QUIET LIVING! Beautiful Ocean View in the World’s Best Climate!

Unit N°1 (156m2/1,948sf + 40m2/430sf covered terrace/balcony) 2 stories, 4 bedrooms, 4,5 bathrooms, hardwood kitchen with green granite, 3 big closets and high-up kitchen storage, very large terraces, open-air private Jacuzzi, two parking spaces and large storage unit (10m2), in-floor heating, solar heating system.

Unit N°2 (107m2/1,151sf) 2 stories, 3 bedrooms, 2 bathrooms, 5 big closets and high-up kitchen storage, balcony, two parking spaces and large storage unit (9m2), hardwood kitchen with green granite, in-floor heating, solar heating system. Dining area can be enlarged 6m2/64sf and include visitor’s half bath (additional cost approx. USD6,000). 

Unit N°3 (100m2/1,076sf) 1 level, 2 bedrooms (one of which is a large living room that converts to a bedroom with two Murphy beds, American kitchen, 3 bathrooms, 3 hardwood shelves/closets and laundry area, very large terrace on garden level, one parking space.

New building with three units (or townhouses). All are for sale. A 50% interest is available in N°3, permitting a 60/40 split of rental income and providing a Chilean address and place to live for some/most of the March through December (except Easter weekend, July 15-August 5 and September 15-21). Price for a share in that one is 3,425 UF or half of USD 270,000.

The townhouse for sale is perfect for newcomers from North America or Europe.

Unit N°1 PRICE 12,950 UF (343 million pesos on April 1, 2017) USD 514,000

Unit N°2 PRICE 7,500 UF (198 million pesos on April 1, 2017) USD 297,000

Unit N°3 PRICE 6,850 UF (181 million pesos on April 1, 2017) USD 271,000

Units N°1 and N°3 can be combined to make a much larger 3-story townhouse.

2% discount for cash purchase. Buyer pays all closing costs, including notary, legal and any realtor fees.

50% discount on property taxes for ten years (government discount under law DFL-2)

Very low monthly community fees: 2UF in units N°3 and N°2 and 3.5 UF in N°1.

Note: The UF is an inflation-indexed currency surrogate that is used in Chile for major purchases and loans. It has a value in pesos that changes daily according to inflation. For example, 0n April 1, 2017, one UF was worth 26,472 pesos (about US$39.69).

Here is the view:

La gran puesta del sol 31 julio 2015 edificio los arándanos de Reñaca Cobin puesta del sol 31 julio 2015 edificio los arándanos de Reñaca Cobin20150525_185940

Puesta del sol desde los Almendros 1 agosto Los Arándanos de Reñaca Cobin parte 2

Puesta del sol desde los Almendros 1 agosto Los Arándanos de Reñaca Cobin

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 Nov 1st sunset

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LOCATION – LOCATION – LOCATION

The location of the new townhouse in northwestern Los Almendros, a highly desirable section of Reñaca, a sector of Viña del Mar.

Street address is José Suárez 185, Reñaca, Viña del Mar,

Longitude/latitude to find the lot with Google Earth: 32°58’00.00″ S  71°31’26.10″ W.

Viña del Mar has been named the city with the best climate in the world on EscapeArtist Chile. It is similar to coastal Southern California. Also see this article that I wrote on Viña del Mar, this one includes Valparaíso and this one that I wrote on Reñaca Beach in 2014. Others that might interest you include:

PLANS

Townhome N°2 is highlighted in yellow in the drawings (designated as “Depto 2”), Like Townhouse N°1, it is two stories and thus is on two different drawings. It is the one indicated as 105.6 meters squared on the plan legend, 107 meters squared if one counts the deep end of the large downstairs closet in the count (1,151 square feet). The deck for Townhouse N°2 is 3.5 meters squared (37 square feet). Townhouse N°1 has a 15m2 balcony and a 25m2 terrace. Townhouse N°3 has a garden terrace of approx. 50m2.  The storage unit (bodega), which could be converted into more living space or an office, is 9 meters squared (97 square feet) for Townhouse N°2 and 10m2 for Townhouse N°1. Both of these later features make the effective living area larger. Some people might consider enclosing the outside flower bed outside Townhouse N°2, enlarging the dining area by 64 square feet, adding a visitor’s half bath and possibly making the balcony larger.

A lot of Americans cannot imagine living in such a “small” space but once in Chile, like Europe or Japan, one gets quite used to living in smaller spaces comfortably, especially when there are common areas for BBQs, grassy yard with fruit trees and view decks, plus large, high-ceiling storage shelves and cabinets, in addition to the square footage for the apartment itself.

