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Thread: Buying Property in Colombia

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  1. #322

    Least expensive Wire of $70,000

    I am trying to wire money for the purchase of an apartment. I see that xoom or any of the other online companies like western union have limits of 5 k. Anyone have experience with the best vendor to send 70 k? My bank sends the usd to Colombia and then it is up to the receiving bank which is bancocolombia to exchange it into. COP. My wire transfer fee is reasonable at $30 but I am worried about the exchange rate at bancocolombia.

  2. #321
    Quote Originally Posted by GeneHickman  [View Original Post]
    The problem with most of these developing economies is they are perrienially short of greenbacks. So things tend to be one way streets for your $$. Now I am not sure what you financial situation is or even your long term plans for you assets happens to be, however every expat I have spoken with says getting your money out if that, if ever in your plans change would be a hard thing. It is nothing like the relatively liquid and well organized real estate process like we are used to stateside. Add to that Bello and maybe even envigado aren't particularly likely to attract the pool of gringo buyers and you may have a hard to sell property on your hands. Furthermore the market there is certainly saturated with condos. The issue is one of affordability, and there are so few people with the means to buy at these price levels that you have few buyers.
    The mortgage market is pretty much non existent the way we have it stateside, and the loans are certainly not ridiculously subsidized by fannie / freddie for US housing. So people are really in a difficult situation with regard to purchasing power.

    I have seen that in many other developing economies as well. Now if you have a novia or a kid down there and you plan to pass on those assets that is an entirely different matter.
    I was in Medellin in January and stayed in San Peters. I saw that They are selling an apartment in San Peters building for approx. 80 K USD. The building is mostly 95% rented and average rent for apartment is $40 to 50 a day. Less 30% management fees. Still a good return on investment.

  3. #320

    Baranquilla / Santa Marta

    Anyone here bought property in Barranquilla or Santa Marta?

  4. #319
    Quote Originally Posted by GeneHickman  [View Original Post]
    The problem with most of these developing economies is they are perrienially short of greenbacks. So things tend to be one way streets for your $$. Now I am not sure what you financial situation is or even your long term plans for you assets happens to be, however every expat I have spoken with says getting your money out if that, if ever in your plans change would be a hard thing. It is nothing like the relatively liquid and well organized real estate process like we are used to stateside. Add to that Bello and maybe even envigado aren't particularly likely to attract the pool of gringo buyers and you may have a hard to sell property on your hands. Furthermore the market there is certainly saturated with condos. The issue is one of affordability, and there are so few people with the means to buy at these price levels that you have few buyers.
    The mortgage market is pretty much non existent the way we have it stateside, and the loans are certainly not ridiculously subsidized by fannie / freddie for US housing. So people are really in a difficult situation with regard to purchasing power.

    I have seen that in many other developing economies as well. Now if you have a novia or a kid down there and you plan to pass on those assets that is an entirely different matter.
    I agree with most of this. Regarding selling, if you have the right property. Either because of yield or quality / location. It'll move, and pretty rapidly (pandemia not withstanding, of course). But, generally, I agree with your comments. Realistically, you want foreigners to be in your pool of potential future buyers which pretty much limits you to Poblado and Laureles (for the most part). Poblado is quite expensive now, even with the pandemia. Laureles is also pricey, but much less so than Poblado. I only buy in Laureles simply because I think it's the best part of Medellin by a wide margin. But that's just me. I think it's tough to find things these days that pencil out a decent return unless you're willing to do some major renovations. Like splitting up a 180 sqm unit into 3 or 4 smaller units. And that's work, but it can be done. But I think RE generally in Medellin (kinda like everywhere on the planet) is pricey.

  5. #318
    Quote Originally Posted by Kazeu  [View Original Post]
    Someone correct me if I"m wrong. Isn't Bello a poor area pretty far north of any action? Not sure why you would want an apartment up there.
    Yes, it's way up north. It's not a bad area but it's quite a distance which is why it's so cheap. But I imagine you could renovate a decent apartment into something pretty nice. But, like you, I'm not sure why you'd want to live up there unless you had to.

  6. #317

    Bello

    Quote Originally Posted by NCal2014  [View Original Post]
    Fellas I am in escrow for a 3 bd apartment 19th floor overlooking the pool. It is in Bello at the new mall they are building out there. My plan is to rent it out as best as I can if it's vacant when I get there it will be my hotel room while I visit Medellin. I'm paying $75 k USD / line of credit / cash. I will put 30%down over 24 months and pay half cash half line of credit for the rest. Early 40's is citizen plan to retire in Colombia. My next apartment will be in Envigado or Poblado feel free to ask any questions.
    Someone correct me if I"m wrong. Isn't Bello a poor area pretty far north of any action? Not sure why you would want an apartment up there.

