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Argentina has almost every geographical feature imaginable… some of the highest mountains of the world, in the Andes (on its western border); desert in the Gran Chaco; wine-growing hills in the foothills of the Andes cordillera in Mendoza; ski resorts in northern Patagonia; oil and gas wells in and offshore southern Patagonia…overlooked by more sheep than people; and the great Pampas, the most fertile land on earth, where the topsoil is a yard deep. It is a country self-sufficient in most foodstuffs—so much so that, for centuries, the country has essentially tested the Atkins Diet using almost its entire population. People gorge on quantities of meat few foreigners can even imagine but they don’t suffer particularly high rates of obesity or arteriosclerosis.

Buenos Aires - La Boca

Economic instability - What happened in Argentina? The period of over-valuation in the 1980s and ‘90s devastated the country, and discouraged industry and tourism because other countries nearby could price Argentina out of the market. The people of Argentina watched in disgust as unemployment soared, inflation jumped, industries were decimated, and pensions were taken away. In late December 2001, after days of deadly street riots and political unrest, Argentina halted payment on its public debt. The economy went into a tailspin.

In a salvation effort, the government devalued the currency. From a peso valued at a dollar, Argentina went to one worth 19 cents in January 2002. Since then, it has been gradually creeping up. The entire banking system was effectively bankrupted by the government decree that loans could be paid back at a more generous exchange rate than deposits. Deposits—even those nominally in U.S. dollars with banks in Argentina—were effectively frozen for months, so the entire economy was running on barter and funny money printed by the states. To keep the peace, the unemployed poor were given a meager 150 pesos per family per month (under $50 then, a derisory amount on which to feed a family), but even that program was subject to kickbacks and favoritism. 

Debt restructuring - On Feb. 25, 2005, Argentina completed the biggest debt restructuring in world history, as investors holding $103 billion in defaulted Argentine debt were asked to accept a government offer to pay back about a third of their original investment. After the deadline past, Argentine stocks immediately soared to a new all-time high in peso terms.

But Argentina’s economic instability is far from over. The economy expanded by 8.8% in 2004 for a second straight year of growth, but now the government needs to repair its burned bridges with creditors to have any hope of maintaining the recovery. 
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Argentine culture—the sultry tango, the gaucho, and yerba maté. Maybe more than any other art form, Argentina is known for the tango, that hauntingly seductive dance in which partners slowly circle and stalk one another like the hunter and the hunted before     melding together with bodies pressed tightly together…at which time the seduction really begins. The tango is much more than a dance. It is actually an artistic expression that can take many forms: instrumental, vocal, dance, or any combination thereof. Invariably, the tango is a narrative - a melancholy, bittersweet expression of love and passion - an art form that has evolved over many decades. Today, tango clubs abound in both La Boca and San Telmo, and a night spent in one is an experience you will not soon forget. One of the most popular is Señor Tango where a 12-piece orchestra and a large company of singers and dancers treat audiences to a century of tango styles. An evening at Señor Tango, or a similar “Tango House” in Buenos Aires, is some of the best entertainment for the money in the world. These three-hour shows rival anything you will see in Las Vegas, and for about $30 - which also includes a fabulous Argentine steak dinner, all the wine you can drink, and transportation to and from your hotel - you can’t go wrong. Besides, how can you go to Argentina without experiencing its most famous cultural product? Another Argentine icon is the gaucho, an indigenous cowboy who, in contrast to the North American variety, is dressed in leather and silver, with a flat hat (without a crease) and a flat saddle (without a pommel). There may be no “true” gauchos left in Argentina…but  don’t tell the Argentines that. The lore and legends are kept alive by city dwellers and country folk alike. Straight and tall astride a handsome horse, a maté gourd in one hand and his lariat in the other, the gaucho is a personification of the pioneer spirit of Argentina - courageous and independent. Fortunately, the strongest legacy of the gaucho remains in Argentina: a national obsession with eating huge quantities of barbecued meat and offal. Called parrillas, it is cooked by modern-day gauchos on huge wood-fired grills at home and in restaurants, as well as on dude ranches in a hole in the ground banked with wood. The amount of beef eaten in Argentina is incredible, as locals often do this twice a day. A second remnant of the gaucho is yerba maté, a  caffeine-laden herbal concoction made by steeping leaves in boiling water. Argentines walk around with leather kits on their shoulders containing a package of the herb, a thermos flask full of boiling water, and     special cups from which to drink the brew. The cups have covers with integrated straws so the herb doesn’t leave your cup. In Buenos Aires, at certain hours, people converge on the parks for a yerba maté break. It should be noted that yerba maté is an acquired taste as it is rather bitter. A true aficionado does not add milk or sugar (at least not in Buenos Aires), although some     provincials do so. When you visit Argentina, consider buying your own yerba maté kit. You’re sure to find one to your liking. Some have cups adorned with silver, others are encased in leather, and all are unique and make a memorable gift or keepsake…in addition to giving you a caffeine-energy boost!

