{"id":6375,"date":"2012-11-29T14:18:58","date_gmt":"2012-11-29T19:18:58","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=6375"},"modified":"2012-11-30T08:18:52","modified_gmt":"2012-11-30T13:18:52","slug":"shifting-tides-of-panama-real-estate-echo-miami-trends","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/shifting-tides-of-panama-real-estate-echo-miami-trends\/","title":{"rendered":"Shifting tides of Panama real estate echo Miami trends"},"content":{"rendered":"

\"\"<\/a> \"\"<\/a><\/p>\n

Here is another great article from the Miami Herald about the comparisons of my old home town and Panama City.\u00a0 While I find Panama City exciting and a great place to visit, like Miami, it too is congested and experiencing growing pains.\u00a0 I will take Boquete, thank you.<\/p>\n

By Mimi Whitefield<\/h3>\n

mwhitefield@MiamiHerald.com<\/a><\/h3>\n
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PANAMA CITY, Panama \u2014 As a real estate agent shows off a model apartment \u2014 white leather sectional, stainless steel appliances, open concept, ocean views \u2014 in the 59-story Yacht Club Tower, and touts its fitness center and pool deck designed to mimic a ship floating on the sea, he makes a telling statement:<\/p>\n

\u201cWe tried to emulate the Miami style in this building.\u201d<\/p>\n

Approaching this Central American capital from the air, the first thing a traveler notices is a skyline on steroids \u2014 gleaming towers jutting skyward like so many pickets on a fence. There\u2019s even a Trump high-rise here \u2014 the sail-shaped 72-story Trump Ocean Club International Hotel & Tower. And it\u2019s not uncommon for those active in Miami real estate and development circles to try their luck in Panama or move back and forth between the markets.<\/p>\n

Although Miami is nearly 1,200 miles from Panama City, the real estate markets of the two cities share certain similarities. Both went through booms and overbuilding and then had way too many empty condominiums. Wealthy Latin American buyers were a salvation in both cities when traditional segments of the market fell off.<\/p>\n

\u201cNow that things are starting to pick up in the States, they are picking up here too. Now that there\u2019s not as much economic uncertainty in the United States, people feel more confident about Panama too,\u2019\u2019 said Morris Hafeitz, general manger of Emporium Developers. He used to work in Miami as a project manager for Odebrecht, the Brazilian conglomerate.<\/p>\n

Now Hafeitz is trying to sell Allure at the Park, a 50-story building Emporium developed in Panama City\u2019s Bella Vista neighborhood. The building is chock full of amenities \u2014 gym, teenage game room, adult lounge, toddler playroom, pool, squash court and even miniature golf on the roof \u2014 but one of its main selling points is that it overlooks a park and two low-rise historic buildings. \u201cIn the heart of the city without the hassles of the city,\u2019\u2019 said Hafeitz.<\/p>\n

During the boom, many buildings in central Panama City went up practically on top of each other. \u201cIn the beginning of the boom there were no regulations on density,\u2019\u2019 said Mauricio Saba, a project manager at Zoom Development in Panama City and another Miami real estate alum. \u201cI have a friend who said he could watch his neighbor\u2019s TV from his balcony.\u2019\u2019<\/p>\n

Margarita Sanclemente, a Miami real estate broker with offices in Panama City and New York, has seen it all \u2014 the boom, the irrational building and the slowdown \u2014 and has stuck with the Panamanian market.<\/p>\n

She first ventured into Panama in 2005. The Panamanian real estate market, which had been sluggish for more than a decade, was undergoing a rebirth and Americans, lured by low prices and the low cost of living, were snapping up properties.<\/p>\n

The sweet spot was the 1,000 to 1,500-square-foot apartment, sans maid\u2019s quarters, which appealed to retirees from Canada and the United States, she said.<\/p>\n

That was back when Americans still believed you couldn\u2019t go wrong with real estate. \u201cSome of the buyers didn\u2019t even see the units. We sold them by phone,\u2019\u2019 Sanclemente said. Condo prices at new buildings such as Destiny averaged $98 to $120 per square foot. She herself bought a 1,000 square foot, one bedroom condo for $123,000 back in 2005.<\/p>\n<\/div>\n

Full Story<\/a>1 | 2<\/a> | 3<\/a> | 4<\/a> | Next \u00bb<\/a><\/div>\n

Here are some of the benefits of living down here that a lot of people do not know about<\/p>\n

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A couple find a romantic spot to enjoy the skyline of Panama City. CARL JUSTE \/ MIAMI HERALD STAFF<\/p>\n<\/div>\n

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previous<\/a> | next<\/a><\/div>\n

Image 1 of 6<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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RETIRING ON A PENSION<\/p>\n

Panama offers a visa under its pensionado program that comes with a wide range of benefits and discounts. To be eligible for the visa, a person must draw a minimum pension of $750 and invest at least $100,000 in property in Panama. Minus the real estate investment, a pension of at least $1,000 per month is required. (Spouses may pool pensions).<\/p>\n

A sampling of benefits:<\/p>\n

\u2022\u00a050% off closing costs for home loans and property tax exemption on principal residence<\/p>\n

