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The same real estate shenanigans happen here in Colombia. New construction projects are promoted, and units sold "sobre planos" (from plans) at below market prices. Down payments are in the ballpark of 35%, and spread out over a 12 - 24 month period. What has happened in some cases, the project will not complete on schedule, or worse, never complete... and the prospective homebuyer is left holding the bag with nothing to show for his initial investment.
I have no doubt that the above is true. However, about a month ago I went too look at a development under construction, Elements, I think was the name.
The sales office and agents were excellent, knowlegeable, very professional literature and generally first class. So many people were there to inquire they were standing in line on a weekday afternoon.
They started in '09 and the first tower is fully occupied and the second sold out. The third will be ready for occupancy late next year. There were a couple of less desireable units for sale by "flippers." The insiders who bought pre construction were averaging a $25,000 profit. Units were selling from between $200,000 and $250,000. (I think, cannot remember exactly)
Also, they built a new building next door to my apartment. It took them less than a year to build 10 stories and it is almost fully occupied.
What I want to know is who is buying all these apartments?
On a side note, new car sales are up 50% year over year. The waiting list for a Ford 150 is 4-5 months.
Medellin is "Boom Town."
As always ...FWIW
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