Thread: Bala Beach Resort at Maria Chiquita

In case you missed it, the developer finally released its furniture / appliance package description and price. If you have not received it and are interested, please contact Bala Beach or your real estate agent. (Please remember I am NOT affiliated with the developer in any way and am simply under contract to buy a unit, despite my blog name.) The package is mandatory for buyers desiring to place their unit in the rental pool and optional for everyone else. Prices vary depending on the size of the unit. Per the memo, there is a very small window of time to purchase this package at the quoted 40% discount. (If this is discounted, I'd hate to see retail!) Specifically, the developer must receive a 50% deposit by May 17, 2011.

Although there is some ambiguity (to me) in what is being offered for the $21,879 (two bedroom unit ), it appears the package includes:

Major Appliances
Water heater, 6-burner gas range and oven, microwave oven, vent hood/light, and dishwasher (all stainless steel); stackable washer/dryer; three flat-screen TVs; and three split-style air conditioners. (I have contacted my real estate agent to determine the brand names of the major appliances.)

Furniture
Queen bed and two night stands per bedroom; sofa (fold down futon), two chairs, coffee table, wall shelf, end table, and TV stand for living room; and two bar stools

Miscellaneous and Minor Appliances
Kitchen utensils, table settings, glasses; minor appliances such as iron / ironing board, toaster, coffee maker, and blender; towels and rugs; multiple sets of bed linens

Originally Posted by BalaBeacher

In case you missed it, the developer finally released its furniture / appliance package description and price. If you have not received it and are interested, please contact Bala Beach or your real estate agent. (Please remember I am NOT affiliated with the developer in any way and am simply under contract to buy a unit, despite my blog name.) The package is mandatory for buyers desiring to place their unit in the rental pool and optional for everyone else. Prices vary depending on the size of the unit. Per the memo, there is a very small window of time to purchase this package at the quoted 40% discount. (If this is discounted, I'd hate to see retail!) Specifically, the developer must receive a 50% deposit by May 17, 2011.

Although there is some ambiguity (to me) in what is being offered for the $21,879 (two bedroom unit ), it appears the package includes:

Major Appliances
Water heater, 6-burner gas range and oven, microwave oven, vent hood/light, and dishwasher (all stainless steel); stackable washer/dryer; three flat-screen TVs; and three split-style air conditioners. (I have contacted my real estate agent to determine the brand names of the major appliances.)

Furniture
Queen bed and two night stands per bedroom; sofa (fold down futon), two chairs, coffee table, wall shelf, end table, and TV stand for living room; and two bar stools

Miscellaneous and Minor Appliances
Kitchen utensils, table settings, glasses; minor appliances such as iron / ironing board, toaster, coffee maker, and blender; towels and rugs; multiple sets of bed linens

For that money I would think you would get a sleeper sofa instead of a futon. I would also inquire as to the quality of the mattresses, just to insure you are getting your moneys worth.

No specifications or brand names were provided for anything. Maybe someone in Maria Chiquita is stuffing mattresses (not with money) as we speak!

I received from Cpanama Real Estate a detailed list of the furnishings for each size unit. If you are interested and have not received,o please PM me and tell me the type unit in which you are interested. (I did not receive one for the 3 bedroom unit.) Generally, Frigidaire appliances and Nisato gas stove and oven.

Bala, could you please email me the list from CPanama, it seems more detailed than the one I got from the promoter. Thanks.

Originally Posted by Cirederf

Bala, could you please email me the list from CPanama, it seems more detailed than the one I got from the promoter. Thanks.

Coming at you!

I moved most of this thread over to WORLD Economics & Politics

For those wiring money on Bala Beach Resort from the U.S., I noticed that the developer's wire instruction did not include the SWIFT code for HSBC Bank (Panama) S.A., the BENEFICIARY BANK. (They only gave the SWIFT code for the INTERMEDIARY BANK, HSBC Bank USA). I think you need both. The SWIFT code for HSBC Bank (Panama) S.A. is: MIDLPAPA

Originally Posted by BalaBeacher

I received from Cpanama Real Estate a detailed list of the furnishings for each size unit. If you are interested and have not received,o please PM me and tell me the type unit in which you are interested. (I did not receive one for the 3 bedroom unit.) Generally, Frigidaire appliances and Nisato gas stove and oven.

