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International Property Bargains: Great real estate buys in Uruguay

Posted November 15, 2007

“I recently looked at a classic 2000-square-foot apartment for less than $80,000, with tall ceilings, carved wooden doors, and very little needing to be done to make it a real showplace.” — Lee Harrison

by Lee Harrison, TodaysFinancialNews.com

Blogger’s Note: Living where you want and making money the way you want to… as a trader, investor, entrepreneur. That’s our ideal is TodaysFinancialNews.com. To help us narrow down the choices, we’re teaming up with our friends from International Loving over in ireland — to serve up some ideas of how you can do this, and where to look for such opportunities.

Thursday, November 15, 2007

Baltimore — (TFN): I looked around the magnificently-restored Teatro Solís from our box seats in this theater from a bygone era, marveling at the craftsmanship and care that had been taken during its recent restoration. retire in UruguayAs the lights dimmed and a hush fell over the well-dressed crowd, world-famous conductor Zubin Mehta entered the stage and prepared to conduct the Israel Philharmonic Orchestra in its kick-off performance of their Latin American concert tour. To me, this theater is symbolic of the “new” old-town Montevideo, Ciudad Vieja—Montevideo’s original historic center.

Restaurants offer a wide range of fare and ambiance. The old-world fine dining establishments will hold up against those you’ll find anywhere in the world, while the sidewalk cafés, bistros and the original waterfront market present a local flavor that will be hard to find anywhere else.

And things in Ciudad Vieja are moving along according to “plan.” As soon as the new section of the pedestrian walkway known as Peatonal Sarandí was completed, the upscale shops and boutiques moved in and property prices began to rise. Tourists are now strolling along its length seven days a week, and some properties that I’ve followed here have doubled in value during the past two years… to the delight of the early property buyers.

Along Plaza Zabala (Montevideo’s original town square) prices have also jumped as foreign buyers move in. Local realtors who shunned this area two years ago are now setting up shop and doing business in Ciudad Vieja, bring mainstream attention with them.

So what’s next in Uruguay?

Frankly, that’s what everyone is speculating about right now.

It could be right in Ciudad Vieja. Plenty of areas are still awaiting renovation, some of which seem to be squarely on the path of the restoration trend, while others are still too questionable for most of us to be comfortable with. A new pedestrian walkway is in the works, and a fair number of savvy International Living readers are investigating and buying along its route through Ciudad Vieja.

Then there’s the adjacent neighborhood known as Centro, where I bought my own apartment. In Centro, prices are markedly less than in Ciudad Vieja, sometimes around half as much. Here, I recently looked at a classic 2000-square-foot apartment for less than $80,000, with tall ceilings, carved wooden doors, and very little needing to be done to make it a real showplace.

Elsewhere in Montevideo, some of the more upscale venues have been gaining popularity with expats, in addition to the professionals and diplomats who have traditionally settled there. Areas like Pocitos, Buceo, and Carrasco each have their own character, with their own set of trendy cafés, restaurants, and some beautiful beaches right in the city.

In Punta del Este, construction is booming as investors and second-home buyers grab most of the new inventory in the pre-construction phase. There are some great deals in this world-famous resort, and frankly, some overpriced properties trying to find their way to gullible buyers. Just down the road in Piriápolis, Uruguay’s first North American-style community is about to go on sale, bringing a lifestyle alternative that wasn’t available before.

There’s no shortage of “expert” advice with respect to the best place to live, invest, or buy a second home in Uruguay. But no one who’s interested in buying here should limit themselves strictly to the opinions (or writings) of others.

There’s no substitute for direct, first-hand information. Seeing the country with your own eyes, talking to the people who have gone before you, and meeting with true professionals is the only way to know what’s right for you.

And unless you’ve got the time, money, and language skills to go it alone, there’s no better way to do that than to come to the first-ever Live and Prosper in Uruguay seminar, November 28-30. Here you won’t have to seek anyone out or dig for information; the team of experts will be brought to you, and will remain at your disposal. Whether you are interested in real estate, residency, relocation, starting a business, offshore banking or buying a second home in a great country, you’ll find someone at the conference to help you on your way, with optional tours available.

For complete information, I recommend the Live and Prosper in Uruguay seminar. I’ll look forward to introducing you to Uruguay and showing you around. November 28th is just around the corner, and seats for the conference are going quickly due to the pent-up demand. Register now to make sure you don’t miss out.

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