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Apartment in Medellin

Hi, I recently had a look at apartments in medellin. I found one right near pobaldo, on the 7th floor for 134,000,000 pesos. It was a bedsitter, 40 sq m, in a great building with pool, gym, security etc and a nice view.

How does that price sound in general to people with a bit more knowledge. It works out to be 67,000 USD and per sq metre 1675 USD (3,350,000) . I thought that seemed a bit expensive whe looking at the sq metre price, although they are using higher for smaller apartments.

Any thoughts on the price anyone?

thanks for your help.

By bickerss on Oct 15, 2007, 02:11 in Renting, selling & meetups.

Lostgringo says on Oct 15, 2007, 02:22:

Bickers remember Sabaneta is going to be the next Pablado! Good investment buying here. Allot of people are selling their apartments in Pablado and moving here. Just thought I would through that in. I am happy to see you are live and well.

Your Home Away from Home:http://www.welovebogota.com http://www.apartmentinbogota.com "Luxury apartment and rooms Cheap" Only 2 blocks from the American Embassy!

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robi666 says on Oct 15, 2007, 03:20:

Wow, 3,350,000 per m2!
I really don't know. It is small and new (I guess), but it is sincerely the first time I hear of a price high like that.
Anyway, it could be normal. Which condominium is it?

Just look at 10 - 15 apartments before buying, put everything on an excel spreadsheet (value, value per m2, administration, predial, your "vote") and then make your decision. If it is not an investment (that is to rent it), but to live in, do not be afraid to spend a little more for something you like.

One more thing... when judging the view, try to figure out if a new building can be built in the space nearby your condo. If it can, it will. That is likely to be the case if you buy new.

"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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morphus says on Oct 15, 2007, 04:52:

Don't foget maintenance fees. You can rent the same type of apartment in other parts of Medellin for the same price as the maintenance fees in Poblado you already paid big money for..

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Brians says on Oct 15, 2007, 04:57:

Expensive but I thought things were expensive at $2,000,000 a sq. meter so what do I know:)

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morphus says on Oct 15, 2007, 06:52:

Alright, the best bang for the buck in Medellin: San Javier...real Medellin, clean, safe, cheap, hottest chicas and close to Metro.

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Rob77 says on Oct 15, 2007, 08:03:

San Javier is nice. It has the feel of a pueblo inside a city. But there are a few sections to it. You should be careful what section you hang out in.

BOYCOTT CITGO - CHAVEZ SUCKS!!!

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morphus says on Oct 15, 2007, 08:21:

The more dangerous the better!

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Rob77 says on Oct 15, 2007, 08:44:

In that case, you should jump on the new Metro Cable extension and head up into the hills behind San Javier where the Desplazados are camped.

BOYCOTT CITGO - CHAVEZ SUCKS!!!

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strata2woman says on Oct 15, 2007, 08:44:

Can someone post what happens to the money you invested in a home in Colombia, and you are not a Colombian citizen, and need to sell it and want to go back to your country? Can you get your money out of the country?

- "con sombrero vueltiao y abarcas de tres puntá"

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Brians says on Oct 15, 2007, 10:12:

Stata2 you can get it out without taxes if you filed the proper paperwork. You pay taxes on gains though.

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rhydewithdis says on Oct 15, 2007, 14:16:

Here are some comparative figures taken from recent apartment sales in Medellin (this is current as of three months back)... the prices you are quoting clearly have a huge amount of gringo IVA priced into them.

I've listed it as follows (all prices are in pesos per square meter):
Area *** Min Price *** Max Price *** Median Price

Belen *** 1.313.000 *** 2.030.167 *** 1.646.863
El Poblado *** 1.750.667 *** 2.754.754 *** 2.267.060
Laureles-Estadio *** 1.112.069 *** 2.013.415 *** 1.642.606
Envigado *** 896.875 *** 2.369.231 *** 1.781.280

For my purposes, if I wanted to purchase a place in Poblado, the price per sq. ft at the high end is 257,453 pesos (approx USD$130). So a 1,500 sq. ft apartment in a presumably very high end building would run around $195k. In the midrange, you could probably pick up something similar in size for around $105/sq. ft. or around $160k.

