Another one needs advice on buying property (Medellin, Bogota, or Cartagena?)

I have been researching everything I can on buying property in Colombia. There is enough info out there for me to have decided that with a decent lawyer, someone who knows the area (and is honest), some cash, and a "be ready for anything" attitude, I should be ready to take the leap and buy some property. My problem is deciding where to buy. I have been to Bogota and loved the city. Medellin sounds like it has the type of climate I am looking for whereas Cartagena seems like a pretty low stress environment. My only intention at this time is to buy an apartment so that I can escape now and then from the US and also fulfil a desire I have had for awhile to own something overseas. I spend most of my time in Eurasia and considered buying there. The fact that Colombia is "fairly" close to the US and the airfare is considerably cheaper than flying to Georgia, Azerbaijan, ... as well as most Americans being afraid to go there has pretty much made my decision. Based on my priorities of
1) Looking for a 1-bedroom apt in a decent (if not up and coming) neighborhood. I am only going to be there maybe 20-30 days out of the year. This means I can sacrifice some of the "extras." For my purposes i don't want to spend more than 30K US.
2) A city with a good night life.
3) A city with good year around weather

I am a city boy so that is why I probably liked Bogota but it seems to rain and stay cool there. Cartagena sounds like a blast but I am the type of guy that buys a pool and would never use it (therefore I prob wouldn't be hanging out at the beach much). I hear that it is very hot and humid in Cartagena as well. Medellin might be the place for me (plus I hear you get more bang for your buck in Medellin. If I can get hold of someone who can show me around in either city, I plan to pull the trigger on this one pretty quickly. Any help would be greatly appreciated (sorry for the long intro).

By mantis on Aug 9, 2005, 18:19 in Friendly Talkzone.

Hunter says on Aug 10, 2005, 11:24:

mantis Why buy, if you are only going to be there a month or less out of the year, I wouldn't bother.

Unless you can give a good reason/s?

Hunter

mantis says on Aug 10, 2005, 15:03:

Essentially it boils down to it is something I want to do. Sure I could use the money elsewhere. I am fairly young, don't have family or children, and would probably spend the money on another sports car or something. I have investments and all that stuff. Some may call me frugal but I know what type of thing make me happy and feel fulfilled. At least this way instead of blowing money traveling the world in search of... (what i am not sure) I at least will be able to take off at a moments notice and get away from "it" all without worrying about where I will stay. It is worth it to me to buy.

aztec says on Aug 10, 2005, 15:29:

Property We understand your desire to purchase something in Colombia. I personally support your object. However, be patient take your time and look around. I have been looking for 15 years and changed my mind several times about location. At first we wanted to buy in Cartagena but finally decided the weather and cultural activities in Bogotá better met our needs. Hunter has offered you good advice. You will not be sorry you followed it!

mantis says on Aug 10, 2005, 17:50:

I appreciate the advice. I value Hunter's opinion and yours as it seems you both probably have more experience in the country than I. I plan to do as much research as possible before making any final decision.

agucho says on Aug 11, 2005, 07:31:

Medellin might be For you introduction I think Medellin is your city. There are lots of agencies that will help you, just that they will make the price bigger than the real one. If you look the apartment by yourslef will be better, but what you looking for is not hard to find for a good price a nice area.

Good luck !

mantis says on Aug 11, 2005, 19:55:

I prefer to find the place without an agent. I will head down more than likely in early October to find a place. I have a couple of friends who have family in Medellin. I definately want the "local" rate. I plan to have someone else do the negotiating for me.

psahlmann says on Aug 17, 2005, 13:33:

purchase of property I recommend you follow up on real estate auctions held
by the banks. They are advertised in the newspaper and
tipically you get a very good deal. It also gives you
the chance to inspect/select the object of your liking
and then have a local strawman at the auction to avoid
overly pricing. I was lucky enough to be the only one
interested and got my property for real cheap. I will
buy another this or next year. Waiting for auctions...

