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

Coming to Panama

The Isthmus of Panama forms a bridge between South and Central America, and borders Costa Rica to the west and Colombia to the east. Panama City has flights to and from all Central American countries and both North and South America. Major US airlines such as American, Continental and Delta fly to Tocumen Airport in Panama City on a daily basis; Copa Airlines is the national airline.

Photographer: Francis Torres
Location: Punta Culebra
Year: 2011

Tamandua mexicana, or the Northern Tamandua: This nocturnal mammal feeds on ants, termites and other insects with its long tongue. It uses its claws to scratch soil and tree trunks in search of food...

Panama uses the US dollar as its currency. Don’t be confused by its official name, the Balboa—bills are exactly the same. Panamanian coins are of the same value and size as US coins, which are also accepted.

The climate in Panama varies very little throughout the year. There are only two seasons: the dry season, from January to mid-April, and the rainy season, from mid-April to December. Temperatures usually range between 70°F and 90°F, but it can get a little cooler in the highlands, especially in the province of Chiriqui.

Spanish is the official language, but many people speak English as a second language. The country’s population of almost 3 million reflects a history of mixed ethnicities, due largely to the significant influx of immigrants that arrived during the construction of the Panama Canal. In terms of religion, the Isthmus is predominantly Roman Catholic, but there are some small groups of Muslims, Protestants, Hindus and Jews.

The capital of Panama is a modern, thriving metropolis, with plenty of restaurants, shops and entertainment. Among its main attractions are the Casco Antiguo (or Old District), Panama Viejo (or Old Panama, dating back to the 16 th Century), the Calzada de Amador and, of course, the Panama Canal. For shopping, head to Via España or to one of the new shopping malls, if you want to avoid the heat.

Panama 's economy is based on the service sector, which accounts for three-fourths of the country’s GDP. Besides the Canal, Panama City boasts an important international banking center, while Colon City, on the Caribbean coast, is home to the one of the largest free zones in the world.
 http://www.stri.si.edu/english/research/applications/coming_to_panama/index.php

Theatre of Panama

Panama and Coclé Theatre

Panama and Coclé Theatre is a new community theatre created in 2012 in the interior of Panama by T Rob Brown, Artistic Director, and his wife Yolanda Van Der Kolk.

The company is made up of local residents, many of which have never performed on stage before joining PaCT. Specializing in murder mystery musicals, the company performs dinner-theatre style shows in local area restaurants.

The first show was presented in June 2012 by Picasso Bar + Restaurant in Coronado, performing two sold out shows of "Pinchin' de Picasso" written by Yolanda Van Der Kolk. The second show "Dancing with the Dictator, Eh" , a hilarious spoof on Newfies and on Canadians, written by Rob Brown finished a run at Cami-Es Restaurant in Farallon in early March.

The next show is a murder mystery musical with all original music, story by Yolanda and music by Tara Van Der Kolk. "Lucky 13" is set in the 1920's and will include an art show and storybook set, painted by Yolanda Van Der Kolk. 

Dates and location TBA - see www.retirementdetectives.com for more information.

Contact: roberto@retirementdetectives.com

Theatre Guild of Ancon

The Theatre Guild of Ancon was founded in 1950 by a group of Panamanian and American citizens who were interested in developing English language theatre in Panama. Our productions run the gamut of the theatrical spectrum – from modern, controversial dramas, to comedies and family entertainment, to musicals. Our stage has been the first step for performers such as Robert Loggia and Ruben Blades, and for successful directors such as Bruce Quinn.

The Theatre Guild of Ancon is the only voluntary working theatre of its kind in Panama. We provide a training ground for the future performers and technicians in the theatre arts, a place for everyone to exercise their creative muscles, and a place for those who seek quality theatre in the English language, to enjoy. It is our intention to provide a creative avenue for all.

