PRELUDE – When I first arrived to Boquete 6 years ago, I met with the developer of Valle Escondido who had caught my attention while surfing the web on Panama. Like many others before and after me who met Sam Taliaferro here in Valle Escondido, I was impressed with the fact that, as Sam said, he had created a true community within the community of Boquete. Valle Escondido today stands as a testament to the man’s foresight and fortitude to have developed such a beautiful place as this, hidden away in a valley in a little mountain town of Boquete.
We reported in June that Valle Escondido was nearing a sell out and now in September, few villas and only a couple of condos remain available for sale. In the last few months, we saw 4 single family homes sell between $415,000 and $725,000, 3 duplex villa sales between $220,000 and $299,000 and all sixteen of the new condominiums that were built this year, all sold. While the developer had presale prices of $195,000, two of them were flipped for $230,000. We think that a new benchmark has been achieved and prices will continue to edge upward as demand outstrips supply.
Now I will probably hear from some folks that this is not true and there are plenty of units for sale. I am not counting the properties where the owners claim to be willing to sell if I can “get the right price” because either they are not really serious or they have unrealistic expectations. This occurs in any market and Valle Escondido is no exception. And yes, I too would sell at the right price, say about 20% more than the last sale!!
You have to admit that this is pretty incredible when you look at the world real estate market around us. During times of trouble and a collapsing housing market back in the US, my home here in Valle has appreciated almost 25%, and I bought at the top of the market back then. My neighbor rents out his villa for $2,000 per month on an annual basis and enjoys a 6.5% return on today’s current market price and he paid less than I did so his real net return is closer to 10%. Not bad for the depths of a recession. As a side note, there are few rental properties here in Valle.
Market price equilibrium for property is established when a motivated seller accepts a reasonable offer that closes within 30 to 60 days without financing or other contingencies. I have personally been involved in 5 transactions recently where this has occurred, the seller received a fair price and the buyer stepped up and closed all cash within as little as 2 weeks.
One of the sales that we were involved in was a small duplex villa here in Valle Escondido where we sold the property within 30 days and leased it out a few weeks later generating an 8% return for the investor. We are finding few opportunities like this available in Valle Escondido now, however we do have one more for an astute investor.
We recently listed an elegantly appointed home here in Valle Escondido and the same owner is offering a condominium for sale as well. They can be purchased separately or as a package for someone wanting a beautiful home and an income producing property that will appreciates in value.
FEATURED PROPERTY LISTED EXCLUSIVELY WITH OUR FIRM
This prestigious 5 bedroom home has 4 bathrooms and is well located in Valle Escondido with beautiful views down the valley. Consisting of approximately 4,000 square feet of space, this beautifully appointed home comes fully furnished with higher end furnishings, fixtures and appliances.
The home welcomes you into the grand entrance off of the Porte-cochère and the first thing that you notice is vaulted 24 foot ceilings in the great room that has an elegant dining area, living room and huge kitchen and counter that is a chef’s dream.
The owner has gone to great lengths to furnish the home with excellent quality furniture and nice art work.
It is easy to see entertaining in this home. The great room opens outward through large sliding glass doors to a huge covered terrace that wraps around the side of the home. This terrace is also a great spot for entertaining large parties or just a quiet spot to enjoy dining outdoors.
The master suite is just off of the great room and consists of a huge bedroom and a large bathroom with both a huge shower and a Jacuzzi tub. The master suite is accessible to the terrace through large sliding glass doors that provide a lot of natural light.
The bathroom is luxurious and large.
Two large over sized closets on either side of the master bath provide plenty of space for his and hers and there is even an attic accessible in one of the closets for extra storage.
The second bedroom next door is also is elegantly appointed with furniture and finishes and has its own private bathroom as well.
As you head past the dining room to the guest wing , you pass a nice office area that can be closed off yet has windows and sliding glass providing for a lot of natural lighting.
The next bedroom in the guest wing has its own private bath is nicely appointed as well.
The 4th and 5th bedrooms share a bath and this part of the guest wing can be locked off. It has its own private entrance from outside where there is a parking available for two more cars. This lock off can be rented for extra income or provide someone who has need of a live-in caregiver and or in-laws quarters.
This home is being offered fully furnished for $549,000. You must visit this property to truly appreciate all that comes with the offering.
I hope that you can visit us in Valle Escondido and see what a nice community this really is
