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sunman6 · 12-08-2007

This is the challenge we all face in Panama..... to pay a fair price on land or property that will increase in value. You really can't go wrong anywhere except that I think the condo market is overbuilt, oversold and overrated. You need to find the area that you like and then drive around looking for signs, preferably the 'for sale by owner' type. I'm a licensed broker in the states and yet I have done all my searching on my own and wll probably sell the 4 houses I'm building on spec without a realtor. Not that I begrudge them making a living, but you'll pay more when you buy and lose part of you sales profit by using a realtor. But, I repeat, you MUST use a lawyer, and be sure it is a trustworthy one. Talk to everyone you know who has been through things like getting permanent visas, establishing companies (to own the property), buying or selling real estate and perhaps starting a foundation (to protect the property from taxation in the event of your death - a protection for your heirs). If you don't find one that way, go to some expat meetings and ask around. Law is different here than in the states or Canada; be sure you're covered. Don't ask a Panamanian for a reference - you want one experienced in handling 'foreigners' and guiding us through the maze of bureauocracy.

And keep searching for that perfect spot. Keep asking around. For the Coronado area there are many lots available outside the gated community if you don't want to pay the price to be inside. You can choose the mountains, the seashore or being near the highway. Further West I'd say the Penenome area will be a great investment as they're building a connector highway from the West to the East Coast starting there and going to Colon. Great place to start a business, too!

And of course, you're always welcome to come see what we're doing in Punta Barco. We're building a nice 3br, 2 ba on a quarter acre near the beach for around $225! Or, we'll sell one lot for $85 and introduce you to several builders and you can do your own thing.

The further from the beach the lower the lot price, until you get to the high mountain communities of Altos del Maria or El Valle, etc. Be willing to pay a fair price because if you're looking to steal something, it's just not available unless there's a big problem with the land.

Given the increasing crime rate in Coronado, I'd rather be outisde of the gated community anyway, but being near there gives you access to a lot of shops and services so you're not driving an hour to go get milk and bread. So if you're in the country, measure how far everything else is from there.

Good luck! It's a frustrating process but ultimately you'll find what you want. Be prepared when dealing directly with the seller (if a local) that they're not used to our way of doing business, like signing a lot crap and dealing with lawyers. They trust the bankers more so if you have a good relationship with the bank you'll do your loan with, they may help you in dealing with a recalcitrant seller.

Have fun!

12-08-2007	#40 (permalink)
sunman6 Junior Member Join Date: Dec 2007 Posts: 13 Rep Power: 0	Right priced property This is the challenge we all face in Panama..... to pay a fair price on land or property that will increase in value. You really can't go wrong anywhere except that I think the condo market is overbuilt, oversold and overrated. You need to find the area that you like and then drive around looking for signs, preferably the 'for sale by owner' type. I'm a licensed broker in the states and yet I have done all my searching on my own and wll probably sell the 4 houses I'm building on spec without a realtor. Not that I begrudge them making a living, but you'll pay more when you buy and lose part of you sales profit by using a realtor. But, I repeat, you MUST use a lawyer, and be sure it is a trustworthy one. Talk to everyone you know who has been through things like getting permanent visas, establishing companies (to own the property), buying or selling real estate and perhaps starting a foundation (to protect the property from taxation in the event of your death - a protection for your heirs). If you don't find one that way, go to some expat meetings and ask around. Law is different here than in the states or Canada; be sure you're covered. Don't ask a Panamanian for a reference - you want one experienced in handling 'foreigners' and guiding us through the maze of bureauocracy. And keep searching for that perfect spot. Keep asking around. For the Coronado area there are many lots available outside the gated community if you don't want to pay the price to be inside. You can choose the mountains, the seashore or being near the highway. Further West I'd say the Penenome area will be a great investment as they're building a connector highway from the West to the East Coast starting there and going to Colon. Great place to start a business, too! And of course, you're always welcome to come see what we're doing in Punta Barco. We're building a nice 3br, 2 ba on a quarter acre near the beach for around $225! Or, we'll sell one lot for $85 and introduce you to several builders and you can do your own thing. The further from the beach the lower the lot price, until you get to the high mountain communities of Altos del Maria or El Valle, etc. Be willing to pay a fair price because if you're looking to steal something, it's just not available unless there's a big problem with the land. Given the increasing crime rate in Coronado, I'd rather be outisde of the gated community anyway, but being near there gives you access to a lot of shops and services so you're not driving an hour to go get milk and bread. So if you're in the country, measure how far everything else is from there. Good luck! It's a frustrating process but ultimately you'll find what you want. Be prepared when dealing directly with the seller (if a local) that they're not used to our way of doing business, like signing a lot crap and dealing with lawyers. They trust the bankers more so if you have a good relationship with the bank you'll do your loan with, they may help you in dealing with a recalcitrant seller. Have fun!