On jagged cliffs cutting into the Pacific Ocean outside of Los Vilos, Chile, a Pritzker Prize winning architectural firm is creating a planned community of “completely different” homes.
Eight Japanese & Eight Chilean Architects Recruited to Design One-of-a-Kind Houses in Chile
For agents with clients dreaming of never-before-seen masterpieces on Chile’s Pacific Ocean coast, you need look no further than the planned community being created in Ochoquebradas.
This project has attracted eight Japanese and eight Chilean architects to create “import and special houses, each completely different,” said Folke Brergstrom of Sotheby’s International Realty Chile.
The first completed home features a wavelike concrete roof, floor-to-ceiling windows to provide panoramic views of the ocean and landscape, and wood panels that separate rooms to not interrupt the flow of the house mirroring the flow of the cliffs and waters upon which it sits. Bergstrom said, “I’ve never seen anything like it.”
Los Vilos itself is some 160 miles from Santiago and a popular second home (and increasingly primary home) buyers and tourist destination. The main airport is approximately 140 miles south
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Chile’s Market Overview
As elsewhere in the world, inventory shortages and high demand for homes outside of urban areas are pushing up prices in Chile. According to Maria Jose Borquez, owner of Borquez & Asociados/Christie’s International Real Estate, …the pandemic has not affected the high-value segment…if it’s near a beach, field or lake, clients want it as their first home now.” Boquez attests to the price growth potential for other Chilean planned communities in places such as southern Frutillar and Chiloe Island and northwestern La Ensenada.
Prices have increased +25% – 35% y/y at an average between $2M-$3M. Bergstrom said, “(At issue here) is that there’s no more space to grow in small towns, and the number of houses for sale has not increased. The only way to get a piece of land is to convince an owner to sell.”
The most active markets over the past 24 months have included Los Vilas, the central beach town of Pichilemu, the southern town of Pucon, and Santo Domingo beach, 70 miles west of Santiago. Matt Ridgway, owner of Chile Investments, a realty firm in the Colchagua Valley south of Santiago, said that wealthy Chileans are divesting stocks and shares and investing in property.” Additionally, the Patagonia region with its lakes and forests is a popular destination for international buyers.
Yuval Haym, regional manager of RE/MAX Chile in Santiago, said, “Chile is more attractive than Miami right now, with a higher return on investment…you’re almost guaranteed someone will rent your condo.”
Buying Basics
Foreign buyers, though unrestricted, must get a Chilean investor tax ID number from the Service de Impuestos Internos, Chile’s tax authority. Working from the get-go with a Chilean attorney is advised in order to actually obtain that number and because Chile’s property market is unregulated.
Most foreign buyers typically pay in cash though, if the buyer can substantiate assets outside of Chile, some banks may provide home loans. Again, working with a local attorney will help facilitate that process.
Thanks to The New York Times.
