The Best Four-story Deals in Town International Living Postcards--your daily escape Thursday, Aug. 10, 2006
Montevideo, Uruguay For the past 20 to 30 years, Montevideo's Old Town was Uruguay's business center, nothing more. But in 2001 the city of Montevideo began a program of rejuvenation, and invested in its historic center. As a result, new restaurants, cafés, pubs, and dance venues opened, and a younger generation of Uruguayans decided that they wanted to live closer to where they worked, choosing to live in character homes and lofts in the new urban center. This rebirth is taking place as I write--entire buildings are being renovated, but the local elements (warmth of the people, small grocery stores) remain. If you want to enjoy the best seafood in Montevideo, go to the Port Market in Ciudad Vieja. Property values here are slowly catching up to the rest of Montevideo. A 700-square-foot apartment in Pocitos with ocean view costs between $70,000 and $100,000, but a similarly sized loft or apartment in the Old Town can still be found for $40,000 to $60,000. (A note of caution: Beware the oldest buildings--if they have not been kept well, refurbishment can cost up $20 to $40 per square foot, depending on the work needed.) The best deals are entire buildings that need work, French-style or Colonial, two, three, or four stories are best. You can buy these buildings (with a total surface area of 7,000 to 14,000 square feet) for $40 to $50 per square foot. Maria Reynolds
For International Living P.S. My company, Reynolds Propiedades and Relocation, will cover everything about living and investing in Uruguay, as well as a detailed property tour of both Montevideo and the nearby exclusive resort of Punta del Este, in our upcoming Uruguay Real Estate Investment and Relocation Conference in Montevideo, Aug. 22-24. For more information, please visit http://www.uruguay-conferences.com or write to me at Uruguay@internationalliving.com. |