  7. #316
    Quote Originally Posted by NCal2014  [View Original Post]
    Fellas I am in escrow for a 3 bd apartment 19th floor overlooking the pool. It is in Bello at the new mall they are building out there. My plan is to rent it out as best as I can if it's vacant when I get there it will be my hotel room while I visit Medellin. I'm paying $75 k USD / line of credit / cash. I will put 30%down over 24 months and pay half cash half line of credit for the rest. Early 40's is citizen plan to retire in Colombia. My next apartment will be in Envigado or Poblado feel free to ask any questions.
    The problem with most of these developing economies is they are perrienially short of greenbacks. So things tend to be one way streets for your $$. Now I am not sure what you financial situation is or even your long term plans for you assets happens to be, however every expat I have spoken with says getting your money out if that, if ever in your plans change would be a hard thing. It is nothing like the relatively liquid and well organized real estate process like we are used to stateside. Add to that Bello and maybe even envigado aren't particularly likely to attract the pool of gringo buyers and you may have a hard to sell property on your hands. Furthermore the market there is certainly saturated with condos. The issue is one of affordability, and there are so few people with the means to buy at these price levels that you have few buyers.
    The mortgage market is pretty much non existent the way we have it stateside, and the loans are certainly not ridiculously subsidized by fannie / freddie for US housing. So people are really in a difficult situation with regard to purchasing power.

    I have seen that in many other developing economies as well. Now if you have a novia or a kid down there and you plan to pass on those assets that is an entirely different matter.

  8. #315
    Quote Originally Posted by NCal2014  [View Original Post]
    Fellas I am in escrow for a 3 bd apartment 19th floor overlooking the pool. It is in Bello at the new mall they are building out there. My plan is to rent it out as best as I can if it's vacant when I get there it will be my hotel room while I visit Medellin. I'm paying $75 k USD / line of credit / cash. I will put 30%down over 24 months and pay half cash half line of credit for the rest. Early 40's is citizen plan to retire in Colombia. My next apartment will be in Envigado or Poblado feel free to ask any questions.
    NCal,

    You plan on renting it as an Airbnb or longer term rental? What are the rental rates for that type of property and what are the HOA. Maintenance dues?

  9. #314

    New home purchase.

    Fellas I am in escrow for a 3 bd apartment 19th floor overlooking the pool. It is in Bello at the new mall they are building out there. My plan is to rent it out as best as I can if it's vacant when I get there it will be my hotel room while I visit Medellin. I'm paying $75 k USD / line of credit / cash. I will put 30%down over 24 months and pay half cash half line of credit for the rest. Early 40's is citizen plan to retire in Colombia. My next apartment will be in Envigado or Poblado feel free to ask any questions.

  10. #313

    Saw this on YouTube.

    Saw this on YouTube thought might be helpful to someone.

    "Buying Real Estate In Colombia | Interview With A Real Estate Agent"

    https://www.youtube.com/watch?v=N5zZcOy2JEg&t=317s

  11. #312

    Luxury Llleras suites for Sale

    Short Term rental units For sale - https://www.colombiacasa.com/apartme...vTfUDAEek4Sfd0.

  12. #311

    Far

    For what it's worth, I met with the far group and shortly with its founder in poblado. I was looking at investing in ne of their Laurles buildings. The min to get a visa was 30 k usd. I decided not to invest Only because I had a large tax bill coming in April and need some savings to live off and to stay in mde. They seem honest but to buy a house or condo / apartment they are gringo prices. I have found a local realtor and a lady the does long term furnished rentals.

    I have been looking at Airbnb for long term but their cancellation policy in bad. Lose the first month rent! So I am looking at 26 day rentals then renew or move to another.

  13. #310
    Quote Originally Posted by TyDown  [View Original Post]
    Thank you Fun Luvr! I've never been to Colombia, but I'm looking real hard at this country.
    I've only been to Medellin, and I like it a lot. I've visited more than 30 times since 2010. The weather is pretty much the same year round, 60's at night and low 80's during the day. Most things are inexpensive. Many modern shopping malls that compare to malls in the US. To me, it is as safe as a comparable size city in the US. I plan to go there for an extended time, maybe six months, sometime soon, just to experience it on a daily basis for more than the two weeks I usually go for.

    FAR was started in Medellin by an American. He has now expanded to multiple cities in Colombia, and recently to Puerto Rico. I think their real estate prices are too high, but they offer many options for investing.

  14. #309

    Far

    Quote Originally Posted by FunLuvr  [View Original Post]
    LifeAFAR is a part of First American Realty (FAR), which is headquartered in Medellin (calle 10 and cra 43).
    Thank you Fun Luvr! I've never been to Colombia, but I'm looking real hard at this country.

  15. #308
    Quote Originally Posted by TyDown  [View Original Post]
    This Australian guy has been in Colombia for 13 years (I think that's what he said), but he does have some interesting advice on real estate in Colombia.

    https://www.youtube.com/watch?v=_KY-aXre9aA
    LifeAFAR is a part of First American Realty (FAR), which is headquartered in Medellin (calle 10 and cra 43).

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