The International Herald Tribune has a couple of interesting items on its real estate blog: Raising the Roof.
There are two property related posts to check out. One is about the sale of Donovan’s house (see July 16 2007) on Mallocra, Spain. If you’re asking, “Who the hell is Donovan,” you’re fortunate because you’re still young. The ancient rock star is not the point, the price on his house is interesting…..€296,000 ($448,00).
The previous post, dated July 14th shows you what you can buy around the globe for €300,000. (By the way, don’t let the house with all the land near Colon Panama fool you….Colon is a dangerous place.)
The composite view suggests for roughly US$450,00, you can buy some pretty slick digs several places in the world. Therefore, this could be used as an informal benchmark.
I feel this says a few things about prices on the Uruguay Coast. Much of the Coast is experiencing Globalized Pricing. There’s a lot of new construction in Punta del Este coming in just below or near this benchmark. Sheek, trendy spots like Jose Ignacio and La Barra are in the $550,000 PLUS range - way beyond the baseline.
There’s also a hint about value. Existing properties in the less “trendy” but nice areas of La Punta and Piriapolis are appealing. As we’ve pointed out before, there are lots of choices for less than $200,000 on/near the beach, or with fantastic views.
So this begs the question, Is the market on the Coast frothy? To me, the answer is yes and no.
Steve Bowman
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