Special Opportunities in Real Estate
In Panama, real estate developers do the same thing in the same area over and over and over and over again, until finally the market is over-built and, after bidding up the price of land to astronomical heights, over-priced. Opening new areas of the nation where land was once much less expensive typically has been left to expatriate developers. Developments in Bocas del Toro, Boquete, and Pedasí offer examples. Opening up new areas is the road to the big profits, not just to developers and promoters, but to the nation and its people as well.
Panama Wave is not simply interested in real estate. We also have longer-term interests in IT and other areas. However, we do take note of any real estate that has the potential represented by low land prices, combined with access. That "access" may mean the international airport and Panama City's amenities, or it might mean access to the beaches and mountains of the west or another area as yet unpromoted. We choose the most attractive offers to work with. Here are two different examples.
Lake Bayano – Aguas Mansas
Although Panama Wave S.A. is not a real estate agency and has no intentions of becoming one, we have made a one-time exception for a very special property. For a decade, Panama Wave has researched and been otherwise active in an area to the east of Panama City. As a result of that background and the connections we have made, the Panamanian owners approached us and asked us to represent them on an exclusive basis. Knowing the property and its surroundings well, we immediately agreed.
The “gem” of Panama, Lake Bayano, has been ignored, but that is now changing and its potential becoming clear to those who take the time to understand the area and “do the numbers”. A decade ago, very few people had even visited the lake, despite its proximity to Panama City. A lack of development and poor road infrastructure did not help, so despite its 350 square kilometers (135 square miles). the lake was largely unknown
Today, the infrastructure has greatly improved and is being expanded. Travel to the Lake has become a comfortable journey and a short one. The opening of the Bayano Caves to tourists has introduced the lake to several thousand Panamanians and expatriates.
Lake Bayano is at its “tipping point”, but there is one problem for an investor. Only one property has access to a paved road and other amenities, substantial waterfront (2 miles or 3.2 kilometers), and is truly beautiful. We represent that property.
Take a moment to read the details.
San Felix, Chiriquí
In this case, we do not serve as an agent, but we are helping with marketing this property. We do it a little differently. We set up a site for the client. It is meant to be attractive, but simple and providing the basic information needed by someone with a million dollars or more to spend on land in Panama. We do an English version, a Spanish version, and in this case, a Chinese version. We watch our traffic and when we see people coming in from a different language area, we add a new language version. In this case, we have added a French version. We know that many people can read English and/or Spanish but appreciate seeing it in their language as well. In addition, it makes it easier for them to share the site with their associates who may have more difficulty with English and Spanish.
We use experienced professional translators in all cases. For these languages, we hire people we have worked with before and who have done excellent work. When messages arrive in a language with which we are not fluent, our translators provide an accurate translation of their message, and then provide an accurate translation of the response our client chooses to make. If it takes six languages, we do six languages.
Of course this adds to costs, but not as much as you might think. More importantly, it reaches a much greater market than a simple ad in Spanish and English buried among hundreds of others on a Panamanian real estate web site. If you do not reach out to other markets, you will not connect. Our sites than can be pushed on social media as well. When the original contract is completed, if the property is not yet sold, then we can continue the support for a modest cost, or we will turn over the entire site to the client. In other words, we manage the site, but the client owns it when we are no longer needed.
There is a lot more to this, but you can always contact us if you're interested. We prefer properties that are "special" in what they offer as mentioned at the beginning.
For the moment, take a look at the San Felix site.