Uruguay Coastal Properties

To our readers (or anyone else for the matter) that are in Uruguay now, and will be returning to the US in the next few weeks, please let me know. I have a favor to ask.

Please send me an email. The address can be found on the contact page. I can also call you by phone or with a Skype call. The Skype name is spbowman.

Thanks,

Steve

Although the first half of 2009 was OK for the vacation rental market in Piriapolis, the last half of the year and high season 2010 are off to a strong start. Typically, we start booking January and February in August or so. This year, bookings started in May.

This is a nice turn-around when compared with the first half of the year. Although we were booked pretty solidly, we didn’t turn a lot of people away. In contrast, during the first half of 2008, we could have filled far more space than was available to us. For instance, we turned loads of people away who wanted to book the whole month of March.

Perhaps this reflects a global economy which is recovering a bit. At the very least, it’s a clear indicator the fear level that was palatable early in the year is easing.

This is good news for those of us with rentals and an advisory for those of you planning a visit.

Stay Tuned!

Steve Bowman

Would you pay $7.3 million for a penthouse in Uruguay? Well, a Swiss buyer has done just that. The flat is in Acqua, a Rafael Viñoly designed beachfront project in Punta del Este. From what I hear, this is a record setting price for an apartment. This may answer a few question about the luxury property market.

The 34 unit luxury project Acqua is the first designed by Mr. Viñoly in his home country. He is the architect behind Jazz at Lincoln Center, the Brooklyn Children’s Museum and the Tokyo International Forum. We’ve watched this building take shape for years. We often wondered if the tiered, glass-walled, pools everywhere structure was a condo or an office building. The project is in its final stages of construction and supposedly about 50 percent of the units are sold. Prices start at $980,000; most of the buyers are European.

The recently sold four-bedroom penthouse covers 18,500 square feet (1,719 square meters), with an 800-square-foot (74 square meter) master suite and ocean views on three sides. It also includes a private swimming pool, home theater, wine cellar and servant quarters.

There are no details about the Swiss buyer other than the penthouse was purchased as a second home.

Punta del Este is a high-end resort city. It’s often referred to as the Riviera of Uruguay and is popular with jet setters from Argentina, Brazil and Europe.

Here’s the original article from Raising the Roof.

Last week we introduced Uruguay Property Tour, six properties cooperatively marketed by a group of developers:

Sugar Loaf Ocean Club and Spa in Piriapolis

The Alexander, Tiburon, and Blue Blue projects in Punta del Este

Laguna Tranquila in La Paloma, Rocha.

While real estate tours are not unique, the approach by this group is. In addition to visiting all six projects, included is an all-inclusive accommodation, food and entertainment package. Here are a few highlights:

- Complete 7-night, 6-day guided tour of Piriapolis, Punta del Este, La Barra, Jose Ignacio, La Pedrera and La Paloma.

- Opportunity to purchase in six luxury developments on the coast

- Full range of cultural activities from wine tasting to tango!

- Fine cuisine; handmade pastas and world-famous beef

- Personal tour-guide with all local transportation provided

- Free attorney consultation on living and investing in Uruguay

- Professional tour-guide.

Includes: Accommodations for 7 nights, all meals, tour activities and ground transportation. Does not include alcoholic beverages or cash compensation.

Whether you buy property or not, this tour promises to be a lot of fun!

For details about the itinerary, click here for Uruguay Property Tours.

We have a new client, Uruguay Property Tour.

There’s an interesting, creative twist in play with these folks; this group of project owners have developed a joint marketing vehicle in Uruguay Property Tour. Six different properties are being cooperatively marketed through this partnership.

To build on this unique approach the group offers all inclusive real estate tours to showcase the properties as well as the cultural assets of Uruguay.

Here’s a sketch of the different real estate projects:

Sugar Loaf Ocean Club and Spa is the premiere development in the Piriapolis area. Sugar Loaf is South America’s only gated community and resort to combine Western comfort, Latin warmth, and thousands of years of Eastern wisdom, presented in a harmonious environment, very much by design. The development has the most commanding water and mountain views in the country. (This is my personal opinion.)