Looking down to the apartment from the street, it can be seen at the top of the drawing (for reference, the public area with marble sidewalk starts where the dashed line is indicated, the building property being to the right of it). Looking up at it from the ocean, it is on the upper right with the large view windows of the living room and master bedroom visible in the drawings.

Look at the architectural plans below, which can be downloaded as PDF files and printed. The parts labeled “Bodega” are storage areas, and one has been converted to the maid’s quarters or a fourth bedroom with full bathroom (Townhouse N°1). They have 2.87 meter (about 9.5 foot) ceilings and two go all the way to the property line, seen on the plans as a dashed line (right underneath the parking space, one highlighted in light blue). The rest of the top floor likewise has high ceilings. The apartment comes with two parking spaces, highlighted in yellow in the plans. Visitors can easily park on the street or in the large cul-de-sac, too. The lower floor, back and sides are made of solid reinforced concrete construction, as is the bodega and spine of the upper floor, with welded metal and metal framed (like one would find in low-rise office buildings) and stuccoed construction for the rest, Townhouses N°1 and N°2 share a common wall.

The yellow highlighting shows the kitchen, living and dining room and bedrooms and bathrooms. The outside landing and bodega that pertain to Townhouse N°2 are shaded in other colors.

The street-level, marble rooftop is a common area for gatherings and viewing, especially things like the famous New Years Eve fireworks displays over the port of Valparaíso and other shows over Viña del Mar, Concón and Reñaca. (This area is mixed with the parking area.) The small amount of land that “by law” goes with the apartment by law is not estimated in the highlighting.

Click on the links for each plan image to enlarge it. You can open, print and/or download a clean PDF version of the plans.

nivel-0 PDF here Street level with view deck (commons) and parking spaces, solar heating

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nivel-1 PDF here Top floor (kitchen, laundry, living room, dining room, balcony, bodega)

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nivel-2 PDF here Lower floor (bedrooms, bathrooms and closets)

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nivel-3 PDF here Lower floor and garden area (commons)

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VIDEOS AND PHOTOS

The townhome is in a building that features 240 square meters of elegant marble flooring–2,582 square feeet! Residents even park on marble. It is quite elegant and makes the owners feel proud of their home. Much of the marble is on the view deck and staircase, both of which are shared or common areas.

Note: finishing touches are being completed. Pictures/videos thus show some debris/incompleteness.

View deck and blueberry plants up top

Parking area and View deck

Walk to front door from lawn/garden area below

Marble entrance from street and parking area down to front door Townhouse N°2

Kitchen Townhouse N°2 similar to other kitchens

Climb staircase Townhouse N°2

Master bedroom starting at bathroom Townhouse N°2

Master bedroom starting from hall Townhouse N°2

Study or small bedroom and other bedroom Townhouse N°2

Second bathroom Townhouse N°2

Banister and walk down Townhouse N°2

Cozy living room dining room Townhouse N°2

Kitchen Townhouse N°2

 

Neighborhood

View from up top

Looking down from view deck

Storage unit Townhouse N°2

Garden 

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FEATURES

° solid hardwood (lenga) interior doors, stairway, hand railing

° spacious custom closets, in Townhouses N°1 and N°2, with storage room under the stairs and high up in the kitchen, too, plus the bodega outside.

° black marble entrance way in Townhouses N°1 and N°2.

° hardwood (raulí, cedar o lenga) kitchen cabinets with green granite countertops.

° custom (mostly hardwood) bathroom cabinets with green granite or brown marble countertops

° upgraded bathrooms with European fixtures, one with Jacuzzi tub in Townhouses N°1 and N°2.

° carved-out of the hillside lawn and garden (common areas) on flat area; dramatically cutting wind and any noise, and creating greater earthquake security.

° internal rainwater irrigation support system to reduce plant watering costs

° in-floor radiant heating system in Townhouses N°1 and N°2.

° video phone/camera gate opening system; four exterior security cameras with video feed to household computers.

° solar energy supplement for vital systems and hot water boost in Townhouses N°1 and N°2.

° higher ceilings, 9.3 feet on bottom floor, narly 10 feet on top floor in Townhouses N°1 and N°2.

° engineered cherry wood flooring with areas of porcelain flooring (especially in  in Townhouses N°3 but in all kitchens).

° solid reinforced concrete base and perimeter with and welded metal internal structure, lessening potential dampness problems.

° PVC thermopane windows and terrace door with quiet insulation (Germany).

° Ecological surroundings with 150 blueberry plants and seven different fruit trees plus flowers and summertime fruits and vegetables such as watermelons and tomatoes.