50% off entertainment (movies, theaters, concerts, sporting events)<\/p>\n

\u2022\u00a030% to 50% off hotel stays<\/p>\n

\u2022\u00a025% off airline tickets and monthly utility bills and restaurant food<\/p>\n

\u2022\u00a015% off hospital bills, dental and eye exams<\/p>\n

\u2022\u00a020% off medical consultations and professional and technical services<\/p>\n

\u2022\u00a010% off prescription medicines<\/p>\n

Source: International Living<\/p>\n

During the boom, Sanclemente was responsible for the sales of 700 units between Panama City and Playa Blanca on the Panamanian Pacific coast.<\/p>\n

The brisk sales encouraged more building and piqued the interest of big international developers, including Miami\u2019s The Related Group, which bought two sites and got zoning approval for a project.<\/p>\n

Meanwhile, Panamanian industrialists and other real estate neophytes who thought putting up a building in Panama and charging top-dollar was a can\u2019t-miss proposition became developers.<\/p>\n

\u201cVery few of them were developers frankly,\u2019\u2019 said Sanclemente, who is now a broker with Douglas Elliman Real Estate in Miami and travels frequently to Panama.<\/p>\n

\u201cAt the beginning we saw Panama as the next Miami,\u2019\u2019 said Saba, who has been working in Panama real estate for the past seven years, \u201cbut Panama wasn\u2019t ready for the boom.\u201d<\/p>\n

Developers kept raising prices. In 2007-2008, prices ticked upwards to around $400 per square foot for new condos in Panama City and even as high as $700 at the most high-end buildings, Sanclemente said. Now new condo sales prices are averaging around $280 per square foot, she said.<\/p>\n

Not only weren\u2019t the boom prices real, said Saclemente, but suddenly the Americans who were supposed to fill up the new properties also were no longer in the market.<\/p>\n

\u201cWhen the U.S. market crashed, a lot of Americans couldn\u2019t close on their units in Panama,\u2019\u2019 said Sanclemente.<\/p>\n

While U.S. financial problems rippled to Panama on the sales side, the local banking sector remained strong.<\/p>\n

\u201cThe good thing is the banks are still giving mortgages in Panama,\u2019\u2019 said Sandy Schwartz, president of Zoom Development. \u201cIn the U.S., the banks closed off the tap.\u2019\u2019<\/p>\n

Unlike Miami, the banks in Panama didn\u2019t approve loans when prices reached the stratosphere during the boom.<\/p>\n

In projects where developers were charging $400 to $500 per square foot, banks wanted down payments of 50 to 60 percent, Sanclemente said. Such hefty down payments are now the norm for new condo construction in Miami, but they weren\u2019t before the South Florida real estate market crashed in the summer of 2007.<\/p>\n

With the U.S. second-home market stone-cold in Panama, Jorge P\u00e9rez, chairman and chief executive of Related, decided the timing wasn\u2019t right and put his Panamanian project on hold.<\/p>\n

\u201cDevelopers knew they had to lower their prices and they\u2019re doing it,\u2019\u2019 Sanclemente said. \u201cThere are bargains now.\u2019\u2019<\/p>\n

A recent study commissioned by Panama Equity showed prices were down this year along coastal Balboa Avenue where many of the residential towers have been built, but they weren\u2019t down significantly.<\/p>\n

For a 1,500-square-foot two-bedroom condo less than five years old, the recent listing price was $317,900 and the average selling price was $286,860, the Panama real estate firm said. Around this time last year the list price for such a unit was $324,800 and the selling price, $293,580.<\/p>\n

\u201cDemand is being supported by a strong local economy, banks flush with cash, government-sponsored infrastructure improvements, and foreigners and multinational corporations continuing to relocate and invest,\u2019\u2019 Panama Equity said.<\/p>\n

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When Sanclemente sold her one-bedroom condo at Destiny, a tower on Balboa Avenue, for $210,000 in January, she made a profit. But she said similar units are currently selling for $170,000.<\/p>\n

\u201cNow Panama is similar to where Miami was two years ago \u2014 the market is very active but the prices are continuing to go down,\u2019\u2019 said Sanclemente. But she believes prices are at or near bottom.<\/p>\n

In the meantime, Latin American buyers are helping the Panamanian market just as they soaked up excess condo inventory in Miami.<\/p>\n

\u201cVenezuelans saved the Panamanian market,\u2019\u2019 said Sanclemente. Argentines, Russians, Canadians and Asians are buying as well as foreigners who work for multinationals, but she expects it will take about two years to absorb the current inventory.<\/p>\n

While American interest in Panama is still strong, Sanclemente said, Americans\u2019 shaky personal finances are still keeping significant numbers out of the market.<\/p>\n

Kent Davis, of Panama Equity Real Estate, said the same factors that initially attracted American buyers are still a draw: \u201cObviously the political and economic stability, the closeness to the United States and the dollar economy.\u201d<\/p>\n

Other attractions are low living costs, very low condo maintenance fees, no property taxes for 20 years on residential real estate purchases, and a pensionado program open to foreigners and Panamanians alike that provides deep discounts on goods and services for those who receive pensions.<\/p>\n

