is considered by many to be the most prestigious, desirable, and
safest residential neighborhood in Medellin. The streets are hilly
and winding. The area is heavily wooded complete with rippling
Tesoro Parque Comercial, one of Medellin’s most prestigious
shopping malls and many smaller neighborhood mini-centers make
living in Poblado, very convenient. Gated high rise apartments
prevail, with a few remaining single family residences that are
either to small for apartment development, or with owners who
are not ready to sell.
view overlooking the city is a major selling point, which
can cause buyers the following quandary: how to select an
apartment with assurance that your view won’t be blocked
by a new apartment which could be under construction in
a few months? Six bus routes meander up and down the tree
lined roads. On one of the routes, as a passenger, I counted
37 different apartment projects under construction!
Real Estate sales in Poblado
Poblado construction activity is the heaviest in all of Medellin.
Generally, apartment re-sales move slower than new units, and
usually at a cost that is15-20% less per sq. meter. Some developers
and bankers privately express concern that the frantic construction
activity may cause a “bubble” resulting in slower sales, and or,
our opinion, the bubble effect is possible, principally because
developers and real estate companies are more comfortable in limiting
their marketing to Hispanic buyers. Typically, less than 10% of
Medellin sales are to buyers from outside of Colombia. Contrast
this with the more internationally known City of Cartagena where
Paul Juan, the Colombian owner of Paul
Juan Realty reports, with his very good English,
that more than 95% of his properties are being purchased by foreign
buyers! AND, prices for most everything, including real estate,
in the tourist and seaside City of Cartagena are about 20% more
than Medellin or the rest of Colombia!
example of localized marketing recently occurred with a large
exposition featuring new Poblado apartment projects for sale.
The displays, complete with sales staff, (when
the Mall opened, the staff showed up, but on this day, I
was an early visitor!) took place in El Tesoro
Shopping Mall, in El Poblado, which is heavily
frequented by people who live in Poblado? Seems
like preaching to the choir! If you like to “shop till
you drop” there is an apartment complex being built conveniently
right across the street from El Tesoro-(The Treasure).
less money than putting on the Poblado exposition, the developers
and real estate companies could have created English language
Home Pages, which would be available world-wide on the Internet,
24-7. That would mean, however, they would have to hire English
speaking sales reps-currently not a popular idea! We bring
this info. to your attention so you may be better informed if
your planning to buy in beautiful Medellin.