Here’s our exciting line up for 2013:
Improv8 directed by Danielle Miles  – Now taking reservations!
Point Break Live Panama! directed by Giancarlo Benedetti / Rob Gettman
Deep Fried Comedy III directed by DFC Troupe
Rocky Horror Picture Show directed by Melanie Lee
Project 1984 directed by Matthew Addis
http://anconguild.com/

 Boquete Community Players

Boquete Community Players are a talented bunch of people living in Boquete, Chiriqui, Panama in the Highlands near the border of Costa Rica, who enjoy live theatre and events produced, directed and performed by people from all around the globe who have decided to make this mountain community their home.

BCP's own facility includes a 112 seat theatre, a lobby/lounge, a party room and a wraparound patio on the river in downtown Boquete. We welcome new members and are always looking for more volunteers, so come and join the fun!

We hold a number of recurring events to which we welcome all, no matter from where you hail, and no matter what your mindset. There is something for everyone at the BCP Theatre and Event Center.
Today, the BCP Theatre & Events Center is the hub of the ExPat community’s entertainment life. The Tuesday Morning Meeting is now held there….a weekly meeting that presents speakers who are authorities on subjects of interest to ExPats that provide vital information to make living in our new home town even better. There is also a period where announcements are made about new businesses, activities and services that share information with us all. The TMM is held every Tuesday at the BCP Events Center beginning at 10:30 am and ends around 12 noon.

2013 Theatre Line-Up

May   22nd - 26th Bench Warmers New One Act Plays  A series of new one act plays, whose authors are winners of the BCP Bench Warmer New play contest.  Last year we had entrants from the United States and many home grown right here in Panama.
“A delightful and fun filled evening.”     
July   31st - Aug 4th Proof by David Auburn Winner of the 2001 Pulitzer Prize and Tony Award for Best Play. Proof combines elements of mystery and surprise with old-fashioned storytelling to provide a compelling evening of theatre.    
October   16th - 20th  Hank Williams: Lost Highway

Music & Lyrics by Hank Williams, Sr. by Randal Myler and Mark Harelik

“Exhilarating! Serves up classic country with the edges raw and the energy hot.” – Rolling Stone

In the span of his short life, Hank Williams changed the landscape of American popular music forever.

Lost Highway follows Williams from his roots in Alabama to his meteoric rise to stardom on the stage of the world-famous Grand Ole Opry. This toe-tapping musical tribute showcases what Williams did best: performing, and features over 20 of Williams's best loved songs, performed live by Hank and the Drifting Cowboys, including timeless classics such as “Move It On Over”, “Jambalaya”, and “Your Cheatin' Heart”.

A humorous and heartfelt tribute, Hank Williams: Lost Highway reveals an intimate portrait of the passionate and troubled man behind the music.

http://www.bcpboquete.com/index.html

Grocery Stores in Panama

Penonomé, Coclé Province, Panamá
www.UncoverPanama.com

Whoa!  Why is someone writing a blog about grocery stores on a travel site?  What a mundane topic.  We all look forward to a fun filled tropical, sunny vacation, what do grocery stores have to do with any of the enjoyable plans we have?

 

As with most people we wonder what our rooms will be like, what is the beach like, what adventures can we have.  After the first day or two enjoying the beautiful beaches, great surf and a few Pina Coladas, our attention turns to more mundane matters.  After all, there is a practical side to every vacation.  If you are not staying in an ‘All Inclusive’ a very logical question is ‘Where do we buy food?’

As with most people we wonder what our rooms will be like, what is the beach like, what adventures can we have. 

After the first day or two enjoying the beautiful beaches, great surf and a few Pina Coladas, our attention turns to more mundane matters.  After all, there is a practical side to every vacation.  If you are not staying in an ‘All Inclusive’ a very logical question is ‘Where do we buy food?’

Several of our friends Stateside have had many questions to ask of us about Panama and often asked are questions like  ‘’Does Panama have ‘Real’ grocery stores?’’  “Can you get fresh fruit and vegetables”  etc. 

The answer is a resounding YES!!!

