Thread: Real Estate in Panama

Originally Posted by Contrail

What is the interior like? Another friend told me that he knows someone that lives there and he has had a lot of teething problems with the plumbing.

Contrail, most new buildings have plumbing or water leak problems.
That condo that I was taling about just wasn't appealing to me, very small bedrooms. Maybe also, it was the furnishing, sometimes when it's nicely furnished, it makes a big difference.

Bob, if you like very hot weather, then the Azuero is the right place for you.
But if you don't , go to Volcan. It's cheap, beautiful , nice people and ideal temperature, hot during the day but not too hot, and cool at night.
The only place in Panama that I didn't like was David,horribly hot weather and ugly city.

Originally Posted by No-Non-Sense-Matt

The "interior" is "the country side" basically. Infrastructure is decent (and it changes from place to place). Mr. Woohoo -- what's your thoughts on the interior's infrastructure?

All depends how far into the interior you want to put yourself. Even though I am 4 hours outside of Panama City I have Hi-Speed internet. At this point I believe Cable Onda is now offering 7mb down. That is screaming fast given the fact you are in the interior of a Latin Country. Some areas water can be a little bit of a pain but that is why they make reserve tanks. I really don't have any problems with infrastructure where I am located.

Originally Posted by HOSEM1

Bob, if you like very hot weather, then the Azuero is the right place for you.
But if you don't , go to Volcan. It's cheap, beautiful , nice people and ideal temperature, hot during the day but not too hot, and cool at night.

I agree and honestly if it wasn't for my girlfriends family living on the Azuero I would probably move to the Chiriqui area. My opinion is the folks on the Azuero are the nicest in Panama but the Chiriqui has the best diversity and options for travel and adventure.

Originally Posted by MRWOOHOO

I agree and honestly if it wasn't for my girlfriends family living on the Azuero I would probably move to the Chiriqui area. My opinion is the folks on the Azuero are the nicest in Panama but the Chiriqui has the best diversity and options for travel and adventure.

I agree MRWOOHOO, I met the nicest people in the Azuero, like Chitre and Las Tablas. I especially loved the center of Las Tablas. Loved sitting outside at the terrace beside the hotel Piamonte,eating the vegetarian ceviche. Very cheap too.

We visited the Altos del Maria about a year ago.
The properties looked all pretty good and well built.
De layout of the community looked fine.
We decided on another area instead because the access road to the community at that time was akward.
It was narrow and the inclination very steep.
A no for us.
Jeroen

I have lived in Volcan for ten years. I don't know if it is all that cheap but it is a nice place to live. David is an hours drive away and is the best place to shop outside of Panama City. In fact it is better than Panama City when you consider how impossible the traffic is in the capital. In my opinion Volcan is nicer than Boquete because the surrounding countryside is a lot more attractive.

Originally Posted by robertb

I have lived in Volcan for ten years. I don't know if it is all that cheap but it is a nice place to live. David is an hours drive away and is the best place to shop outside of Panama City. In fact it is better than Panama City when you consider how impossible the traffic is in the capital. In my opinion Volcan is nicer than Boquete because the surrounding countryside is a lot more attractive.

There are definitely more trees in Volcan and it has not been developed as much as Boquete. Volcan really is a beautiful place.

Does anyone know if the highway from PC to David has been improved? I drove to David about four years ago. Some sections were in need of major repairs.

Hi!

I know they have the road repaved from PC to ALMOST Penonomee in the last 6 months. After that, I am not sure. I know it is pretty good out to Divisa (the turnoff for Las Tablas and Pedasi).

Mary

I am curious if anyone thinks we will see apartments for 100,000 again in Panama city? In paticular, El Congrejo, Albrook or El Dorado.

I am curious if anyone thinks we will see apartments for 100,000 again in Panama city? In paticular, El Congrejo, Albrook or El Dorado.

I'd need some clarification on what you mean. There are currently $100,000 apartments in those areas of Panama City, however, they may not be what you're looking for. They would be small, older apts in need of renovation. If you are talking about $100,000 apts. in new buildings (that are already built and ready to move in), my opinion is no.

Roger is right -- it would have to be very old small beat up places. I don't think you'll find anything new, big or nice in that range unless...

The only other way would be for the entire country to go to hell in a handbasket. Obviously no one can predict the future... Politics change quickly in Latin America. One government goes right -- then the next goes left...

Currently it's the former. I understand that a new law prevents a police officer from being charged with a crime committed while on duty. Now that's a good way to reduce police corruption (not).

If anybody wants to know the state of the PC real estate market, just look at the ads in encuentra24 or compreoalquile for the Seawaves condo building. The building is brand new ,very strategically located maybe 200 meters from the cinta costera and less than 100 meters from via espania and the Cangrejo area. You can find 130 met. sq. condos with $167k asking price. Of course you can bargain it for cheaper, let's say to $150k, that's like $1150/sq. met.
If they are having difficulty selling at those prices, then you can have an idea about the state of the real estate market in PC.

Thanks Hosem1! that's a pretty hot deal...

Matt, I saw a few units at the Seawaves a few months ago. While it's not high quality materials inside the condo, but you just can't beat the location. On a very quiet street, but very close to all the action.

Does anyone know any real estate agents in Santiago or any new developments there?

Why buy in Panama,when you can buy a beach condo in Florida for $25k?

Condos that cost less than cars - Yahoo! Finance

Originally Posted by HOSEM1

Why buy in Panama,when you can buy a beach condo in Florida for $25k?

