Panama Real Estate • Can you find the Hot Deals?

Written by Matt

Wednesday, 22 May 2013 19:15

I saw the boom for high-end luxury real estate in Panama begin (in earnest) in 2006, when the market was made up of almost entirely foreign buyers from the US, Canada, Venezuela, and Spain.  At the time, most were buying up pre-construction condos in areas like Punta Pacifica, Balboa Avenue, and Costa del Este.  Inventory was readily available, easy to find, and was being widely promoted by developers via trade expos, magazines, and online campaigns. This period is now widely known as Panama’s boom period and agents like me were selling properties to everyone and their sister. But today, accessing the market’s true offering is growing increasingly difficult for foreigners trying to search on their own for high-end real estate. Why? Because Panamanians have begun to re-establish this place as a very closed and homogenous playing field. As challenging as it is to say, local Panamanians with their inside connections, high-level government contacts, connected attorneys, and local affiliations like church and synagogue groups are at a noticeable advantage in 2013 when it comes to getting access to what is truly on the market. Many of my clients have commented on Panama’s fragmented real estate listing environment which makes things very difficult for an uninformed buyer to find top properties in upscale locations.  Why? Because these properties rarely make it on the market.  Rather, they are being sold through an elite and oftentimes closed network of real estate agents, attorneys, developers, and private connections. Nowadays I canvas buildings (and in fact entire neighborhoods) which are controlled by a small group of families. It’s in these circles that the only way to have access to the best properties in these areas is to “know someone who knows someone.”  In this sense, most foreigners are out of luck. Furthering the difficulty for foreigners, I’ve seen a number of luxury property sales of unlisted properties close via private transactions, meaning there is no transparent system in place to identify a true market value. Going along with the theme, high-end listings that do make it to the open market usually have very few pictures because the sellers don’t want their neighbors to know the property is for sale, putting the overseas buyer attempting to research online at an even bigger disadvantage. Nonetheless, properties are still moving under the current conditions.  It isn’t so much that investing in real estate in Panama is difficult. But to get the special stuff — the real estate that’s usually sold below the radar — what’s clear is that you need to be working with the right team. Rafael Mas, Commercial Director with Grupo Corcione in a brokers-only sales meeting revealed that over 70% of their 3500 – 4000 square foot units in the ultra-luxury Valery Point development (located in the new Santa Maria Golf Course Community) have already been sold.  More than 90% of the buyers have been local, with price points averaging over $900,000 per unit according to Mas. This is amazing! Some foreigners are still wiggling their way into the elite end of the Panamanian real estate market, as evidenced by another developer’s comments, who preferred to stay off the record: “Europeans have been interested in our product” which happens to be two-per-floor 500-meter oceanfront condos ranging in the $1-2 million dollar mark. “But this year, it’s been Panamanians who have bought the most.  We don’t do much marketing and generally tend to fly below the radar, so they are really finding us. This year, Panamanians have been number one.” So in order to dig a little further, I did some research and tapped my good friend, the Director of CompreAlquile.com, a popular online listing portal. According to his exclusive statistics, it appears at first glance that there is plenty of published inventory: In Punta Pacifica alone, for instance, there are currently 54 condos for sale listed at over $1,000,000. But what we quickly determined was that because of the nature of the market (one in which sellers who choose to list their properties may use multiple listing agents), many of these listings are either duplicate listings, sold properties, or bait-and-switch units used to bring in captive buyers. This cements the fact that there is plenty to choose from online, but what you will find is not necessarily an accurate or complete representation of what is actually on the market. I’ve decided that it isn’t so much that investing in real estate in Panama is difficult. But to get the special stuff — the real estate that’s usually sold below the radar — you need to be working with the right team who can leverage local connections and turn over stones that may be covering that truly special, one of a kind property that is in fact for sale. While foreign buyers still have the same rights and protections under Panamanian law as their local competition, it’s become increasingly important to become aligned with a trusted, informed, and most importantly connected property agent. http://www.thepanamareport.com/real-estate/investment/are-foreigners-disadvantaged-in-panama-real-estate.html

Luxurious Retirement for a Fraction of the Cost

Written by Christian Busnardo
www.UncoverPanama.com

Depends on whom you ask . . . most retireesare after year-round sunshine, a comfortable lifestyle and theexcitement of living abroad . . . getting all of these things andcutting your cost of living by half makes retiring in Panama a smartchoice, especially in today’s economy. Who doesn’t like a bargain!
 

