Housing market situation

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Re: Housing market situation

Post by admin » Sat Dec 29, 2018 1:24 pm

you also have the big international investors. they come in and say buy all the apartments on an entire side of a new building, then don't even rent any of the apartments. they just sit on them until they get the right combination of currency moves and property apreciation before selling. so they are mopping up supply in the market, without putting rental supply on the market.
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41southchile
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Re: Housing market situation

Post by 41southchile » Fri Jan 25, 2019 8:02 am

So apparantly according to Forbes
Chile is good buying for second house overseas , not too sure on how accurate their description of Chile is https://www.forbes.com/sites/kathleenpe ... fedbc379be
Here is the local Emol story about the Firbes story ,
https://www.emol.com/noticias/Economia/ ... r-que.html
In the Lakes Region Chile for 6 years. It looks like New Zealand in some ways, and is nearly at the bottom of the world too, but there the similarities end.

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Re: Housing market situation

Post by admin » Fri Jan 25, 2019 9:50 am

That is more than a bit misleading on a bunch of fronts. Has the classic reporter calling around, just repeating whatever B.S. was fed to them on the phone of the person that answered. I have learned the hard way to be careful when such reporters call me, because they will just repeat whatever I say, and not even do a good job of repeating it. I use to do interviews with the BBC, Wall street journal, etc. About 90% of the time they would take something I said out of context to fit their article narrative.

They also picked the bottom of the copper price and exchange rate over the last 10 years to start their "46%" dollar appreciation.
https://www.xe.com/currencycharts/?from ... P&view=10Y

Probably the bigger issue however is the shear lack of actionable information in that article. Just sufficient to be dangerous.

Notice how EMOL just parroted the Forbes report. Years ago I did an interview with the wall street journal about real estate in Chile. The next day I was getting a bunch of calls from reporters in Chile doing reports, on the report like that. The funny one was, the journalist that called, from a paper, that we had already received a call from another journalist at the same paper a few hours earlier. They did not even know someone else in their office had beat them to the easy lazy report on a report.
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Re: Housing market situation

Post by admin » Fri Jan 25, 2019 10:47 am

admin wrote:
Thu Nov 22, 2018 9:39 am
so funny story i just was told.

my wife and i rent an apartment in los condes, near the golf course. we use it perhaps on average 10 days a month depending on the flow of work and other things, or just passing through santiago on the way to somewhere else. we lend it out to friends and family that live in the south when they need to go to Santiago. sort of our own apart hotel in Santiago.

so the owner told us she was going to sell it. she offered it to us at like 140 million pesos. gave it some thought, but just can not bring myself to buy one of those concrete coffins, when i know there is perhaps 10 to 20 million pesos of materials in a 1 bedroom apartment. i also got a bunch of issues with the apartment. fine for few days a month, dont want to buy the problems. we were kicking around the idea of renting something closer to our office anyway. not like we HAVE to have thst apartment because for instance we got kids in school or something.

so she put it on the market. guess how long it lasted?

sold in 2 weeks, to someone looking for investment property.

The new owner was ecstatic to have good renters already in the place (we are hardly there, pay our rent on time, and have made improvements on the place) and has offered us a new contract for as long we want to stay. still debating renting something a bit bigger and closer yo our office. we can make up the difference in taxi rides, but for moment dont want to deal with hassle of moving.
oooo, so this story got juicy out of the blue (I kind of half expected this). It is soooo Santiago real estate market.

Owner and buyer of the apartment are at the notary. My wife get's a call from the current owner, that they are about to sign the buy / sale agreement. The buyer out of the blue says she is going to increase our rent by like 250,000 pesos a month, and basically blackmails the current owner in to paying the difference on our rent until our current contract is up (it is up in like April or something), or she is not going to buy the apartment. Guess the owner paid to get the deal done, not sure what happened there.

My wife did not even bother asking me what I thought. She knew what I was going to say. She just immediately told them, "no way are we paying that, and we are taking this as formal notice".

Honestly, we were only willing to keep that apartment at the current rent, just out of shear laziness / got better things to do right now besides hunting for another apartment.

Classic case of a Chilean misreading the situation, getting greedy, and then overplaying their hand. We know if they do something like that now, it will be something else later. I have one standing rule with all the land lords I have dealt with in Chile over the years: You don't bother me, I won't bother you; and anytime one thinks they can arbitrarily raise rent out of the blue, they get a pleasant, 'good luck with that' and notice of termination of the contract. They can eat that mortgage payment for a few months without a renter.

Probably did us a favor to the tune of several million pesos anyway. Needed something closer to our office, and that apartment had an issue with street noise (4th floor with a busy street in the morning).

