The Villa 31, Buenos Aires’ most iconic slum, is the latest area of the City to join the list of unaffordable neighborhoods. La Nación’s Pablo Tomino responded to an enticing classified ad that offered a studio apartment in an “exclusive area of the City, meters away from the Patio Bullrich mall, the Sheraton, the Marriot Plaza, the Four Seasons and Florida street. Cost: $150,000 pesos. Cash only.”

So $28,382 dollars (official rate) or $17,142 dollars (blue rate).

The property in question was a 20 square meter dump situated on the (shocker!) east side of the Villa 31. But wait! Turns out it was kind of a great deal, since it came with “running hot water” which is apparently a commodity in the area. And if you think that 20 grand for a piece of crap apartment is terrifying, wait until you hear about renting there. According to Tomino:

“Rent is borderline unbelievable: a room in the Villa, in which the tenant has to share a bathroom with the owners of the property, ranges between $1000 and $1500 pesos a month. In neighboring Recoleta, a studio apartment starts at 2300 pesos.”

Now, don’t be so fast to disregard the chance of living in this up-and-coming property hot spot. You may not know this, but the land where the villa is located is one of the most expensive ones in the City. And considering that the City government passed a law in 2010 calling for its urban planning and development, the value of your property could triple once Palermo’s unstoppable enslavement of its satellite neighborhoods turns it into a hipster sanctuary called Palermo 31 or something like that.

Oh, and here comes the best part:

“Whoever wants to buy property here needs to know that there is no deed  involved. The buyer only gets a ‘contract of purchase and sale,’ told the property seller to La Nación, adding: ‘Don’t worry about it. You buy the property and then you rent it. No one will bother you. We all know each other here…'”

Well at least he’s brutally honest. What do you say? Buy or no buy?

I say no buy, but what do I know. I’m just an unpaid intern.

(Story via La Nación, photo via Wikipedia)