Apartment Prices in Bogota & Medellin

Hunter says on Sep 21, 2005, 14:01:

BAQ Renting or buying would be usefull info to know.

Hunter

ws244 says on Sep 21, 2005, 14:08:

apart 3 bedroom new with 1,000 square feet about 90,000 U.S. 1,600 square feet new i do not think below 125,000 anywhere north Bogota north of 110. By Unicentro just north those 7 year old high rise 2,000 plus square footers are going for well over 200,000 U.S.
Bad time to buy, tell him to rent and wait at least 2 years to buy.
There are many used apartments for sale, but the first rate ones are way overpriced, and the second rate ones are just that, second rate requiring renovation, etc. There are no good deals in Bogota now. In 2 years the economy will be better to deal with this issue.

Gator says on Sep 21, 2005, 14:22:

ws244 nailed that one...(but we need to know where) the area we live in is an estrado six, around 74 north of 7 called Los Rosalas not to far from the Italian, Spanish, Russian Embassies. I can guarantee, almost, you won't find anything less than 150.000 USD-if you are very lucky. Prices in the last three years in this area have gone crazy. We have three bedrooms, two and a half baths and in today's market would over 200.000 usd.

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

aztec says on Sep 21, 2005, 14:28:

Gator... ...we looked in Los Rosalas because we like the area very much. Unfortunately any thing there of any size is exorbitant in price.

Incidentally, if I were you I would do a thorough check before selling at $200,000.

ws244 says on Sep 21, 2005, 14:43:

baq pm'd you

BAQ says on Sep 21, 2005, 15:03:

Sorry Hunter He is wanting to buy a place, not rent.

Thanks ws244, got it, will pass it along to him.

Semper Fidelis !

juanalejo says on Sep 21, 2005, 15:13:

Price I saw yesterday an apartment under construction 169 m2 (about 1700 sq ft) for 400 million. This was in 138 and 7th in those complexes in the forest in the mountain. But I think for 300 - 350 million you can get a nice used one for the same sq ft.

Hunter says on Sep 21, 2005, 15:17:

In Medellin About 150 million plus.

Hunter

juanalejo says on Sep 21, 2005, 15:23:

Colina Campestre Now that I think about it, I visited a friend in his new apartment 140 m2, very, very nice in Colina Campestre near the new Exito and he paid 200.000 million. Estrato 5 which is better on utility expenses.

aztec says on Sep 21, 2005, 16:22:

Appartment prices... ...are all over the map. I know because my wife and I spent several years searching for that special place in Colombia. You can find an apartment in your designated price range. It simply depends on what variables you include in the intangibles. For example:

Is it on the first or second floor?
Is the apartment located on a street/road with heavy traffic?
Is there an elevator?
Is the apartment an outside or inside apartment?
Does it have a view?
Does the building have twenty four hour security?
Is it in the South or North Bogotá?
Are the administrative cost high and what do they include?
Are schools reasonably close?
Will you need to travel far to your job?
Protected on site parking available for owners and visitors?
Will you be reasonably close to entertainment which includes restaurants, bars, theaters?

You can probably add other requirements. Just eliminate items until your find your price. In hindsight we would have been much wiser to have purchased at least two years ago.

BAQ says on Sep 21, 2005, 19:36:

THANKS EVERYONE for the info. I will pass it on to him. Given the prices, I am going to recommend to him he WAIT a year and see if the dollar goes back up.

THANKS AGAIN MY FRIENDS !!!!!!!!!!!

Semper Fidelis !

Gator says on Sep 21, 2005, 20:03:

Like I said... If I sold, which I won't, asking would be say $550.000.000. BTW nice post on what to look for, especially security, parking, and convience-we can walk to drugstores, a citibank and a very nice Carulla half a block down then one short block over. A plus is the embassys in the area add a lot more security.

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

Mr. Hollywood says on Sep 21, 2005, 21:39:

One thing I don't understand in Colombia is the premium people pay for NEW apartments. Real estate seems to depreciate like cars in Colombia. Nobody wants a 10-year-old apartment and everyone is fighting to overpay for a fancy new loft surrounded by other construction sites. Can anyone explain why this is?

utopiacowboy says on Sep 21, 2005, 21:44:

Same thing in SLC, Utah. They really had the mentality that craved a "new" house. As though an existing house was like a used car. Very strange.

Disclaimer: any comment I make is inane and is not to be taken seriously, and is so patently ridiculous that no one should take it seriously, even as an insult.

johnboy77 says on Sep 21, 2005, 22:09:

A lot of Bogotá replies....

