Thread: Panama Real Estate’s Bait and Switch

Have you ever been frustrated by the lack of accessible information on real estate listings in Panama? You’ve spent hours and hours searching the web for the perfect property. Finally, you have come across a real estate listing that suits your needs. It is in the right location and meets your budget....

http://www.eyeonpanama.com/panama-re...it-and-switch/

I think to call this a premeditated bait-and-switch tactic is overestimating the expertise and craftiness of most Panama real estate companies. In my experience, 9 times out of 10, they simply do not keep their web listings up-to-date. In fact, their attitude seems to be, The more the better -- no matter if they're sold or 3 years old. Virtually *every* website for *every* Panama company is hopelessly out of date.

However, there is another ploy common as soon as you call them and speak English: Price escalation, aka Gringo Pricing. E.g., I once called on a house in Punta Barco advertised at $110K. Yes, they said, they could show it to me. The next day, they "respectfully" informed me that the price was now $134K, because the owner recently completed "major" renovations. The extent of those renovations? A new, 4-foot-long concrete cocktail bar near the pool. (I had before and after photos, so I could verify this.)

So, is there any way that you have found to minimize the "Gringo pricing"?

Have a Panamanian friend call first and make the appointment.