There is only one other year-round resident next door. In the summer there could be carefully-chosen renters in the townhouse below. The environment is very quiet.

 

COMPETITIVE PRICING

This price is competitive for this upscale (class “B-“) area of northwestern Los Almendros de Reñaca. In upper middle class (“C1”) areas of Reñaca, used houses or apartments (even without a view) average 1.3+ million pesos per square meter. Along the coastline, prices are nearly double. The upscale section of Los Almendros tends to be priced in between. The pricing of these units is commanded for its construction quality, its cozy setup with only one other full time family in the building rather than one unit among dozens in a larger building, the fact that it is impossible to obstruct the view, the fact that no elevator is required, the high quality of surrounding homes (some of which are 500m2 to 750m2), and the advantage of having a dwelling that is brand new without any wear and tear or earthquake history.

Earthquakes and Tsunamis?

The building in construction suffered no damage whatever from the September 16, 2015 earthquake (8.4 Richter Scale, epicenter 95 miles north) and hundreds of subsequent aftershocks (more than a dozen of them over 6.0 Richter Scale up to 7.6 Richter Scale). The townhome is safely located at about 124 meters or 410 ft. above sea level, and therefore there is no tsunami threat. Hurricanes have never threatened Chile.

Did we mention LOCATION?

The townhome is located exactly 2km to the Tottus Express supermarket and the many banks, restaurants, mail services, hair salons and shops in Reñaca, and 7km to the Jumbo and Líder Express supermarkets and the strip malls of Concón. The casino and restaurants of Viña del Mar are about 15 minute’s drive. You can see some images of the Reñaca and Concón commercial areas below.2014-01-30 21.10.31

The area is booming with new construction and roadways, making an increase in property value likely. The bus stop for line 607 is only 300 meters away, making it easy for the maid to get to work, or for renters or others to get to the store or the beach. The local bus fare is around 300 pesos or 43 US cents local travel and 68 US cents to central Viña del Mar or Valparaíso. Line 607 comes by every 10-20 minutes (until 9pm/10pm in Summer) and goes to Reñaca, the nice areas and malls in Viña del Mar (and close to the Santiago connections via the Viña del Mar bus terminal) and Valparaíso.

These images are taken from the top of the lot during the day, at sunset and at dusk. The apartment has parking and access from the street level where the photographs were taken and then the owner will walk down a flight of stairs to his apartment entrance. That means that the apartment’s second story will be below street level.

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COMPARATIVE SHOPPING

Online searching for properties in Reñaca will reveal a wide range of prices that reflect variables like (a) ocean view, (b) proximity to the beach (good for summer, if one can take the summer and long weekend traffic jams, but not for household humidity the rest of the year), (c) proximity to local transportation, schools and shopping, (d) age of the house and its surroundings (including its earthquake experience), (e) physical condition and/or remodeling needs, (f) ability to escape from summer and long weekend traffic jams, (g) tsunami safety, (h) busy-ness of the residential street or loud nightlife parties, (i) adequate parking (for owner and visitors) and storage, and (j) the desirability of the neighborhood in which a property is located (including the quality of surrounding homes, nearby parks, etc.).

There is a link below to an article I wrote about the best neighborhoods in Viña del Mar. The rule of thumb price for newer homes in nicer neighborhoods without ocean views is 1.3 million pesos per square meter. This property obvious offers much more and thus should fetch over 2 million pesos per square meter. It is a good deal and a place you will enjoy coming home to. 100_3591

For example, these “cookie cutter” tract homes 1km down the street in the “C1” section of Los Almendros are selling for ~US$250,000. The location is nice, but there is no view of the ocean, and the homes are of noticeably lower quality.

LAYOUT

In the drawing with the windows, the apartment is on the upper right side (as seen from the ocean). It is an inverted “T” shape, wider on the first floor (-2) than the protruding, twice as long (deep) second floor (-1) with its obviously independent roof-line. The architect put figurines on the apartment’s deck in the drawings above.

Layout details: 2 stories, 3 bedrooms, 2 bathrooms, big-windowed living room and dining area (white PVC thermopane), kitchen, marble entrance with a garden where flowers and shrubs can be put in, or it may be converted into more living space or a Jacuzzi; a deck for outdoor relaxation or place to put your BBQ on the street level or on the garden level below, large storage area (bodega) and parking space. Radiant floor heating and solar panel support. The bottom floor (-2) has the master bedroom with bathroom, another bathroom and two other bedrooms, one of which could be used as a study or a den. The apartment is located on a secure cul-de-sac and thus has no significant traffic or loud parties.

