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Medellin Property and Realestate Guide
Medellin Colombia Realestate Guide
This week in
We hear it often, "I wish I had bought Medellin property ten years ago!"
If you had, you would be 40% to 50% ahead in your investment value.
Yes, Medellin is experiencing a building boom in both residential and commercial construction.
There are more high rise construction projects underway and approved in Medellin than NY, Philadelphia and Los Angeles combined;
Both new and existing condo, home, apartment and commercial office space is in high demand.
Prices are still well below US standards. Asking prices are in the 1200K-2,800,000K per square meter price range for upper scale properties in the Poblado area. Much less in other areas. Ask to offer price is usually in the 85% to 95% range. Final sales price is based upon your negotiating skills and what you can get them to include. Sometimes sales include all furnishings except their personal belongings.
While we do not claim to be experts on the subject, here are a few things you should be aware of before you buy;
Can I buy property as a foreigner in Colombia? Yes!
Can I own the land as well as the structure? Yes (except in condos and apartments where common areas are co owned by all residents. Just like in the states).
How do I know if it is a good price? You have to do your homework. Look at many different places. Document price ranges per Sq. meter and get a feel for the range of prices in a particular building or neighborhood. They do not have MLS types of Comps. available. Properties in more upscale neighborhoods will be more expensive per Sq. meter. (10.761 Sq Ft.)
Can I get Title Insurance? As a rule, no. It is advised to hire a competent local English speaking Real Estate Attorney to handle all closings and ownership searches. The closing will be conducted at a local Notary office who also has the responsibility to make sure the property is unencumbered from any taxes or outstanding debts (like Condo service fees) and that the registered owner is making the sale.
Can I get financing? Again, as a general rule no! (there are a few companies in the US offering financing on new construction but the interest rates are terribly high. Some owners (especially Americans) will offer some financing. It never hurts to ask.).
If I can't get financing, how do I pay? Usually with a wire transfer to the owners bank account for the full amount of the purchase or check and some cash.
What are the Realtors fees? Generally 3%.
Who pays the realtors fees? Depends on whether the realtor is serving as a buyers or sellers agent. Ask first.
How much are monthly Administration fees? Normally, the more units in a complex, the lower the monthly administration fees. This is paid to cover common expenses like security, grounds maintenance, external building maintenance, taxes etc. You can expect them to increase annually.
What are the general offer to asking price ranges? Generally, offers are 0 to 15% below the asking price. Negotiations begin from there.
What will the owner leave behind? Usually you have to negotiate for everything including appliances, window treatments, light fixtures etc. We have heard of owners taking everything including light bulbs, hot water heaters, jacuzzi motors, curtains/drapes and more. Make sure the owner agrees to include an itemized list of the items you want left behind.
I don't speak Spanish. Are there any bi lingual realtors in town that could help me? Yes, there are a few. Contact us for referrals that meet your needs
Will the contracts be in Spanish or in English? In Spanish for the ones that get formally recorded at a local notary. Your attorney should provide you a copy in English. You can confirm the accuracy of the document translation through a local translation service if desired.
Thinking about buying property in Medellin?
Over 325 properties listed through English Speaking Realtors in Medellin
Considered by many to be the best on-line dating site for meeting Colombian and Latin Singles
English speaking contact at UNE: If you are ordering phone, internet or cable from UNE, it can be a very exasperating experience if you don't speak Spanish. Call the main UNE number, 444-4141. When the voice prompt starts, select Option #2, Option #2, Option #1, Option #2. When they answer, ask for Eduardo Martinez. They will connect you to him. Very pleasant and very helpful individual.
Property Managers and Realestate pros. Can you show 3 properties at once? With video you can!
Learn how todays realestate pros and property managers are using You Tube Videos to increase their sales and occupancy rates and reducing the time they spend showing properties to prospects using videos.
Here is an example you can watch. You too can learn how to add this very popular method of leasing and selling properties to your arsenal of selling tactics. If you aren't using video to sell and rent properties, you can bet your competition will be soon!
Now, how does that compare to this?