Thread: Prices are coming down...

I have been watching these new houses in Costa del Este.. For months on online they were priced at 260k now they have dropped to 236k.. I have been watching the house for about 3-4 months... I do not want to post a link. Because I am on the hunt. I do not want any of you taking my dream home or condo away from me..

Originally Posted by J.LLOYD

I have been watching these new houses in Costa del Este.. For months on online they were priced at 260k now they have dropped to 236k.. I have been watching the house for about 3-4 months... I do not want to post a link. Because I am on the hunt. I do not want any of you taking my dream home or condo away from me..

With enough patience you will be able to get into TOC super cheap also.

Seriously we continue to see the collapse in U.S. real estate with many experts predicting another 20% drop or more in home values. Big news today is that the Chinese real estate bubble has popped Chinese Real Estate Bubble Pops: Beijing Real Estate Prices Plunge 27% In One Month | zero hedge
This is huge because so many people look to china to lead the way out for the rest of the world. we can see signs of the cracking Panama market slowly developing. Whomever can have enough patience and discipline can benefit the most. TOC defaults could lead the way for Panama.

As a buyer myself looking for a property in Panama thats good news

Costa del Este is a nice new community but it really isn't downtown and caters to an upscale (family type) demographic that has at least one car. There are some nice new units in El Cangrejo and I am not sure how much they are losing in value?

Prices are coming back to reality. Super greedy developers ask for the moon and if they don't find any uninformed suckers they lower the price to more realistic levels. I don't see the market collapsing at all, just returning to normal levels.

Prices in El Cangrejo are going up actually.

I like the El Cangrejo area and Punta Pacifica also. I have a friend who rents in Costa del Este he loves the place and fits woohoo's description to a "T". Family man with one child and one vehicle. His apt is gorgeous and he told me the rent is reasonable. He has moved considerable assets from Venezuela and has the ability to purchase cash but instead is just renting and keeping his wealth liquid.

Originally Posted by Mordekha

Prices in El Cangrejo are going up actually.

Here is a nice Condo in El Cangrejo listed for $195,000 of course no one pays list price.
Panama Real Estate - El Cangrejo, Panama Condos & Apartments For Sale - New Panama Real Estate For Sale in El Cangrejo
This unit comes fully furnished as well. This is listed through a realtor so my assumption is that deals could be found cheaper using Ed Bowers previous suggestion of asking door men and then contacting owners direct. There is a glut of apts built or being built so it is a buyers market.

good pick like that site, 4122 on page 6 of panama condos for 185k looks interesting 4 bedroom

Originally Posted by tompoker

good pick like that site, 4122 for 185k looks interesting 4 bedroom

Happy to share! Keep in mind that when a property hits a real estate site the price has usually been inflated. Let the agent know you are looking at multiple properties with multiple agents across the city. I still believe the Panama city market has further to fall. When prices are cheaper in Miami than Panama city you know a correction is in order.

Hey Fleeted- that looks like the Cangrejo 507 building- it's a pretty solid, newer building and has a decent reputation. It's located about 20 yards off of Via Argentina.

Originally Posted by fleeted

Happy to share! Keep in mind that when a property hits a real estate site the price has usually been inflated. Let the agent know you are looking at multiple properties with multiple agents across the city. I still believe the Panama city market has further to fall. When prices are cheaper in Miami than Panama city you know a correction is in order.

Thanks for the advice and info

Originally Posted by AlbyM

Hey Fleeted- that looks like the Cangrejo 507 building- it's a pretty solid, newer building and has a decent reputation. It's located about 20 yards off of Via Argentina.

Yeah, it's in a great safe location and in a banking district so should remain that way. There will be even better deals going forward when all this inventory combined with normal resales hit the already flat market.

I partially agree with you on this one, Fleeted. Cangrejo 507 is located in the heart of El Cangrejo and there are very few new projects going up in this neighborhood in the price range that most people are looking to invest (I'm talking approximately 150k- 215k). Sure, prices should come down in neighborhoods like O'Barrio, San Francisco, and others, but Cangrejo is one of the most desirable locations and there are few quality options for reasonable prices. There are about 8-10 buildings that I would consider decent, newer or soon to be completed buildings (of reasonable quality of construction) in Cangrejo. And the desirable units (high floors, decent views, 95-140 m2, etc.) in these building are 95% filled. Thus, to find a desirable unit in Cangrejo in a newer building in Cangrejo for USD $1500 per m2 or less is NOT easy. I finally found one after following the market closely for the last year and am closing later this month.

Now you can easily find decent deals on older apts. (10-40 years old) in Cangrejo if that is your thing...