New to this forum... Great to find some people to talk to. Boy, do I have Questions!!!
Could you please email me the detail list also, for a Studio. Have sent requests for detail but no one is answering me. I was quoted almost $12K. Do you know if that price includes the 40% discount or not? Seems rather high to me too! Do you know if the pricing includes installation of all the items?
My contract (item 10) references Electric utility but not gas. Who's paying for the gas supply for stove?

Originally Posted by smegela

New to this forum... Great to find some people to talk to. Boy, do I have Questions!!!
Could you please email me the detail list also, for a Studio. Have sent requests for detail but no one is answering me. I was quoted almost $12K. Do you know if that price includes the 40% discount or not? Seems rather high to me too! Do you know if the pricing includes installation of all the items?
My contract (item 10) references Electric utility but not gas. Who's paying for the gas supply for stove?

Sent it to you. I assumed installation of the major appliances was included, but that's my mistake in doing so. Let me seek verification from the developer. Thanks.

The Bala Beach developer responded that the appliance / furniture package prices include installation.

Also, with respect to the gas range and oven, the supply is by metered gas lines. There are no gas tanks in the units.

Regarding the gas range.... We specifically asked, at the time of purchase, what utilities we would be responsible for. We were told electric, phone, TV & internet. NO GAS! So who's paying for the metered gas line?

Originally Posted by smegela

Regarding the gas range.... We specifically asked, at the time of purchase, what utilities we would be responsible for. We were told electric, phone, TV & internet. NO GAS! So who's paying for the metered gas line?

If they went to the time and expense of metering each unit I would think the owner of the unit will be paying.

Here is a link for a 2 bedroom Balabeach condo. BALA BEACH RESORT
Looks like a very nice place with great amenities. The price is attractive and seems to offer more value than comparable real estate that is priced much higher.

I learned from a reliable source that the developer claims that the occupancy permit(s) for towers 1 and 2 should be issued any day now. White sand is being brought in to be mixed with the black sand (they already bought it) so one can assume progress on the grounds is being made or will be in the near term.

Bad news is that in case anyone thought otherwise, buyers will be charged the additional 5% price escalation on the final purchase price.

Originally Posted by fleeted

Here is a link for a 2 bedroom Balabeach condo. BALA BEACH RESORT
Looks like a very nice place with grat amenities. The price is attractive and seems to offer more value than comparable real estate that is priced much higher.

That's a good price compared to what the developer was asking most recently. If it does not sell, then it's still above "market." Most likely this price would not include any "appliances."

Whether Bala Beach proves to be a good place to hang will be a question answered over the next few years and depends on mainly factors, including whether the developer completes the amenities in the time and manner expected, whether continued demand exists for new and pre-owned units, whether persons under contract close on their purchases, and the many other factors generally affecting all developments in Panama, many of which are beyond everyone's control.

Time will tell indeed, and hopefully the developer will go forward with the project at a decent pace, after all the entire project is quite huge and looks awesome on paper, when finished. Besides, this is a very untouched and desirable area of Panama, and Bala is the only project ( of that size) so far on the Carribean side, and accessible in one hour with the new highway ( I know, I have done it several times already). As you drive through that area all the way to Portobelo or further up to Nombre de Dios, you can only be charmed by its beauty and the lusciousness of its nature. I am not trying to sell the project to anyone but to reassure existing buyers that it is a project with still plenty of potential, inspite of external factors that may or may not affect it in the future. Can't wait to see the white sand beach, I will go and take pictures once the sand is brought in.

In case you missed it, the following is an email I received from the developer regarding owners seeking to place their unit in the rental pool. PM me and I will send the form agreement -- don't know how to attach.

Dear Balä Beach Resort Owners,

As we draw near to closing on your units, I would like to take a moment to introduce myself and also provide you with the Rental Pool Agreement for Balä Beach Resort. As the Rental Pool and Condominium Corporation manager, I will be administrating the attached contract and will be the primary contact for any of your on-site needs, so I look forward to welcoming you to Balä Beach Resort and developing an ongoing relationship with you. Please feel free to contact me with questions and concerns you may have and I will be glad to work with you to resolve them.