However, I could see that working on say a family that was renting, kids are in the local school, or mom and dad are near work, possibly them not having the money to move, etc. We don't play game.
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
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41southchile
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Re: Housing market situation

Post by 41southchile » Fri Jan 25, 2019 12:39 pm

admin wrote:
Fri Jan 25, 2019 9:50 am
That is more than a bit misleading on a bunch of fronts. Has the classic reporter calling around, just repeating whatever B.S. was fed to them on the phone of the person that answered. I have learned the hard way to be careful when such reporters call me, because they will just repeat whatever I say, and not even do a good job of repeating it. I use to do interviews with the BBC, Wall street journal, etc. About 90% of the time they would take something I said out of context to fit their article narrative.

They also picked the bottom of the copper price and exchange rate over the last 10 years to start their "46%" dollar appreciation.
https://www.xe.com/currencycharts/?from ... P&view=10Y

Probably the bigger issue however is the shear lack of actionable information in that article. Just sufficient to be dangerous.

Notice how EMOL just parroted the Forbes report. Years ago I did an interview with the wall street journal about real estate in Chile. The next day I was getting a bunch of calls from reporters in Chile doing reports, on the report like that. The funny one was, the journalist that called, from a paper, that we had already received a call from another journalist at the same paper a few hours earlier. They did not even know someone else in their office had beat them to the easy lazy report on a report.
Never trust a journalist is good advice, learnt that too.
Yes Emol parrots everything from overseas english articles, was interesting to note the comments below that article, I'm not a fan of reading comments on newspaper articles, but nowadays most of the reporting is so shitty and lazy anyway that in amongst the dozens of crappy comments you find some gems that sometimes offer more insights than the article itself.
In the Lakes Region Chile for 6 years. It looks like New Zealand in some ways, and is nearly at the bottom of the world too, but there the similarities end.

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Re: Housing market situation

Post by at46 » Fri Jan 25, 2019 12:48 pm

41southchile wrote:
Fri Jan 25, 2019 8:02 am
So apparantly according to Forbes
Chile is good buying for second house overseas , not too sure on how accurate their description of Chile is https://www.forbes.com/sites/kathleenpe ... fedbc379be
Here is the local Emol story about the Firbes story ,
https://www.emol.com/noticias/Economia/ ... r-que.html
I wonder if this means the author and her husband has finally bought into Chile, after bashing it years earlier. Cos I think that's their modus operandi - buy in and start pushing. Has Cuenca topped out? Anyway, Chile is just going to be too expensive to live on SS alone. And La Serena is probably going to work only for real introverts.

41southchile
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Re: Housing market situation

Post by 41southchile » Fri Jan 25, 2019 2:59 pm

at46 wrote:
Fri Jan 25, 2019 12:48 pm
41southchile wrote:
Fri Jan 25, 2019 8:02 am
So apparantly according to Forbes
Chile is good buying for second house overseas , not too sure on how accurate their description of Chile is https://www.forbes.com/sites/kathleenpe ... fedbc379be
Here is the local Emol story about the Firbes story ,
https://www.emol.com/noticias/Economia/ ... r-que.html
I wonder if this means the author and her husband has finally bought into Chile, after bashing it years earlier. Cos I think that's their modus operandi - buy in and start pushing. Has Cuenca topped out? Anyway, Chile is just going to be too expensive to live on SS alone. And La Serena is probably going to work only for real introverts.
Yeah this article definitely smacks of a hidden agenda, and a few of the comments on the emol article allude to that.
In the Lakes Region Chile for 6 years. It looks like New Zealand in some ways, and is nearly at the bottom of the world too, but there the similarities end.

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Re: Housing market situation

Post by admin » Fri Jan 25, 2019 5:51 pm

at46 wrote:
Fri Jan 25, 2019 12:48 pm
41southchile wrote:
Fri Jan 25, 2019 8:02 am
So apparantly according to Forbes
Chile is good buying for second house overseas , not too sure on how accurate their description of Chile is https://www.forbes.com/sites/kathleenpe ... fedbc379be
Here is the local Emol story about the Firbes story ,
https://www.emol.com/noticias/Economia/ ... r-que.html
I wonder if this means the author and her husband has finally bought into Chile, after bashing it years earlier. Cos I think that's their modus operandi - buy in and start pushing. Has Cuenca topped out? Anyway, Chile is just going to be too expensive to live on SS alone. And La Serena is probably going to work only for real introverts.
Pump and Dump.

They probably got a bit shaken by the last earthquake. :lol:

Personally though I kind of like La Serena more than Vina. Don't think I would ever buy anything there. My wife wants to because we got some family up there, but I just don't see us ever having a good reason to use it very much. It is kind of on the way to nowhere for us, and even if we did go up there regularly we got family there to stay with. Why buy the cow when the milk is free.
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
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From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

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Re: Housing market situation

