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

Hi,

I have recently been offered one of the 2 bed 2 bath condos (83m2) for $150,000. This is as opposed to the listed $172,000 by the developer.

I know $150,000 equates to $1750 per m2 which is high, but I am researching this building and all seems good with it's location, amenities etc and seems very high spec.

Can anyone shed any light on this development, good or bad, as I am very tempted to go for this.

Also, does anyone have an idea of what rental income one of these condos would attract?

Any information greatly appreciated.

Thanks

'Developer list price' is a term employed by realtors to mislead people into thinking that they are getting a good price, is this through a realtor?

A very quick search pulls one up at $147,000.

Apartments / Condos in El Cangrejo / Panama | For Sale | LUXOR RESALES : 2 rooms, 84 m2, USD 147000.00

However, I like the look of this building and it is in a great location and should be quiet for Cangrejo, haven't seen it for a while, how close is it to finishing?

83 M2 for a 2 bedroom sounds very small.

Has it been built yet? Is there uplift in the contract?

According to this listing, multiple three-bedroom units are available at $1600 per m2:

Panama City El Cangrejo Condo - Luxor Tower Re-Sale!

The location is excellent, in very quiet place but close to the action in El Cangrejo.But the price is too high IMO. Personally I wouldn't pay more than $1500/meter.
You could rent it for $1200/month maximum unfurnished.

Originally Posted by Shanebvi

Hi,

I have recently been offered one of the 2 bed 2 bath condos (83m2) for $150,000. This is as opposed to the listed $172,000 by the developer.

I know $150,000 equates to $1750 per m2 which is high, but I am researching this building and all seems good with it's location, amenities etc and seems very high spec.

Can anyone shed any light on this development, good or bad, as I am very tempted to go for this.

Also, does anyone have an idea of what rental income one of these condos would attract?

Any information greatly appreciated.

Thanks

The location is great.The view will be taken,once the building in front of it gets built.
84 meters for a 2 bedrooms,means very small and tight apt.
Check Luxor on Encuentra24.

Originally Posted by EdBowers

'Developer list price' is a term employed by realtors to mislead people into thinking that they are getting a good price, is this through a realtor?

A very quick search pulls one up at $147,000.

Apartments / Condos in El Cangrejo / Panama | For Sale | LUXOR RESALES : 2 rooms, 84 m2, USD 147000.00

However, I like the look of this building and it is in a great location and should be quiet for Cangrejo, haven't seen it for a while, how close is it to finishing?

It seems it is a private seller, somewhat desperate to sell. The building is just undergoing internal finishes and should be ready for occupancy by oct / nov this year.

There is a CAPAC property expo in San Fransisco in September...does anyone have experience or knowledge of these events - are they worthwhile to attend or can better deals be had elsewhere?

If elsewhere, where?

Seems to me its an agent.
What part of the add gives you the impression that he is desperate???

It was an email dialogue. I had from watching a you tube video of the Luxor - it wasn't an ad

Well, if you love the apt, buy it at $1750 a meter. Most here who claim its not worth more than $1500 a meter, are clueless, and just are always negative. I know for a fact that prices are actually rising in Panama.

But, if you can find a guy who does not want to close, you may just get lucky.

Originally Posted by Mordekha

The location is great.The view will be taken,once the building in front of it gets built.
84 meters for a 2 bedrooms,means very small and tight apt.
Check Luxor on Encuentra24.

Which building is getting built in front?

There is a sign. I do not recall the name.
2 buildings actually.

Do you mind sharing how the fact was established? Researching monthly batches of registrations going in the public registry? Word on the street?

Originally Posted by Mordekha

I know for a fact that prices are actually rising in Panama.

Originally Posted by Mordekha

I know for a fact that prices are actually rising in Panama.

Then how come i see the prices dropping? Not in El Cangrejo btw, but definetely in the rest of the city.

It all depends on where, and sizes.

1. El Cangrejo is hot. The 2 best buildings are Medtierrano loft, and Luxor.
2. Its tough to find small apts. The city has lots of big units, and owners are selling them cheap. Med loft 75 meter units can sell at high as $1900 a meter. I suspect that Luxor 84 meter apts will fly. 3 months ago, these units were selling at $1600 a meter, now they are up.

And how exactly do you know this? Do you have any references in the public registry we can look at?

How many sold 3 months and how many do they sell per week now?

Originally Posted by Mordekha

It all depends on where, and sizes.

