 2016 16:03:47 GMT -5
buying anything in medlelin now, your about 6 years too late, everything is over priced,
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Post by Deleted on Jul 18, 2016 16:26:12 GMT -5
When does the bubble burst, if ever?
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Post by marazul on Jul 18, 2016 16:27:21 GMT -5
That was reduced to 360 million. Still a bit more than I would want to pay for a lot. You have to be really brave to try and build from scratch as an Expat. Hard enough in your hometown!
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Post by livinginmedellin on Jul 18, 2016 17:35:20 GMT -5
buying anything in medlelin now, your about 6 years too late, everything is over priced, I disagree. Many of the older places needing some refurb work are much, much cheaper than new properties. So some opportunities there. Also it's still a buying opportunity with prices much lower in terms of USD than a couple years ago with the improved exchange rate. The exchange rate for the USD probably won't be so favorable in another few years... 6 years ago when I first started living in Medellín the exchange rate was about 1,800 pesos to the USD. Today it's 2,923 or 62% higher. Also there are some areas with real cheap properties like in Bello. In Sabaneta it is much cheaper than El Pobaldo and while being overbuilt now - it will likely be fully built out in 4-5 years as Sabaneta is small and will start to see some price increases.
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Post by dandl93 on Jul 18, 2016 17:49:10 GMT -5
That was reduced to 360 million. Still a bit more than I would want to pay for a lot. You have to be really brave to try and build from scratch as an Expat. Hard enough in your hometown! I know some expats that have built including my self, even after making some mistakes that cost them.They came out much cheaper than if buying already built. A expat has to have plenty of time to be hands on from start to finish and handle all purchaseing of materials. LIM is correct that all over Colombia refurbs is a great way to make some money.
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Post by jabberwocky on Jul 18, 2016 18:17:09 GMT -5
We may still buy something in La Pintada - not for full time living but for visiting - and living part time in the future - normally I would just wait but with the exchange rate hovering around 3000 pesos to the dollar may pull the trigger in next 3 months - does not look like dollar is going to go over 3500 pesos in the near future - so no use sitting around waiting on that. The house would need a lot of work to gringo-ize it. But labor is cheap in Pintada.
The wife's sister rents the house now - we would just keep her there and rents received to put towards rehab, although she is family - the wife is a bit hardnosed when it comes to dinero - she would not let her slide. Going to check it out in 2 weeks - know the street and the sector - is it a high end neighborhood - haha no way - just typical local house.
As far as the lot - will need to play the lotto - the lot price is steep but it would be a total package cost that would worry me - I would prefer to buy something already standing.
But just as a comparison - we bought our house here in Orlando 2 years ago - a year after returning to US - it appreciated 33% in 2 years. Rents in Orlando still continue to rise - a typical nothing fancy 2 bedroom 2 bath - goes for $1,200/month and up - if you want to be downtown with the under 30 crowd - about $2,000/month and more. Buying though is still a pretty good deal - although home prices have risen steeply rates on a 30 year mortgage are about 3.25%. Its cheaper to buy than rent.
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Post by miamimedellin on Jul 18, 2016 18:20:43 GMT -5
Anybody know the current sq footage prices for building a modern style finca ? 4 bedroom/3 bathroom, one story ? Or what have people constructed (finca) and the costs ? Thanks in advance.
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Post by nickdanger on Jul 18, 2016 18:27:29 GMT -5
buying and fixing and turning over fixer uppers does not seem to be as popular in Colombia as in the US. Also people do not seem to have any interest in making even minimal repairs/expenditures when they are selling a property - sort of sold "as is". Any thoughts?
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Post by coolcoil on Jul 18, 2016 18:47:48 GMT -5
I don't know that area, so I can't speak specifically to the price for that particular lot, though I assume there is some FA Realty premium built in. However, COP $400M for a lot in a parcelacion does not surprise me. Similar lots in the parcelaciones between Rionegro and La Ceja are going for that easily. Here in our little unidad cerrada in La Ceja, 400m2 lots are going for $210M or a little bit more. That's based on two real sales in the last two months, not wishful thinking. And we don't have any spectacular views or any amenities (unless you consider having coolcoil as your neighbor to be a bonus). For what it's worth, the lots are actually down in value in USD$ terms from when we bought for COP $150M four years ago. At the time, that was USD $75K, and they're only about USD $71K now. One thing that I thought was attractive about the lot in the brochure was that they seem to have already created a flat space. Some of the developments out here are on land so steep that a billy goat would have trouble living there. Whoever buys them is going to have a big excavation bill.
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Post by coolcoil on Jul 18, 2016 18:55:46 GMT -5
Anybody know the current sq footage prices for building a modern style finca ? 4 bedroom/3 bathroom, one story ? Or what have people constructed (finca) and the costs ? Thanks in advance. Where do you want to build and how fancy do you want it? From what I've seen the per square meter construction costs are much higher around Baranquilla/Cartagena than here in Antioquia. Of course, the level of finish that you want makes a big difference too. When we built here in Antioquia 1.5 years ago, we were quoted COP $100K per sq. meter for a good, but not fancy level of finish and $140K for higher end. However, I understand builder prices have gone up a fair bit since then. Take a look at recently constructed properties for sale. Around here at least, the going rate for a recently constructed home matches pretty well with what you would pay for a similar lot and to build a similar house.
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Post by dandl93 on Jul 18, 2016 19:11:21 GMT -5
buying and fixing and turning over fixer uppers does not seem to be as popular in Colombia as in the US. Also people do not seem to have any interest in making even minimal repairs/expenditures when they are selling a property - sort of sold "as is". Any thoughts? I have done well with the remodel properties I have bought and sold. Most Colombians either dont have the cash to fix up their home before they sell it or Colombians dont have the time to buy a property to fix up. Finding the properties that are priced correctly is the hardest part.