Post by admin » Fri Jan 25, 2019 6:05 pm

at46 wrote:
Fri Jan 25, 2019 12:48 pm
41southchile wrote:
Fri Jan 25, 2019 8:02 am
So apparantly according to Forbes
Chile is good buying for second house overseas , not too sure on how accurate their description of Chile is https://www.forbes.com/sites/kathleenpe ... fedbc379be
Here is the local Emol story about the Firbes story ,
https://www.emol.com/noticias/Economia/ ... r-que.html
I wonder if this means the author and her husband has finally bought into Chile, after bashing it years earlier. Cos I think that's their modus operandi - buy in and start pushing. Has Cuenca topped out? Anyway, Chile is just going to be too expensive to live on SS alone. And La Serena is probably going to work only for real introverts.
I have not had a single client, that relied only on U.S. social security check to live in Chile, in about 10 years. Perhaps more. I have clients that just happen to get a social security check, in addition to a bunch of other resources like private pension or something; but, just a social security check, not even sure where that is possible anymore in Chile. Like if you bought a property that was completely paid for, you might be able to get by on a social security check. It would be tight, and not allow for a whole lot of wiggle room for things to go wrong.

I just don't see the middle class, U.S. retirement market returning to Chile ever now; unless, Chile has some sort of major crisis. The 2008 mortgage crisis pretty much wiped them out. It use to be fairly common for us to get U.S. retirees, that say sold their house in the States, lived on a social security check, come down and buy something in Chile. Not many of those around anymore.
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
For more information visit: https://www.spencerglobal.com

From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

at46
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Re: Housing market situation

Post by at46 » Fri Jan 25, 2019 6:36 pm

admin wrote:
Fri Jan 25, 2019 6:05 pm
at46 wrote:
Fri Jan 25, 2019 12:48 pm
41southchile wrote:
Fri Jan 25, 2019 8:02 am
So apparantly according to Forbes
Chile is good buying for second house overseas , not too sure on how accurate their description of Chile is https://www.forbes.com/sites/kathleenpe ... fedbc379be
Here is the local Emol story about the Firbes story ,
https://www.emol.com/noticias/Economia/ ... r-que.html
I wonder if this means the author and her husband has finally bought into Chile, after bashing it years earlier. Cos I think that's their modus operandi - buy in and start pushing. Has Cuenca topped out? Anyway, Chile is just going to be too expensive to live on SS alone. And La Serena is probably going to work only for real introverts.
I have not had a single client, that relied only on U.S. social security check to live in Chile, in about 10 years. Perhaps more. I have clients that just happen to get a social security check, in addition to a bunch of other resources like private pension or something; but, just a social security check, not even sure where that is possible anymore in Chile. Like if you bought a property that was completely paid for, you might be able to get by on a social security check. It would be tight, and not allow for a whole lot of wiggle room for things to go wrong.

I just don't see the middle class, U.S. retirement market returning to Chile ever now; unless, Chile has some sort of major crisis. The 2008 mortgage crisis pretty much wiped them out. It use to be fairly common for us to get U.S. retirees, that say sold their house in the States, lived on a social security check, come down and buy something in Chile. Not many of those around anymore.
I know a family of three living on two SS cheques who tried moving to Chile from Cuenca not so long ago. It was a disaster for them financially. In part due to expensive healthcare what with them being accustomed to everything free in Ecuador. They lasted like five months but only because they needed time to save for their return tickets. And yeah, waiting for a family member to pass and inherit the house is their only hope to see some dough.

at46
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Re: Housing market situation

Post by at46 » Sat Jan 26, 2019 12:11 am

admin wrote:
Fri Jan 25, 2019 5:51 pm
at46 wrote:
Fri Jan 25, 2019 12:48 pm
41southchile wrote:
Fri Jan 25, 2019 8:02 am
So apparantly according to Forbes
Chile is good buying for second house overseas , not too sure on how accurate their description of Chile is https://www.forbes.com/sites/kathleenpe ... fedbc379be
Here is the local Emol story about the Firbes story ,
https://www.emol.com/noticias/Economia/ ... r-que.html
I wonder if this means the author and her husband has finally bought into Chile, after bashing it years earlier. Cos I think that's their modus operandi - buy in and start pushing. Has Cuenca topped out? Anyway, Chile is just going to be too expensive to live on SS alone. And La Serena is probably going to work only for real introverts.
Pump and Dump.

They probably got a bit shaken by the last earthquake. :lol:
Her bit on Colombia: "This is because Colombia, including Medellin, is still misunderstood. When you say 'Medellin' to the average American, he thinks: Drugs... gangs... Pablo Escobar. It's such a misperception. The current reality of this city is so far removed from all that.”

And this was published the very next day after a kamikaze drove a car bomb into a military school in Bogota killing 20 and injuring 60. Yeah, right. https://www.infobae.com/america/colombi ... en-bogota/

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Re: Housing market situation

Post by admin » Sat Jan 26, 2019 11:05 am

i love colombia, but we don't take the security situation there lightly when visiting. we have a bunch friends that lived there for years or are colombian we check with for the latest news, and a friend with a security company sends us an updated list of hotels and places to stay that his people review regularly for their clients.

colombia however has come a long way, and as long as you don't go looking for trouble, it is probably still safer right now than a lot of less infamous central american countries or even mexico.
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
For more information visit: https://www.spencerglobal.com

From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

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