SAN JUAN REAL ESTATE TOUR (Puerto Rico 2019)
Are. You buying, a property to, rent out on Airbnb what's, the first question you want someone, who is. Remodel. As if that building so that's, nice as, Puerto Rico recovered, from the hurricane so far I think this is my proposed. Get. A pass eros wouldn't be nice to wake up like this every day, in. This video we're gonna find out what, it would take to do that we're gonna talk real estate in San Juan what. 30. So. The, most, important. Due, diligence, that I think you can do is to, come. Out rent, a furnished place to, live, get. A feel for each of the neighborhoods, that you considering. Before, you buy so, if you're watching this in 2020, and beyond to make sure to check out life for calm, the, first apartments, that are gonna be ready will be the plaza, cologne Hotel & Suites in also one so, once you've got a feel for what you want to live let's, talk about the next step so, two areas. Of San Juan that I won't be covering in this video are Old San Juan and. Calle. Luisa. Coming. Them briefly in all the videos check. Them out here if you'd like to learn more about those areas. So. The next step is grabbing. A coffee it's, kind of like the job interview, for real estate agents. To get to know each other. I you know what type of clients, are you helping, what, are you doing in Santa, Monica. Well for the last four years I've, been working mainly. With our 2022, clients. Probably. Eighty to ninety percent of my clientele our Americans, they, come from states where the. Taxes. Are high like York, California, and. They, love it here some, of them come. With our whole family, if they are married and they move into dorada so, moving to come now it all depends, on their lifestyle, we, don't have a photo, rican mls, so. Some people come it's, a little bit, we'll just find information, here it is that's, why you have to hire a realtor that has the local knowledge and, the expertise, on a day-to-day basis, like. Top brokers, here we have this Canadian system, and through the Canadian system, we, have handshakes. Between, each other and, then we see for example I wake up in the morning and I see what all the brokers, in Puerto Rico posted. Last night on this a. Website. Called point to comm and that's. How we exchanged. Our listings. And that's, how we know what what is happening also I see comparable, if I sell something I have seen appraisals. I have seen comparables, when that appraisal, comes to me so I'm every, day reading appraisals, knowing comparables, knowing, prices, knowing how, much if things, are renting for and basically they know how the, information. Is here. All, right so. Just like in Columbia it's important to get to know a good realtor and, and, to collect various perspectives. From. Realtors who, are seeing, firsthand what's happening what's, the first question you ask someone, who is considering, moving to San Juan, what is your lifestyle. Are. You a beach person. Do you want to be close to the beach to do exercise. Is there, something in particular you want to do in Puerto Rico ie learn how to kite surf you're a desert or you're a golf player and then you want to live in one of the resource with of courses, some, people like, to walk they don't want to have a car so old San Juan is great for them because in Old San Juan it's, it's a walkable, city so there's, so many questions I ask them like, their lifestyle, also do you want a bathtub do you want to walk in closet do you love cooking then do you want to have a kitchen, that has an ocean view so, many questions, that you have Yeah right so. That's that's, the important part about you. Know coming in renting, first I think you're gonna have you're gonna find answers, to those questions that you may not know. Yet what. Areas are we going to cover today in this department. They'll luxury. Real estate. Very, nice apartment in 30 vilasa which is in episode 13 one, of the most exclusive new. Developments. In, and then we're going to show some, areas. Like Isla, Verde condado Ocean, Park which come. Okay. So we met at gallery Plaza, which. Apparently, is one of the most popular. Quarters. Of the apartment you. 1444. A 2-bedroom 2-bathroom many, brain disease sales fries between, three. Dollars. You, can rent a unit for 4,500. Furnish, with an ocean view and. The great. Surge. In. Them you have a spa you, have everything, I. Mean the location. Couldn't, be better you're right next to KJ Louisa, should.
