Front Elevation: Untapped Utopia
Modestly priced acreage is leading world investors into the Patagonian wilds.
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Foreign buyers, according to Wells, are typically looking to buy a minimum of 3,000 acres, with most settling in the 10,000- to 30,000-acre range. “That gives them something with unbroken vistas of the horizon and a sense of owning, say, their own national park with ecosystems of mountains, valleys, range and water features,” he says. “For land like this they would typically spend about $300 to $500 an acre for property that, in most cases, will include a river or spring-fed stream with fly-fishing potential.” And their investment can often turn a profit on the business side.What to Watch Out For
Legal descriptions can be vague. Says realtor Ken Mirr: “While there are attempts to get a more sound system in place, sometimes an owner might just provide photographs of where he thinks his land begins and ends, or point and say, ‘My land runs from there to there.’ ”
The deeds are different there. Since the Argentine government owns much land in Patagonia, purchases of large tracts might involve a “fiscal deed” over portions of it—particularly those that might be heavily timbered or have mineral rights—guaranteeing the buyer a long-term right of occupancy. Also, foreign investors must go through an approval process to buy land that is within 100 kilometers of Argentina’s borders with Chile.
Forget financing. No bank financing is available, so virtually every large real estate transaction involving foreign investors is a cash deal.
Honor long-standing local agreements. “If a guy down the road is accustomed to fishing in a river that runs through your property, it’s a good idea to let him continue doing so,” says Mirr. “Being a good neighbor counts for a lot.”
Fuller Western Real Estate/Austral Realty
Ken Mirr, 303.312.4271;
Jeff Wells, 303.888.9785; www.fullerwestern.com
