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Author Topic: Buying Realstate in Cartagena  (Read 1972 times)

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Offline latinsurfer

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Buying Realstate in Cartagena
« on: March 27, 2006, 07:04:51 AM »
Hi guys,
This will be my first of what I hope to be many posts here. I have been traveling to Colombia for over 10 years and have a decent idea of the goingons both in the women category and Colombia in general. I most often travel to Bogota, but take short trips to Cartagena about once a year. This past trip to Cartagena I noticed a big change in the city as far as tourisms and the economy in general. I spoke with several people there and they actually now seem open to outsiders getting involved. A lot of new construction going up in the next year. Im ready to go down next month and pull the trigger on one or 2 of those new pre-construction projects.
I know there are guys here with better and more sincere insite then any I can hope to find down there, so my questions is < What do you think of investing in real state in Cartagena at this time? If this was two years ago , I wouldn't have even given this a second thought. But as I said, I have seen tremendous change in this tourist area for both Colombian and non-Colombians. Especially the cruise ships. Thanks for any insight you may have.

Offline Ken

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Buying Realstate in Cartagena
« Reply #1 on: March 27, 2006, 01:15:27 PM »
Good question for The Hooker.

Offline latinsurfer

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Reply to myself
« Reply #2 on: March 28, 2006, 01:42:08 PM »
Seems like theres not many posters left on this forum. Is there any other board anyone might suggest?

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Reply to myself
« Reply #2 on: March 28, 2006, 01:42:08 PM »

Offline jim c

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Buying Realstate in Cartagena
« Reply #3 on: March 28, 2006, 02:38:17 PM »
I have four properties, three in the walled city and one in Crespo on the beach. Property is no longer cheap in Cartagena. You have missed the boat by two years. I would advise against buying in one of the new projects. The cost per sq mtr is between 2 & 3 milliones. The rental business will be flooded with these in the next two years. They are over priced and cheaply constructed. There is a huge bubble growing here probably over a thousand new units. I don't believe there is sufficient infrastructure ( water, garbage, sewage treatment, electic) to support them. There are already too many units here and that is why apartments rent so cheaply here. Don't expect that the construction is controlled there will be a lot of new swiss accounts before this is over. There is already a problem obtaining materials because there are so many projects at the same time. You can count on accessments to pay for the building after you take possession and all the units are sold.

You are better off buying older properties at a lower cost. These are better constructed and only require remodelization which can be very reasonable here. Feel free to contact me when you decide to buy. Be careful of the agents who are selling the new projects a pre built new apartment can be very appealing until afterwards when you start paying the condo fees and services. Thats when you find out that reselling the property will result in a loss rather than a profit.

Offline KaiserSoze

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Re: Reply to myself
« Reply #4 on: March 28, 2006, 04:12:13 PM »
Quote from: latinsurfer
Seems like theres not many posters left on this forum. Is there any other board anyone might suggest?

I agree.  Any suggestions on another board?  What about...

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