They said I couldn't play football I was too small / They say I couldn't play basketball I wasn't tall / They say I couldn't play baseball at all / And now everyday of my life I ball.

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tomtom33 says on Oct 15, 2007, 14:31:

I bought a 140 M2 apartment in Conquistadores(Laureles) in Jan. of this year for 123 million pesos. Then I spent another 40-50 million remodeling and furnishing. The monthly maintenance fee is 90K. It is Estrato 5.

There are new places in Niquia near the metro for 50 million.

If you want to live with the ricos, you pay. Other than the eye candy and the computer parts in CC Monterrey, I have no interest in Poblado.

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Grateful Dead says on Oct 15, 2007, 15:06:

Do they have anything for about 20k US. ?

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tomtom33 says on Oct 15, 2007, 17:00:

Sure, there is a lot to choose from for US$20K or less. But the neighborhood may not be the best, and you may have to forego some luxuries.

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Grateful Dead says on Oct 15, 2007, 17:04:

"Sure, there is a lot to choose from for US$20K or less. But the neighborhood may not be the best, and you may have to forego some luxuries."

Thanks tomtom33 I think I will have to go with the $20k economy packet.

lmao

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rhydewithdis says on Oct 15, 2007, 17:32:

at tomtom33,
Based on what you say, you're place cost about 880k/M2, is that correct? That seems to be a very low figure based on recent sales in that area...
Laureles-Estadio *** 1.112.069 *** 2.013.415 *** 1.642.606

Can you give us all some background (from an educational perspective) on specifics. How did you find the place, how old is the building, how is the immediate area, floor, views, any amenities (gym, pool, parking, security), etc.

Thanks in advance on behalf of everyone reading this thread!

They said I couldn't play football I was too small / They say I couldn't play basketball I wasn't tall / They say I couldn't play baseball at all / And now everyday of my life I ball.

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robi666 says on Oct 15, 2007, 17:40:

rh, where did you get those figures?

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tomtom33 says on Oct 16, 2007, 03:23:

I went to a local real estate agency and asked to see places in Laureles between 100 and 150 million. There were a lot to choose from. My building is 33 years old. I'm on the first floor of a 5-story building. There are 2 apartments on the first floor with no shared walls, 9 apartments in the whole building. There are also 2 sizable private terraces and 2 parking spaces in the garage below the building. We have a portero from 7 am to 3:30 pm, six days a week. There is a common roof terrace.

There is a sizable premium placed on new construction. That premium is not always well-deserved. A week ago a brand new apartment building in Itagui collapsed.

I am familiar with Mirador el Laguito in Cartagena as I watched it being built. Several friends own in that building now. It may not fall down any time soon, but it will not wear well.

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bickerss says on Oct 16, 2007, 06:25:

Thanks for the replies. I thought it sounded very expensive, however wanted to see some other views. Will be doing a lot more looking around on my next trip.

I dont think its insane at all putting money into a country like colombia as long as one is aware of the risks and is able to accept that everything may go wrong - and can afford to so it. I know quite a few who have bought and are happy with the risks, having their stable money in other places / investments. And yes I do know about buying in latin america having done so a few times (other countries).

Lostgringo - thanks, yes still have Sabaneta in the back of my mind. What are the prices like there now. Big thing stopping me is the peso strength.

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rhydewithdis says on Oct 16, 2007, 06:47:

at robi666, all my figures came from a RE magazine I picked up while I was in Medellin that lists apartments for sale throughout Medellin as well as surrounding areas. The figures were complied from closing prices, but I'm not exactly sure how many months prior to the publication of the magazine they are from.