Alexander, Tiburon, and Blue Blue are three of Punta del Estes’ most luxurious condominiums located on the Playa Brava water front. These top quality condos are complete with luxury finishes and amenities that include indoor swimming pools, gyms, saunas, game rooms, movie theaters, business centers, tennis courts, and BBQ areas.

Laguna Tranquila is a new community overlooking the Rocha Lagoon near La Paloma. Just a few kilometers from Jose Ignacio, La Paloma and Laguna Tranquila are the next happening thing on the Coast. The property will feature a boutique hotel and spa as well as 146 homes, fractionals, and home sites ranging from 2,500 square meters to over a hectare. The beautiful views of the lagoon, ocean, and La Paloma lighthouse are perfect for exploration by hiking, by horseback, or by bike.

Be sure to visit the site and learn more about the fun and entertaining parts of the tour.

Click here to enter the Uruguay Property Tour site.

As you probably know, there are no statistics for real estate sales in Uruguay. About all there is are informal polls of realtors hopping you get a semi straight answer.

So here it goes. At the end of last year, about the only sector that was racing ahead was high-end Punta del Este flats, the $750K an up market. The Argies are bringing suite cases full of money into the country (literally) and dumping it into property. This is the usual end-run game for Argentines who fear the rath of their government in its many different forms. I’ve never understood this as a strategy for wealth protection? Why would you put your money in an illiquid, volatile asset if you’re afraid of losing it? Seems like a UY bank account, with its reasonable secrecy protection would be a better idea.

As far as the middle market: 100K  - 250K, traffic is down as compared with last year, buying is a bit more muted. So far, prices are stable, but I can’t see much in the way of upward pricing pressure.

My call for 2009 is mostly flat prices unless the bottom falls out of the Argentine economy which is just a matter of time. The country is not as tied to the Argentine economy as it was, but the impact will be brutal in Punta’s high-end, less so in the middle market

For years I’ve put this off, but now is as good a time as any.

If you ask a question and want exposure as well as feedback, please don’t ask a question on a post that’s several months old. No one is likely to see it, and my response isn’t going to be seen either. If I may, I also suggest the questions be on-topic. For instance, questions about schools in Punta del Este don’t really fit with a real estate article. If you need help with this issue, send me an email; it’s a better forum.

And last of all, please be nice. There was a time when I allowed comments to be published that were unreasonably argumentative and/or really negative. This was more the case on Coastal Uruguay than here. At any rate, I don’t have the time or patients for this kind of stuff. Many questions don’t get published for these reasons.

Thanks for reading the articles and the good questions.

Steve

I get these great calls from readers all the time and never really talk about it.

Last week a reader in Sao Palo called, a really nice guy named Matt. It kinda brought to mind an important motivator for having this site. We’ve been up and running for a year and half now….meeting new people is perhaps the best part.

Matt is interested in buying property on the Coast, and called to find out how I felt about the various options and possible locations for his family’s vacation home. He had mostly reached a decision, but after talking with Piriapolis’ main Evangelist (that’d be me), he’s sold on our village. This guy would be a wonderful fit for what is developing into an eclectic little enclave.

While I hope we do business, meeting worldly, international personalities and introducing them to the town makes the work rewarding and worthwhile.

Stay Tuned!

Steve Bowman

Why are people becoming Coastal Uruguay expats or second home owners?

During the last three years, I’ve put together a criteria based shopping list:

* The pristine beaches
* Mountain views
* The laid-back lifestyle
* Friendly/helpful people
* Reasonable property prices
* Safety/security
* A cosmopolitan environment
* Reasonable living costs
* Health care
* Luxury real estate and property that are relative bargains
* The good international schools in Punta del Este
* Great second home location for all the above reasons.

I feel, without question, there is a clear winner. If you’re interested read this article on Coastal Uruguay.

Stay Tuned!

To our clients, friends and business associates.

May the new year be joyful and prosperous for you and yours.

Best Wishes,

Steve Bowman