The Panama city Condo market was built to accomodate retiring baby boomers from America. Many of these people are now under water on their homes and have their savings wiped out. What is happening in America and Europe is not mutually exclusive to the Panama real estate market. Panama will find it is competing with other countries for an ever shrinking supply of retirees. Here is how bad it currently is in the States. 35 Statistics That Show The Average American Family Has Been Broke Down, Tore Down, Beat Down, Busted And Disgusted By This Economy
Wealth is being destroyed daily. If we see another huge stock market drop like many are predicting even more wealth will be wiped out. Less and less people will have the means or inclination to leave struggling family members to chase a fantasy of living in Panama. People wanting to live in Panama may be better positioned to rent and keep their wealth unencumbered.

Originally Posted by AlbyM

I partially agree with you on this one, Fleeted. Cangrejo 507 is located in the heart of El Cangrejo and there are very few new projects going up in this neighborhood in the price range that most people are looking to invest (I'm talking approximately 150k- 215k). Sure, prices should come down in neighborhoods like O'Barrio, San Francisco, and others, but Cangrejo is one of the most desirable locations and there are few quality options for reasonable prices. There are about 8-10 buildings that I would consider decent, newer or soon to be completed buildings (of reasonable quality of construction) in Cangrejo. And the desirable units (high floors, decent views, 95-140 m2, etc.) in these building are 95% filled. Thus, to find a desirable unit in Cangrejo in a newer building in Cangrejo for USD $1500 per m2 or less is NOT easy. I finally found one after following the market closely for the last year and am closing later this month.

Now you can easily find decent deals on older apts. (10-40 years old) in Cangrejo if that is your thing...

Congrats on finding what you were looking for. Sounds like your hard work and patience has worked for you. I agree about the taller buildings and the views. I would add the higher apts get less of the street noise as well. Some of the older buildings 10 40 that you speak of are not nearly as tall but I was surprised about how nice some of them are inside compared to their outer appearance. I think El Cangrejo is overlooked by buyers who want the Balboa, San Franciso or Punta Pacifica views.

Now you can easily find decent deals on older apts. (10-40 years old) in Cangrejo if that is your thing...


totally agree, I have looked at some real bargains, some of the buildings are a bit worn and the views are masked at times, but for under 150k it's got to be worth a look

I am a big fan of the huge balcony's you can get on some of the older units.

It seems that Canadians are choosing the U.S. over Panama. With prices in the U.S. depressed 50% and the dollar being weak Canadians are buying up properties like crazy. In phoenix alone 100,000 canadians have bought homes and 500,000 visit each winter. With these type of bargains in a first world setting and english widely spoken Canadians are choosing America for investment. CANADIANS PURCHASING SECOND HOMES AT BARGAIN PRICES PHOENIX, ARIZONA

Canadians 'loonie' for Arizona real estate | Inman News

I invest in a lot of real estate and my next couple of purchases will definitely be in the US. You can get much more bang for your buck at this time in the US than Panama City. The interior of Panama could be different, though (I'm not interested or familiar with the interior).

TRUE. BUT
The taxes, maintenance, insurance are all VERY high in the US.

Originally Posted by Mordekha

TRUE. BUT
The taxes, maintenance, insurance are all VERY high in the US.

Don't forget food and medical care.

I would say that interior oceanfront and nearby oceanview are hanging on to the inflated prices from a few years back. For larger pieces of open land in the middle of nowhere, there is a pretty standard rate based on what you can earn by putting cattle on it.

Food is NOT cheap in Panama.

Originally Posted by Mordekha

Food is NOT cheap in Panama.

Sure it is. If you are buying locally grown food and not purchasing it in regular grocery stores it is a bargain. If you live in the interior there is some produce that is almost free. Currently it is mango season and there are plenty of mangos rotting on the ground in my neighborhood. If you are purchasing processed/pre-packaged food from foreign countries then it is expensive.

I agree with Mr.Woohoo -- the prices of the food in the interior is 80% of what you'll pay in the city. Even going to the farmer's market (the fruit and veggie one and even the fish one) you'll save 50 to 70%.

Example: I bought a fresh tuna for $1.00 per pound uncut. The guy filleted the fish for me and I had 3 lbs of pure fresh tuna left. So that's $3.00 per pound. At Riba Smith or even Price Smart, you'll pay $9.00 per pound and it's frozen.

Originally Posted by No-Non-Sense-Matt

I agree with Mr.Woohoo -- the prices of the food in the interior is 80% of what you'll pay in the city. Even going to the farmer's market (the fruit and veggie one and even the fish one) you'll save 50 to 70%.

Example: I bought a fresh tuna for $1.00 per pound uncut. The guy filleted the fish for me and I had 3 lbs of pure fresh tuna left. So that's $3.00 per pound. At Riba Smith or even Price Smart, you'll pay $9.00 per pound and it's frozen.

The price of tuna was going to be my next example. I know I can get tuna nicely filleted for $1.25 per pound in the interior. I just saw frozen/packaged tuna at El Rey on via Espania for $3.80/.30 lb. That's about $12 per pound.

Yes, I am guilty as charged.
I hate 2 mango last months, a few veggies, and 2 tortillas. The rest was all processed, and very frigin expensive.

If someone wanted to, somone could survive just eating free fruits that are lying around on the ground.