NO ELEVATOR REQUIRED

Yes! No elevator is required, which is an advantage given that this is technically a townhouse or condo setting. You will have to take stairs one level down from the parking area and front gate, a walkway which could be beautifully lined with flowers. Remember that in Viña del Mar, flowers grow like weeds. You can already see the garden setting that has been put in, along with a rainwater collection system with 13,000 liters of irrigation storage.

WHAT YOU GET FOR THE PRICE


Finish work:
  • “Porcelanato” and engineered cherry wood floors 
  • Hardwood interior doors and entry door.
  • Walls painted in a neutral tone in Townhouse N°2 with white crown moldings, other in Townhouses N°1 and N°3 have green walls and some colored rooms.
  • Central heating and water heating system with solar heating support and solar backup for pumps and key outlets in Townhouses N°1 and N°2.
  • Cherry colored wood baseboards
  • Hardwood (lenga) hand railings, stairs in Townhouses N°1 and N°2.
  • Bedrooms with closets, except Townhouse N°3 that has open hardwood shelving.
  • Kitchen with tall, hardwood-faced cabinets (not typical in Chile)  in Townhouses N°1 and N°2.
  • Bathrooms with upgraded tile floor and toilet, sink and tub/shower in one bathroom, spa tub in the other.
  • The bottom floor and back half of the first floor is made of reinforced concrete (hormigón), with the remainder being thermically-efficient steel beam framed on concrete backing, nestled against the hillside. 
  • Efficient LED light fixtures are included, which is not typical for Chile.
  • Wider oven in Townhouses N°1 and N°2., dishwasher, modern faucets, gas range and hood; gas dryer connection ready in Townhouses N°1 and N°2.
  • No curtains or blinds are included.
  • Some appliances are included: range, hood, sink, wash basin.

Note: Central heating is installed in the floors in Townhouses N°1 and N°2, but air conditioning is not needed in Reñaca.  in Townhouses N°3 uses a portable heater and has a natural gas Calefont water heating unit

AGAIN: WORLD’S BEST WEATHER

The EscapeArtist Chile mentioned above referenced this article online from a weather expert that says that Viña del Mar has the best weather and climate for humans in the world.

LANDSCAPING

Landscaping is not included in the main entrance way flower bed but is provided everywhere else on the property. Flower gardens are easy in this climate. The backyard has grass, flowers, blueberry bushes and fruit trees planted (cherry, apple, pear, minature lemon, orange, two avocados, fig), along with some occasional vegetables. The main home and apartments are not built on fill.

RESERVE THE PROPERTY WITH 15% DOWN

You can reserve one of these properties with a non-refundable deposit of 25% down.

The Chilean tax IDs are 3032-564 for townhome N°1 and 3032-568 plus 3032-569 for its bodegas (storage units). The Chilean tax IDs are 3032-565 for townhome N°2 and 3032-567 for its bodega (storage unit). The two in-line parking spaces assigned to each of these units do not require a separate tax ID. The Chilean tax ID is 3032-566 for Townhome N°3. It has only one parking space and no bodega.

Chilean residents can go to a bank and borrow the full amount for the property.

LOW CONDO FEES

“Gastos comunes” (condo fees) will be much lower than typical properties. The apartment will have its own property tax account, its own water, internet/TV, phone, gas and electricity bills.

The apartment owner will pay to keep up his terrace, electric gate opener, gate or fence damage, pipes and wiring maintenance or repair and walkway/patio repairs or changes.

A fund used to pay for the following common exterior items will be created:

  • Painting of walls and front gate or fencing
  • Wall and roof repair
  • Rain gutter upkeep
  • Sewage pump maintenance and replacement every 2-3 years
  • Lawn, flowers and tree/bush/plant irrigation
  • Lighting in common areas
  • Solar systems maintenance

The main property owner (Townhouse #1) will be in charge of having this work done when it is needed.

The charge will be UF2 every month, for Townhouses N°2 and N°3 which is about US$78, and UF 3,5 in Townhouse N°1. It will need to be deposited by you directly into a designated bank savings account. Instead of paying the low condo fees in this apartment, people that buy other apartments (condos) in buildings frequently pay more than $1,250 per quarter.

A lien will be placed against the property for the amount due, a penalty of 10% extra for each month the payment is late, and interest charged at 20% per year. In addition, the Townhouses N°1 and N°2 buyer agrees that his bodega titles will be forfeited after one year of not paying this small maintenance fee. Obviously, the penalty is large just to make sure that the apartment owner never falls behind.

