Xchange rate now 2.00, all those real estate gurus getting their asses kicked now

mecca says on May 7, 2007, 15:44:

No doubt Greg, it's brutal right now. I've never claimed to be a real estate guru. But, if by luck you bought about a year ago and got your bulk sent at 2550, things are a bit better. Anytime the dollar is weak, it's hard to take. Prices are not too high for all Colombians to buy. The wealthy sector is very wealthy there and 2000MM COP (and up) penthouses are not even close to out of the reach of many.

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scotty says on May 7, 2007, 16:43:

things are changing in Colombia as is everywhere else. The cost of living in general and property is going up in Colombia and the value of the dollar is going down. Right now is not a good time to be buying in Colombia.

Get Rhythm, when you got the blues. Johnny Cash

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Tom says on May 7, 2007, 17:57:

Lucky me I get my place when the rate was cop. 2800 4,5 years ago

hasta la vista

hasta la vista

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morphus says on May 7, 2007, 19:48:

I'm going to have to ask my girl in Medellin to start sending me money.

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mecca says on May 7, 2007, 19:56:

Yeah Tom, you did good for sure at 2800. I know what you mean Morphus, as the peso looks stronger, we gotta get those girls working harder. I think i'll ask the same thing. Does western union go the other way. lol.

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goin_south says on May 7, 2007, 22:04:

It might be time to set up that 'gringo' whorehouse... where the colombianas ... pay.
Hey, Morphus; How does that sound? Being a 'Male Gringo PrePagO' in Colombia for a living???

Ciao! Gustav. Bienvenitos, Ike.

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goin_south says on May 7, 2007, 22:05:

Saving your pesos, ..... to go back to NYC every now & then, to see yer grandma?

Ciao! Gustav. Bienvenitos, Ike.

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elreydelostrolls says on May 7, 2007, 22:11:

No one in his right mind would try to make money pimping Colombianas in Colombia. You gotta bring 'em here and then pimp them out.

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morphus says on May 7, 2007, 22:31:

? "Hey, Morphus; How does that sound? Being a 'Male Gringo PrePagO' in Colombia for a living???"

I would starve. There are too many horny Colombian guys giving it away for free. I would have to sponge off my rich Colombian friends. They like having a gringo around like some sort of jester. They have invited me back to their houses and gave me free meals/drinks on many occasions. All I have to do is hang out, laugh at their jokes and practice English with them.

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goin_south says on May 7, 2007, 22:59:

If the dollar keeps falling... I still think maybe we can trend it our way.

Ciao! Gustav. Bienvenitos, Ike.

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goin_south says on May 7, 2007, 23:00:

Colombian guys giving it away ??? I sense..... a gringo weakness

Ciao! Gustav. Bienvenitos, Ike.

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durito says on May 7, 2007, 23:02:

Or the exchange rate could easily go the other direction and you could profit.


I'm not saying it will, but if you can predict exchange rate movements, you should be trading and making millions.

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podborski says on May 8, 2007, 07:07:

think you have it backwards greg all the real estate gurus who bought when the peso was weaker have made a great investment (so far).

From here on in, I think you might be right.

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aztec says on May 8, 2007, 07:30:

think you have it backwards greg Agree with podborski.

Most of the long time posters here have for some time advised that the time for buying real estate in Colombia is over. You should have purchased in the last 4 to 6 years. If you did your investment has increased. Maybe now is the time to resell to the newly arriving gringo's.

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Brians says on May 8, 2007, 07:49:

Always opportunities just harder to find.

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friend of Colombia says on May 8, 2007, 07:57:

Oil? Average wages in Nigeria are about $520 dollars per year and they swim in oil! The most important ingredient in a workable economy is respect for private property. This is what allowed the Greeks to stop the Persians at Thermopylae. Chaves has shown a systematic disregard for the private property of others, hence they are selling what they have and packing it out of the country. This flood of money and assets is right now acting as a huge engine for the economy here in Colombia.

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podborski says on May 8, 2007, 09:31:

I agree friend of colombia I just hope Uribe doesn't get too carried away trying to stop the peso's rise.

He should be making life easier for exporters by easing taxes and paperwork, not by trying to stop the peso's rise. A rising peso is good for all colombians.

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miamimike says on May 8, 2007, 10:33:

Worse here in Miami where the so called Gurus are really taking a Beating. Included in this greoup are a small group of South Americans including Colombians none of whom are flying very high at this moment. The so called Flippers who got in late in the Luxury Condo Buying spree ;many of us who live here are happy they are getting their Financial "tail feathers clipped" and are sweating bullets at this moment so prices will return to normal levels. My Ladyfriend still tells me of Bogota deals Near Chia where new Condos are selling pre-construction for $25K-$30K,,,

Strange even in the real estate downturn here in Miami if you put a condo or small home on the market at an affordable price it sells within days so folks are still buying.Credit that to all the new arrivals coming daily to Miami from the Carribe, South america and Europe.

"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.

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kat1 (Moderator) says on May 8, 2007, 10:40:

Not only the real state gurus are going to asses kick out, so the gringos that are sending money to their colombianitas back home, soon they will start complaining that los dolares no alcanzan send pound sterling please or euros :))

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miamimike says on May 8, 2007, 10:42:

That is Funny Kat,,, So what you are saying is that they "Boys" better up the Remittances a mite" LOL Yea, the Colombian Boyfriends of the Novias need a raise in the maintenence,,,LOL Kat, maybe the Novias will tell their American Novios to start sending the monthly "Maintenence" check in Euros to balance out the Dollar's decline LOL

"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.