As for Medellín, most estrato 6 places you will find are in El Poblado and Laureles. Estrato 5 exists in El Poblado, but are fairly rare.. more estrato 5s in Laureles, and perhaps even 4s . There are also Estrato 6s in Envigado, mostly near the Golden Mile on Ave El Poblado.

For used, but fairly new apartments (3 - 7 years old) in estrato 6, not too far up the mountain in El Poblado, in less exclusive sectors (but still estrato 6) like Castropol, you can find places for between 900,000 and 1,100,000 per square meter (9.9 square feet). So, for 1,700 square feet, you can maybe find one for 160,000,000. Of course, up near the transverals, or on the golden mile, or very exlusive places you will pay much more.

I have heard, since there are more apartments than qualified buyers in El Poblado, it may be possible to low ball people and see what happens. Especially for apartments that are 10 to 15 years old.

There are so many new buildings being built in Medellín, it is hard to imagine where all the people are coming from. I have heard that a lot of people bought new ones under construction before selling their existing ones closer to the Avenues (Ave Las Vegas, and Ave El Poblado)... there are many up for sale with very few buyers, and more and more new ones on the market.

Anway, I think it is possible to get a nice place in Medellín for about 160,000,000 for the size you are looking for... but most will be more expensive. Medellín is cheaper than Bogotá when comparing best neigbourhoods to best neighbourhoods, perhaps by as much as 40%.

I think the mental craving here for something new, is that the people buying apartments in the estrato 6 areas are among the richest people in the city, and maybe they feel that they have to maintain their social class... I guess its keeping up with the Jones (or Restrepos if you want a common Paisa name). They will have plenty of time to think about it as they sit in traffic for an hour trying to get down the hill in El Poblado (hundreds upon hundreds of new apartments, and zero new roads).

Does anyone predict a real estate crash in El Poblado? I don't know enough to even guess, but if the building boom produces a large vacancy rate (10 to 15%) what will happen? I also heard they made a new building tax in El Poblado to stem the tide of building, but I don't know for sure.

aztec says on Sep 22, 2005, 04:13:

Forgot... ...one more caveat. If they see you are a Gringo you will not be able to do much negotiating. Better if possible for someone(a Colombian) to scout ahead for you.

We actually experienced two different houses being raised when discovering we were from the States. One almost doubling!

juanalejo says on Sep 22, 2005, 06:31:

Lifestyle I think for many people buying a house has much more to do with enjoying the house than it has to do with making money on it. It is a different way of looking at life where most people see their house as the place where their heart will be rather than how much money they make on the property. Since most people will keep their property for ever, making money is not an issue. I found this very similar in the US where people would pay lots more for a subdivision miles further out than they would for older houses closer to the city center. (obviously with the exception of the traditional expensive neighborhoods which exist everywhere and seem to gain value every year).

johnboy77 says on Sep 22, 2005, 10:49:

It makes me laugh when people think they are making money on their sole property. They only own one property, their house, and they think that they are making money on it when the value goes up. For one, you don't make money until you sell it, and when you do, you have no place to live, so you have to buy another place, but the problem is, usually the prices have gone up everywhere... so after the real estate fees, and transfer taxes, and buying a new place, you haven't made any money, unless you move to a much crappier area than you were before...

Greg444 says on Sep 22, 2005, 19:59:

Full of sh## Gator and others are full of sh##, anyone who thinks they can sell condos on Bogota for 250,00 USD is full of it. Yeah maybe and it will take you 2 years to sell it.

This is why these message boards ar full of crap, only listen to real Colombians for the true story.

By the way it can easily take 1 or 2 years to sell a place in Medellin, the market is saturated with rentals and for sales.

Also a girl I met in Bogota rents for 500,000pesos a month in Norte Bogota, area between Santa Barbara and Unicentro, real nice 1 br condo.

Mr. Hollywood says on Sep 22, 2005, 21:50:

I beg to differ There are $250,000 condos for sale all over my neighborhood, so nobody here is full of shit on that front. Hell, some Colombian friends just backed out of a purchase when the owner wouldn't come down from $450,000 US. It was a huge and nice penthouse near Parque 93 and there are lots more like it.

aztec says on Sep 23, 2005, 04:20:

In all... ...due respects, Greg444 you don't know what you are talking about.

Hunter says on Sep 23, 2005, 06:29:

US$250,000 apts Of course there are apts for this price, I have no idea how easy they are to sell, but more normal price apts are being sold fine.

In fact I sold one a couple of weeks ago in Medellin.

Hunter

Gator says on Sep 23, 2005, 06:35:

Thanks For... the kind words, Greg444. Now from today's "El Tiempo" Santa Barbara area, 350 million, $360 million, $230 million, $217 million, $410 million: Rosalas, $400 million, $580 million, Bosque area $430 millions, $520 millions, $295 millions.