When we first came to this tropical paradise, we found ‘El Rey’ in Coronado approximately 30 kilometres to the East of us.  At the time, it was the only grocery store around.   Equidistant from us in the opposite direction is Penonome which had no large grocery stores but did have a smaller store called Machetazo.  Nowadays however, it is a very different story and Coronado boasts three good sized modern shopping centres, each with a grocery store.
 
f you need groceries, medications, suntan lotions, and / or just about any kind of general necessity you don’t have to look very hard. A large Super 99 is close by while a brand new shopping centre has been built on the other side of the highway with a large Machetazo which occupies three floors. It not only sells wonderful fresh fruit and vegetables, boasts a butcher’s, baker’s and a well stocked deli counter, but it also sells all kinds of household goods, electronics, clothes and hardware.

While there are numerous wonderful cafes, bars and restaurants in Coronado, tucked away in a corner of Machetazo is a little cafeteria we visit every time we shop there.  Here you can have a really great, inexpensive lunch cafeteria style, including an excellent choice of main courses, salads and desserts.

Penonome has its own Machetazo store just on its eastern outskirts, not quite as large as the newer one in Coronado but amply stocked with the same types of items, and there is a very large, 24 hour, Super 99 across the other side of town.  In between you will find all kinds of shops selling everything you could possibly imagine.  Apart from all of this, in Penonome there is  a bustling fresh produce and meat market, numerous  pharmacies, a casino, a brand new movie theatre, university, hospital, clinics, many wonderful restaurants and bars and it seems like there is a bank on almost every corner.

So when you come here on vacation, there is no need to worry about food shopping, supplies for the BBQ or suchlike. It is all here in spades. Come and enjoy yourself, take in all that is on offer here in this wonderful part of the world and hopefully this ‘Grocery’ blog will enlighten you to the resources available for your shopping pleasure.

Incredible Culinary Experience at Miraflores Locks Restaurant

Story by Tamara Rowe
Photos by Tamara Rowe
www.UncoverPanama.com

Almost every visitor to Panamá will take in one of the great Wonders of the World, the Panamá Canal.  Between the Bridge of the Americas and The Centenary Bridge sits Miraflores Locks, the most visited of all the locks.  This is also the location of the current expansion where two new locks are being constructed.

 Although I have visited Miraflores locks many times proudly touring friends and family as part of their Panamá experience, I was not aware of the elegant restaurant located on the second floor.    

Our friends and lifelong residents of Panamá, Luz and Jorge Patton, asked if we ever had the pleasure of dining at the Miraflores Restaurant & Bar.  They told us this is one of the finest restaurants in Panamá and where they frequently enjoy dining.  Luz was happy to make the necessary reservation for the four of us for the following week.

Upon entering this beautiful restaurant we were given the opportunity to either sit outside on the veranda and watch the ships as they pass through the canal or to dine indoors.  We choose indoor dining enabling us to more appreciate the charm and ambience of this lovely restaurant.  We were easily distracted as we passed by the huge buffet displaying a multitude of mouth watering main dishes, salads and deserts.  Putting imaginary blinders on, we made it to our seats.

No sooner seated and we were warmly greeted by Executive Chef Diego Garcia Vela and to our delight, he informed us he had personally prepared a five course meal for us to enjoy.
Our dining experience began with a lovely glass of white wine accompanied by the most delicious garlic bread.  I could have eaten the entire basket but managed to refrain knowing there were five courses to come.  Our first course was a wanton consume followed by Chef Diego and staff delivering a dazzling display of Tatacki Tuna, ever so lightly seared and accompanied by salsa Nikkei.  An explosion of flavours melting in your mouth!  Next, octopus with a sour tamarind sauce; simply delightful.  Our main course was a clever combination of beef, Serrano ham and feta cheese rolled and presented in a bed of pea puree.  As soon as our coffee and tea orders were taken dessert arrived; a lovely chocolate crêpe Suzette with grapes flambé.  This was an absolutely deliciously memorable dining experience!

