IL Postcard
Bargain Property in the Best Part of Town
Date: 01/09/2008
Thursday, Jan. 10, 2008
Buenos Aires, Argentina
Read more about Argentina in International Living Postcards--your daily escape
Armed with my oversized map, I go in search of the final resting place of one of Latin America’s most influential women. Weaving my way around the narrow “streets” of Buenos Aires’ famous Cementerio de la Recoleta, I pass the impressive marble, granite, and bronze tombs of some of Argentine society’s elite. I soon realize that the easiest way to find the relatively modest, flower-strewn, black marble tomb of Eva Perón (or Evita, as she was more affectionately called) is to follow the steady flow of people heading to the top left corner of the cemetery.
Recoleta is historically the home of the wealthy in Buenos Aires…as desirable (and, therefore, expensive) a place to live as it is a place to eternally rest. The Recoleta Cemetery is situated in Buenos Aires' upscale barrio of Recoleta, renowned for its cafés, art galleries, and French-style colonial architecture. With its green areas, exclusive avenues, fashionable boutiques and, of course, its famous cemetery, this area is often referred to as the “Paris of the Americas.” Recoleta is a lively neighborhood--by day and at night.
It’s one of the most sought-after districts in the city for people looking to buy or rent apartments. Despite being in the middle of a big, bustling city, the tree-lined streets of Recoleta provide a more relaxed and calm atmosphere, away from the traffic-congested downtown.
As tourism levels continue to rise in Argentina, there is a growing demand for accommodation. Renting out a property short term can be very lucrative here. Due to its first-rate amenities, close proximity to downtown and the international airport (which is less than 40 minutes away), Recoleta is considered the ideal place to rent an apartment for a prolonged stay in the city. Occupancy rates in the area average 60% to 70%, although some apartments, with right location and facilities, can have 80% to 90% occupancy rates. High season in Buenos Aires is October to March, and finding an apartment to rent short term in Recoleta during this period is no easy task.
I looked at a one-room apartment, located on the top floor of a 10-story building in the heart of Recoleta. Each floor has two apartments, one at the back of the building overlooking the parking lot, and one at the front. The one I saw is at the front and is equipped with an American-style kitchen, bathroom, and it covers 400 square feet with an additional 140 square feet of balcony. From this balcony, you can try to find Evita’s tomb yourself, with a stunning panoramic view of the entire Recoleta Cemetery. A view like this is rare--there are not many buildings that overlook the cemetery. But if you like a lot of space or intend to have your family visit you in Buenos Aires, this is not for you--it’s a tiny apartment, so might be best used as a rental property, perfect for an individual or a couple staying in the city short term. It is within walking distance of all the shops, restaurants, and tourist attractions in the area. The asking price is $128,000, with monthly condo fees of approximately $110. Parking spaces are an extra $15,500 and must be purchased with the apartment. The short-term rental rate for this apartment would be about $770 per month.
If living next to Buenos Aires' deceased aristocracy is not your thing, I saw another property on nearby Ave. Callao. This ground-floor, 1,162-square-foot apartment has a large entrance hall (complete with its own decorative fountain), two bedrooms, two bathrooms, living/dining area, and kitchen. It also has a mezzanine level that could be used as an office. Newly refurbished in 2007, this property has plenty of light (despite being at ground level) and a small 160-square-foot shared patio area at the rear. The asking price is $228,000. Condo fees are estimated at $140 per month. This apartment would rent for $1,600 per month on a short-term basis all year round.
Nazareen Heazle
For International Living
P.S. To find out about these and similar properties, visit www.ArgentinaHomes.com.
Editor’s note: Husband-and-wife team Paul and Maria Reynolds will talk about where to find the best deals in Argentina, as well as how to manage your rental property, at our Ultimate Event III in Cancun this coming May. Contact our Events team at 1-866-381-8446 (toll free), 1-410-230-1243, or events@internationalliving.com for more information.
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