Читать книгу Cashing In On a Second Home in Central America: How to Buy, Rent and Profit in the World's Bargain Zone - Tom Hammond Kelly - Страница 11

U.S. efficiency … with a Latin soul

If you have traveled abroad, you know the routine … Get off the plane, hot and restless, dump your bags in the room and then check with a local—perhaps a cab driver or a hotel clerk—about his favorite place to grab a bite to eat. You discover this wonderful, cool refuge tucked away in a back alley and immediately request … bottled water! The initial inquiry in any far-off place is for that prized, sealed-top liquid that not only satisfies a thirst but provides a sense of security and reliability at the same time. In most places in Panama, your waiter or host will enthusiastically interject that you absolutely can drink the water that flows from the Chagres River, a key tributary of the Panama Canal watershed. A popular old saying is often repeated: “Once you drink water from the Chagres, you will return to Panama.”

For many second-home seekers who have toured this intriguing country, a new saying has surfaced: “Once you see the variety of affordable real estate, you will run back to Panama.’’

The Panamanians are a proud people, and the fact that the water is drinkable is a fitting metaphor for their country. This small, Central American nation feels comfortable to foreigners, especially North Americans, who seem more preoccupied with the quality of drinking water than visitors from other parts of the world. In fact, Panama is perhaps the only Latin American country where you can indeed drink the water and not worry about a negative outcome. The nearly 100-year presence of the United States in the “canal country” has produced many dividends, including an excellent water purification system that is the envy of neighboring countries.

As a second-home market, Panama is appealing for individuals looking for a hybrid of U.S. efficiency and a Latin soul, combined in an intriguing mix that offers both comfort and adventure. From the moment you step off the plane at the modern, bustling Tocumen International Airport, located approximately 30 minutes from Panama City, you know that you’ve arrived in a region that is unique in Latin America. A divided four-lane highway whisks you into the suburban sprawl of Panama City, complete with freeway exits, strip malls, high-rise buildings housing a variety of corporate regional headquarters and expansive manicured homes and gated communities that resemble Miami more than any other city in Central America. Panama City’s dramatic skyline appears along the coastline, with construction cranes everywhere. The familiar feel of the U.S. permeates the infrastructure, yet with a distinctive Latin American flair that is carried by the culture and its people. For example, you will pay your taxi driver in U.S. dollars—and your change will be delivered in U.S. paper dollars by an instructive driver eager to point out how closely the local coins, called balboas, resemble U.S. currency and carry the same value (but won’t work in soda machines back home).

The buzz about Panama—an inexpensive, fascinating second-home market—has turned to boom. North Americans are visiting in droves and buying property. The buying interest has expanded outside of Panama City, to what is called the “interior” that includes mountain highlands, colonial towns, beachfront developments, islands, gated communities, and suburban-style developments. There are now developments, properties and estates to match any taste or budget, from an affordable view condo ($100,000 in 2007) in downtown Panama City to multimillion-dollar homes on the beach.

All properties have one common denominator: they can be purchased at a fraction of the cost you would expect to pay in the U.S. The cost often is the prime reason for rationalizing a Panama purchase, however, the ultimate decision to buy is bolstered by the stable government, a dollar-based economy, impressive government incentives, friendly Panamanians who are accepting of Americans, the low cost of living, a lack of natural disasters such as hurricanes and a country that truly offers (along with Costa Rica) the most “U.S. style living” in Central America.

Paul McBride, chairman of the real estate committee for the American Chamber of Commerce in Panama (www.panamcham.com), was educated at the University of CaliforniaBerkeley and then spent 12 years in Alaska. He first visited Panama more than a decade ago and immediately fell in love with the country because it reminded him of a “tropical Alaska” with beautiful coastal mountains, fertile waters teeming with fish, abundant wildlife and lush rain forests … and better weather.

“Having witnessed Alaska blossom during my stay there, I immediately saw that Panama had the same, if not more, potential,’’ McBride said. “More than anything, it was the business opportunities that intrigued me most about the country.’’

McBride is now director of Prima Panama, a research and marketing company that helps investors and consumers better understand the nuances of buying and living in the country. The company completed an extensive survey of its members to determine their motivations, attitudes and preferences detailing the process of considering Panama as a place to buy or invest. He is also part-owner of a tour company, Panama Travel Experts (www.panamatravelexperts.com).

“The overwhelming majority of people looking for real estate in Panama have one primary motivating factor—the low cost of living here,’’ McBride said. “This motivation transcends all economic and demographic categories. Everyone is seeking a less expensive place to buy and to live. Fortunately, Panama does truly offer a much lower cost of living and the quality of life is as high as I’ve ever experienced. Although real estate prices have risen significantly over the past two years, they are still a bargain compared to the U.S. or Canada. When you combine the cost of living, the great lifestyle, a U.S. dollar-based economy, a stable government, low crime rates and fabulous weather, you have a country that offers a lot to North Americans seeking an alternative to their home country.’’

According to Prima Panama’s research, the motivations vary for North Americans buying in Panama. The survey revealed that the market can be divided into three groups: primary residents, second-home buyers and investors. Each category has different objectives and, curiously, each category buys in different areas of the country. For example, primary residents tend to cluster in the mountain areas near the border of Costa Rica, where the climate is mild and larger numbers of foreigners reside. Second-home buyers generally look to the beach areas, where they can get an oceanfront condo with rental potential. Investors concentrate almost exclusively in Panama City where an unprecedented construction boom is under way.

“If I were to give any single piece of advice to someone looking to buy or invest in Panama, it would be to remind them that Panama is a developing country and it’s not just the U.S. or Canada in the tropics,’’ McBride said. “Things do not operate the same way here as they do in the U.S. and Canada and you can’t expect the same safeguards as you have in those countries. I often tell people that Panama has one of the highest levels of personal freedom in the world. However, with that freedom comes personal responsibility. If you do something stupid, don’t expect anyone to bail you out.

“We believe that if provided enough information, most people will make a rational and informed decision. However, information can be a precious commodity in Panama and it’s up to the individual to seek out as much as possible before they make their decision. The advice, then, is to do your research, trust but verify and be prepared to take life slowly. But in the end, isn’t the slow pace of life what we’re really after?’’