Originally from Lima, Peru, the land of the Incas, Chef Diego has always been curious in the culinary arts.  As a young boy, his parents took him to dine in the finest restaurants of Peru and other countries enabling him to experience new and different cuisines.  After completing his education in Peru at the Ibero-American School of Hospitality and Tourism, he followed with several internships at some of the finest restaurants in Lima to gain more knowledge and experience.  He attained a position at Iquitos Fitzcarraldo Restaurant & Bar in the jungles of Peru which afforded him the opportunity to experiment with different techniques using exotic products such as lizard, ostrich and camu camu, a fruit found only in the Amazon, creating new dishes.

Chef Diego joined Miraflores Restaurant & Bar just a little over one year ago and “wants people to come to Miraflores not only to visit the Canal, but to visit also for the cuisine of the restaurant and to have an amazing experience where they can use all of their senses”.

The Miraflores Restaurant & Bar is operated by one of Panamá’s most exquisite hotels, the El Panamá Hotel.  To ensure seating, please make reservations by telephoning either 232-3120 or 232-3122 or visit their website:  www.elpanama.com.

Thank you Miraflores Restaurant & Bar for the warm ambience, flawless service, a wonderful dining experience and thank you Chef Diego for the deliciously brilliant meal, simply stunning in every way.

Whether you are a long term resident or simply a one time visitor to Panamá, I highly recommend that you experience the Miraflores Restaurant & Bar.

Lake Gatún Peacock Bass Fishing Trip

Lake Gatún, Arenosa, Panamá, S.A.
Story by Kevin
Photos by Mike & Kevin

Lake Gatún (Lago Gatún) was created between 1907-1913, by the building of Gatun Dam.  During its creation, Lake Gatún was the largest man made lake in the world. As an integral part of the Panama Canal, which forms a freshwater bridge between the Atlantic Ocean and the Pacific Ocean, Lake Gatún carries ships through the Isthmus of Panama. 

To this day there are areas that have been virtually untouched by humans.  The area flooded in the creation of Lake Gatún  encompasses approximately 200 square miles, a vast area with unfathomable opportunities for sport fishing.  

My fishing buddies and I had high hopes of catching multiple Peacock Bass during our fishing adventure at Lake Gatún. Arriving at Arenosa, a small village about 45 miles from Panama City located on the western end of Lake Gatún, our guide was waiting with a 24 foot pontoon boat ready for an unforgettable fishing trip (driving directions & map). We jumped aboard and set off to catch buckets full of fish. Luckily our captain knew his way around the lake and managed to maneuver around all of the former jungles tree stumps.

Arriving to our first fishing hole, we threw our lines into the lake. Two fish immediately caught on the first cast, catching 5 or 6 Peacock Bass in just 10 minutes time. Our captain had us bring in the lines . . . off to the next fishing hole. 

With our lines back in the water, WHAM! 10 more fish in just about 10 minutes. What a great time! With so much action on the fishing poles, everyone had a great time.  And, if no fish were caught within the first 5 minutes of fishing, then our captain whisked us off to another location.

This went on all day. 10 different fishing holes, we caught fish every spot!
Needless to say, the day spent fishing for Peacock Bass went by very fast.  Fun was had by all.  We will defiantly be back for more!
Our guide we used has a dedicated website at: http://pesca-arenosa.weebly.com/.  I highly recommend them.

Related Article: Fishing in Santa Catalina
Kevin
www.UncoverPanama.com

Exploring Aguadulce, Coclé, Panamá, S.A.

Aguadulce, Coclé, Panamá, S.A. 
Story by Wendy and Tamara
Photos by Wendywww.uncoverpanama.com

The town of Aguadulce is located 42 km. southwest of Penonomé, in Coclé Province map.  The main part of this sizeable town is south of the Interamerican highway.  The District of Aguadulce includes the town of Aguadulce, El Cristo, El Roble, Pocrí and Barrios Unidos.  There are an additional 75 communities or regiments for an estimated combined population in 2008 of 46,473 inhabitants.

