Thread: Planning on buying a condo in November 2010 and have a few ?s

My internet search have only resulted in high end luxury skyrise developments. I am interested in a standard apartment/ condo complex.

What are my chances of finding an affordable 2 bedroom apartment/condo in a safe residential area of Panama city for less than $100,000?

What are the benefits of paying cash versus obtaining a mortgage?

What are your thought on preconstruction condo properties?

How difficult is it to find a honest and relaiable real estate agent that is fluent in english?

Your response will be greatly appreicated

For that price range, you'll have to choose from more "fringe" neighborhoods that are a bit further out...
And they'll be older buildings (20 years +). Cash vs. mortgage is irrelevant. The seller just wants to get paid.

Preconstruction? Overpriced... and potentially dangerous (if the project doesn't get finished -- good luck seeing your money back).

Perhaps someone in here knows an english speaking agent. As far as a "honest reliable one" -- it's a long shot but I'm sure they exist! LOL

Best of success,
Matt

Thanks No-Non-Sense-Matt for your reply. Any suggestions of safe affordable areas boardering Panama city? I Stayed in El Carmen (Via Espana area) in Feb 2010 and liked the central location . I prefer not to take out a mortgage but willing to in order to purchase in that area.

I hate to even put this out but a "friend of mine" (USA/French National) is doing the real estate game in El Cangrejo. Send me a message if interested for contact info.

MrWoohoo I tried to send you a private message not sure if you rec'd it.

Size is a big factor, 2 bedroom can be found without too much difficulty in that range even in nice/busy areas but you wont get more than 100-120 meters with older property(for nice areas), 80-100 on the other hand is all over the place, new stuff too. We have been looking at everything, started months ago. You have plenty of time till nov. prices should be lower the buyers market seems to be getting better, seen some big price drops as some(too few) sellers wake up to the slow market.

orr...buy a gun and pitbull and try Caledonia for 20K ! saw a whole 6 apartment building for under 200k.
:P

encuentra24 , compreoalquile , even la prensa and craigslist are great sources.
does this forum allow posting of site names?

Sure