Saturday, May 30, 2009

For Sale: My Beloved Condo

Where else in the world could you own a titled oceanfront condo on 16 miles of Pacific Ocean beach? As you know from reading my previous blogs, I fell in love with this breezy part of Panama's coastline several years ago. I feel privileged to live here and love sharing Playa La Barqueta with friends (known and yet to be known). Since I plan on spending the rest of my life here, I took the "plunge" last week and bought a beach house one mile west of the condo. By owning a bit of property around the house, I'll be able to landscape, plant a small garden, start a compost pile (to feed the garden) and gaze at stars from an enclosed porch. It sure seems like a good time to invest before Playa La Barqueta properties sky-rocket in price. I am offering the following two properties for sale:
1. Las Brisas Del Mar #101: It's a downstairs corner unit that is right next to the Las Olas Resort. Because it's so close to the Resort, it feels like I'm on vacation every day. It's totally furnished, monthly condo fees are $215 (includes high speed Internet, water, garbage, pool maintenance, maintaining condo grounds, etc.). The porch/side windows face the Resort gardens rather than another condo. My electric bill is around $60 (I don't use much AC). If someone bought this unit, they could literally rent it out or move in the next day. Two websites: and will give you an idea of what the Las Brisas Del Mar condos are selling for.

2. La Estrella Del Mar #3-7A with a pre-construction price of $250,000. I bought unit number 3-7A. It's in the middle building on the 7th floor (the middle building is 9 stories, side buildings are 8 and 7 stories). I have included a conceptual drawing above. Pre-construction prices on the 7th floor were $374,000 last year. With the drop in the economy, a 7th floor condo was offered to me for $250,000 in November, 2008. If you wanted to buy that same pre-construction condo 7th floor condo today, the price would be $300,000. I need to sell my interest ($37,500 down payment) ASAP in order to buy the beach house. Once they "break ground" in a few months, another payment of $37,500 would be due. After the building is complete (roughly 2 years), a third payment of $37,500 would be due along with securing a mortgage or paying it off with cash. My plan was to "flip" it at that point (for $350,000), and make around $237,500 (to pay off my Las Brisas Del Mar condo).
So my plans have changed.... perhaps to your advantage!

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