Living for less in Panama is a hot topic.Ever wonder what it cost to live in Panama City? Learn about safe andaffordable locations, such as Bethania, El Cangrejo, San Francisco, LaLoma, and Hato Pintado, within Panama City at International Living’s “Live Large for Less in Panama City” IL Postcard.

Beach and golf getaways are no longer forthe Panama elite. Over the last decade, Panama has become a popularNorth American relocation destination!

No destination is more popularthan the beachfront golfing community of Costa Blanca, at the RoyalDecameron Resort; a great place to spend weekends, escape cold NorthAmerican winters or live fulltime and enjoy year-round sunshine. CoastBlanca offers beautiful golf-course views, access to several swimmingpools, private beach club and restaurant with a stretch of privatebeach.

The Royal Decameron Golf, Villa’s & Beach Resort

Written by Kevin Rowe www.UncoverPanama.com Say the word “Panama” and most people immediately think of the “Panama Canal.” But, just one visit is all it takes to make pristine beaches; lush rainforest; fantastic weather and a high standard of living also come to mind.  Welcome to The Royal Decameron, a modern, thriving, Panama’s international destination that offers you an incredible beach, golf course and spa resort. Check out Royal Decameron Real Estate & Vacation Rentals! The Royal Decameron Golf Course is as inspiring as the natural beauty that surrounds it with lakes, immaculate landscaping and majestic distant mountain views, - it’s a golfer’s paradise and a nature lover’s retreat.  You’re sure to enjoy the elegant golf Clubhouse and Pro Shop which features a wide variety of stylish golf wear and state-of-the-art clubs and accessories. The Royal Decameron’s golf course, formally Mantaraya golf course, is the most challenging course in Panama.  This 18 hole, Par 72 course stretches for 7,091 yards with a slope of 139 from the black tees, whites at 6,656 yards with a 130 slope, senior tees at 6,031 with a 124 slope and finally the ladies at 5,508 with a 129 slope.  The course was designed by the internationally renowned designer Randall Thompson, in association with the American Golf Course Design Company.  This course is extremely well guarded by 85 bunkers and water comes into play on 12 holes. The incredibly beautiful fairways of the front nine are lined with mature landscaping, townhouses, golf villas and nature views.  The front nine has many challenging holes that require pin point accuracy.  Holes 3, 5, 6, and 9 require more precision ball placement off the tee than distance. Score well on the first 12 holes because the last 6 are very long and difficult.  Starting with hole 13, this 445 yard Par 4 has water on both the left and right and 3 fairway bunkers.  This then brings us to 14, a 232 yard Par 3, the longest Par 3 on the course.  This is also the most difficult two tiered green.  No relief in sight on 15, it's up hill all the way on this Par 4, 456 yard challenge.  I personally consider hole 16 the toughest at 465 yards; it requires a long and accurate drive over the first water hazard but short of the second water hazard, leaving you with a long second shot averaging about 200 yards to an elevated green.   Bogie is a “good score” and Par feels like a “birdie”.  This takes you to hole 17, a downhill 411 yards.  Finally 18, a 596 yard Par 5, this hole is a true 3 shot hole….because of the water hazard in front of the green that spreads across the entire width of the fairway.  Get on in 3, take your Par and head to the Clubhouse for a cold beverage. The Royal Decameron Golf, Villa’s & BeachResort features a host of fun-filled amenities including an all inclusive hotel, casino, disco, sports bar, and live entertainment.  Great fishing, water sports, horseback riding, nature and outdoor tours are also available. The Royal Decameron Golf Course is located just 90 minutes from Panama City in the town of Farallón, Coclé on Panama’s beautiful Pacific Coast.  This course is playable year round due to the area’s micro-climate.  Royal Decameron Golf Course is open to the public and meets the demands of serious golfers as well as weekend warriors.  For more information: www.decameron.com