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Greg444 says on May 8, 2007, 10:52:

I reference was to now trying unloading your condo to a sucker gringo for US$$$. (Your source just dried up)
Also Colombians I ahve known for many years are some of the cheapeest, shrewdest people on Earth. You will not sell condo now at a good pesos value.

It is a one way street, you will not recoup your money back into US$$.

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aztec says on May 8, 2007, 10:54:

kat1, It is already... ...happening to me. Each month for the last year and half assistance remittances to Colombia has increased because of the drop in the dollar. What started out reasonable is beginning to pinch. My choice is to send the same dollar amount and let the other person adjust. May eventually come to that.

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mecca says on May 8, 2007, 11:04:

Greg444, I think you're right about gringos not buying now. I don't know if Colombia would ever be a good place to buy and sell to gringos, the security factor is a big hurdle and there is just not that many gringos there.

You might be right about never selling a home or apto. at a good peso value, but Colombia also has it's wealthy class, and they are very wealthy.

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kat1 (Moderator) says on May 8, 2007, 11:58:

As morphus said is pay back time, now the colombianitas have to send money to the gringos. :))

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elk says on May 8, 2007, 12:56:

Colombian Gov applying the brakes ? The below controls may help with the escalating strong peso, but for how long? I think they are at least aware of the problem and will attempt to control the strong peso at least in the short term. Real estate sales continue to be strong here in Medellin with no sign of slowing. Square meter cost in my particular area were 1,400,000 COP last October and the same apartments are now going for 1,650,000 COP. (an 18% increase in only six months)

BOGOTA, May 7 (Reuters) - Colombia on Monday sought to slow inflation and its surging peso currency with new restrictions on banks to put the brakes on credit growth and the flow of short-term, speculative capital.

Colombia's central bank on Sunday said it would impose a reserve requirement as it seeks to keep inflation within the 3.5 to 4.5 percent target range for this year and slow the appreciation of the peso, which has strengthened more than 12 percent over the last year.
"This seeks to moderate growth of credit and in that way reduce growth of spending with the purpose of contributing to help inflation toward targets set by the central bank," the bank's director, Jose Dario Uribe, told local radio.

Colombia's peso weakened 0.48 percent on Monday after the announcement to close at 2,075 pesos to the dollar from 2,064.9 at the close of trading on Friday.

The central bank on Monday instituted requirements for banks to hold reserves of 27 percent on current accounts, 12.5 percent for savings and 5 percent on fixed income with maturities below 18 months to trim funds available for lending.
Finance Minister Oscar Ivan Zuluaga said on Sunday the measures were moderate and would not affect direct foreign investment.
As Colombia's economy grows and foreign investment flows in, the peso has surged over the last year and investors fret over inflation. Consumer prices have already risen 4.11 percent since the start of the year.

"We expect the increase in reserve requirements to lead to an increase in domestic interest rates, which should dampen the fast growth of domestic credit and help ease inflationary pressures," Credit Suisse said in a note to clients.
The economy grew 6.8 percent in 2006, a 29-year high as investor confidence is bolstered by President Alvaro Uribe's U.S.-funded security crackdown on the country's long-running left-wing insurgency and violence.

Exporters of products such as flowers and bananas, however, have also warned about the negative impact the strong peso and inflation are having on their industries.
The central bank director and Colombia's president are not related.
Goldman Sachs said in a research note the measures were likely to have only a moderate impact on the peso as long-term forces that are driving the stronger currency remain intact.
"If the (peso) continues to rally in the weeks ahead, there is a material risk that the government could escalate and adopt other less market friendly measures in the immediate future," analyst Alberto Ramos said in the note.

© Reuters 2007. All Rights Reserved.

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kat1 (Moderator) says on May 8, 2007, 13:10:

mario and aztec You know who I mean,

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kat1 (Moderator) says on May 9, 2007, 08:38:

now how long this is going to last, will the dollar pick up again anytime soon?

this really is going to affect Elmo's sex life, no amount of blue passport will get him to sleep with one of his h***rs it will be too expensive, I think the dollar is dropping faster than his trousers

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mecca says on May 9, 2007, 08:48:

That's funny Kat. And dropping "faster than his trousers" has got to be pretty fast.

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Mr. Hollywood says on May 9, 2007, 10:50:

Elmo Kat1, corazon, I don't think the difference between a $10 hooker and a $12 hooker is going to slow down Elmo a lot.

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kat1 (Moderator) says on May 9, 2007, 11:57:

probably not Mr hollywood but I bet his trouser would be as tight as a gay man jijij :)

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Mr. Hollywood says on May 9, 2007, 13:03:

Great pre-construction deals in Bogota I'm currently taking pre-payments on pre-construction condos, houses, mansions, fincas and rascacielos. Just pay-pal me a $100 deposit to mrhollywood at gmail.com. Really. I promise. Honest.

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kat1 (Moderator) says on May 9, 2007, 13:29:

the cheque is own its way Mr Hollywood :)

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