The repairs and upkeep will be done when needed with no specific time frame. Should there be a major problem like dry rot or weather/earthquake damage, the costs of repair will be shared proportionally. This cost is above and beyond the UF 2 /3.5 charge every month.

All owners will agree to maintain fire and earthquake insurance on the property. This coverage should offset many repair costs due to fire or weather.

Please keep in mind that there are technically three living units in the building but one family will be using two of them, unless one of those units is rented or even sold later on. This is a pretty intimate relationship that family will share with the apartment purchaser.

RESTRICTIONS

The apartment owner will agree to make sure that the colors and materials remain uniform. The restrictive covenants have been recorded with the Chilean equivalent of the county recorder, called the Conservador de Bienes Raíces.

The buyer will also agree that no loud parties will take place, especially after midnight, by himself or by renters.

LOW MAINTENANCE EXTERIOR

The brick exterior will be as low-maintenance as possible for a pacific coastal climate.

The small roof area is covered with “estate grey” color asphalt shingles.

The double-pane windows are white PVC window frames from Germany, providing high security and energy efficiency. They provide a quiet interior, too.

RENTAL INCOME

Also note that the apartment owner has full rights to rent out his apartment, of course, which can be quite lucrative in Reñaca during the summer months Dec. 26th to March 5th, and still possible after those months at at least 50% occupancy. Furnished places can get around 2 million pesos per month in the Summer if administered well (USD 100-150 per night), especially in January and February, and also good rent during the week prior to Easter, the last two weeks of July (winter break) and the week around Chilean independence (September 18th). The best ways to rent out a Townhome are with Booking.com or Tripadvisor.com. During the non-summer months, people from Santiago also come and rent furnished places for about the same rate, viz. once again, in mid to late July (winter break), Easter week, long weekends around May 1st, May 21st and October 31st-November 1st, as well as the week around Independence Day (September 18th). So there are other rental opportunities during the year from Chileans. A market also exists to rent to foreigners that visit Chile for short periods. In general, one can expect 90% occupancy and full price during the summer, and about 30% less with 50% to 70% occupancy during the rest of the year, on average.

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For those that want to keep a unit as a full-time rental all year, many people rent to university students, maybe 5 students to an apartment, for $175 per month each, during the rest of the year. But doing so is probably not going to yield as much as using online services.

Bear in mind that the owner is responsible to make sure that renters agree not “to party” or make lots of noise, especially after midnight.

Others keep their coastal apartments open for their own use during the rest of the year. Viña del Mar is a great place to live year-round and one might consider doing so or leaving it open for weekend use even if they live in Santiago most of the time.

Another choice is to live in northwestern Los Almendros de Reñaca from March through December and then rent the house for the summer while the owner rents a place down by the southern Chilean lakes and mountains or travels abroad. A very pleasant option for those that like to travel!

WINTER HUMIDITY

There is some humidity problem in this location during the wintertime that can easily be dealt with by running dehumidifiers. Listen to the evidence from the market. Locals tend not to live close to the beach for a reason, and lower price is not the only one. They want to avoid even higher humidity indoors. Townhouses N°1 and N°2 are designed to reduce dampness even further with partial steel beam framing.2014-04-26 19.26.15

TAX BREAK

Because the property is new construction and under 140m2, Chilean law DFL-2 provides for a 50% reduction in property taxes for 10 years. I do not know what the effective taxes will be, but I am guessing that they will initially be around 70,000 pesos (US$125) per quarter. They could be less.

If you are interested, please send an email to osorno7@earthlink.net or call +56-32-3277712.

Here are some other images of the area. The neighborhood park, near the bus stop, is just 300 meters from the apartment.

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 Houses in the neighborhood (seen in the photos below), across the street, have between 400 m2 and 750 m2, or around 4,300 sq. ft. to 8,000 sq. ft., while adjacent apartments tend to be around 140 m2 or 1,500 sq. ft. The cul-de-sac located apartment you will be buying is located in good company for sure!

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See a couple photos of local buses below, running through Reñaca sector, the first one being number 607, stopped at the little plaza near the property.

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Strip malls, the small Reñaca mall and other nearby shopping and services, including the new Tottus Express supermarket, all less than 2 kilometers away.

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 The Reñaca area offers all the conveniences of life: restaurants, supermarkets with a wide variety of goods, beauty salons, banks, mail services, money and exchange services, appliance stores, fast food, stationery stores, and more:

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If you’re seriously interested in this wonderful opportunity, send an email or fill out the form below and I’ll get back with you as soon as possible. Please don’t use this form for any other purpose.