Buenos Aires—First World amenities, Old World charm Buenos Aires is one of the most exciting cities in the world—with both a Latin flair and a sophisticated, genteel, cosmopolitan, New York/Paris feel. Large boulevards, beautiful parks, and plazas... modern highrises in some areas and, elsewhere, narrow city streets lined with colonial-style buildings with walk-up apartments whose French doors open onto plant-filled, wrought-iron balconies. Stepping off the plane, you will be immediately impressed by the modern international airport and its helpful employees. The ride into the city may leave you gaping open-mouthed at the smooth, multi-lane autopista and the highrise apartment buildings that line the route. This is a world-class city, after all. At any time of day…but especially at 3 a.m.—downtown Buenos Aires holds pleasant surprises. Sidewalk cafés are open into the wee hours and people stroll the sidewalks hand-in-hand...with their children in tow. Take a city tour and you will likely start with a drive down the famous 9th of July Avenue, named for the date in 1816 when Argentina declared its independence from Spain. This wide, tree-lined boulevard (the world’s widest street, in fact, at 450 feet across) is reminiscent of the Champs Elysée in Paris. Instead of the Arc de Triomphe, its centerpiece is the towering Obelisco (obelisk) at the Plaza de le Républic, commemorating the country’s 400th anniversary. Architecture, Buenos Aires-style - The architecture of Buenos Aires is eclectic. Older buildings that would be well at home in any European city sit alongside unappealing highrises built in the 60s, 70s, and 80s...and, here and there, newer and less offensive modern structures share the landscape. The older apartments in this city are much bigger than their European counterparts, making them much more comfortable than, say, the typical Paris flat. For instance, the typical apartment in Buenos Aires is approximately 3,000 square feet, with three bedrooms, two bathrooms, a large kitchen, sitting room, dining room, and maid’s quarters. The neighborhoods of Buenos Aires  Plaza de Mayo:Turn onto the Avenida de Mayo and head toward the Rio de la Plata and you will come to the Plaza de Mayo (May Square), the city’s oldest square. This place drips with Argentine history...both good and bad. The plaza has served as a marketplace and hangman’s gallows and has been the site of nearly all the important political and social events in the country’s history.

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La Boca: On the southern edge of Buenos Aires is the colorful Italian-influenced neighborhood known as La Boca (the mouth) of the Riachuelo River. Some say this was the city’s first port, founded in 1536. La Boca and San Telmo, just to the northwest, are home to the majority of Buenos Aires’ famous tango clubs. It is highly recommended that you spend an evening at one.
San Telmo: Funky, artistic, bohemian, charming San Telmo is one of our favorite places in Buenos Aires. If you like funky sidewalk cafés, bohemian bistros, and eclectic antiques…and you don’t mind a neighborhood that’s still a little rough around the edges, you’ll love San Telmo too. Prices in San Telmo currently range from $80 to $110 per square foot. And the government has just embarked on two initiatives that should help property values here grow in coming months. A street and sidewalk improvement plan has been approved, as has a program to provide additional security to this area—a long-time favorite of both locals and tourists.

Palermo: This is a trendy neighborhood...and a tranquil and safe one...and hence prices are relatively higher than in other areas of the city. Current prices in Palermo range between $120 and $180 per square foot, with the higher values for new construction or premium location and the lower values for older properties.