A growing number of clients have opted to take advantage of the opportunity to seek a tangible return on their purchase by including their unit in the Rental Pool and we are eager to get things moving and get the revenue stream flowing for those who have done so, as well as provide details to those of you who are seeking more information. Please carefully review the attached agreement and if you wish to include your unit in the Rental Pool please sign the Agreement and return it to me via email or fax. Please keep in mind that tomorrow May 20 is the final day to make your deposit for the furniture package. The Balä Beach Furnishing Package is a requirement for inclusion in the Rental Pool and is a logical and beneficial option for anyone wanting to furnish their unit without the cost and effort of purchasing and shipping everything necessary to turn your unit into a home. To discuss any of this in more detail or for questions please contact our sales manager Alex Toledo, or myself.

Again, I welcome you to Balä Beach Resort and look forward to working with you. Please don’t hesitate to email me with any questions and I will be sure to respond as soon as possible.

Sincerely,


Joshua A Haarbrink
Manager – Condominium Corporation / Rental Pool

Mobile: +1-507-6030-9515
Office: +1-507-263-0254
Fax: +1-507-263-8364
Office (Canada): 416-907-2977

Not sure if this is same unit as the one I saw weeks ago, but this link is to a 6th floor, building 2 unit (2 bedroom, 2 bath) with a $152,900 asking price (before price adjustment of up to 5% and appliances).

2 bedroom Re-sale at quick sale price in Bala Beach - Panama Realtor

We also have a studio (Bldg 3)....curious if anyone has info as to packages, etc? Bev & Randy

Originally Posted by antiquemporium

We also have a studio (Bldg 3)....curious if anyone has info as to packages, etc? Bev & Randy

I don't have anything on building 3, but can send you the furniture/appliance list for a studio in building 1 or 2.

I have house for sale down the beach from bala beach. Gated, oceanfront, 2 bedroom 1 bath with 1 bedroom 1 bath apartment attached to main house also garage. Wanting sell furnished. Please advise if any interest

Of possible interest is a report by Don Winner (citing La Prensa) that the long talked about Decameron Resort planned for the Caribbean coast has progressed to selection of a particular site. According to Panama Guide - Thousands of Articles in English:

"Although the Decameron hotel has not revealed the details of their beach project that will be located on the "Upper Coast" of the province of Colon, Panama's president Ricardo Martinelli said the government would build 22 km long road to allow access to the new resort. The hotel would have 300 rooms and would be built on a 700 hectare parcel of land. (La Prensa)
Editor's Comment: In Panama the Colon Province runs along a large portion of the Caribbean or Atlantic coastline. Panamanians refer to this coastline in two segments. Everything to the North and East of the city of Colon is called the "Upper Coast", and includes places like Portobelo, Isla Grande, Nombre de Dios, and Puerto Lindo for example. The "Lower Coast" is everything to the South and West of the city of Colon, and includes the old Fort Sherman area, Gobea, and Miguel de la Borda. This new Decameron resort will be located somewhere along the Upper Coast, probably past Nombre de Dios. The ocean and water out there are beautiful, much nicer than at their current location on the Pacific." [End of article]

This is a sizeable project for this part of Panama - 300 rooms on 700 hectare and a 22 km road. Hmmmm. For Bala Beach owners, it certainly brings attention to the area and prospective purchasers/renters. Hopefully the guests' experience will be positive. Certainly the Decameron service and amenities will need to be far better than that associated with current Decameron "resorts." On the negative side for Bala Beach owners as I see it, the Bala Beach developers certainly missed what might prove to have been a good opportunity to develop their planned hotel first and begin to hopefully feed guests to the Bala Beacher owners intending to place their unit in the rental pool. Then again, who knows what will ever be built anywhere or what demand will exist for anything.

I have trouble seeing sufficient demand in the near-term for both.

I am passing along the following information received from a friend following a visit this week to Bala Beach. If anyone else has anything to contribute, we would all appreciate it.

