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Medellin featured in Invest Overseas

Dear Live and Invest Overseas Reader

"I don't live in Panama, but my business takes me there often," writes new Correspondent and offshore banking consultant Peter Macfarlane. In fact, I've spent time in the majority of Latin American countries. Yet there was Colombia, just next door to Panama, where I visit so often, but seemingly a different world. I'd heard many good things about it (from both living and investing points of view), but I'd never managed to come up with an excuse to make the trip.

"Finally, a friend, a European expat who had been living in Panama, moved to Medellin and invited me over to stay with him. I hopped on a plane as quick as I could.

"Medellin was built in a deep valley surrounded by tall, pine-covered mountains. The domestic airport sits almost downtown. However, my one-hour direct flight from Panama landed at the larger international airport, situated on higher ground, about an hour's drive from the city. The trip in to town makes for an exceptional first impression.

"Medellin has a distinctly European feel. It is clean and more orderly than charmingly chaotic Panama. The people are friendly and polite and more reserved than the typical Central American or Mexican. Another difference is that the locals are not used to big numbers of expats or tourists among them. You need at least some Spanish to get by day-to-day.

"Medellin may feel like Europe, but it differs drastically from that part of the world when you look at the cost of living and, especially, the cost of real estate. My friend lives near the Parque Lleras. This is probably the best address in downtown Medellin, an attractive plaza of cafes and restaurants where people go to see and be seen. My friend had bought a studio apartment here for US$25,000 a few months before my visit, which, following a basic remodeling, he reckoned was worth at least double. Not one to waste time, after the first purchase, my friend began buying up other apartments on the same block.

"My friend works mainly on the Internet and has an excellent fiber optic connection. You'll find lots of free wi-fi in the city, including at Juan Valdez Café, the Colombian version of Starbucks with branches all over the city and the region.

"Colombia is just opening up for foreign investment, and intrepid bargain-hunters will find good deals, particularly when it comes to real estate. It is relatively easy to obtain a retirement residence visa.

"However, there are exchange controls and other bureaucratic restrictions in place, and taxes are high. As an early expat in Colombia, you would need to be prepared to navigate the system a little. I attempted to open a bank account, for example, which proved almost impossible. I think my friend has the right idea. He is basing his business and banking in Panama but enjoying the lower cost of living and the fun lifestyle in Medellin--all the while investing pocket money in real estate that I believe should grow in value over the medium to long term. When he needs to visit his business, it's a short flight to Panama.

"Of course, everybody's big question related to Colombia has to do with security. Is this country unsafe?

"The answer is no. Safety is not a problem anymore. As in any big city, there are areas where you wouldn't want to go, especially alone, especially after sundown. But I felt very safe wandering around, even late at night. Colombia is working hard these days to attract tourists, investing millions in advertising abroad using the catch phrase, 'The only risk is wanting to stay.' I'd say the slogan rings true once you've spent any time here.

"Some facilities in Medellin are spectacular. The El Tesoro shopping mall, for example, is the most impressive mall I have seen anywhere in the world. It's a five-minute cab ride up the hill from Parque Lleras. Their website (www.eltesoro.com.co/en) shows a great panoramic photo of the city (the same view you see from the mall).

"I'm already making plans for my return sometime early in 2010."

By tasco66 on Nov 21, 2009, 07:47 in Friendly Talkzone.

whitewidow says on Nov 21, 2009, 10:53:

european feel, huh? $50k for an apt in parque lleras, huh?

sounds like complete bullshit to me......

Cassie eats cockroaches

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Catfish35 says on Nov 21, 2009, 10:55:

Its more like Your A Pee'in in Parkay Urass!

Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end."

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whitewidow says on Nov 21, 2009, 10:57:

that sounds about right.....

i mean, everytime i think about red, hollow cinder block construction and red clay brick facade, i always think of europe.

Cassie eats cockroaches

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Pman says on Nov 21, 2009, 11:17:

Europe, wat? Parque Lleras is so American with all the theme-styled restaurant etc. Maybe to somebody who doesn't have a clue about Europe, it looks like Europe. There is also too much difference between the different countries in Europe that one can say "It has a European feel".

"typical Central American" ? WTF is that supposed to mean?

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whitewidow says on Nov 21, 2009, 11:24:

and all the new modern commercial & government buildings......... very european.

Cassie eats cockroaches

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Catfish35 says on Nov 21, 2009, 11:35:

Well..They do have their cafe in the A.M.

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Simon says on Nov 21, 2009, 11:47:

What a great article!

But of course the anti-Colombian motherfokers won't like it.....but fok them!!

"Just an honest, decent Colombian trying to do the right thing."--Simon

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Catfish35 says on Nov 21, 2009, 11:51:

It would take a Colombian to appreciate this article..I will def. give you that!

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whitewidow says on Nov 21, 2009, 12:10:

simon - are you still dropping by my house to mow the yard this afternoon?

* your weed-picking skills last week were phenomenal!

Cassie eats cockroaches

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maritime04 says on Nov 21, 2009, 13:21:

i call B.S.

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RealEstateCOL says on Nov 21, 2009, 15:03:

The only BS, major BS in the article is a studio for 25K dollars near Parque Lleras, don´t make me laugh.

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medefockinllin says on Nov 21, 2009, 18:42:

BS article and a waste of ink.

"The El Tesoro shopping mall, for example, is the most impressive mall I have seen anywhere in the world. It's a five-minute cab ride up the hill from Parque Lleras"

Most impressive mall in the world????
Five minute cab ride?? Maybe at 4am in the morning.