1. El Cangrejo is hot. The 2 best buildings are Medtierrano loft, and Luxor.
2. Its tough to find small apts. The city has lots of big units, and owners are selling them cheap. Med loft 75 meter units can sell at high as $1900 a meter. I suspect that Luxor 84 meter apts will fly. 3 months ago, these units were selling at $1600 a meter, now they are up.

Originally Posted by Mordekha

Most here who claim its not worth more than $1500 a meter, are clueless, and just are always negative. I know for a fact that prices are actually rising in Panama.

Do you mind sharing these facts with us clueless?

Originally Posted by vornado

Do you mind sharing these facts with us clueless?

Some people desperately want to believe that prices are going up in a specific area just because they own an apartment in that same area.
I would recomment Shanebvi to research more before making his move. But IMHO it's still very much a buyer's market.

" 2. Its tough to find small apts."

Nothing could be easier than to find a small apt at TOC for less than the 2006 price.

I have been looking for some time for a 2 /3 bedroom condo in the cangrejo area.
You we will get some good advice as well as just opinions on this site, my advice would be if you find a place that you like, do your own research, remember the price given is not always the final price.
I still keep an eye on most of the propertys I have looked at in the last year and none of them have gone up in value.

Final advice realters are mostly full of BS

Since when does the public registry in Panama reflect real prices?
Of course its still a buyer's market.
The small units I refer to are ones selling at around $150k, NOT TOC $300k.

Originally Posted by Mordekha

Since when does the public registry in Panama reflect real prices?
Of course its still a buyer's market.
The small units I refer to are ones selling at around $150k, NOT TOC $300k.

Either way to say small units are hard to find is rdiculous. Theres loads of buildings full of 80-100m2 appts around the whole city. And ive seen many, also in El Cangrejo for less then $1500 per m2 in nice buildings.

Analysis noted for future use.

Originally Posted by Mordekha

Since when does the public registry in Panama reflect real prices?
Of course its still a buyer's market.
The small units I refer to are ones selling at around $150k, NOT TOC $300k.

47 M2 units in TOC are less than $200,000, maintenance fees are a little steep though...

You should buy the unit you like, in the building you want to be in, at a fair price. Stated differently, you should not buy a unit you don't prefer, in a building you don't prefer, simply because it's the cheapest per m2 or meets someone's opinion on what it should cost. You're not an investor loading up on a portfollio of properties, but are going to live there. I'd rather be happy where I live than sit in a unit I really don't like patting myself on the back about how shrewd a buyer I am. Besides, there are way too many factors out there that will influence whether in five to ten years your purchase will amount to some sort of financial windfall. I suspect factors such as quality of construction, management company, committment to maintenance, owner-occupied vs. rentals, etc. (all of which are to be played out in the future) will be far more significant factors on return. I don't know where all these other, 1500 m2 are, but I believe (not a firm opionion) Luxor is not a SeaWaves type building and will age better than most from what I've seen.

Originally Posted by EdBowers

47 M2 units in TOC are less than $200,000, maintenance fees are a little steep though...

Those are HOTEL units, and have about 0 value as we both know quite well.

Originally Posted by BalaBeacher

You should buy the unit you like, in the building you want to be in, at a fair price. Stated differently, you should not buy a unit you don't prefer, in a building you don't prefer, simply because it's the cheapest per m2 or meets someone's opinion on what it should cost. You're not an investor loading up on a portfollio of properties, but are going to live there. I'd rather be happy where I live than sit in a unit I really don't like patting myself on the back about how shrewd a buyer I am. Besides, there are way too many factors out there that will influence whether in five to ten years your purchase will amount to some sort of financial windfall. I suspect factors such as quality of construction, management company, committment to maintenance, owner-occupied vs. rentals, etc. (all of which are to be played out in the future) will be far more significant factors on return. I don't know where all these other, 1500 m2 are, but I believe (not a firm opionion) Luxor is not a SeaWaves type building and will age better than most from what I've seen.

Exactly.
Most here tend to speak in generality, including all buildings. Not all buildings are the same. Those who just look for the cheapest, end up with lousy apts. Buy at an excellent building, and pay a higher price. You will be happy you did.

i have forwarded to jack studnicky. hopefully the toc hotel will close now given these new insights!

we will be planning a night out on calle uruguay where all the happy people can dance the shit out of their asses soon.

given that they are buying in an even more excellent building at an even higher price endorphins will be flowing at an unseen pace so we recommend not using cocaine at the event.

Originally Posted by Mordekha

Buy at an excellent building, and pay a higher price. You will be happy you did.

So the 6 % construction uplift in the contract is a good thing? I had it red flagged before.

Originally Posted by Mordekha

Buy at an excellent building, and pay a higher price.

8% is even better!!!!