Real Estate in Argentina and Uruguay

Real Estate in Argentina and Uruguay: Argentina vs. Uruguay
by Maria Reynolds
The Rude Awakening
Wall Street, New York
Friday, February 24, 2006

Maria Reynolds compares Real Estate in Argentina to that of Uruguay.

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Argentina vs. Uruguay
By Maria Reynolds

The best of both worlds: Buenos Aires for
working; Punta del Este for playing...

Let's start with the basics: Argentina and Uruguay are in
the southern part of South America, an eight- to 10-hour
direct flight from the U.S. (depending where you're flying
from, the time difference will be one to four hours). The
people of both countries are friendly and welcoming to
foreigners (including Americans), the official language of
both countries is Spanish, and both Argentina and Uruguay
are an excellent value compared with the U.S. and most
other European and Latin American countries.

Real Estate in Argentina and Uruguay: Which is Better?

But which country is better? (By way of full disclosure, I
should point out that I am Argentine!)

A good leveler is to compare Buenos Aires, Argentina, with
Montevideo, Uruguay, and Punta del Este (Uruguay's prime
beach resort) with the Argentine Atlantic coast.

Buenos Aires (often called the Paris of South America) is a
cosmopolitan city, with a sophisticated and rich cultural
life, including theaters, world class opera performances,
concerts, restaurants, art galleries, and cafés on almost
every block. It's a vibrant city, full of life (yes, that
means it gets a bit noisy), and you'll find something going
on 24 hours a day, from the old colonial areas such as San
Telmo or Barracas with their antique fairs, to the trés
chic French-style Recoleta. The only developed coastal area
in Buenos Aires is Puerto Madero, on the River Plate in the
old docks, close to downtown--plenty of canals and green
areas, but no beaches.

Montevideo is one-tenth the size of Buenos Aires. In
general, Uruguayans are quieter than Argentines. This lends
a relaxing air to Montevideo, and the city enjoys a slower
pace of life. You'll find fewer restaurants and less
cultural activity here than in B.A., although both are
available. Montevideo is on the ocean (although technically
it sits on a river, you can't see the far bank, and a few
kilometers farther north, it officially turns into the
Atlantic Ocean). The coastal area in Montevideo is well
developed, and the many beaches are busy during the summer.
Because of the coastal length of Montevideo, you'll find
lots of ocean view property.

Real estate in Buenos Aires costs about the same as in
Montevideo, except in the Old Towns. Property to buy in
popular San Telmo, in the heart of B.A., costs from $75 to
$110 per square foot; Montevideo's Old Town is starting to
be "rediscovered." Some areas are still a little run down,
but the real estate prices--from $50 to $70 per square
foot--reflect this.

The dazzling resort of Punta del Este has been a playground
of wealthy Europeans, Argentines, and Brazilians since the
1940s. With its world-class beaches, casinos, high-rise
hotels and perhaps the highest concentration of fine
restaurants in the country, Punta del Este is, for some,
hard to resist.

The Argentine Atlantic coast has a high population density,
and its beaches are nothing to write home about.

For the best of both worlds, I recommend living and working
in Buenos Aires, and resting and playing in Punta.

Maria Reynolds
Reynolds Propiedades, Argentina

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Short-Term Overbought
by Carl Swenlin

[Joel's Note: Carl Swenlin is the President and founder of
www.decisionpoint.com, a premier technical analysis website
specializing in stock market indicators, charting, and
focused research reports.]

In my February 2 article I stated my belief that a medium-
term correction is in progress because the PMM Percent Buy
Index (PBI) has turned down and crossed down through its
32-EMA. The chart below shows this condition still exists,
and I have not changed my mind at this point.

Some readers pointed out that a similar occurrence in 2003
did not have serious negative effect on prices. I agree,
and I should have mentioned this in the article. There is,
however, a big difference in the 2003 PBI top and those
that occurred afterwards. That 2003 top occurred after a
huge upward thrust of the PBI from deeply oversold levels
that signaled the beginning of the bull market. The PBI has
not been that deeply oversold since.

This week the market has rallied, once again challenging
recent highs and straining the credibility of any bearish
outlook, but in doing so it has become quite overbought in
the short-term, while also approaching overhead resistance.

The overbought condition can be seen on the chart of our
OBV Indicator Set* below. The Climactic Volume Indicator
(CVI) has reached the top of its normal range, and the ST
Volume Oscillator (STVO) is not far behind. These are
short-term indicators.

The internal problem with the rally can be seen on the
Volume Trend Oscillator (VTO), which is a medium-term
indicator. Note how the rallies in April and October were
launched from deeply oversold levels on the VTO, whereas
the current rally launched after the VTO had only dropped
to neutral levels. The same problem exists on the charts of
many other medium-term indicators. While the rally may
continue, its pedigree is pretty weak, and indications are
that it has run out of steam short-term.

While we can use indicators to evaluate market conditions
and anticipate problems and opportunities, we still rely on
mechanical models to determine what our market posture
should be.

[Joel's Note: You can take the guesswork out of investing
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dollars. Learn the secret of the method that has seen 13
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hours.

Momentum – Strength - Trend 
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