Any Colombian real estate flippers out there?

pilotguy says on Feb 26, 2008, 13:05:

Yes, I bought a larger house , remodeled and sold in 6 months. 215 million profit. is good biz. Joe

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tomtom33 says on Feb 26, 2008, 13:14:

Given the under reporting of sale prices that seems to be the norm in Colombia, I doubt that anyone would be willing to lay things out for you in a public forum.

I have yet to sell any property in Colombia, but I know many who have. They may have made a peso or two. Who knows?

My apartment in Cartagena has supposedly appreciated better than 300% in 5 years. Of course I realize that this is all paper profit and that I haven't made a peso until I actually sell. Jajajaja.

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wendell13 says on Feb 26, 2008, 14:13:

From a fellow vet, thanks for your service Joe

101st 2/501

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nine inch nails says on Feb 26, 2008, 14:18:

Now do you have to pay taxes to both to both the US and CO?

get down, get down. are you afraid of the boogie monster?

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tejasmarcos says on Feb 26, 2008, 14:41:

if you have the capital gain portion wired to your offshore bank by the buyer, you pay no taxes :)

that is how the locals do it....

trying to walk a straight line on sour mash and cheap wine...

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nine inch nails says on Feb 26, 2008, 14:45:

I want to ask if any of you think the RE market there is going to soon come tumbling down like here in the US and now Europe?? Yes there are some extranjeros buying in CO but by and large wouldn't you think most of the purchases are Colombian US citizens buying 2nd, investment or spec. properties?? In Costa Rica they think the RE is going to be heading down since such a large number of the buyers financed from 2nd loans taken on their US properties back when money was so easy.

I just retuned from 3 days in CTG and 7 in MDE and instead of chasing girls more spent too much time studying the RE market so that I can hopefully get a deal on something to be able to chase girls more in the future.

Anyway saw so many properties for sale in El Colombiano in Poblado. Most looked out of the reach of 90% of the ordinary citizens down there (hmmm??). What's really going to happen? Another nice area too (Sabaneta) saw a lot of "arriende" y "vende" signs in the new apartment building units.

If it comes down don't want anyone to get hurt bad but would be nice to see prices stabilize for awhile.

Interest rates are really high there now too, almost 10%.

get down, get down. are you afraid of the boogie monster?

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tejasmarcos says on Feb 26, 2008, 14:59:

NIN;

- less than 5% on average purchases here in poblado are made by foreigners. it is a locally driven market.

- there is a heavy re-patriot money coming back into the country to buy homes from usa, etc. also, the rich here are gobbling up real estate investments.

- very few here finance. i would guess less than 30%. most pay cash. there is also the effect of using real estate here as a bank account for dirty money.

- i am seeing many more 4 sale and 4 rent signs as well, but i think it is more of a case of over supply right now than downturn in economy.

trying to walk a straight line on sour mash and cheap wine...

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wendell13 says on Feb 26, 2008, 15:02:

You have some of the same thoughts as I do 9 inch...I have lived in Cali for over 3 years and have wondered who is buying all this upper end stuff. There are 3 new projects in the Juanambu area and I think the cheapest is around 150,000 US. There are a couple of magazines in Cali that list all the new projects with prices, etc

I was looking at the financing flyer from a builder near Chipichape. Mortgage rates at around 12-14 %. By law they can only lend 70% on a first but will finance the down payment also. Not quite the "idiot" loans like in the US but close. They count every adult that is going to live in the house as income. Sub prime Colombian style.

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tejasmarcos says on Feb 26, 2008, 15:05:

one day, rates in the usa will be back in the double digits.

trying to walk a straight line on sour mash and cheap wine...

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darkangel305 says on Feb 26, 2008, 16:01:

im depreesed in miami
i hope that prices in Colombia dont rise like it happened here

now the homes cant be sold at the prices me and thousands paid for them (crying)

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Monpirri says on Feb 26, 2008, 20:59:

Hey PepeA, where have you been?

Annette Taddeo for US Congress 2008

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el torcido says on Feb 26, 2008, 21:58:

Colombian Real Estate Flippers? No, but I was working at the Cali I-Hop. Does that count?

don't know much about 'conomy

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robi666 says on Feb 27, 2008, 03:20:

Perfect... now this Baltazar came from the middle of nowhere and seems to know something that we don't know about PepeA.... tell us more Baltazar!

"I am a citizen of the most beautiful nation on earth. A nation whose laws are harsh yet simple, a nation that never cheats, which is immense and without borders, where life is lived in the present."

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tejasmarcos says on Feb 27, 2008, 05:00:

Baltazar is Medo (something or another) from the past. RAAY called him out yesterday. He is a troll boy from New York, I believe.

- nice pics from the big banana by the way, pepea.

trying to walk a straight line on sour mash and cheap wine...

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gringoloid says on Feb 27, 2008, 05:05:

one thing for sure........this Baltazaar/Medoblado troll..........is a person green with envy of us who live in colombia.

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nine inch nails says on Feb 27, 2008, 05:56:

"I was working at the Cali I-Hop"

In the US this use to qualify for a $250K sub-prime loan (jajajaja). Serious. Read an article where a McDonalds worker was qualified up to $250K in the time of eeeeeasy money.

Thanks to all for the info. on the RE market there. Quite different than in US.

get down, get down. are you afraid of the boogie monster?

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robi666 says on Feb 27, 2008, 12:31:

"Baltazar is Medo (something or another) from the past. RAAY called him out yesterday. He is a troll boy from New York, I believe."
"one thing for sure........this Baltazaar/Medoblado troll..........is a person green with envy of us who live in colombia."
For sure he know Medellin...

Wait a moment... couldn't he be Morphus?

"I am a citizen of the most beautiful nation on earth. A nation whose laws are harsh yet simple, a nation that never cheats, which is immense and without borders, where life is lived in the present."

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