I live in Uruguay, and I can definitely believe it can be made for a lot less than U$ 60.000 (for comparison, that's 3 years of my salary).
I actually have a quote from a local company called XSeed ( http://www.xseed.com.uy/ ) for an app for both Android and iOs, and it comes out for a third of the amount.
Yes, you can be burned if you don't know the locals, like the guys with the Egyptians, or the Pakistanis. That's why many companies here in Uruguay get the jobs - the ones that are responsible cost twice or three times as much as the cheap Egyptian, Indian, etc.. companies, but they deliver, while being vastly cheaper than US or European counterparts. The really good ones can charge very close to US prices (go globalization :) ).