All of life is a balance. There are days when I am so busy I forget to eat. There are other days when I worry about why my phone isn’t incessantly ringing.
It’s the nature of the real estate business and it can make you crazy! It’s not always easy finding that perfect piece of property for each individual client at an exact time.
Sometimes you are not busy and you have too much inventory. Other times, inventory is low and it seems all clients are looking for something you don’t have or for the same thing. This is when balance and patience are true virtues.
A Slow Time
Things have been slow lately. For the past few months, the economy in the United States has been stagnant after enjoying a very rapid rise with the stock market. It’s the rainy season in Panama and most days we have rain prompting many expats to take vacations elsewhere. The European Union is in turmoil with Brexit, Germany is experiencing challenges over immigration and other EU countries are currently struggling with internal issues. Not as many people are retiring as predicted and global business in Panama is exploding with growth.
All these factors, some of which seem contradictory, have contributed to a slow period. The explosion of local global growth has caused exhausted inventory in Panama, while expats are distracted. All of this also provides great opportunity, but you need balance.
The Arcadia Option
I was thrilled to hear we anticipate breaking ground this year on the Arcadia residential complex in Costa del Este. This 46-story residential building offers one and two-bedroom options and is the first building in the area to be granted a license for short-term rentals. With an on-site management company, it’s very attractive for an investor looking for strong return on investment (ROI).
Arcadia also helps me provide options for executives moving into the area looking for both rental and owned residences. Young, middle-class Panamanians working in the area seek similar options as well. Now that work permits are being secured and ground-breaking is around the corner, I have great inventory for everyone to consider. Before, while Parkside is similar and an immediate option, there has always been limited inventory and small differences in the two buildings.
A Perfect Location
Arcadia’s location is perfect. It’s about a two-minute walk to Town Center which has everything from great retail shopping to wonderful restaurants. The new Johns Hopkins international affiliated hospital is under construction there and scheduled to open in 2020. While there is also a JW Marriott hotel being built into the Town Center complex, there will be many individuals seeking medical treatment who will prefer renting in Arcadia. They will have kitchens and all the amenities of a hotel with attractive longer-term options.
Social events happen most days in Costa del Este and the green space is perfect for a healthy, active lifestyle. Of course, because ground hasn’t broken, there is great pre-construction pricing on the Arcadia project. You can build sizable equity by committing to the project early and waiting to take possession. For more information, you may go to my website: https://www.lizlarroquette.com/arcadia-2/#
Inventory In Panama City!
It has been a long time since I had good inventory in the city center of Panama City, but we recently heard a residential project has been green lighted more quickly than anticipated. The city has been working on an $8 million upgrade that will result in improved infrastructure, new roadways and an open-air pedestrian mall with restaurants and retail. The new mall will be ready for Pope Francis’ visit for World Youth Day in January 2019.
In conjunction with that government project, a two-tower residential complex has been approved for construction. One tower will serve as a long- and short-term rental building, providing investment opportunities and the other will be for owner occupancy in one of the most upscale areas of the capital city.
Investment opportunities in this building are not even being sold, but individuals can secure a spot with an “interest option”, with terrific pre-construction pricing and the opportunity to take advantage of several early discounts. Interest has already been incredible, so I am very excited about having that inventory to offer clients.
Stunning Royal Palm
Many people are interested in the beach and while I have had some open units in Casa Bonita, which is located just fifteen minutes from Panama City, we have almost sold the entire building. There are some discounted units left in Casa Bonita, but I’m excited to announce an exciting new beach-front property, Royal Palm! Occupancy permits for this property, located in Nueva Gorgana, will be issued soon.
It is imperative for clients to know what they are looking for and what things are negotiable or non-negotiable. It’s my job to listen and weight the options. I know where units exist or where they are going to exist. There might be a unit in an essentially sold-out building, but for whatever reason, one or two units are still available at terrific pricing. I know Panama real estate!
If you want beach-front, there is no reason to discuss city living. Some individuals may need something right away because they have a family, some are investors who can wait and others plan on living 365 days a year in a unit and want it now. I’m just happy inventory is loosening up and there are deals to be had.
When the US economy is booming, people have money and when it’s not booming individuals have more opportunity for discounts. It’s all about balance! Take a look at my website for more information and don’t forget to call or drop me a line. https://www.lizlarroquette.com/