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Post by dandl93 on Jul 18, 2016 19:29:59 GMT -5
Anybody know the current sq footage prices for building a modern style finca ? 4 bedroom/3 bathroom, one story ? Or what have people constructed (finca) and the costs ? Thanks in advance. Just to many questions to even get you close to a average price. Labor and materials can vary alot depending where you live or want to build. Modern style home can vary alot in Colombian standards. Finca in its self can have many differant meanings also.In my town and area people will have a finca still in the city limits that can almost double the price compared to the rural area.
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Post by Deleted on Jul 18, 2016 19:39:21 GMT -5
The fact that certain townhome lots are going for 150 - 175 million in certain parts of Rionegro, it put things in perspective. I didn't see how big the lots were in Monticelo, but land is getting pricey up here in El Oriente, too. I would try to deal with the builder directly if at all possible, but it looks like this parcelacion attached itself to a realtor already. There are plenty of new casa campeste developments on-going between San Antonio de Pereira and La Ceja, Carmen de Viborral and between La Ceja and Don Diego where I believe an economic profit can still be made on a real estate investment. As far as me, I go for the less expensive real estate investments in El Oriente.
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Post by jabberwocky on Jul 18, 2016 19:41:47 GMT -5
Was always a bit confused to what exactly a "finca" is - different things to different folks - to me it would be a house in the country with a few farm type animals - been to one by Guarne with horses, dogs and lots of pigs and large house with numerous bedrooms, one outside of Santa Fe - was just a development of town homes surrounding a very large community a pool ( they still called it a finca)
The wife was at a Tia's finca this past weekend - a couple acres of land - no animals , football field and a very large almost boarding room like house. 9 bedrooms/ 3 bathroom ( needs more of those) a big kitchen and lots of picnic type tables to eat on - huge barbecue pit.
I know its a way for friends and family to get out the city, and I think a couple of gringos here have fincas - I guess I am just not into them too much, potential for too many people in one house - OK for 5 or 6 - but 15-20? Just not my thing - I would rather retire for the night to a hotel.
Vago - I was meeting with a client in Miami a couple of weeks ago - Colombians but in the US for 20 years - but they just recently bought a lot in one of the developments up by Rio Negro - looked OK but I am sure it wasn't cheap. I would bet they are selling a lot of these lots to Colombians in the States - economy for many is doing pretty decent and the dollar is strong.
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Post by coolcoil on Jul 18, 2016 20:22:00 GMT -5
Was always a bit confused to what exactly a "finca" is - different things to different folks - to me it would be a house in the country with a few farm type animals - been to one by Guarne with horses, dogs and lots of pigs and large house with numerous bedrooms, one outside of Santa Fe - was just a development of town homes surrounding a very large community a pool ( they still called it a finca) Yes, I used to think the same as you, but it seems to me that the working definition is "any detached house not located in a city." Considering a townhouse to be finca is stretching it yet further.
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Post by Deleted on Jul 18, 2016 20:36:53 GMT -5
Was always a bit confused to what exactly a "finca" is - different things to different folks - to me it would be a house in the country with a few farm type animals - been to one by Guarne with horses, dogs and lots of pigs and large house with numerous bedrooms, one outside of Santa Fe - was just a development of town homes surrounding a very large community a pool ( they still called it a finca) The wife was at a Tia's finca this past weekend - a couple acres of land - no animals , football field and a very large almost boarding room like house. 9 bedrooms/ 3 bathroom ( needs more of those) a big kitchen and lots of picnic type tables to eat on - huge barbecue pit. I know its a way for friends and family to get out the city, and I think a couple of gringos here have fincas - I guess I am just not into them too much, potential for too many people in one house - OK for 5 or 6 - but 15-20? Just not my thing - I would rather retire for the night to a hotel. Vago - I was meeting with a client in Miami a couple of weeks ago - Colombians but in the US for 20 years - but they just recently bought a lot in one of the developments up by Rio Negro - looked OK but I am sure it wasn't cheap. I would bet they are selling a lot of these lots to Colombians in the States - economy for many is doing pretty decent and the dollar is strong. Yes, indeed... the Colombians who made their money, have gobbled all the lots in my development. There are no more "IPO offerings" from the builder/developer. Some lots were bought cheap by speculators/flippers when the development first opened while others who purchased multiple lots are looking to either sell or rent.
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Post by miamimedellin on Jul 18, 2016 20:42:05 GMT -5
Sorry guys for the misunderstanding, Finca meaning house on a plot of land/country side. The area would be rionegro antioquia. Thanks for the responses. If anyone has any photos of projects completed and the costs would like to see. Thanks again.
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Post by billforce on Jul 18, 2016 22:14:44 GMT -5
There is a country house and lot for sale in my parcelacion, approx. 2 acres with a 4 bedroom, 2 story house with a POOL (new) and incredible view of the Canon de Porce. 24/7 guarded community 40 minutes to Medellin, 20 minutes to Bello. The property was seized by the bank about 1 year ago and I understand it is for sale for $450.million. The parcelation administration furnished water (crude), security service on moto's with regular patrols, central alarm system with both sirens and cameras that go directly to the portero and to the police station. Slightly warmer than Medellin as we are some 400 meters lower in elevation. Cable internet and Direct TV and the entire parcelation is administered by a professional company with all central services paid for in our monthly administration costs, I estimate the administration cost for that Finca is about $200,000 pesos per month.
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