Kurt Fernandez, 62, a retired American journalist, and his wife Linda, 59, recently bought a 3,000 square foot, 3-bedroom, 4 \u00bd bathroom unit at Allure for around $176 per square foot and made it their permanent home. \u201cIt was an excellent price,\u201d Fernandez said. New construction in downtown Miami, in contrast, averaged $366 per square foot in the third quarter.<\/p>\n

Fernandez, who lived in the old Panama Canal Zone as a high school student, said he likes the stability of Panama, its location, the dollar economy and the fact that for him \u201cPanama is familiar territory.\u2019\u2019 He\u2019s in the process of getting a pensionado visa.<\/p>\n

\u201cWe\u2019re very happy here. Things are at our fingertips,\u2019\u2019 he said. \u201cTraffic here is horrendous,\u2019\u2019 he conceded. But the couple no longer has a car and walks everywhere.<\/p>\n

Panama has changed tremendously since he last lived there in the 1960s. He remembers when he came home from college in the 1970s, his mother insisted he go see the new 20-story Holiday Inn. \u201cIt was a must-see \u2014 the tallest building in Panama. Now you can hardly find that building because it is surrounded by monster skyscrapers.\u201d<\/p>\n

Davis, an Atlanta transplant who has been working in the Panamanian real estate market for five years, said he sees things beginning to turn around. \u201cEverybody is busy now,\u2019\u2019 he said. \u201cThe Venezuelan and Colombian buyers never stopped coming and now the Brazilians are going like gangbusters.\u2019\u2019<\/p>\n

Saba said the Americans who are still in the market are mostly interested in beach properties.<\/p>\n

\u201cThis is Playa Blanca Resort,\u2019\u2019 he said as he called up a site map on the computer in his Panama City office. \u201cThe concept is to create a self-contained community.\u2019\u2019 He pointed to a town center, mini-mall, space for restaurants and a 17-acre swimming pool that is half completed. Prices average about $200 per square foot at the Pacific Coast development, which is about 70 miles from Panama City, Saba said.<\/p>\n

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Jean-Francois Leroy is another veteran of Miami real estate who has turned his attention to Panama. As prices skidded in Miami, he helped buy more than 100 properties for companies he worked for in France and Switzerland. Most were foreclosures that were fixed up, rented and will be held until they can be sold for a nice profit.<\/p>\n

But by September 2011, he concluded that \u201cmost of the good deals were gone\u2019\u2019 in Miami, and began prospecting for new opportunities.<\/p>\n

Panama, he said, was attractive because \u201cthe economy is booming, the banks are lending, and the canal expansion is generating a lot of interest.\u2019\u2019<\/p>\n

Now he and a French partner are working on the development of two oceanfront gated communities about 40 minutes from David in Panama\u2019s Chiriqu\u00ed province. Both in Playa Bejuco, the first features 40 lots where two- to four-bedroom homes (1,000 to 2,000 square feet) will be built and the second is an \u201ceco lodge\u2019\u2019 concept that will feature elevated \u201ctree houses\u2019\u2019 nestled among large trees where monkeys swing.<\/p>\n

O.R.E. Consulting Group plans to begin marketing the Playa Bejuco communities early next year after models are completed \u2014and the target markets are the United States, Canada and Europe. D.R.E.A.M. LLC is the South Florida marketer for the projects.<\/p>\n

Leroy said the Playa Bejuco development will be affordable. \u201cIn 2007, Americans were buying $300,000 lots and putting $400,000 second homes on them,\u2019\u2019 he said. \u201cThat doesn\u2019t reflect today\u2019s market at all. We\u2019ve kept human dimensions, reflecting current economic conditions.\u2019\u2019<\/p>\n

He said prices for lots that are a three-to-five minute walk to the sandy beach will begin at $45,000. Leroy is still working on pricing but said he expects a lot built with one of the smaller home models will cost about $145,000.<\/p>\n

Amenities will include horseback riding and trails for biking.<\/p>\n

Among the selling points, he said, is that Panamanian banks will offer mortgages to foreigners with a 30 percent down payment at rates of about 6.5 percent.<\/p>\n

There was no shortage of glossy brochures for beach communities at the CAPAC: Habitat Expo, held at Panama City\u2019s Atlapa Convention Center in September. They touted everything from 18-hole golf courses to lifestyle communities to direct beach access to a $5,000 credit on a dune buggy with a purchase in Coronado.<\/p>\n

But projects aimed at the local market were getting the most traffic. \u201cThere is a lot of demand for medium-class properties and it is mostly locals who are buying,\u2019\u2019 said Sanclemente.<\/p>\n

And by 2014, she expects the luxury market will be stable as well, and \u201cprices will be going up in a normal way.\u2019\u2019<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Here is another great article from the Miami Herald about the comparisons of my old home town and<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6375","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"\nShifting tides of Panama real estate echo Miami trends - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/shifting-tides-of-panama-real-estate-echo-miami-trends\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shifting tides of Panama real estate echo Miami trends\" 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