When I speak with people in the States, they often tell me they aren’t sure what day it is as days tend to blur together given the current pandemic restrictions. I have to laugh because here in Panama, everyone absolutely can tell you exactly what day it is. For the last few months, women could only move freely for a couple of hours on Mondays, Wednesdays and Fridays. Men could do the same on Tuesdays, Thursdays and Saturdays. Everyone stayed home on Sundays. We knew what day it was!
But those restrictions are being lifted next week lifted and then everyone can be out, for as long as needed, on all days except Sundays. A curfew goes into effect at 7:00 pm Saturday and lifts at 5:00 am on Monday. That may sound strident, but seriously, most of us are enjoying that time just to center and breath. We’ve all been through a lot and getting back to a somewhat normal existence is going to be so spirit-lifting!
Tocumen Scheduled To Open October 12
Another great announcement came when we heard plans have been made to conditionally open Tocumen International Airport on October 12. Of course, that depends on Panama not experiencing a set-back with the virus, but things look good. Once all international travelers and not just those with Panamanian residency, are allowed to travel they will immediately experience a difference.
Masks will be mandatory to enter and required to stay on at all times. Temperatures will be checked and social distancing will be enforced. Special deep cleaning is currently happening and additional cleaning will be in effect after opening. Get comfortable with technology because everyone will need to board electronically without physical contact with gate agents or any other airport employee. Even passports will be read from a distance. But, no problem—we’ll once again be able to travel! If you want more information, go to this website: https://www.copaair.com/en/web/us/coronavirus-updates for all the details.
Construction, Sport Fishing Opened
On September 7 construction and related activities (engineers, architects, project managers, contractors, moving services), Panama Pacifico, Colon Free Zone and other free trade zones, private ship docks and sports fishing, tailor shops, shoe shops, and carwashes all resumed operations. We are coming back, but we will never be the same.
Construction and related activities (engineers, architects, project managers, contractors, moving services), Panama Pacifico, Colon Free Zone and other free trade zones, private ship docks and sports fishing, tailor shops, shoe shops, and carwashes will resume operations
This time has helped everyone rethink how they want to live. More and more Panamanians and ex-pats seem to want to go back to the beach. I’m hearing from more people who want to focus more on family and down-time. After my last blog, we sold every remaining two-bedroom unit in Coronado Golf, except for the residence on the seventh floor. Granted, the units were very well priced and the cost for that one remaining residence is still very attractive. With $33,000 down and developer financing at 4%, your interest payment would only be $471 a month. On-site property management would make it easy to secure a long-term renter to cover the principal and financing. Maybe, because people are wanting to come to the beach, you could just rent it short-term and make even more on your investment.
Pretty much the same thing happened at the ocean-facing Coronado Bay tower. We have a single one-bedroom unit left and the only four-bedroom residence in the entire development is also unsold. The one-bedroom there comes fully furnished. The price is $200,000 and with $40,000 down and developer financing at 4%, the monthly finance charge would be $570. It’s a great opportunity available only because the world has endured a pandemic. I never thought I’d write those words!
It’s A Four-Bedroom Oddity
The four-bedroom unit is an oddity because it was organically designed to be part of the administration, but that square footage wasn’t needed and it was redrawn to be a larger family unit. Grandparents, kids and grandchildren, maybe guests coming to visit. I’ve always thought it should be a “Golden Girls” home where older single women supported and lived together. Whatever, at $365,000 each Golden Girl could have a bedroom for around $90,000. That would be directly on the Pacific Ocean. Calling all Betty Whites!
The twin-towers of Royal Palm continues to appeal to Panamanians, ex-pats and investors alike. The 754 square foot one-bedroom condominiums are selling for $175,000 and with 20% down and 4% developer financing, securing an ocean view home with five swimming pools, direct beach access and all the amenities is a sweet deal. There are a few of the larger units still available, but not many, mainly because the big wrap-around balconies provide stunning Pacific Ocean views and developer financing can be negotiated down to less than 1%.
Good Ways And Bad Ways
The pandemic has changed things in both good and bad ways. I’m beyond thrilled we soon will be able to walk about on any given day. I will admit that a few times, I’ve had to talk my way out of a jam being out on “man-days”! I’m tall, somehow I thought I could get away with it!
I’d love to chat with you if you think you might want to invest in any of these great deals. It’s exciting to get families and others in a fabulous residence at an even more fabulous price. Just give me a call, or drop me a line!