Thread: Luxor Towers - have I got a good deal?

Thanks for all the information.

We are also looking at a small77m2 2 bed in the vivendi towers, by the same developer, pacific hills. They are asking 145,000 for it which is 1883 per m2. Because it is small, am I right in thinking the price per m2 would be expected to be higher? There are only a few left in this building so there probably won't be much room for negotiation. It is brand new but no ac, balcony or appliances.

I know it's a bit like asking how long is a piece for string but what would you guys offer given the conditions I mentioned above? At 1700 per m2 that would mean a price of 130000.

Any advice again much appreciated
Cheers

How do you know for sure that there are only a few left in the building? They all say that. Do you really believe all that BS.

Originally Posted by Shanebvi

Thanks for all the information.

We are also looking at a small77m2 2 bed in the vivendi towers, by the same developer, pacific hills. They are asking 145,000 for it which is 1883 per m2. Because it is small, am I right in thinking the price per m2 would be expected to be higher? There are only a few left in this building so there probably won't be much room for negotiation. It is brand new but no ac, balcony or appliances.

I know it's a bit like asking how long is a piece for string but what would you guys offer given the conditions I mentioned above? At 1700 per m2 that would mean a price of 130000.

Any advice again much appreciated
Cheers

last sale means - the price agreed upon with my fake cousin.
low inventory means - we just sold 20 units to ourselves and have no put them back on the market yet.

YES,YES,YES.
That is the point I have been making. Its very difficult to find centrally located small cheap apts. 77 meters apts are easily affordable even for Panamanians. IGNORE the negative opinions. Do a search on Encuentra24, and if you do not see units for sale, it pretty much tells you the story.

How can you advise someone to pay $1900 a m2 in panama? Thats just mean. He can only lose on that investment.

EASY.I am not focused on price alone. I look at price in relation to size, and then the rental potential.


A 200 meter apt at $1500 a meter is a $300k investment, and NOT nearly as attractive to m as a 50 meter apt at $2000 a meter,or $100k investment.


GET IT?.

Originally Posted by Mordekha

EASY.I am not focused on price alone. I look at price in relation to size, and then the rental potential.


A 200 meter apt at $1500 a meter is a $300k investment, and NOT nearly as attractive to m as a 50 meter apt at $2000 a meter,or $100k investment.


GET IT?.

No i dont get it. You said the prices in panama are going up, which is a lie.And you said smaller appartments are hard to find, which is also a lie. Why do you keep telling this guy lies? Are you hoping that yr own properties will increase in value by painting a positive picture?

You got me.

Originally Posted by Mordekha

You got me.

I get the picture..I'll do my own research I think.

Originally Posted by Shanebvi

I get the picture..I'll do my own research I think.

you are getting smarter by the minute . , remember this , if you get screwed in real estate , there is a good chance it will be by a gringo ,

shanebvi, as you probably already know, Luxor and Vivendi were built by the same developers, Pacific Hills. I have tried many, many times to get them to allow a "cession de derechos", or transfer of rights, on past deals and they flat out wont do it. Make sure that the price you are agreeing has accounted for a) any materials cost escalation clause and b) transaction costs, namely the 5% transfer tax. You run a risk of a tax inquisition buying the corporation and dissolving the existing board of directors to circumvent the above mentioned taxes. Folks got away with it, but as I understand they're starting to crack down more on those types of deals, with the trigger to the DGI being dissolving the board.

Supposedly "Air Tower" is going up in front of Luxor. Ironic name, no? I live right down the road and havent seen much construction on the lot. According to the developers, the plans were not approved for the project yet, but who knows! Some of the layouts wont be blocked though, as the building is partially oriented towards Via Veneto.

Looks like Luxor should be ready in 3-4 months. The place has one of the best swimming pools of any building I've seen in El Cangrejo and the rest of the city for that matter.

To answer your original question, Pacific Hills started offering the project back in early 2007 and I think they were right around 1,750 per square meter back then. They charge significantly higher than most developers, but we have several properties under management and have VERY LITTLE PROBLEMS with construction quality from them.

Welcome aboard Kent. What is your view on Luxor pricing?

Thanks Ed!

Still a bit high for the area, but that's always been Pacific Hills' strategy and it seems to be working. The poster's getting an OK deal, not a screaming deal, but he just needs to make sure that the seller understands all of his costs.

Actually, the initial pre construction price for Luxor was $1100 per meter.

Wow Moti, maybe you're right! The last price list I have from them was from 2007 showing $1,750 per square meter.

Just found an old price list from 2006. With the 5% escalation included, prices started at 1260 per square meter.

Thanks Kent, interesting reading. I will keep my eyes open regarding these hidden charges.

We are very keen to get a small new apartment in one of the better buildings (Vivendi, Luxor) by Pacific Hills as their reputation seems to be one of the better of the developers there.

If you or anyone can point me in the right direction for buying one of these places, by all means let me know.

Thanks
Shane

For a period of 2-3 months, I was seriously considering buying an apt at the Luxor building. Each time I checked,prices were at the $1100 per meter. I am sure of it. I ended up buying 3 apts in another building at $900 per meter.

So I took a look yesterday at some of the condos in the completed Luxor tower..the other tower (100) still has a few months to go. All I can say are good things, the condos are excellent, the finishes are top notch and the social areas are the best I've seen in Panama. Looks like we will be getting one of the three beds on the lower floor (I think it makes sense to save money by getting a lower floor in this building as the existing views aren't great and will only get worse with the new air tower being built right in front of it). Happy days!

What would be the going rate for renting a nicely furnished 3 bed in a high spec tower like Luxor does anyone know?

Well we just got our foot in the door and bought a 3 bed at the Luxor. Very pleased with the building, location, pool area is pretty amazing, huge gym etc. Also via Argentina is being pedestrianized with some investment coming it's way..that can only be a good thing!

Anyone know how close this one is to completion?

Apparently one of the towers is occupied..the other however is ready but the keys have not been released yet. Occupany permits were granted back in November 2011 to the developer, but the developer, Pacific Hills, have taken their time to do their side of the paper work..we are on the case with them and the top guy at Pacific Hills assures us that we can carry out our second inspection and key handover mid feb.

I'm not too worried due to the reputation that Pacific Hills has...

(so why did I finish my post with three dots...??)

This is an old threat, and this is just an update.
2 75 meters apts have been sold at Med Loft in El Cangrejo for $2000 a meter.