Patrick
ps same as in the US it is always a good idea to make
sure what you buy is free of liabilities (taxes,
utilities). another reason to buy with a bank as
they normally clear a place from sceletons before
going about liquidation

Kind regards Patrick Hotel Sun City Best Place in Santa Marta www.sahlmann.net +57 54 211925

Gator says on Aug 17, 2005, 18:59:

You will Love Bogotá... especially the north end where I and the wife live. We searched the coast (just got back from almost two weeks in Santa Marta)apartmento hunting-good prices but I had forgotten just how damn hot/humid it is. An that is the reason I left Cartagena some years ago.
It looks like we will remain in Bogotá.

psahlmann's advice is on the money and is Hunter's, as usual.

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

spigrimace says on Aug 18, 2005, 18:12:

Have a paisa ask, bid and negociate for you I´ll tell you a true story of a gringo friend whom fell in love with barrio Prado, which I as well think is charming with a lot of great old architecture but it only gets the strata 3 nod. He went to ask how much for a 4 bedroom, 3 bath, 2 car garage nice size house....and was told $210,000,000. His paisa wife went the next day not saying she was his wife and she was told $150,000,000. Big difference right? But here´s the kicker...She negotiated it down to $105,000,000 which was right where the AVALULO she hired had appraised it. So as I´ve said before don´t be shy to offer half the value ESPECIALLY if paying cash-in-full, have a local do the talking, asking and negociating and use an avaluador for Pete´s sake! $300,000 to really know what it´s worth is money well spent.

Keep on the theme...The idiot landlord of where my business is at is now shitting his pants because the $380,000,000 he is asking for his run down 50 year old commercial building (because he knows I´m a gringo) which is worth in excellent shape by TWO independent appraisals $280,000,000 less the $40,000,000 in repairs it badly needs so the just price is $240,000,000, has been told I´m moving out when the lease is up in November unless he comes way down on the rent or price of the building. No one has been by to look at the building to buy or rent. He, as whopping 12.5% owner, insists he´ll simply build (which would cost roughly $300,000,000) and that he and his other family owners have boatloads of money but oooooops, the subpeonas from the Secretaria de Castral for all the family members that own the place just came in the mail to my business which means....the, ahem, "moneybags" a-hole hasn´t been paying the taxes....see how this game of lies works??

I never made an offer so now if he comes down in price, I´ll offer $175,000,000. I already offered $2,000,000 rent for 5 years (it´s currently on the high side at $3,000,000 a month) and that he gives up his right to raise the rent. That pissed him off to no end.

The gringo strikes Back! jajaja

mantis says on Aug 19, 2005, 15:27:

Great,
psahlmann-I am going to look into the auction thing for sure. I am sure (hopefully) the person I am going to work with knows about checking for back taxes owed and utilities. But for my own peace of mind, how can i verify, once I find a place, how much if any taxes are owed? Also, how often are these auctions?
spigrimace-Using an AVALULO is an excellent idea and seems like the logical thing to when purchasing any property. Thanks for the advise.

Another question for anyone- how does the putting in an offer process work in Colombia. I am assuming that I can have someone else do the haggling for me and I can sign all the papers. Am I right?

ws244 says on Aug 19, 2005, 16:37:

ws244 It is kind of dumb to buy property in Colombia today, your dollar is worth 25% less than a year ago. If you have money to throw away go ahead, otherwise wait a couple of years as their construction boom is going to bust. Working with foreclosures at Colombian banks are no different than working with banks up here, except a better chance of getting ripped off down there. 4 years ago you could have bought a place there for 50 cents on the dollar, and while that will not happen in the near future, remember there are a lot of variables down there, the politics of american aid for drug fighting, who comes after uribe in 4 years, Colombian exports due to the low dollar and high peso, not exactly a great investment area like south florida, california, or baja mexico for the tourist industry.

mikecolombia says on Aug 27, 2005, 09:05:

It's not dumb to invest in property right now. If you are looking for a long term investment. Now is the time to buy while the prices are low. Just be smart and buy where there is potential for growth.