Working hard to attract tourists? Let's be honest the biggest tourism pullers for gringos here are the prepagos....not the emerald mines or the lakes, forests, and national parks.

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makopp5 says on Nov 21, 2009, 19:33:

mede
what has the live done to you that you hate Medellin so much? This guy was just writing somthing nice about Medellin. You like a negative image for Medellin?

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Simon says on Nov 21, 2009, 19:44:

''mede
what has the live done to you that you hate Medellin so much?''

Some 12 year-old prepago probably gave him an STD.

"Just an honest, decent Colombian trying to do the right thing."--Simon

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medefockinllin says on Nov 21, 2009, 19:59:

makkop5 and Simon - as a Paisa I love Medellin, but I'm also a realist. I live in El Tesoro and the CC is not one of the best shopping centres in the world and would never claim to be.

The guy was writing trash....whether nice or not.

What I don't like are ignorant gringos who come to Medellin as sex tourists....and then mascarade a lovers of Colombia or "investors". These people give the worst image of Medellin.

Simon - very high brow.....nice.

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whitewidow says on Nov 21, 2009, 20:03:

the truth works just fine.......

medellin does not need BS to make her shine.

Cassie eats cockroaches

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medefockinllin says on Nov 21, 2009, 21:51:

whitewidow - your exactly right.

It's a place that you have to experience to understand. The article above just demonstrates that the writer did not take the time to do his research or get to know much beyond Parque Lleras.

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Robert Jorge says on Nov 22, 2009, 04:15:

There was a bunch of crap in the article - reminded me of a certain "expert" on the coast. But, I think the author was comparing the drive from Rio Negro into town to Europe. I have to admit, that drive reminded me of SW Germany. Well, without the castles, vinyards, and Porsches.

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tasco66 says on Nov 22, 2009, 06:28:

Of course medefockinllin can not understand an article on Medellin that does not mention the word prepago in every sentence…

Newsweek on Uribe: "he's delivered the trifecta of peace, security, and prosperity"

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whitewidow says on Nov 22, 2009, 07:12:

the northern andes has a feel completely unto itself imho. there are some areas of latin america that get close if you factor out the cultural aspect.

the flora & fauna of the northern andes are very unique.i have never seen coffee, banana, orchids and high mountain pine growing in the same fields anywhere in europe.

as stated above by others - the writer did not even give enough respect to the city to take the time to write an accurate report. this is nothing new in the world of jounalism.

que pena

Cassie eats cockroaches

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bickerss says on Nov 22, 2009, 07:56:

cheapest apartment I have seen near to P Lleras was 80,000,000 (in Park Poblado). Maybe he bought when the peso was 2,800!!!

Investment Strategy - buying when others are crying!! Offloading when others are gloating!!!

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tasco66 says on Nov 22, 2009, 09:24:

You guys are really tough on the author.

He is not claiming to be an expert like the PBH members who commented on his article. This is basically a trip report for some person's 1st visit to Medellin.

I believe he is referring to a studio which is different than your typical 3 bedroom apartment.

And Parque Lleras does remind me of some place I have seen in Europe such as in Greece or Portugal…

Newsweek on Uribe: "he's delivered the trifecta of peace, security, and prosperity"

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stocktrader says on Nov 22, 2009, 10:03:

The Tesoro mall is pretty cool. I have not seen green spaces, trees and a creek run through a mall anywhere in North America. Compared to Florida and NYC malls, even the sawgrass mills the largest outlet mall in the world Tesoro kicks their ass. The only mall I've ever been to that's better, and i've been to probably 100 malls in North America is Edmonton mall in Canada.

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Catfish35 says on Nov 22, 2009, 11:34:

Medellin is mystical and stands on its own..it does not need the Pomp & Circumcision as the post tries to cut. What? Medellin is nice because it has shiny new buildings and shiny new malls?
My arrogant comment above was just that...
Colombia is hell bent to have what every other POS nation has...be careful what it wishes for.

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Catfish35 says on Nov 22, 2009, 11:36:

Parkey Urass in Greece..now there is a picture for you! Great!

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youngman says on Nov 22, 2009, 16:33:

I actually used to build shopping centers and I live close to El Tesoro....It is a beautiful design..some things that caught my eye..transparent floors....open roof...river runs thru it..well landscaped...good parking...the best view in town...good sun spots...good wifi....on site bodegas for the stores...car wash...kids playgrounds....great food courts...church on Sunday...concerts...modeling shows....flea markets...great promotions...nice grocery store..pretty much hits on all cylinders if you ask me ...... a professional....

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tasco66 says on Nov 24, 2009, 04:01:

Invest Overseas reader finds Medellin article to be "very accurate"

"Just finished reading your very accurate comments on Medellin, Colombia. I have been visiting Colombia for the past eight years, usually twice a year. I land at Cordova Airport in Rio Negro, then travel to my second home in the pueblo of El Carmen de Viboral, about 30 minutes south.

"Everything you mentioned about Medellin is true. I enjoy this big, cosmopolitan city more than many other I have visited, including Rio, London, Toronto, Frankfort, or Niarobi. But what I really like about Colombia are the smaller towns and pueblos that you find everywhere. These are the places to go to really get to know the country and the people.

"I plan to move to El Carmen before Easter 2010 to teach English. For me, at 68 years of age, it will be quite a change! I'll be living in the beauty of the Andes foothills. If I need a quick Caribbean fix, I can hop on Avianca, and, an hour later, I am in Cartagena.

"I recommend Colombia enthusiastically. It is safe, beautiful, and very affordable."

Newsweek on Uribe: "he's delivered the trifecta of peace, security, and prosperity"

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