BTW, this is was a free magazine I picked up at Exito. I'm sure anyone in Medellin can track it down and update these figures monthly.

They said I couldn't play football I was too small / They say I couldn't play basketball I wasn't tall / They say I couldn't play baseball at all / And now everyday of my life I ball.

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robi666 says on Oct 16, 2007, 08:10:

Thanks, rh. I'll look for it.

I bought my penthouse 25 months ago for 740.000 per m2.
Last month, they sold one in the other building of my condo at around 2.000.000 per m2.
Figure it out...

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robi666 says on Oct 16, 2007, 10:10:

No GIB, sure not, I think to a narco. Or to a rich businessman of an old paisa family or to a politician... which is all the same thing. ;-)

The guy made an impressive renovating job, and the apartment absolutely did not need it.
There was a new parquet treated with an expensive german paint and, you know what, they took it away!
There is a swimming pool on the terrace.
They are putting a sauna - shower...

Now, GIB, who does this kind of thing 90% of the time? :-)
I may look for a friend of his to sell my apartment... payment abroad... it is what they need, si o no? LOL

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Grateful Dead says on Oct 16, 2007, 11:33:

Do you see Narco guys walking around out there robi666 ?

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robi666 says on Oct 16, 2007, 11:41:

No, I do not "see": there are no "i am a narco" signes written on their forehead... :-)
A tourist won't realize about anyone.
But, you live here and you know and you may also meet a few...

Anyway, after all, which is the difference between a narco and a man from an old wealthy family here?

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Grateful Dead says on Oct 16, 2007, 11:52:

"Anyway, after all, which is the difference between a narco and a man from an old wealthy family here?"

Well what narco's do is extremely harmful to society and extremely illegal

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robi666 says on Oct 16, 2007, 12:05:

And the rich man used the narcos money, sold his properties at twice the normal price, tax free - money abroad, and invested into bonds that were giving 25% interests in the Pablo's era.
Yes, without getting his hands dirty.
I'd bet there is not a single wealthy family who did not use that money in the past at least once.

You go around here and you think that you're in Monaco... but you're in Medellin, Colombia.

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Grateful Dead says on Oct 16, 2007, 12:46:

"And the rich man used the narcos money, sold his properties at twice the normal price, tax free - money abroad, and invested into bonds that were giving 25% interests in the Pablo's era.
Yes, without getting his hands dirty."

Sounds good to me !

lol

nah just kidding , but yeah your right.

Theres so much f$cken coke money in Colombia , Medellin and Bogota aren't growing they way that they are just because....... that's just my opinion.

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Lisa Zee says on Oct 16, 2007, 13:55:

robi666: I know that this is a post for everyone, but I find it VERY offensive what you are saying!!!.
I was born and raised in Medellin, and I remember the Pablo era.
My family has worked very hard getting education and living very productive with impeccable behavior.
I know that you must be unaware of the wholeness and hard working Paisa society is. I won`t even argue any more, because you people only know what you see in magazines and big Hollywood movies. it is not your fault I guess.
I think I will remove myself form all this unfunded comments. (it makes me very sad though)

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Grateful Dead says on Oct 16, 2007, 14:12:

lol

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robi666 says on Oct 16, 2007, 14:40:

" I know that this is a post for everyone, but I find it VERY offensive what you are saying!!!.
I was born and raised in Medellin, and I remember the Pablo era.
My family has worked very hard getting education and living very productive with impeccable behavior."

Lisa, I am sorry, it is true, I don't know you and your family, how you fit into the wealthy family status, so I cannot talk about you.

"I know that you must be unaware of the wholeness and hard working Paisa society is."

And it is true, Paisa are good hard workers. Take a look to my comments on PBH and you'll see that I always stated that.
How could Medellin be something like this if it was the contrary? In a third world country as Colombia? Why Medellin is so different from, let's say, Barranquilla or Santa Marta or Sinceleyo?