Park A few blocks from the beach on. To condado so, far I think this is my preferred place to. Live that's, the number one thing that, I tell the clients before you tell me anything. You'll. Want to leave it in place with a generator and they're like okay. So. You've said you, know the i-20 act 22 crowd are. Some. Of the most, common, clients, you open what, kind of industries, are they involve, a. Lot, of them are into. Cannabis. Or. Marketing. The internet. And a, lot of financing. And he. Built that house it is great because he hire Porto, Rican architect, to design a quarter. Again people to build a house and. Now, they, live there and they love it beachfront. Oceanfront. Will be four to five million if you can find one there's none available at, the moment and if, you have one that is a block or two from the, water you'll, be paying between one and a half and three million. For, maybe, a house with a thousand, meters or less and, three. To four thousand, square feet, yeah pretty limited, supply, though right yeah inventory. Is very very. Low. For buying, a property to, rent out on Airbnb a very popular. Investment model, these days what, does somebody need to know if they're considering, that model here. In San Juan very, important, if you're buying in a building you have to make sure with that mini straighter and checking, the original, deed of the building if it's allowed or not and if, you're moving into a community like Ocean Park that is gated, you also have to ask the administration, if, the, residents, and owners, allow it in, general what's the Airbnb, business. Like for, investors. Like them it will, mean they're renting, probably. Between 70. And 80 percent is. Their occupancy. Rate okay. In terms of legality in, terms of legislation. You know is it friendly to these types of Airbnb investors, some, areas. And some buildings are okay. With it some. Communities. Are not okay with it they think. That it might be a problem with security how, many people are. So. It's been an issue so. You have, to find out before you buy a property it's very important, okay. So that was Ocean Park the level houses, now, we're entering pon, da de condado. Is a lot of high-rises and it has a Main Avenue called Ashford, Avenue, you're not sure Avenue you find. Restaurants. Shops. Pharmacy. And, then a lot of nice buildings that have access. To the beach fool a guard a gym and. Luxury. Properties, basically she, was saying that this area, was one of the first to be developed, so you have a lot of the buildings that are were, built in the 70s, and 80s yes, how. Does that play out in terms of prices, in terms of what's available right now so if you get something that is beachfront, is always gonna be more expensive and also you have to take in consideration what.
Facilities. The. Building. Has some, buildings, don't have anything at all but some others have very modern lobbies. Tennis. Court basketball court. Barbecue. Areas so once you have all that, the, HOAs. Are higher, and that therefore. The, rents are higher if. It's an John's is the main school, in San Juan it's, nondenominational. So, anyone, that, comes, here that is from a Jewish. Or Indian or from any other country they, go here because it's not Catholic, in, Puerto Rico a lot of the private schools are Catholic, but not these two and they are both in English, fully, fully. In English what, are the investment opportunities. That you're seeing right now in condado, well now is the most expensive thing so as an investment, you wouldn't be, buying older renovating, a. Me, yes, but you still pray, high price it's, not like cheap if, you want something cheap you gotta go outside come now now though it's very saturated and, low inventory, so we're, moving into some tours and we're moving into the other areas that are close to Khandala a some, tours say. Miramar. And. All, the other, side, of the highway so, when you're in Khandala you're next, to the beach and if you cross the highway you're moving into Santurce and the city is growing that way there, are multi level I use, buildings. There, are buildings, that have been abandoned, for years you can buy repo, or. Buildings. That you can buy in a shell and turn, them into a hotel or turn them into Airbnb. So that's, the kind of opportunity, we're seeing here so. No much left in condado. Yes. So this is something that I've heard as well that there's, you. Know some people who are coming, to qualify, for the. Act 20 act 22, benefits. You, know with. The expectation, that they're just gonna spend you, know the bare minimum of 183. Days here, I've. Seen that some people come, for that but end up staying longer is that something you've seen yes once you come to Puerto Rico there's, something, that sucks, you mean is the puerto rican vortex. And then you just want me what, it what is that effect what is i think it's, a mix of our great weather our, salsa, our, good food our warm people our people are very welcoming. And very friendly, and i think that's the number one reason they stay this, building that we see here is new. Construction, and it's gonna start i believe, in over. Two millions each unit that's the newest, construction. Hi, and. Alright. So we're leaving condado now, crossing. The bridge towards. On san juan but not quite paseo. Caribe, yes. Is. A very exclusive. Development. The three residential, buildings, are called laguna, plaza Caribe. Plaza and bahia plaza i will, be showing you a unit, at caribe, Plaza which is the largest. Unit. Of our almost 4,000, square feet. It's. One of the most luxurious buildings. The lobby is super. Beautiful and, you. Have a search. Take. Care of parking. Your car bringing. Your backs up there East full-service, all. Right so this morning, I put out on my Instagram. Questions. That you have about real, estate in, San Juan while, we're still talking about condado, and Ocean Park, question. Are they, neighborhoods, worth buying investment properties in, of course, now, Ocean. Park also Monty's lover there are great, options everything, fire. Engine. You. Can find, cheaper. Square footage, right on the beach some. Of those older buildings you're gonna have to put quite a bit into it and that.
