This week I purchased my first Uruguay real estate. It is a three-story building in the Centro area--downtown Montevideo--two blocks off the main street, a pleasant four block walk to the waterfront, and walking distance to the Old City.The structure is only 37 years old, according to the record. While the inside is a shambles, the building itself is wonderfully solid construction. The first floor is an empty storefront and the upper two floors were designed as a four-bedroom, three-bath house, complete with balcony, patio with BBQ grill, and a stairwell going all the way to the roof.
The roof can be used for sunbathing, family get togethers, hanging laundry or throwing a rooftop party if one were interested.
Although it is a wonderful building, it was left unloved--vacant and neglected for years after the previous owner died. The family had raised six children there. They moved away long ago. When the mother became infirm, this Uruguay real estate was rented to a government agency to help with her expenses. When the agency moved out, the building was left alone and empty--a medium for graffiti artists.
Sadly the renters that used it for those years left it in terrible shape.
In addition, leaves were allowed to pile up on the roof and block the drains, causing filtration of water and, eventually, mold in some of the rooms.
Here are some pictures.
Here is your Uruguay reporter in her new diversion of building renovator!
Taking up old carpet 
A Little Work Required Here!
Second Floor Patio and Grill
View From the Third FloorAnd so begins the business of restoration. We will keep you informed of the progress.
If you happen to be one of us crazy people who just love to see a wonderful, neglected building restored to warmth and beauty, there are plenty of similar real estate opportunities here in Montevideo.
Uruguay is probably one of the few places left in Latin America that is beautiful, tranquil and stable, with low crime, low living costs, where you can find real estate reasonably priced.A building of this quality, situated even in San Telmo, Buenos Aires (not in the posh Ricoleta area), would cost about three hundred percent more, even in its present condition. And it would not be in the downtown business area.
Stay tuned for more real estate information. Until next time . . .
© Arlean Kelley 05/18/2009 All rights reserved.
Please feel free to send any questions. We will answer in the blog or else write or call you directly. Comments are welcome. There is a tiny envelope at the end of the blog where you can write comments for all to see. Contributions from other expats living in Latin America are also welcome. They are, of course, subject to editing.
Hi Arlean,
ReplyDeleteHow much would a similar building cost today in that area? (Is that somewhere close to Palermo or Barrio Sur?)
I am trying to find similar properties through buscandocasa.com, but there are not many. I heard that only about 5% of properties for sale are listed there. Is that true?
Thanks!
Yes, it is sort of near Palermo. Palermo is a little outside of Centro where I am. I have seen two commercial buildings in the Centro (downtown) area recently, kind of in the same category, for considerably less than $200,000. One was asking $170,000 and was in very good condition. It was a bank repo. We know the asking price but not what it went for. It is possible that they came down quite a lot. They often do.
ReplyDeleteI think probably not more than the percentage you mention is listed there. It seems to me the best way to find real estate is either to walk through the area you like and note signs in the windows or check the newspaper ads. On Sunday in the major newspaper there is an advertisement section that covers the entire country. However, it depends on what you are looking for. If a multimillion dollar building, the Internet probably is a good place. For others who may read this who would like to find an $18,000 apartment to rehab, it probably will not be on the Internet.
I am temporarily outside the country. It may be another month before I get back to normal life and start adding again to the Latin America blog. I intend to focus quite a bit on real estate then. So keep in touch if you continue to be interested.