Check out the website i created with all the details.
http://www.compramiapto.com/

Located in the beautiful Cartagena Colombia, this unit is located on
the exclusive area of El Laguito (Bay , Ocean Area) 150 yards from the
Hilton 5 star hotel and infamous Dolce Vita.

Building amenities include:
Sun/Gardens/BBQ Area, Swimming Pool, Jacuzzi, Sauna, Steam Bath,
Children's Playground and Laundry Area.

The Building features a magnificent Reception Area which includes
the Administration Office, Front Reception Counter, and Meeting
Room. From the Reception Area, two elevators whisk you direct to your
luxury apartment.

Mirador del Laguito is equipped with a modern automatic fire sprinkler
system plus a standby electric power generator for the elevator and
common areas.

Enclosed Parking Spaces are accessed through an independent,
secured gate, and are located on the first and second floors. This
apartment includes its own private parking space on the second floor
enclosed parking garage.

Building is 95% complete and is ready to move in June 2006. My
pre-construcion unit is payed in full and my realtor in Colombia will
facilitate the transaction with ease.

Note: I am an American citizen. Americans have the rights of property
ownership that Colombian nationals have.

I've walked by this place many times and it looks really nice, can't beat the location.

May I inquire as to why you're selling this place? Do you have an option for the pre-construction price and can this option be transferred?

I bet I couldn't do a 1031 exchange for this property since it's not in the US as I need to designate a apt or condo pronto. I'm also wondering if there will soon be a glut of apts and condos, seems there is construction everywhere near Laguito. I've been emailing a distressed seller who wants to sell his unit for real cheap and will do some due diligence next trip.

(Message edited by merlin on April 20, 2006)

(Message edited by merlin on April 20, 2006)

Oh, never mind about the option as I see you paid in full already.

Perhaps a public forum is not the place to inquire, so you can email me, but I'm assuming there are no restrictions on selling for a certain period of time, and what about HOA rules and fees and taxes?

I've got one, possibly two, buddies that may go in w/me.

I also purchased a unit in the same building. No restriction on selling, administration fee amount is not available yet, and annual property taxes are minimal (I believe it is less than 1%).

Since this is investment property, Mery will rent this unit for me. I have created a website with info and photos on some of the apartments she has available. If there is any interest, I will post the url.

There is construction everywhere IN Laguito as well. There are two other buildings under construction now. A third, huge one, will begin any time soon. Bocagrande and Castillo Grande have a lot going on as well. And there is activity in Centro, Crespo, and Manga.

Seems like a glut coming to me.

TomTom33
The new construction is based on demand. The projects have a fiduciary that will not release funds for construction to begin until a required percentage of sales have been made. I have seen a few projects start sales and then have substantial delays (to start construction) due to the fiduciary requirements.

The three new projects being sold by Habita, the developer of Mirador Laquito, has very nearly sold all the units in three different Cartagena locations. Sales on these projects started at the end of November 2005 and my sales data was via an office visit in early March 2006. The unknown is how many of these buyers are in it for the short term and will want to sell, potentially creating a glut. My feeling is the market is growing and prices will continue to increase, but there is always a risk.