Ten cuidado no metas la pata. El que ríe último ríe major.

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

ws244 says on Sep 23, 2005, 07:35:

ws244 The tall gray 10 year old apartment buildings north of unicentro are selling for well over 200,000 US.
Sorry but unless someone knows an owner 500,000 pesos is in the eye of the beholder. My place is north of unicentro in Belmira, and rentals for a first class(not a presidential suite) are a minimum of 1,200,000 pesoes a month plus administration, utilities, and not furnished. Some dumb gringoes do know what they are talking about.
Let us post pictures of the inside of a 500,000 pesoes a month condo.

farfallah says on Sep 23, 2005, 15:28:

Bogota Norte Apartment Prices Perhaps the disbelieving poster should also take a look at www.metrocuadrado.com a link volunteered by adrimm in a thread from a few days ago.

Several properties listed in Bogota norte of over 700.000.000, one over 884.000.000.

While I’m not unaware that a listed price is not necessarily the price at which a property sells, even a thirty percent discount off of the listed prices places these properties at well over 200,000 USD.

Makes me wonder about the dreams of many gringos here to retire to Bogota and live happily, in-the-lap-of-luxury, ever after.

Greg444 says on Sep 23, 2005, 18:59:

The girl I know, condo is located about 4-5 minutes past Santa Barbara Mall towards Unicentro drving on the big main road, then turn left and go towards Unicentro about 2-3 blocks, quiet nice and 500,000 a month , 1 bed/bath

Just because its listed for over 250k in Bogota does not mean its , sells, and how long does list???

Only the ones along the mountains in woods, in Norte Bogota are worth the price, in my opinion.

My Colombian friend in Medellin has lived there always, he says it takes 1-2 years to sell a place in Medellin, many go unsold for years and have to rent.

Hunter says on Sep 24, 2005, 05:56:

Greg444 It DOESN'T take 1-2 years to sell a place in Medellin, maybe in some cases if you ask for to much money (as in any Country), but if you ask the correct price for the market at the time, they are sold within a month or two in the present market.

pastygringo,PM me.

Hunter

juanalejo says on Sep 24, 2005, 06:38:

Greg444 It took me 2 weeks to sell my place and I only discouted 3% out of my asking price. And it is worth beyond the 200.000 dollar mark. The one I bought now is also beyond the mark, it had been on the market 1 week before I bought it and I got a mere 5% off the asking price. It all depends on the property itself, view, parks, parking area for visitors, etc. I had another place in mind, in the forests on 7th and 134 but a week thinking about it and it was gone.

jmbone says on May 16, 2006, 17:46:

Medellin, Poblado Apartments-Average Realty Prices Colombia real estate is always a hot topic on PBH with some posters saying: BUY NOW, as others warn: RENT FIRST, then buy when the prices drop.

While personal convictions on what to do remain strong, there seems to be little in the way of actual price comparisons and year-to-year trends.

Check out these April, 06 numbers regarding Medellin Poblado apartment prices at:

http://medellininfo.com/realestate/poblado-prices.html

Regards,

Jim

robi666 says on May 16, 2006, 19:13:

Yes, Jim, they are more or less the actual prices. And IMHO, price are going up at 10% yearly rates. For Poblado, they are approving a new law, limiting the number of sq. meter of construction per sq. meter of land. Operators say that it will increase the price of new apartments by 20%.
Apartments are relatively still cheap here, and a good way to secure your money in a long time investment (if you trust Colombia, of course). You can make 6% net annual profit on renting.
At that price, it is more or less easy to sell an apartment in Poblado. A lot has to do with the "aministracion" price. So, bigger apartments are sold at a lower pesos per meter rate.
So, if you can afford the price, if you are going to live in the apartment you buy, going bigger is getting a better deal.
If you buy as investment, buy a smaller one. It will be rented in a month or two.

"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."

miamimike says on May 16, 2006, 21:53:

I Question These Sky High Bogota Condo/House Prices also... and heres why! My Ladyfriend has had her House for sale (not far from the New Embassy) 5 BR, 3 baths,LR, 2 kitchens, one fully equipped Dental Office(dental equipment sold seperate) covered parking-for 2 cars, House approx 30 years old, she was asking 220,000 USD now she is down to 180,000 and maybe a buyer. This is one large house... She certainly hasn't had an easy time of selling-been on the Market with a realtor 8 months. House is maintained very nicely. Lots of Tire-Kickers but NO deep pocketed buyers. Only now and thats a maybe.

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? ... That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.,