High End Real Estate Sales in Punta del Este

I saw this little diddy in the mercopress this morning. It’s pretty amazing because it basically quotes a press release by a company building high end homes in Punta del Este.

It’s pretty much impossible to know what the devil is going on in Uruguay real estate, because, as least to my knowledge, there is no source of publically available information. So, rather than looking at vacancy rates, or close rates or days on market, or bid vs ask or y/o/y comparisons we are left to devour anecdotal “evidence” proffered forth from a BUILDER and marketer of properties as if it’s fact.

The mercopress of course blindly copies the press release, and then I blindly repeat their line here on my blog. Hey if you say a lie often enough it’s true right? Truth by told, I’ve also heard (anecdotally) from people on the ground (with less to lose if punta del este real estate goes down) that things are booming so…go figure.

from the press release:

While property prices in destinations like Europe and North America have been deeply affected by the global financial crisis, luxury real estate in this renowned South American getaway remains exceptionally strong.

As befits Punta del Este’s newest and most exclusive development, the highly anticipated Acqua building closes the summer season with a record-setting USD $ 7,300,000 penthouse sale, while continuing to attract savvy international investors.

The sprawling 18,500 square feet Penthouse features exquisite finishes and breathtaking interiors conceived by famed architect Rafael Vinoly, the brilliant mastermind behind Tokyo’s International Forum. The four-bedroom property includes an 800-square foot master suite, its own private infinity swimming pool, plus multiple sundecks overlooking the pristine Uruguayan coastline.

About Acqua: Punta del Este’s finest architectural marvel offers exclusive beachfront living at its most majestic: a combination of endless blue sky, exceptional sunlight, rippling water and distant vistas. Each of the building’s private residences features superb finishes and advanced engineering touches, including exterior Jura stone facade encrusted with aquatic fossils, 12 feet of floor-to-ceiling space, and swimming pools that seem to float in the air as if defying gravity. The refined property boasts residential charm and comfort, while integrating all the amenities you’d expect from a world-class resort. Residents enjoy benefits such as access to the trendy Acqua Beach Club, Acqua Spa, private gym and an outdoor, nearly Olympic-size infinity pool immersed in a garden surrounded by a century-old pine forest.

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Now, of course, you look up “puff piece” and it wouldn’t even have this…This story is straight up propoganda. Yes, the penthouse sold. However, are we supposed to just take on faith that it sold for 7.3MM or is there some form of corroberation? What is the penalty for them to say they sold a 7.3MM penthouse and neglect to include that they have kickbacks to the buyer built in? nothing, i’m guessing. Yes, I’m aware that I’m giving away my biases here, but I find it really hard to believe that someone wasn’t willing to negotiate that price down to something more reasonable.