Cashing In On a Second Home in Central America: How to Buy, Rent and Profit in the World's Bargain Zone. Tom Hammond Kelly

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      The city is densely populated which gives it a Manhattan flavor but also gives it Manhattan-style traffic jams during rush hours. To alleviate congestion and flow, two toll roads the Corredor Norte and Corredor Sur, traverse the city to more efficiently move traffic, but several choke-points still back up during rush hour. The government plans to expand the Corredor across the Bay of Panama near Punta Pacifica and near the Old Quarter (Casco Viejo), which will move traffic more efficiently but change the ocean views from nearby new condominium towers.

      Due to the presence of the U.S. military on lands adjacent to the Canal, Panama City was landlocked for years. Now the “reverted lands” have opened up brand new areas of the city, most notably the Punta Pacifica area, an old airport where high-rises and cranes are sprouting up like weeds.

      This thriving metropolitan area has something for everyone and U.S. visitors will feel at home. Two shopping centers, Multi-Plaza and Multi-Centro, feature department stores, cinemas, food courts and many US restaurant and retail chains. Existing and new high-rises meld together nicely with older buildings and homes. Housing alternatives range from U.S. suburban-style homes to high-rise oceanfront condos to restored and funky colonial neighborhoods. Here are some popular areas in metropolitan Panama City that offer opportunities for value appreciation.

      Unique urban environments:

      Casco Viejo and Amador Causeway

      One neighborhood of particular interest and charm is the Casco Viejo (Old Quarter), a neighborhood once neglected and run-down that is now being lovingly restored by both Panamanians and foreigners. Cobblestone streets and quiet plazas with churches and colonial buildings resemble San Juan (Puerto Rico) in early stages of redevelopment. The neighborhood, which is surrounded on three sides by ocean, is truly an historical and colonial oasis in a sea of modernity. Panama’s tourism minister calls this neighborhood home. Americans and other international second-home owners are renovating properties. Buyers here should be interested in the project of restoring an old building rather than flipping a property. The neighborhood is still a work in progress, so don’t expect to have a sanitized look and feel. Besides the charm, the major benefit is location. The Casco Viejo is in the middle of Panama City, with easy access to almost anywhere, and breathtaking vistas of the evolving skyline on one side and ships entering the Canal on the other.

      The Amador Causeway is a narrow strip of land connecting several islands built on material dredged from the Canal during construction. The causeway was previously “off limits” to Panamanians when the Canal was under U.S. control but is now prized real estate. It’s a recreational hotspot during the weekend, with outdoor cafes, discos and shopping. The one highway that goes along the causeway is studded with palm trees and pedestrian walkways, providing breathtaking vistas of the city and canal. Land is limited in this area, but several new construction projects are under way there and offer views in all directions.

      Urban living: Punta Pacifica

      and surrounding central-city areas

      Punta Pacifica (a former airport) is new, with every square inch of land under construction. It offers new high-rise developments from major and well-known multinational developers, with spas, marinas, penthouses and other amenities that make it seem like a mini South Beach in Miami. The newer projects offer parking and high levels of security. The buildings are all striking and the area has an exclusive feel to it, although it is short on sidewalk and street life. But it has easy access to nearby downtown and entertainment, health care, restaurants and anything else you can imagine. Prices tend to be steep in this neighborhood, with many of these condos pricing out at the top luxury level. It remains to be seen how this neighborhood will look and feel when completed; but it appears to be on the rise—in more ways than one.

      Buyers who want to be near Punta Pacifica but seek a more established neighborhood may opt for nearby Punta Paitilla, where buildings are older and the area is more established, with tree-lined streets and more affordable prices.

      Another main artery with easy access to Punta Pacifica is Balboa Avenue, which is Panama’s version of Michigan Avenue (Chicago), Sunset Boulevard (Los Angeles) or Park Avenue (New York). It’s the city’s main drag, with the ocean on one side and high-rises on the other. It connects Punta Pacifica with Casco Viejo and all points beyond. Several parks line the waterfront with a nice walking area. Parts of Balboa Avenue might look run down with old warehouses and buildings—but looks can be deceiving. These vacant and under-utilized properties will soon transform into modern and attractive high-rises, with oceanfront views of ships and boats and a world-class skyline within walking distance to nearly every possible amenity. This high-profile area is also definitely worth a look.

      Costa del Este:

      Suburban living in the middle of it all

      The stretch of road from Tocumen Airport to downtown Panama City is a well-planned area with a U.S. suburban-style feel. The showcase neighborhood, Costa del Este, which is the brainchild of a prominent Panamanian business family, can be reached via a couple of exits clearly marked from the Corredor Sur. It is split down the middle by the toll road (Corredor Sur).

      This neighborhood contains subdivisions with attractive tract-style homes, complete with garages, yards, sidewalks and pools. It could be in Anywhere, U.S.A. Several multinational businesses have set up headquarters in this area, with expansive office parks and parking lots. Several private international schools catering to a variety of ages are nearby. A large park is centrally located with many other adjacent green spaces.

      Costa del Este also offers high-rise living, for folks who want ocean views and accessibility but not the congestion of other areas closer to Panama City. The new high-rises, nearly all of which are under construction or in planning stages, line up along a nice stretch of ocean called Paseo del Mar—the area is being dubbed as Panama’s Ocean Drive. When complete, this will be an attractive area that will be lively and convenient but with a suburban feel to it.

      The area has strict zoning for commercial, residential, industrial and high/low density. New projects are selling fast. Costa del Este will be built out in the near future, but plans exist to build new neighborhoods nearby that include more single-family homes, golf courses and other amenities that will satisfy buyers who want the “U.S. suburban” feel. As Costa del Este expands and prices escalate, development will stretch all the way to the international airport along the Corredor Expressway. The next hotspot in the region is the highly publicized Costa Sur.

      Downsides of Panama City—“reality check”

      Not all is perfect in Panama City, nor are we out to paint an unrealistically ideal picture of Panama City (or anywhere in Central America). Here are a few things to consider. These observations are not meant to take the wind out of your sails, but rather to serve as a “reality check.”

      While it is easy to find properties with an ocean view or ocean front, keep in mind that, by and large, the water surrounding Panama City is not safe for swimming and tends to be polluted. Although plans are under way to clean up the Bay of Panama, you will find that the dramatic tides that occur in the afternoons and evenings expose unsightly expanses of rock and mud that produce an unpleasant smell. You will soon realize that the Bay of Panama is by no means Miami Beach.

      Panama City is inspiring and has a modern feel to it, but bear in mind that Panama City is not a U.S. city, and you will find some distasteful trappings associated with the third world, including blaring horns; cars badly needing mufflers; buses, СКАЧАТЬ