Since I’ve been in the business of Panamanian real estate for more than a decade, I have seen a lot of promotions come and go.
These incentives will normally include something extra in the deal for buyers. On occasion, it has included offers as simple as upscaling the French sliding doors from the living room to the balcony. Other times, it has been cutting the price on units that, for whatever reason, have not been claimed in a building that is mostly sold.
Incentives normally last for a short period and they usually are the result of multiple factors. A new building is ready to break ground and its older sister building has a few units left unsold; more projects than usual have started for a builder and they want to finish an older project and move workers and the focus elsewhere. Then, there are always a few odd-shaped units that are perfectly wonderful but only for a small audience. I always liken those units to size zero clothes. There are only so many people who can wear a size zero!
I have a lot of investors who wait for really good promotions and upscale sliders are rarely enough. They look for ones that make a real financial difference because they are mainly interested in the return on investment (ROI) and are rarely going to be the occupants. They know the builder is probably taking a loss just to move property. They can rapidly figure if the opportunity is one that will fit in their portfolio. I’ve made a lot of calls that have started with the line: “There are just a few units left and I can go as low as …”
Royal Palm is a stunning building shaped like the hull of a ship with two towers connected through open-air common space on each floor. It is absolutely beach front, located on the shores of the Pacific Ocean. The list of amenities are some normally reserved for buildings with a much higher price point. Five pools, including an infinity pool that overlooks the ocean, multiple social areas, 24-hour security and wrap-around balconies with the option of combining units for larger families.
I love this building and not just because it has been one of Panama’s fastest selling complexes. I like the way the reception area pays homage to the rich history of Panama, by installing tiles unique to the old capital city, Casco Viejo. I also like that it is only 50 minutes from Panama City and yet, it seems like a different world. Breezy, peaceful, relaxed and laid-back.
Royal Palm is perfect for both individuals who plan on living in their units as well as investors seeking to rent their property. The building has always been reasonably priced (especially for an absolute beach-front location) and the units have been selling at a steady pace ever since the project was announced. Therefore you can imagine my surprise when I received the news that a special promotion was going to be placed on all units in Royal Palm.
I can’t provide exact pricing here but imagine units costing between $181,000 to $445,000 and a financing plan through the builder with interest rates ranging between 0.75% and 4%! I did the math and with a certain percent down, investors would need to rent their units for only one day a month to have their costs covered. I’m all for letting someone else pay my mortgage!
Taking a family to spend only one night in a hotel at Disney World could be more expensive than the monthly mortgage payment on something that you would own. I know air fare to Orlando is inexpensive from most US cities, but did you know round trip direct flights from Miami to Panama City only run about $250? From Ft. Lauderdale, a round-trip ticket goes for as little as $166 and a flight from Hartford is only $247.
I don’t know how long this promotion is going to last, but I can say it’s the best I’ve ever seen in more than a decade of selling real estate in Panama. There are only so many units unsold. This promotion is the result of several factors coming into play and I’m pretty stoked. I can’t wait to discuss various packages I can put together for investors and owners at Royal Palm.