Style, Of investment, is pretty much done so, now we're looking at one of the most exclusive properties, in San Juan. That commercial building, then you have the Cartesian, Hilton, Hotel that he's going to reopen now it's a very famous hotel. Great. Spacious, leading, energy, versus leader. In. Area. A, beautiful. Dining table. It. Has sub-zero. Appliances. So. The kitchen has a breakfast, area and. Then it connects to the family room, these, will be turning to a fourth bedroom someone. Thinks. The Carlmont, has an. Amazing. View. From the, master bedroom you, have the ocean you, see the cruise ships at night you. See the lagoon which, light ups beautifully. You see the planes flying out to planaria, you see the Convention Center and you see the marina from here at night it's also beautiful sometimes. Clients say I want all ocean, view but I remind them that at night it's, going to be dark. 1.9. Million gets you a private, elevator as, well as three parking. Spaces which were also pretty valuable, here. In San Juan, so, someone buying this are they coming with cash are they getting financed, both. All. Right so that brings me to the, next Instagram, question, you. Know Puerto Rico is a territory of, the US does. That mean that, financing. Is, just. As easy as it is in the US or is there a different procedure. Should. Be getting. A mortgage, without any problem in a banking photo Rico we are regulated. By the FDA. Okay. So, a similar process, for financing. In Puerto Rico correct. All right Swiss Wien through the Caribe. Hilton. Looks, like they've just reopened, yes, just, reopened, last week after the hurricane, now he's rebound, more, beautiful than ever as. Puerto Rico recovered. From the turkey yes. Berto Rico, was. Power washed and. We're, doing better than ever we, got a lot of funds from the US a lot of money from the insurance claims. In Puerto. Rico's coming back stronger, than ever, the, a convention, district, it's gonna have new concert, venues, hotels, restaurants. Shops is, gonna have film studios, for, when Hollywood producers, want to do their movies here and, it's the largest project being built at the moment it's. A 90 million. Investment. So. Condado, Ocean, Park Old, San Juan, you, know those are the most common. Favorite. You, know preferred, areas, of town, what's. What, are the up-and-coming, areas. Miramar. Is open, coming area it's, all, about, becoming. A walkable, city new restaurants, new shops new pharmacies. And, you're gonna see now that these, two new blogs that we're gonna see all buildings, that were full of graffiti are, now remodeled, and beautiful, all, structures, are now turning to restaurants. And boutiques so we're gonna say that now there's a lot of money going into you, know revamping. Coming back stronger. You know real long-term investments. I think. In general the. The. The. Populace, is becoming, more optimistic. I think even, you. Know in these down, cycles, there. Are there. Are ways to make money the safeguards. There's, investments. That hold inherent. Value and I think we're seeing less fear all. Around what, are what are you seeing here. People. Are very optimistic they, come and they see that, an area might have one nice remodel building and three abandoned, buildings and they want to fix the other three they want to buy them they want to fix them right away put, them on Airbnb make, offices, and the, streets that were completely, dark and I may be a bit dangerous at night are becoming, hip, and new, restaurants, and looking good and safe, to walk around so it's. Positive. In many many senses, okay what about the local population, are they optimistic, the. Local population, is always, optimistic, and at the same time the people are more optimistic are the ones that are benefitting from those investors, coming because, when that day investors, come and buy a property they hire a Puerto Rican architect.