- Not a significant change at first glance over the past few months, although activity progresses on many of the "details"
- The 2 towers look good and present a "much more desirable design than most beach projects around in my opinion"
- Areas surrounding the 2 towers have been cleaned up, to prepare for the landscaping which should be done before delivery
- The pool is to be tiled in the coming days
- Inside still has a lot of unfinished "details"
- Units were being furnished with the furniture package and, according to the contractor, many people elected to go with the package
- There were some people working on the beach, getting it ready for the new sand. The beach looked good, even though it was a rainy day
- The old house that was near the entrance has been "removed" and it looks much cleaner ( the official version was that a "huge wave" demolished it!)
- Closings likely to begin in September
- New Bala Beach website to be up "soon"
- Alex Toledo is working on the closing papers and figures (alex@balabeach.com)
- The onsite representative for operations and rentals will be:

Joshua A Haarbrink joshua@balabeach.com
Manager – Condominium Corporation / Rental Pool
Mobile: +1-507-6030-9515
Office: +1-507-263-0254
Fax: +1-507-263-8364
Office (Canada): 416-907-2977

Also, a new road has cut from the main road to the beach adjacent to Bala Beach supposedly for a new hotel and resort development. Earlier speculation was that it was the site of the Decameron, which does not appear correct. Instead, the word now is that it will be "Playa Escondida," a project originally set for the Pacific coast, and backed by a wealthy Panamanian family. I was told the name of the family and although it means nothing to me but I'd prefer not to mention them and perpetuate a rumor that may not be true. We'll have to see. Again, any information is welcomed.

Hello everyone. It looks like introductions have been made for me. My name's Joshua and I have the not-so-enviable task of steering this fine yet lumbering ship through our initial opening and beyond.

Despite the issues that some individuals have experience in the past, I am encouraged to see that there is a growing positivity and anticipation among our clients and in the general industry. I and the rest of our team have come to this project recently with a focus on efficiency, productivity, communication, and professionalism, which if you are familiar with life in Panama will strike you as a monumental challenge to implement. The indisputable fact is that our immediate area of Costa Arriba from Maria Chiquita all the way to Nombre de Dios is poised for dramatic and immediate change over the next 2-5 years and we are positioned to lead the growth of the entire area as the flagship of progress and opportunity. As I've learned from my experience in Panama and any other location or industry, however, the trailblazer is the one beating a path through the tangled jungle and I'm sure the challenges will continue to come until the refreshing moment arrives and we are the first to reap the benefits of all that sweat and blood and step out into the clearing ahead.

For now, I've got my machete honed and I'm swinging hard at the daily challenges and setbacks that are to be expected here. One of the key elements is our focus on communication. Some of you may already have seen the placeholder for our new website and the status bar is now at 80% complete. We will be sending out an email in the next few days with the date that we will actually be going live so please be sure to contact us to make sure we have your current email address or submit your email address at http://www.balabeach.com. One of the features of the new website that will be released over the next month or 2 will be an owner-only section with a blog for owners to communicate with each other and with administration as well as other features and tools for unit owners to track statistics and updates.

My direct contact information is obviously very available to all of you now - as well as the rest of the internet and all the spammers out there - so it should be relatively easy to get a hold of me one way or the other. Emails will be replied to as soon as possible (usually within 24 hours) but please take into consideration the staggering amount of work that we are undertaking right now so know that if your question requires an in-depth and detailed response it might take a little bit longer. Alex is focused on sales and marketing and right now his main focus is on the closing process so please contact him for any questions regarding balances or other closing details. I am dealing with everything else relating to administration, processes, rentals, and just about anything else having to do with the site other than construction.

Take care and I hope to see you at the beach soon!

withdrew post - bad info -- sorry

I think the price is reasonable enough..Right?

Originally Posted by jameskingama

I think the price is reasonable enough..Right?

Depends what u find reasonable. I checked once and saw prices of +$2k per m2. Personally i think that is shocking.

Don't know what price / unit / floor you're referring to, but it appears asking prices are:

Studio (45 m2)

$69,000 ($1,533/m2)

One-Bedroom (69 m2)

$125,000 to $134,000 ($1,812 to $1,942/m2)

Two-Bedroom (90 m2)

$153,000 to $190,000 ($1,700 to $2,111/m2)

Three-Bedroom

[none]

Penthouse (273 m2)

$325,000 ($1,190/m2)