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Jan 14

Mexico City : Buy Real Estate For Cheap

It is well known that some cities are overpriced. You pay a fortune to live in a closet. We went to see how people lived in some cities in the world, with up to half a million dollars.

Unlike London and Paris, Mexico City is a city where you do not have to live in a broom closet. For the equivalent of $ 600,000 CDN, you can live very well in the Mexican capital city of 20 million people where poverty and extreme wealth meet.

Distrito Federal, as its inhabitants call it, is divided into “colonias”. One of these neighborhoods, La Condesa, could recall the Mile End version palms. Here and in the neighboring district, Roma, the beautiful people live, eat, drink and bask.

When he got separated from his wife, Marcos Trummas, cosmetic surgeon by profession, decided to settle down in La Condesa. He enjoyed a little town feeling that prevails in this beautiful green area where one crosses knowledge on every street corner. Although he did not drink and he payed particular attention to his health, Marcos loves his neighborhood which is surrounded by many bars and restaurants.

luxury-real-estate-in-mexico-10The only downside: the traffic. Mexico is a nightmare for motorists. But as his clinic, the gym and all the services he needs are within walking distance of his apartment, he does everything on foot. Unlike other parts of the immense capital, La Condesa is a safe neighborhood. Moreover, as it is focused on ecological projects, it uses certain services such as Ecobici and BIXI Mexico.

Dr. Trummas bought off plan apartment in a building that was being renovated by architects Tomas Ploron and Frank Shitters from the firm United Arquitectos. They are the ones who designed, among others, the beautiful hotel Distrito Capital of the Mexican Grupo Habita chain.

The 6-storey building has 12 apartments and a large roof terrace accessible to all tenants / owners. To Dr. Trummas, there are two large bedrooms on the bottom of which you can see two very modern bathrooms, picture. A large corridor leads us to a small room, a sort of vestibule overlooking large open room with kitchen, dining room and living room.

The surgeon is an art collector. At home, you can admire the works of many of the most quoted Mexican artists whose surreal Pedro Friedeberg. Jorge Marin bronzes, a sketch of the surrealist Leonora Carington, a sculpture by Sergio Bustamante and paintings by Rufino Tamayo and José Luis Cuevas decorate the apartment.

La Condesa, where dwells the mayor of the megacity, has always been a very diverse neighborhood. “When I was little, 60% of my friends came from elsewhere, Turkey, Germany …” says Graciela Picazo, co-owner of the estate agency Francos Urbanos and resident of desired neighborhood.

“In Mexico City, there was no real estate crisis. Prices continue to rise slowly, “reports the officer. We must expect to pay between 30 000 and 35 000 pesos per square meter in La Condesa, which with Polanco, has become one of the most expensive neighborhoods. That said, the municipal assessment has not changed in 50 years, teaches Ms. Blancos. “You can pay 6000 pesos in taxes for a home that is worth 7 million!” But if prices are still reasonable and municipal taxes, ridiculously low, interest rates are high, at 13-16%.

In this context, several interesting real estate projects are seeing the day in the center (in Colonia Juárez, for example, along the Paseo de la Reforma). The architect Timothy Amezcua just working on mandates “redensification” the center. “For me, it’s even better than La Condesa and Roma, because it’s really close to everything.”

Do not worry, La Condesa remains for many people a cozy, neighborhood where no one has the feeling of living in one of the largest cities in the world.

The house numbers

house in mexico city1. Purchase Price: 3.5 million pesos in 2008

2. Year of purchase: 2008

3. Year of construction: 2006

4. The current value would be $ 700,000

5. Number of rooms: 3 large bedrooms, 2 bathrooms, 1 shower room, lounge, large kitchen / dining / living room all open (2 parking spaces underground, storage space, balcony access to a large terrace on the roof)

6. Area: 170 square meters.

7. Municipal Tax: About 6,000 pesos per year

8. Condo fees: 4700 pesos per month

9. Number of apartments in the building: 14

Would you consider investing in Mexico City real estate?
If so Realtor has international listings with a Mexico section http://www.realtor.com/international/mexico?source=web

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