Recoleta: Recoleta is one of the most desirable areas in Buenos Aires. In the northern part of the city, it’s home to a fashionable residential area, elegant restaurants, deluxe hotels, fine museums, some of the city’s finest shops, and The Recoleta Cemetery—the final resting place of the beloved (depending on your point of view) Eva Perón. Current apartment prices in Recoleta range between $160 and $190 per square foot. A local realtor says that brand-new apartments in Recoleta have not appreciated in price yet, although everyone expects that this year (2005) will see an approximate price increase of 15%. It is expected that older properties will maintain current values but won’t see a lot of appreciation.
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Retire Overseas! You look out your window, past your gardener, who is busily pruning the lemon, cherry, and fig trees...amidst the splendor of gardenias, hibiscus, and hollyhocks. The sky is clear blue. The sea is a deeper blue, sparkling with sunlight. A gentle breeze comes drifting in from the ocean, clean and refreshing, as your maid brings you breakfast in bed. For a moment, you think you have died and gone to heaven. But this paradise is real. And affordable. In fact, it costs only half as much to live this dream lifestyle...as it would to stay in your own home!

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If you were to compare Buenos Aires to New York City, you’d say that its Recoleta and Palermo neighborhoods are akin to Fifth Avenue and the Upper West Side...and San Telmo is its Greenwich Village.

Beyond Buenos Aires—Bariloche - Known as the “St. Moritz” of Argentina, Barioche is located in the Andean foothills on the southern shore of Lake Nahuel Haupi. It is surrounded by dense forests, alpine lakes, and 12,000-foot high mountains. It was founded by German and Swiss settlers and rivals the Swiss Alps for sheer beauty.

The town of 120,000 permanent residents sits on the lakefront and resembles a Swiss village with its wooden façades, mountainous scenery, and cathedral and clock tower in the center of town. Bariloche is popular winter and summer and has very lively nightlife with music, dining, and dancing.

A 12,400-square-foot lot in the Arelauquen Lodge development in Bariloche is currently on the market for $47,000. Arelauquen Lodge, surrounded by mountains, has an 18-hole golf course and the only polo field in Bariloche. More information on www.argentinahomes.com, (Property M10499).

A 1,700-square-foot house on an 11,300-square-foot plot with hill views in Bariloche is going for $120,000. More information on www.argentinahomes.com.

Patagonia - The name alone inspires visions of jagged mountains, dense beech forests, enormous glaciers, fast flowing rivers, flower filled meadows, and sparkling lakes of incredible hues. Some say this spectacular, unspoiled wilderness is like the Grand Tetons and Yosemite rolled into one.

Beginning in central Argentina and stretching to the Strait of Magellan, the vast region of Patagonia represents almost 30% of the nation’s territory. Just two of its national parks add up to over 2.5 million acres of nature preserves. A haven for naturalists, Patagonia is filled with unusual flora, unique animals, astonishing sunrises and sunsets, and a night sky dripping with stars.

In the Patagonia Lake District, prices for lakefront property range from about $1 to $12 dollars per square foot for lots ranging in size from 20,000 square feet to 30 or more acres. The low prices apply to a few large sections and the higher prices to regular sized, residential lakefront lots or locations with the best views.

Rarely will you find great houses on these properties. And if you do, their value, if any, is not factored into the sales price, which is based on the land value. Building costs for very good to high-end stone and solid wood alpine style houses are between $35 and $60 per square foot—and they last a lifetime or two. And remember…fishing, skiing, biking, boating, surfing, rafting, horseriding, and all other outdoor activities start wherever you leave your home in Northern Patagonia.
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Breathtaking Iguazú Falls  Probably South America’s most breathtaking site, Iguazú Falls boasts more than 275 separate cascades that create a deafening roar and mist the surrounding lush subtropical forests. The world’s largest and most beautiful falls span a distance of two miles and plummet more than 200 feet, pounding the rocks below in a tempest of intensity. Higher than Victoria Falls and wider than Niagara Falls, these spectacular waterfalls are best seen April to October; there are fewer people then and less humidity.  This lovely country looks like Europe—yet feels like Latin America. Plus it’s home to the world-class city of Buenos Aires—a thriving, cosmopolitan metropolis that’s at the forefront of an unprecedented political, cultural, and economic renaissance. You’ll find all the same amenities you’ll find in Paris, New York, or London—theaters, outdoor cafés, shaded parks, art exhibits, trendy new restaurants, live music, and much, much more. The economic crisis isn’t over, but the worst of it appears to be. The politics are a mess, but getting better. The economy has been decimated, but a recovery is underway…

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