Wednesday, August 25, 2010
Dear Reader,
There’s something about historic colonial neighborhoods. They offer a unique style, and romance, that sterile condo towers and residential subdivisions lack. They usually attract tourists on day trips and short vacations, immersing themselves in history and culture.
People come to savor gourmet food in the little local restaurants and cafes, enjoy art galleries, street theater, and museums. Colonial neighborhoods don’t always make the most convenient locations to live, but you’ll never lack drama and passion.
The popularity of colonial neighborhoods, and limited availability (they aren’t making anymore of these) can mean high property prices. These desirable areas are highly sought-after. Living in colonial Casco Viejo in Panama, I’m very familiar with property prices in my own neighborhood. When I travel, I can’t resist checking out the prices of properties in other colonial cities. And here are the three of the nicest, and most affordable, colonial locations I’ve come across.
Ciudad Vieja, Montevideo.
Ciudad Vieja is home to a mix of residential and commercial properties
Infrastructure investment (including an extension of Peatonal Sarandí, the pedestrian walkway running through Ciudad Vieja) and the restoration of properties are putting Ciudad Vieja back on the map. Ciudad Vieja is Montevideo’s original historic center, and unlike many colonial locations, it’s not a preserved tourist zone. It features a mix of residential and commercial, colonial, Art Deco and 1930s properties, and it’s home to the financial and business district. You’ll find banks, attorneys, accountants, and financial advisors here, handling most of Uruguay’s business transactions.
Ciudad Vieja boasts art galleries, trendy restaurants and cafes. The Mercado del Puerto (Port Market) serves some of Uruguay’s tastiest gourmet food. A short walk leads to the national theater, Teatro Solis, and stores and banks. Street market stalls stock fresh fish, meat, hand-made pasta, spices, cheeses, and fruit and vegetables.
Many of the larger renovated buildings in Ciudad hide modern loft-style apartments inside an original ornate exterior. Loft style works well in many of the older buildings, whose ceilings reach up to twenty feet high. Historic properties close to the boardwalk often have ocean views.
Tip: Unrenovated properties cost $300-1000 a square meter on average here; renovated ones cost $1000-2000 a square meter on average. Renovation costs average $400-900 a square meter, although a property that needs complete restoration or one with high-end finishings could cost up to $1000-1500 a square meter.
Properties are graded by the municipality depending on their significance, architecturally or historically. Grade 1 (the most lax) allows you to do almost anything to the property; Grade 4, the highest, places very strict limits on exactly what you can and can’t do.
On the Market Now: Two blocks from the Port Market, a 50 square meter (538 square feet) apartment in a Spanish-style building with only three other apartments, for $50,000. The property is in good condition.
A 109 square meter (1173 square feet) apartment, currently used as an office, for $90,000. In excellent condition, the apartment is in a stylish historic building that dates to the late 1920s.
For those with a yen for restoration, a house with high ceilings, wood floors, marble floors, and 500 square meters (5380 square feet) over two stories, for $170,000.
For more details on properties in Ciudad Vieja, contact Patricia Turner here: (JavaScript must be enabled to view this email address).
Granada, Nicaragua.
You’ll find it difficult to tear yourself away from this charming city
Founded in 1524, Granada is a tourist hotspot rich in colonial heritage. It must rank as the most laid-back of all colonial cities. The central plaza’s lofty trees provide the perfect shaded vantage point for soaking up the sun, and watching the world amble past. Tear yourself away for lunch or coffee in one of the many restaurants and cafes dotted around the plaza…or stroll to the shores of Lake Nicaragua, a freshwater lake of 3191 square miles, for fresh cooling breezes.
In this tranquil city, you’ll find egg-yolk yellow, grand buildings sitting alongside picturesque single-story homes in earthy terracotta and bright red tones, as well as a faded blue-washed convent with elaborate plasterwork. It’s undeniably pretty, and bewitching; you’ll find it easy to sink into the slow-paced lifestyle here, and almost impossible to tear yourself away.
Close by, volcanoes, cloud forests, crater lakes, and Masaya’s huge and bustling handcraft market, beckon for an afternoon of fun and adventure.