A Puerto Rican contractor. Whether he can clean people, Puerto Rican companies, to build their windows, or, the Rican companies, to buy the paint from so everyone. Is benefited from this what. Areas do you think investors, should keep, their eye on that are open coming portal, which, is close to Old San Juan Carrie Luisa in. This, areas on tour say is it, was back, in the 70s, the place to be then it was renowned for a couple of decades and now it's coming back check, out this new development super, modern and, a. Lot of people walking around with new restaurants. It's a great, area to invest you still see that building over there with their graffiti, everything. Around it is remodeled, as if that building so that's, next. Okay, so we're entering Isla Verde you're. Saying this is the best ceviche. Yeah it's. A different market in his library you can find like in one of these two buildings a three-bedroom. Apartment, with an ocean view for. Half. A million versus. In Khandala that would be over seven or eight hundred thousand, okay I mean the beach is right on the other side of this right here, it has pool, it, has the beach it has everything, and most the most important, eat allows Airbnb. So it's a great, return on investment. Okay so what's the is love out of this story, why is it coming back into fashion. Right now Isla, Verde is. Coming, back because, back. In the 70s, it was a very nice area where, all the tourists will comment all the hotels were here then, Khandala, became, more here and now again, isla, bird that has investors, and there's a kid son Claire that, just bought the building we're gonna drive by it's called the esj, and he, has built three other buildings. One, is called hua Jade, and blue where, he's doing short-term, rentals, and hotel, like, buildings. He, actually spoke at Puerto. Rico investor. Conference, make sure to check out when our next one's coming up for Rico conference calm. So, we're entering the yesterday, it, has around, 400. Villas. Condos, half, of them like. 177. Are locally, or personally. Owned and then the others are rented, are used, as a hotel, operated.
Risotto I have for sale here. Two-bedroom. Unit with two bathroom, for three hundred and ninety nine thousand, with a balcony and, a parking spot and I also have a three-bedroom, unit. With ocean, view a parking, so completely. Furnished and equipped for, four hundred and fifty thousand what. Kind of returns, what what nightly, rental rate, the. Two-bedroom, you can rent for two hundred fifty a night in the low season occupancy. Rates for, that unit are like eighty percent and then the three-bedroom you can rent approximately. For $400. This, is quite a talent, you know citing, those numbers, vault driving, as well I think she's doing a pretty good job so far yeah, the first couple of days you're gonna be in college not, married at a bad thing used to right once. You want to go to the rain forest, or you want to go to the west definitely, ran a car. Taxes. Aren't either your, property taxes are also high but our property, taxes are super dope for example, a million-dollar. Properties. My I, pay, four. Thousand dollars a year. What. Other concerns, do. Foreign. Investors, have. Their. Concern. About. The. Contractors. And we have good people can. They have a good team a reliable. Good, quality, team yes, I heard, that many, of them many of the best. You know so in demand because of the renovations, after. The hurricane is. That still happening or is that getting a little bit easy to find that Talent now. People, are very busy very easy, after Maria, and he's good we're happy about it. Sitting. There, how. Long is island time, what is the difference principle island, time I got the beer first you got a later person to mate in Porto Rico buddies good. It's. Friday afternoon, on. A long weekend, Memorial, Day weekend, what. Better way to kick it off our. People. A. Lot of drinking, a little dancing a. Lot of late nights. All. Over the island the people leave sign on or come to San Juan I'm if you live in San Juan you go to the west you go is you go to different beaches you, go anywhere. But you go out of your house have fun, for. The part. No. That's, alright numero uno beach house one, of the only places. Inside. Foreign real estate so, if people want to get in contact with you how do they do. You. Can get my info. Now when. Okay. I'm gonna wrap this vlog up before, the next margarita, arrives, so I recommend her, assistance, if you're looking for a knowledgeable, realtor. With experience, that's key for making investment decisions I also. Recommend, you to check out what investments, we have available. Whenever, you see this video go to life of our investments. Comm. We're, gonna have our latest, Puerto, Rico investments, we. Make these type of investments, turnkey, saves, a lot of running around is we understand, one of the most valuable, assets that you have is, time, and San, Juan provides you with a lifestyle, that has that modern convenience, of the, US with. The Latin, flavor mix, of which I haven't seen too much so if you are ready to embrace, your fears embrace. Your dreams, embrace. The, unknown in, a lifestyle, that, you may not even know exist yet you, might want to consider coming out and visiting Puerto Rico, check out life for calm to check to see what spaces, we have available, if you've got any questions comments. About, real. Estate in San Juan leave them in the comments below will be pending there so until the next video make, sure to click like click Subscribe, I've got more Puerto, Rico content, coming your way, we'll, see you guys.