Housing market situation

[admin]

first we had robo signings in the states. now we will have robo appraisals.

so seems the u.s. fed is proposing that houses be apraised by computer algo rather than humans. yea that does not sound like it will end well.

https://m.slashdot.org/story/349140

[admin]

11 months of advances for the chilean construction sector:

https://www.df.cl/noticias/empresas/inf ... 05410.html

[paladin]

There’s certainly no lack of demand in El Golf for apartments. In the last two weeks, two apartments came up on portalinmobiliario , that I liked the look of, One was sold before I could even go to see it, and the other sold today, even though the corredora said she’d let me know if anyone made an offer, which she didnt. We know that corredoras are not qualified in this country and the vast majority are just bored housewifes trying to make some money, but they really are the worst I’ve ever come across. There are also two other apartments I’ve asked a corredora various times in the past 3 weeks, but havent even had the courtesy of a reply.

[mem]

If they dont reply it is probably already sold or at least an offer accepted.

[at46]

If you're planning to buy with cash vs. a mortgage, let them know right away in your initial email. That usually puts you in the front of the queue.

[41southchile]

If you're planning to buy with cash vs. a mortgage, let them know right away in your initial email. That usually puts you in the front of the queue.

Yes, good advice, cash is king. We are actually thinking of charging a surcharge for those that want to buy with mortages , or giving cash discount , banks or rather the useless staff that work there that don't know how to do their job most of the time.
It means it takes so much longer for the sale to go through and the added costs of getting paperwork together and time spent and invested on satisfying the bank means I would definitely give cash buyers priority . A mortgage sale is still a sale in the end, but those buying with mortgages do come with a noticeable cost to the vendor,

[admin]

yea i would say any real estate transaction we have handled, when a mortgage is involved with either buyer or seller, add about another two to three months to the mortgage process on average while the banks do their thing (or not).

[paladin]

If they dont reply it is probably already sold or at least an offer accepted.

Sorry, that’s not my experience.

[paladin]

If you're planning to buy with cash vs. a mortgage, let them know right away in your initial email. That usually puts you in the front of the queue.

That’s exactly what I do. In certain high demand areas, I think the corredora finds an interested party, then concentrates on him, before moving on to another one. These people are not exactly professionals.

[at46]

If you're planning to buy with cash vs. a mortgage, let them know right away in your initial email. That usually puts you in the front of the queue.

That’s exactly what I do. In certain high demand areas, I think the corredora finds an interested party, then concentrates on him, before moving on to another one. These people are not exactly professionals.

Yes. Another thing is that often times the same property is being marketed by two different corredores/real estate agencies. Often times with a great price difference, but exactly the same unprofessional photos posted for both listings on portalinmobiliario, for example. Only if it says that the listing is exclusive for this corredor can you actually have a bit more certainty of what's going on.

[Baltimore]

From El Mercurio today, rental prices have been flat or declined in the las few years in Las Condes and they are expected to keep going down due to the large volume of newly available apartments bought for rentals ("as investments") and an almost flat demand for properties in that price range.

Of course, apartment values (for purchasing one) are unstoppable, they will keep escalating with no end in sight because......
It's fascinating to see how basic principles of finance (arbitrage) and economics simply don't apply here.

BTW, I'm curious where they get their numbers for the stats. I live in a large and nice apartment in Las Condes and pay like 50% less than what they show as average prices per square meter. Same thing for friends that rent in Las Condes. It almost seem like they used asking prices straight out of portalinmobiliario.com for apartments near El Golf, which are the most expensive ones.

Advice for gringos looking for rentals in Las Condes: Don't ever pay the posted price in portalinmobiliario.com unless its an extremely hot property and there is a line of folks waiting behind you to rent it (this is not SF). Throw a lowball and leave with a straight face and wait for them to call you back. If you speak Spanish, sometimes even walking around and asking conserjes for available properties and rental prices can get you pretty good deals!

[admin]

those "average" numbers get skewed badly by the luxury rental markwt in and around los condes.

We have rented apartment for our high end clients north of $10,000 u.s. a month in los condes. i think the most expensive was close to $20,000 u.s. month. those stats probably also include things like the apartment / residence at the W hotel. we rented one of the W apartments for a client several years ago it was in the millions of pesos a month (can not recall at the moment, but obviously really expensive). ironicaly i don't think the client ever even spent a night there.

essentialy, at the top, there is 'the price is irrelevant' market, and they are not for rent on airbnb, or even by most the real estate agents. lots of super rich foriegners and corporate excutives, that the company is picking up the tab. also a large market for "second homes" for people that live outside santiago, occassionaly travel there, and "the other women" storage fatalities.

so, it only takes a few of those (and there are a suprising amount of them in los condes), to move all those stats. also the uber expensive luxury market is very impervious to market swings of what is going on in the bottom feeding mom and pop speculators.