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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СКАЧАТЬ fumes; potholes; and occasional slums. Lack of zoning can sometimes create a hodgepodge that is unsightly and makes you realize that Panama is not the paradise you may have been led to believe. Some parts of town look and feel like any other third world country.

      Panama City is large and fast-paced, but things can move slowly and are unpredictable. Rush hour can triple or quadruple your travel times. In general, service tends to be slow in Panama City (and all over the country for that matter). Simple errands can take what seems to be an eternity. We offer the disclaimer that Panama—like most places in Central America— is not for the “faint of heart.” An adventuresome spirit is needed, along with some flexibility and understanding that despite similarities, it is not America.

      Outlying areas of Panama City

      While Panama City is surrounded on all sides by water, there are no real beaches. This is due in part to tides and pollution (which will be addressed by a multimillion-dollar clean-up effort in the future by the government of Panama). If you want to live on the beach and still make day trips to Panama City, the area prime for development is the Pacific beach corridor 60 to 90 miles west from Coronado to the former Rio Hato Air Force Base. This region is referred to by some as the Costa Blanca and by others as the Arco Seco, or Dry Arc of Panama, named for its infrequent rains in the summer months that can pour on nearby Panama City. This coastal area begins at Coronado, an upscale beach area popular with Panama City residents, which is built up with single-family residences, condos and other services.

      Further up the coast, several new projects on the ocean offer anything to match taste and budget. This is an area that is still a work in progress, so don’t expect to find the amenities that you would find in Panama City (two hours away via divided highway). The ocean here is cleaner than in Panama City, but it comes with often treacherous waves and periodic dramatic tides.

      A few all-inclusive resorts cater to tourists, and the master-planned communities are spectacular for anyone looking for oceanfront living. Developments such as Vista Mar and Buenaventura boast world-class golf courses, oceanfront homes at amazing prices, and landscaping, ambience and development that give them an upscale feel. As in many locations in Panama, the heat and humidity can be intense, but this is your best bet for oceanfront living within a manageable drive to Panama City. The surrounding topography is varied and diverse, with interesting small villages tucked away in the mountains. A drive up the mountains takes you to a cooler climate, with several developments taking shape that cater to second-home buyers. An area called Valle de Anton is especially interesting and charming. It features a weekend craft market that draws in day trippers and tourists from Panama City. This area offers outstanding beauty in a mountain setting with easy access to the beach and Panama City. The 2-hour drive to Panama City is the downside. In the coming years, this region will have more ample shopping and services but, in the meantime, it is limited.

      Island living close to Panama City

      Within an inexpensive 10to 20-minute plane ride or two-to three-hour boat ride from Panama City, there are over 90 islands that make up a chain called the Pearl Islands archipelago, made famous by the television show Survivor that was filmed there. These islands all feature exclusivity and remoteness, yet they are a stone’s throw from Panama City. The most famous of the islands is Contadora, an exclusive enclave 50 miles from Panama City that is home to famous leaders, writers, entertainers and businessmen and where the Shah of Iran lived in exile. Several hotels, restaurants and other services make it an ideal hub for exploring the rest of the islands. Taboga, or “Island of Flowers,” is also a well-known island only 45 minutes by boat from a marina on the Amador Causeway (there is frequent daily commercial service to this island).

      These islands are the stuff of travel-magazine cover photos: beautiful waters, white-sand beaches with secluded coves, reefs, tropical flowers and boats passing by on their way to or from the Canal. While Contadora and Taboga are the most famous, development is happening on other islands, such as Saboga, which boasts a second-home development that resembles eco-friendly tree-houses. Golf carts replace cars. Folks leave their doors open. You get to know your neighbors. The beaches contain reefs and protected swimming waters, a rarity on the Pacific side of Panama. These are places truly to get away from it all. Due to their proximity to Panama City and beautiful settings that feel a world away, this is an area to watch. It is truly a unique second-home destination. Think of it as living in Hawaii within a stone’s throw of a small, tropical Manhattan.

      Boquete and Chiriqui highlands

      Any and all of the Panamanian stereotypes will go out the window from the moment you arrive in Boquete in the province of Chiriqui. Dubbed by a local American developer as the Aspen of Latin America, Boquete sits nestled in the cool higher elevations at 3,500 feet, where daytime temperatures never rise above 85 degrees and nighttime temperatures dip into the 50s. Neither heat nor air conditioning is necessary here. The sun makes a dramatic appearance daily, but cool and frequent showers called bajareques sweep this valley, resulting in dramatic foliage of all flower types, which would be sold at a premium at a local U.S. nursery but grow wild here. Exotic species of birds live in these elevations, and every kind of food imaginable grows in the fertile lands. For many it truly is paradise with an eternal spring-like climate.

      Boquete is an escape from the sometimes oppressive heat found in other regions of Panama. This sleepy pueblo was relatively unknown and had the reputation of a coffee-growing village with backward ways. But this all changed when an American developer moved there with his Panamanian wife to relax and enjoy life. While on a horseback ride in the mountains, he discovered a beautiful valley on the edge of town and began to ponder why Americans didn’t live there. Sam Taliaferro, a U.S. technology entrepreneur, built an American-style master planned community called Valle Escondido, complete with a pedestrian-oriented town center, golf course, town homes, single-family homes and other amenities along side a raging river that can be heard from all parts of the valley. One of the first gated communities in Panama, it became an idyllic place with a Disneyland-like atmosphere. It is a captivating area that somehow seems to fit on the outskirts of a charming Panama mountain village.

      Valle Escondido began the Boquete revolution that has inspired dozens of other developments in and around Boquete. Thousands of homes designed for foreign second-home buyers will be under development in the coming years, complete with golf courses, hiking trails, community centers and other amenities, prompting this region to become a tourist mecca. Within a few hours’ drive, you can hike a volcano, experience a jungle canopy tour, explore coffee plantations or relax in Boquete. The entire area is banking its future on residential tourism and the economic benefits that it brings. Prices are jaw-dropping in this somewhat remote area of Panama. There are only a small number of foreigners living here (a future boom will bring many more) so now is the time to discover this corner of Panama, before it gets uncovered.

      Boquete, which is sprouting new restaurants and hangouts, is only a short drive from the border of higher-priced Costa Rica, and a six-hour drive from Panama City. Its charm and remoteness is also its liability. To arrive in Boquete from the United States is a travel odyssey, requiring a flight to Panama’s Tocumen International Airport, then a transfer to the domestic airport (Albrook), a 30-minute taxi ride away (without traffic). From there you must take a puddle jumper, which has baggage weight restrictions, for a one-hour flight to Chiriqui’s capitol, David. But wait—you aren’t there just yet … an additional 45-minute drive up the mountain is required from the uninviting town of David to Boquete. In other words, the remoteness of Boquete will never result in it becoming a jet-set location like Aspen. Nonetheless, many Americans are finding their retirement and second-home dreams come true here. The American Association of Retired Persons (AARP) magazine Modern Maturity and Money Magazine have recognized Boquete, and you should check it out too.

      Master-planned communities СКАЧАТЬ