Thread: Playa Blanca Terrazzas Unit For Sale

Hello all, I have an 8th floor Terazzas unit for sale at Playa Blanca. 3 bedroom unit with beautiful view. It has not been occupied and was just completed and delivered a few months ago. All premium appliances and AC units installed.

This unit is the highest floor left for sale in the development. The last sales were in the $362,000 range on similar floors. Unit is in a corporation which buyer make take over. Asking price is $345,000 and I am willing to work with a broker. I have another home in Panama and do not need the second one. Unit is debt free.

I may be contact by e mail at pibohmark@aol.com.

Do you have any supporting documentation for most recent sales as mentioned?

Yes feel free to contact Farid or Mauricio Saba, They are the general sales agents for the developement and are also friends of a few years. Their offices are located at Playa Blanca. They can provide you with the sales figures for the last units that have sold At this point I beleive my unit is the highest floor left other than one penthouse unit.

I would prefer to keep a broker out of the equasion for reasons that would benefit both the buyer and the seller. The unit is properly registered in a Panama Corporation with a reputablwe Panamanian attorney who would handle the sale. Should you need any further information please feel free to e mail me. Thanks

It would be easier just to have the finca numbers.

Is it like this one for 312k?

http://www.compreoalquile.com/consul...popropiedad=13

Yes that is the same building. I am not sure if that unit is sold our not. My unit is number 8B

This comes out to $2,200 per square meter. It sounds a little high.

It's all relative. In Panama as anywhere you get what you pay for. I have another home in Playa Blanca and purchased there for a number of reasons. The security is good, there are several restaurants on site, I am on the beach, there is a hotel on site for guests visiting me and they are almost complete with the construction of the new town center which has a number of retail outlets as well as new restaurants. The second largest pool in the world was also a nice feature.

I compared this location to many in the area and in my opinion it was the best managed and value for the money. There were many higher priced options as well as lower priced but none met my criteria. To each his own I guess.

I have always wanted to check that pool out.

As Metallica would phrase it, "to face the pool that should not be"

Originally Posted by MRWOOHOO

I have always wanted to check that pool out.

I stayed in Playa Blanca 3 different times last year. last time the pool was open but only half way done. Nobody could tell me when the other half would be built., but its beautifull to look at, blue water, it looks more like a lake than a pool at 8 acres big . Also I found it strange that there was never more than twenty people in at the pool at one time , considering all the buildings in PLaya Blanca. The town center had reached the top floor with concrete. It was supposed to be finished by last New year, but it has a while to go, as you know nothing is delivered on time in Panama. The security was great, I had a rental car all the time and went all over,never had a problem,I even got stopped for speeding in the Pan American H'way by Rio Mar, I was polite and after looking at my N.Y. licence they let me go with a warning. I keep going back because I like Panama alot, I like to buy something there eventually .I keep coming back and doing my homework.That whole Playa Blanca area seemed a little depresed last time I was there. Not too many people around, Some resale condos I looked at seemed abandoned by their owners. no lites in the Hallways ,new building! the units and construction seemed top quality to me ,I quess I'll keep going back until it feels right to me to buy something. Good luck
Umbie

Ok so my Unit has sold at $330,000 and I am paying the broker who sold it a 6% commision. The attorney that is closing it is telling me that there is a 5% tax on the sale 3% of which is capital gains.

In the US, capital gains is the diifference between what you paid verses what you sold it for. My attorney is telling me that you have to pay it on the whole price and then submit the brokers bill and other expenses and request a refund which can take as long as a year. He has stated that I can expense his fees both in the purchase and the sale, any improvements and the brokers commision.

He has said in a private sale (cash) this fee could be avoided simply by selling the corporation quietly, but since the buyer is financing thru HSBC the bank is requireing the proof that the tax has been paid.

Can anyone shed some light or opinions on this? THanks!

Originally Posted by Playtime

Ok so my Unit has sold at $330,000 and I am paying the broker who sold it a 6% commision. The attorney that is closing it is telling me that there is a 5% tax on the sale 3% of which is capital gains.

In the US, capital gains is the diifference between what you paid verses what you sold it for. My attorney is telling me that you have to pay it on the whole price and then submit the brokers bill and other expenses and request a refund which can take as long as a year. He has stated that I can expense his fees both in the purchase and the sale, any improvements and the brokers commision.

He has said in a private sale (cash) this fee could be avoided simply by selling the corporation quietly, but since the buyer is financing thru HSBC the bank is requireing the proof that the tax has been paid.

Can anyone shed some light or opinions on this? THanks!

It's a transfer tax on the sale proceeds as I always undersood it, not a tax on any gain.

If it were titled in the name of a corporation, you would have simply sold the shares in the corporation and not the real property the corporation owns; title to the property would be unchanged (still owned by the corporation) and would not trigger a transfer tax. The corporation simply has new shareholder(s). This does not need to be done "quietly" though.

Ok here is a copy of what the attorney e mailed me (names redacted) Maybe I am not explaining it correctly THanks for the input!

I have spoken to the lawyer representing the buyers for this unit. As they are taking a loan and mortgage from HSBC, they are obligated to present the receipt of payment of the capital gains tax.

Under our fiscal law, even if the seller is lawfully responsible for payment of taxes, the buyer and the financing bank become tax collectors and must retain the capital gains tax payable by the seller, unless the seller pays these taxes up front. Otherwise both the buyer and the bank would be liable for the unpaid taxes. On several occasions in the past we have assisted in cases of sale of shares in which the seller indicates under contract that he/she is totally liable for any taxes and releases the buyer from any responsibility. This is so since for the registration of the change of directors the Public Registry does not require presentation of the CGT tax receipt. Now, this is all relative, since following the enactment of US-Panama Treaty on Exchange of Fiscal Information, one of the national fiscal authorities would know that taxes are payable!

If the corporation is sold to them, then the CGT is 5% of the sale price (this would not be the case, as they are already incorporating a new company to own the unit as indicated by their lawyer). If, on the other hand, you are selling from Terrazas 8B to the new owner, then you need to pay 2% sales tax and 3% capital gains.

I have also enquired, as per ********'S suggestion, whether they could reduce the contract price and pay cash or otherwise separately and their lawyer has indicated this is not possible due to bank requirements.

With this transaction, once completed we could request the government to refund the capital gains tax, which in your case if we declare loss following the broker fees (which would need to be officially invoiced), legal fees and any reforms or additions you did to the apartment, we could request a refund of US$9,900.00. This procedure, however, is fairly new and it is taking up to a year to get.

Awesome pool, it does look like a lake. However you need to buy a membership to use it, $4000 for 3 years, I was told.

Originally Posted by Cirederf

Awesome pool, it does look like a lake. However you need to buy a membership to use it, $4000 for 3 years, I was told.

There may be an issue with your guests or tenants using the pool. Something to verify also.

No I negotiated this into my purchase price at the time of the sale. Any thoughts on this tax issue?