I’d been so long away that I prepared myself for disaster.
Like property anywhere, property you own in another country requires attention. You need on-the-scene support—a caretaker, a maid, a gardener, security, as relevant.
You also need to visit regularly to see for yourself that all’s well.
That’s why we recommend buying property in places where you want to be. That way you look forward to every chance to return rather than dreading each trip.
In 2009, Lief and I bought an apartment in Medellín. It was an investment in a seriously undervalued market at a turning point. You could have bought almost anything in this city back then and counted on making money from it.
The apartment we chose was a total gut job renovation. The timing was right for us to take on a new project.
Over the 18 months to follow, I hopped back and forth between Panama City and Medellín once or twice a month to meet with our contractor.
What began as an investment became a labor of love.
The apartment had been occupied by a single woman in her 90s who’d outlived her husband by two decades. The kitchen, the bathrooms, and everything else was original to the 1970s building.
Carlos and I stripped all 350 square meters to the beams then rebuilt square meter by square meter in the Colombian Spanish-colonial style.
I hand-picked hand-painted colonial tiles for the floors and walls. I designed parquet for the office and library. I added archways and French doors from the living room to the main terrace and a lion’s head stone fountain on the side terrace.
I reimagined the kitchen from this…
To this (I took this shot this morning standing in the same spot as the Before photo above)…
When I’m in residence, as I am today, you’ll find me at my laptop in the office here…
I spent way beyond budget and extended the project from eight months to 18 thanks to what became an obsessive attention to detail. I drove Lief crazy.
But prices of labor and everything else were low and the dollar was strong. When all was said and done, Lief loved the finished product as much as I did.
We enjoyed many stays with our kids over the years to follow. We got to know Medellín well and to know Medellín is to appreciate both the extraordinary quality of life on offer in this city and the gentle graciousness of her people.
Then we got busy elsewhere. The Live And Invest Overseas business was growing fast, and Los Islotes, our personal development undertaking on Panama’s Pacific coast, was under way in earnest. We were lucky to make it to Medellín once a year.
Fortunately, thanks to all the time we’d invested on the ground, we were able to build a strong network of local support. Our attorney in Medellín connected us with a property manager who helped us find a maid to visit every other week and a gardener to tend the terrace gardens monthly. The place was well cared for.
Then came the pandemic, followed by more growth at LIOS and Los Islotes. I’m embarrassed to admit how many years since I was here last.
So, as I mentioned, I was ready for a shock.
When Carolina, our maid, opened the front door to greet us upon our arrival, I was afraid to look past where she stood.
Leaks, floods, mold, rot, collapsing staircases, and falling ceilings… we’ve dealt with it all in properties across the globe. I trust Carolina, but I’ve been caught off-guard by others I’ve trusted over the years.
I felt great relief Sunday afternoon, therefore, when I looked beyond Carolina’s smiling face and was greeted by this scene…
Carolina was rightly proud as she walked us through the place pointing out the work she’d done and the care she’d taken.
In the week since, we’ve reacquainted ourselves not only with our apartment but also with our neighborhood and the city at large. Medellín is no longer misunderstood or undiscovered. The airport arrivals hall was packed when we landed. Shops are busy, restaurants full. Traffic is heavy all day long.
This is an active marketplace.
Lief thinks it’s a good time to sell our Medellín digs.
“We haven’t been here in years and who knows when we’ll be able to come back again,” he says. And he’s right.
He listed the apartment for sale with an agent we’ve worked with for years. Juan Carlos has already toured the property with a potential buyer. The guy seems keen.
Me? I can’t say I’m enthusiastically on board with the plan. Selling the apartment will sever our physical connection to this city that I like being connected to.
Boots back on the ground after so much time away, I’m finding Medellín as appealing as ever… and the view from our terrace of the Medellín valley below us after sundown as entrancing…
This is the problem with mixing fun and profit… choosing which agenda takes the lead… especially when differing opinions must be brought to bear.
After nearly three decades buying and selling property together around the world, Lief and I have developed a non-confrontational system for navigating the Spousal Factor.
We let the market decide.
If Juan Carlos comes back with an offer at our asking price, we’ll take it.
Until next time,
Kathleen Peddicord
Founding Publisher, Overseas Opportunity Letter