Nicaragua’s real estate market suffered a setback with the slowdown in the US economy. Many buyers of prime real estate in this country were American. Granada’s colonials remain attractive to Europeans, who realize the potential of these properties as individual homes, or boutique hotels. The market slowdown means that it’s easier to find old colonials, both renovated and unrenovated, in central locations, at decent prices.
Tip: Unrenovated properties cost $60,000 on average here; renovated ones cost $150,000. Renovation costs average $430 a square meter, although a property that needs complete restoration or one with high-end finishings could cost up to $700 a square meter.
Properties are graded depending on how their significance, in the historical center. Building facades usually have to remain original. You can’t have swimming pools in front patios, and you can normally only add extensions at the rear of properties.
On the Market Now: A 2-bed, 2-bath renovated home, with 150 square meters (1616 square feet) of construction, 4 blocks from the main plaza. With a covered outdoor kitchen, this is a comfortable property, close to stores and restaurants. The asking price is $99,000.
A fixer-upper house three blocks from the central plaza retains many original features—wood doors, tiled floors, and a traditional internal patio….and won’t break the bank at $90,000 for 2,690 square feet.
Finally, a 3-bed, 3-bath house, renovated, with a garage and garden, for $160,000. The 160 square meter (1724 square feet) property has a large, tiled, internal patio and a central location.
If you want more information on colonials in Granada, contact David Joyce here: (JavaScript must be enabled to view this email address).
Cuenca, Ecuador.
Cuenca: it’s colonial, affordable, and a cultural center
Two factors impressed me about Cuenca: the sheer cleanliness of this city—and the sheer affordability of colonial properties.
In fact, Cuenca offers a raft of benefits. From the sunny spring climate (you won’t need heat or air conditioning), the ultra-low cost of living ($5 lunches, $15 dinners—for fresh, tasty meals, often with local-grown organic produce…who needs to cook?), to a wealth of cultural activities, this city ticks all the right boxes for a growing number of North Americans.
Surrounded by mountains, and washed by four rivers (the tree-lined Tomebamba winds its way through the city), you’ll feel close to nature. The old city’s cobblestone streets and leafy plazas boast an abundance of old colonial property. Unlike other colonial cities, you won’t come across many larger buildings split into modern apartments or loft units, but you will see a lot of original historic details (heavy, carved wooden doors, brick-domed ceilings, wrought-iron balconies).
Cuenca appeals to both Americans looking for somewhere more affordable to retire to, and Ecuadorians living overseas, looking for a vacation or retirement home. Those overseas Ecuadorians pushed prices in Cuenca up by 7% last year. But don’t worry: you won’t have to look too hard to find a bargain here.
Tip: Unrenovated properties cost $485 a square meter on average here; renovated ones cost $850 a square meter on average. Renovation costs average $650 a square meter, although a property that needs complete restoration or one with high-end finishings could cost up to $1000 a square meter.
Although Cuenca doesn’t have a grading system for historic properties, strict regulations cover properties built before 1900 (this is a UNESCO World Heritage site, after all). A historic committee and a municipal committee approve all plans for renovations and new projects in the historic district, and applications can take a long time for approval.
On the Market Now: A pre-construction 500 square foot apartment, for $49,000, in the heart of colonial Cuenca, will have a modern loft-style interior, and a traditional colonial façade. This type of property isn’t easy to find in Cuenca, and the other units in the building sold quickly on release, mostly to foreign buyers.
An enormous 6-bed, 3-bath home, with 5200 square feet, five blocks from the central plaza, for $315,000. This well-maintained home has 2 courtyards, and could be converted to a spacious family home, or converted into a boutique hotel.
If you want more information on properties in Cuenca contact Kathy Gonzalez here.
Latin America offers a choice of Spanish (and Portuguese) colonial living environments. But Ciudad Vieja, Granada, and Cuenca, while popular with expats, retain their historic charm. And what’s even better, they’re still very affordable.
Margaret Summerfield
Posted Under:
ecuador, uruguay, nicaragua, historic property
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