The Trick to Buying in Uruguay’s Top Resort - From $82,000
By David Hammond
Punta del Este, less than two hours from Uruguay’s elegant capital of Montevideo, has long been the most fashionable beach resort in South America.
By David Hammond
Punta del Este, less than two hours from Uruguay’s elegant capital of Montevideo, has long been the most fashionable beach resort in South America.
An
apartment sold here a few years back for $7.2 million... but believe it
or not, you can still find a nice condo in a coveted Punta del Este
neighborhood for less than $150,000.
There’s
a secret to buying affordably here. And it’s simple. Folks from North
America determine a property’s value by three factors: location,
location, location. But in Punta del Este’s condo market, a property’s
location is less important. For locals and other Latin American buyers,
how new a unit is, the size and style, and building services generally
have a greater weight in the value than they do in North America.
When I first came
to Punta del Este to look for a home, this technique seemed too good to
be true. I purchased an affordable apartment in an older but very
well-maintained and -managed building on the Punta del Este Peninsula in
2006. If there’s a catch to it, I’m still waiting to learn what it is.
In
Punta del Este it’s possible to find good condos, too, in older,
well-maintained and -managed buildings for less than $150,000 in the
same neighborhood as larger units in newer buildings that will sell for
between $400,000 and several million dollars. And that’s with the same
beaches, parks, markets, and high level of safety on the street.
In one of the most active communities in Punta, many newer and larger condos are priced from $400,000 to over $1 million.
This
is where people from all over Punta del Este and Maldonado come to
watch the sunset on Sunday evenings. You’ll find frequent firework
displays and free street entertainment. One day, on my way to get an ice
cream, I happened upon a full orchestra in formal dress set up to play
for passers-by.
Year-round
living here has a lot of pluses. In addition to the fashion and
designer shops, there are markets, hardware stores, pharmacies, and
banks. Everything one needs on a regular basis is open year-round and
within walking distance, making it an easy place to get by without a
car.
Most
of the condo units are in residential towers up to 18 stories high and
in four-story, low-rise buildings. The towers usually have more
amenities and services. One property for sale that captured my attention
is located just a block from the marina, where there are many good
restaurants, nightspots, and a boardwalk. (In fact, it is across from a
new condominium building, with large units that recently sold for over
$1 million each, which fronts the Marina.)
The
condo for sale is in a tower constructed in 1968. It’s shipshape and
the lobby has nice touches like dark hardwood doors and brass trim. The
services include WiFi, building maintenance, a 24-hour porter, and maid
service. The apartment is being sold by the owner completely furnished
and includes a plasma TV, remote-control lighting, and a fully-equipped
kitchen—for $128,000.
Another Punta
neighborhood has condominiums available for less than $150,000. It is
located near the peninsula but is quieter and more sheltered from the
wind. It extends to one of the main beaches and has a nice park, where I
often see large flocks of parrots.
There
are several new buildings under construction in this area, with many
units priced over $400,000. However, there are also units in older,
low-rise buildings for a lot less. One is a cozy 323-square-foot,
remodeled studio apartment. It’s in a building constructed in 1980, with
parking on the ground floor, two floors of condominium units, and a
community barbecue area. It has laminate floors, large closets, and
access to the terrace. It is close to the beach and comes with a parking
place—all for $82,000.
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