But what did I say? I think you're confusing being a narco and being involved in narco's money.
The people who have invested on those 25% bank bonds, where did they think those high interests where coming from?
But ok, I was a bit too strong, not everyone, I guess you can read most of the wealthy family... I do not have to explain how can a family with impeccable behaviour and a business can happen to have accepted narcos money in payment... not to say it is a big sin, anyway. Infact, I even think that the narco problem is not a Colombian problem.

"I won`t even argue any more, because you people only know what you see in magazines and big Hollywood movies"
Books and observation, not big Hollywood movies anyway. And talking with paisas. Now, if someone want to live on the clouds, well...

Lisa, the workers fixing that penthouse are being paid with drug money... no, I do not have a prove of what I am saying.
I was talking to a friend just yesterday, a chief "contadore" of a famous firm down here. Asking, how can it be that you see all those luxurious shop in those fancy malls in Medellin, always empty? How can they stay in business? Try to imagine the answer. By the way, he's a paisa.

Sorry, I got this thread ruined, but the original post was already been answered.

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Lisa Zee says on Oct 16, 2007, 15:01:

There are many different people in Medellin. I know my family and the people they associate with, and they have ALWAYS remove themselves in any way shape or form, form any one that is called a 'mafioso", or you suspect he is.
I could tell you many real stories, but I won`t waste my time, because soon after I explain a real A.H. here in PBH, will start making idiotic comments an ridicule all I have said.
I don`t think anyone can have an intellectual discussion, because you only get arguments and people that are not Colombians insist they know better. However Thank you, you sound polite anyway.

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john_stark says on Oct 16, 2007, 17:31:

Damm, I wonder who the pendejo is, hehehehe. Yeah, I could tell you a lot of real stories too but then I'd have to enter the federal witness protection program.

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Robert Jorge says on Oct 17, 2007, 19:10:

Lisa Zee, lighten up a little. There is no reason to take offense or think that anybody is "dissing" all people from Medellin. Of course there are hard working, honest people - just like your family, all over the place in Medellin. They would probably be in the vast majority.

I also have observed exactly what Robi talked about in his post. When I would go into Unicentro in Villavicencio, I couldn't understand how many of the shops could stay in business. They were / are very upscale, extremely expensive, and I rarely saw any customers in them. I was very curious because I am in the business myself - and I couldn't fathom how those shops could keep their lights on, meet payroll, pay the lease, etc. I was also given the same answer that Robi received. A very vague, but enlightening "How do you think they stay in business" type of answer. It is just the way it is. It isn't an insult to all people living in Villavicencio.

--"I believe in making the world safe for our children. But not for our children's children, because I don't think that children should be having sex." - Jack Handy

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RAAAY says on Oct 18, 2007, 14:23:

R J.........jeez.......it's no wonder poor Lisa gets pissed....................and you're actually trying to be nice...but yet you say...........hard working, honest people are all over the place in Medellin...................... " They would probably be in the vast majority. "...............?????

That is PROBABLY the most insulting thing she has heard about people from Medellin.

.........Its useless to argue with ignorance

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joencuentro says on Oct 21, 2007, 12:46:

prices are too high right now for propety in medellin.especially for new apartments.they are way too small and cheaply constructed.youre better off buying an older apartment.the structures are much more stable and spacious even if you have to pput in new appliances its worth it

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robi666 says on Oct 21, 2007, 13:27:

Reasons to buy old in Medellin:
1) Too much difference in price between old and new
2) You can check how the structure gets old and the maintenance job done
3) You can check who lives in your condo
4) You can check if it is a commercial place (number of signs on the windows)
5) You can check the neighbourhood and the view
6) Renewing is cheap and you easily find good materials and responsible workers in Medellin

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Rob77 says on Oct 22, 2007, 05:41:

Robi makes some good points. I'm in a fairly new building and you can still see it settling, with small cracks in the wall.

BOYCOTT CITGO - CHAVEZ SUCKS!!!

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