Condos that cost less than cars - Yahoo! Finance

Kinda funny thinking that Florida would wind up so much cheaper than Panama. Still, when you figure in taxes and insurance, that Florida condo gets more expensive.

Originally Posted by MRWOOHOO

Kinda funny thinking that Florida would wind up so much cheaper than Panama. Still, when you figure in taxes and insurance, that Florida condo gets more expensive.

You're right. Anyways, personally I wouldn't like to live there. Prefer a latin country.

I have a financial and R/E background, so I kind of pay attention to what a lot of the trade papers are saying.

First off, if you're reading this site for info, that's great. But ALWAYS beware of anyone who stands to gain from your investment. Thats not to say all R/E Agents are bad, or anyone pushing a particular development of property is bad, just that you should always get an independent, knowledgeable third party to give you their thoughts on everything. This input can often be had for something as cheap as a lunch or dinner. Seriously folks, caveat emptor.

Secondly, in my rarely humble opinion, we are about to head into the second phase of market correction in the US. We had gone way past where we should have been, due to massive over-speculation. The entire system would have crashed had the govt not stepped in. But those incentives and breaks are ending now... inventories are starting to stack up again, consumer confidence (and hence, consumer spending) is extremely low, unemployment is high... brace yourself cuz here it comes again, another downturn. Just the way it goes. To put it math terms, if you're over the ideal by 100%, a crash starts when people realize that and try to sell out. The sell off starts an avalanche. If the govt steps in and stops it at 50%, that's great... it didnt wipe everything out all at once. But the market will still need to correct for that last part. Thats what we're seeing.

And most often, what happens in the US, happens everywhere else. There are ways to make money. There always will be. But I'd personally advise against buying into any developments right now as they are quite likely going to be cheaper in 12 months from now. The US has a second shoe dropping... that will be felt elsewhere. The world is a pond these days... crashes in one part end up effecting the rest. Especially so when the crash is happening in the biggest economy on the planet.

Just my thoughts though... your mileage may vary...

Originally Posted by CerebralPrimate

I have a financial and R/E background, so I kind of pay attention to what a lot of the trade papers are saying.

First off, if you're reading this site for info, that's great. But ALWAYS beware of anyone who stands to gain from your investment. Thats not to say all R/E Agents are bad, or anyone pushing a particular development of property is bad, just that you should always get an independent, knowledgeable third party to give you their thoughts on everything. This input can often be had for something as cheap as a lunch or dinner. Seriously folks, caveat emptor.

Secondly, in my rarely humble opinion, we are about to head into the second phase of market correction in the US. We had gone way past where we should have been, due to massive over-speculation. The entire system would have crashed had the govt not stepped in. But those incentives and breaks are ending now... inventories are starting to stack up again, consumer confidence (and hence, consumer spending) is extremely low, unemployment is high... brace yourself cuz here it comes again, another downturn. Just the way it goes. To put it math terms, if you're over the ideal by 100%, a crash starts when people realize that and try to sell out. The sell off starts an avalanche. If the govt steps in and stops it at 50%, that's great... it didnt wipe everything out all at once. But the market will still need to correct for that last part. Thats what we're seeing.

And most often, what happens in the US, happens everywhere else. There are ways to make money. There always will be. But I'd personally advise against buying into any developments right now as they are quite likely going to be cheaper in 12 months from now. The US has a second shoe dropping... that will be felt elsewhere. The world is a pond these days... crashes in one part end up effecting the rest. Especially so when the crash is happening in the biggest economy on the planet.

Just my thoughts though... your mileage may vary...

I happen to agree with you 100%. Do you think people will go back to the US dollar for safety?

I'd say that a falling tide lowers every ship in the harbor.

Any economy heavily tied to the US economy is probably going to feel the drop- as we saw with China... when the American consumer quit buying all those cheaply manufactured Chinese goods, their manufacturing sector nearly collapsed. They were a powerhouse until we (Americans) quit buying so much. Now they're seeing a huge market correction too.

As for seeking refuge in the USD, I'm not so sure of that. I'd say there are safer places- metals, for example. Or in currencies not so heavily tied to the US.

I have been looking for the last year for a beachfront condo between gorgona to playa blanca

prices have been going down..........but how far who knows .........I will be in PC early September

to check the places that I might be interested........Playa Serena.......Rio MAr gets ***** Playa Blanca

just waiting for the right price....... thanks to all for all the info on this forum

Whatever you do, don't be in a rush for anything. The real estate market isn't going anywhere and I wouldn't be worried about finding the right piece of property to purchase until you actually moved down here. I still feel this is a good country to invest in but ONLY after you have spent time living in the location you wish to purchase.

One of the great things about R/E is it neither tends to move up or down very quickly (relative to a stock). There's plenty of time to do your due diligence and really think it through. Dont let anyone infect you with a sense of urgency... even if someone else snaps up the deal, more often than not something else will come along quite soon. Just the way it works.

I agree - 9 times out of 10, when a real-estate agent suggests that something is a great deal and you had better move fast - it isn't.

Can anyone make a suggestion as to where might be the best place to look for a bargain on real estate (single home)? We are planning on retiring there next year. We are not interested in the beaches. Currently live in Wilmington, NC which is right on the Atlantic. Appreciate any ideas.

Hi!

How many times have you been to PANAMA?

It all comes down to your preferences. There are a lot of communities throughout Panama. Come down and rent for at least 6 months in an area you think you want to live.

Just start looking at all the real estate websites, there is no multi-listings here and also do your due diligence because there are NO disclosures laws in PANAMA!!

Mary
www.whypanama.com