Since its lunchtime when we arrive, we head for a favourite spot, El Jardin de San Juan Restaurante (Plaza 19 de Octubre, Aguadulce, Tel. 997-2849, open 7:00 a.m. to 3:00 p.m., and 6:00 p.m. to 10:00 p.m.).  As we enter, proprietress Nelva Real greets us with her warm smile.  Although the air conditioned inside seating is quite comfortable, we head for the outside terrace overlooking the lush courtyard.  Tamara has her favourite, Kike’s Corvina, lovely white sea bass fillets covered in a mushroom sauce with papas puré (mashed potatoes) and lots of limon (fresh lime - yes, even though it looks orange, its definitely a lime).  A few months back, we managed to persuade Nelva to divulge her sangria recipe. 

On this visit, Nelva introduces us to her cousin, longtime local resident Mariela Real.  Mariela is a wealth of information and explains some of the history of Aguadulce.  According to Mariela, the original name for Aguadulce (“agua” water and “dulce” sweet), was Trinidad.  The early Spaniards, working at the nearby port, were happy to discover a “sweet water” well and took the liberty of renaming Trinidad to “Aguadulce”.  Mariela directed us to the Museo Regional Stella Sierra, the local museum which displays artifacts, historical painting and details the history of the local sugar and salt industry.  “We must visit” she tells us, and while we enjoy our lunch, Mariela slips out to the museo, returning a few minutes later to let us know she has informed them we will be coming. 

A pleasant stroll across the busy central plaza sits the Museo Regional Stella Sierra (Tues. to Sat. 9:00 a.m. to 5:00 p.m., Admission:  Adults $1, Retirees $0.75, Children $0.25 and Groups $5).  They were definitely expecting us and museum guide, Yilka Berrocal, greeted us warmly.  Housed in a uniquely shaped building located on a busy street corner, the structure was built in the late XIX  Century by Italian Eduardo Pedreschi.  It has been used as a meeting hall and, in 1989, a National Post Office.  Originally founded in 1998 as the “Salt and Sugar Museum”, the museo name was changed on July 28, 2005 to the present day Museo Regional Stella Sierra. 

On the second floor we find history depicted in art, the original church organ, indigenous pre-Columbian artifacts, pottery, and although Yilka has little English and we muddle through with our sparse Spanish, she manages to explain much of the items displayed.  Many Panamanians fought in the Columbian civil war (1899 – 1903), and guns, uniforms and swords are displayed from this time.  We are also provided a wonderful view of the central plaza.  Opening a window to take a photo, we are almost blown away by the strong dry season breeze we remember from our church steeple climb in Natá. 

The main floor of the museo displays a beautiful wall mural depicting the early harvesting of salt, a few other pieces of artwork and the administrative office of the museo.  It’s the museo’s closing time so we say our goodbyes to Yilka and stroll back to our vehicle.  Next stop, Aguadulce’s port. 

Located approximately 10 km. east of the town we find the tiny port of Aguadulce.  Its low tide and not much is happening so after snapping a couple of photos, we head back.  Driving along this nicely paved road we pass a private shrimp farm and cattle quietly grazing in the lazy late afternoon sun.  It’s been a full afternoon and time to head home.

Agriculture and aquaculture are both major contributors to the financial stability of the District of Aguadulce.  Along the Interamerican highway between Natá and Aguadulce, huge fields of sugarcane blanket both sides of the road.  Harvesting begins in January and can continue into late April.  Although machines are used, much is still harvested by hand.  We spot both methods in action and snap our last photos of the day.

It has been a fabulous day.  In just a few hours we have made a new friend, enjoyed a delicious lunch, had a history lesson, viewed possibly one of the smallest ports in Panamá and were awed by the backbreaking manual harvesting of sugarcane.
Thanks for sharing our adventure.  Now, let’s see, where to next?

Related Article: Natá - Explore This Historical Church With Us

Tamara & Wendy
www.uncoverpanama.com