The Perfect Spot for a Glamorous Retirement

Wednesday, September 09, 2009

Punta del Este is known as the St. Tropez of South America

Dear Reader,

Punta del Este is well-known as a playground for the rich and famous. It oozes glamour and style…and celebrities, in high season. It ranks as the number one tourist destination in Uruguay. It’s also a perfect retirement destination—and you don’t need a celebrity-sized bank account to buy a home here.

Punta del Este is South America’s premier beach resort. Fifty kilometers of beach wraps around the Punta, or Point. There’s shrubbery and woods, some close to the beaches. You get a choice of beaches: Playa Brava’s waves attract surfers, while those looking for calmer waters head for Playa Mansa.

The main shopping street, Avenida Gorlero, is a mix of souvenir shops, designer boutiques and sidewalk eateries. Punta del Este also boasts a marina and yacht club. A waterfront boardwalk (rambla) runs around the point, bordering the marina and the beaches.

The old town is low-level, and free of high-rises. The church and lighthouse (dating back to 1860) form the centerpiece for the quiet streets and detached homes.

Punta del Este draws large numbers of Argentine visitors. This is the closest major beach resort for Buenos Aires’s residents. Brazilians are coming too, partly for the safety and lack of crime, and in part for the casinos, which are illegal in Brazil. The Conrad Casino here hosts world-class shows and concerts.

The town’s population of about 19,000 swells to a million in high season, December to February.

Spending time here has convinced me that Punta ranks as a near-perfect retirement spot. The quality of life is unrivaled. The town is safe. The beaches are beautiful. The pace of life is tranquil.

The streets are spotlessly clean, and the beaches picked clean of litter daily.

In season, Punta del Este buzzes with activity. Out of season, it’s peaceful, and the beaches are mostly empty. Many restaurants and cafes close, but some remain open year-round. There’s so little traffic, they switch the traffic lights off.

The area is centered on the town of Punta del Este itself, referred to locally as “the peninsula”. From there, Playa Mansa stretches to the southwest, while Playa Brava goes to the northeast.

The coastal road is marked by bus stops called Paradas. Normally when you’re given the location of a property, it references the Parada. (The numbers get higher as you get further from the Peninsula.) For example, a home may be on Playa Brava, Parada 10; another on Playa Mansa, Parada 33.

The price for luxury oceanfront properties hit a record-breaking high this year with $7.3m paid for a 1719 square meter/18,500 square-foot apartment. Go a few blocks back from the beach or a short distance from town, though, and prices drop dramatically.

I found a number of attractive houses, including one for less than $500 a square meter.

On Playa Mansa Parada 39 in the sector called Pinares, there was a 121 square meter house (1300 square feet) for $115,000, only 500 meters from the sea. That’s $950 a square meter.

A 300 square meter home (3,200 square feet) with a garage had an asking price of $145,000, and included some furniture. It was farther from the ocean, but was only $483 per square meter.

An apartment with a marina view was $93,000.

I liked a brand-new unit under construction, slated for completion in July 2010. In a central location, close to the Conrad Casino, it featured an open-plan kitchen and living room, spacious terraces, and two bedrooms and two bathrooms. The price was good, too, at $130,000 for 92 square meters (990 square feet).

In fact, I was surprised at just how much inventory at reasonable prices there is in Punta del Este. An online search on one website for properties from $80,000-$175,000, revealed 234 houses and 339 apartments…and I only searched for those listings with photos.

For an affordable retirement home in a location with a unique appeal and desirability, Punta del Este certainly fits the bill. And you might even get the chance to rub shoulders with the visiting glitterati.

Margaret Summerfield