Buying Real Estate At Auction In Panama
Going Once, Going Twice…Panama’s Best Buys On The Block
July 7, 2009
Panama City, Panama
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- Tax Issues Of The American Abroad...
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Dear Overseas Opportunity Letter Reader,
As we've reported, the Panama property market has taken a turn. Values aren't crumbling, as they are elsewhere in the world, but properties aren't selling the way they used to, either.
In the Golden Age of Panama's recent boom, buyers were plentiful. Sellers asked ever-more-inflated prices...and got them, usually in short order.
No longer. In the current down climate, sellers are beginning to recognize that they need to be negotiable...and patient. Properties can sit on the market for months. Owners who don't have months to wait for a sale are getting creative. As Editorial Assistant Rebecca Tyre explains:
"A friend, William Burrall, put his heart and sweat into renovating an old beach house on Panama's Azuero peninsula. He learned how challenging it can be to undertake this kind of project in this relatively remote region of this country, but he kept at it. And, after more than a year of effort, William now has a beautiful house on Playa Uverito to show for his hard work and perseverance.
"William has been in Panama for about three years. His renovation project complete, William has decided he'd like to see more of this part of the world. His plan is to take off for parts unknown throughout Latin America. But he still owns the beach house near Las Tablas...
"Instead of waiting for a buyer to find him in the current market, William has decided to take his house to the buyers. He's staging an auction.
"This is a new idea in this country. Banks in Panama often auction repossessed properties, but never before has a private seller undertaken an auction on his own.
"Here's your opportunity: On Saturday, Aug. 1, William will auction off his beach house, including most of its contents (that is, mostly furnished). William has set a minimum opening bid of US$100,000. It'll be open bidding, with the house going to the highest bidder providing the reserve has been met."
We'll remind you closer to the date and then report back to let you know how Panama's first private seller auctions turns out.
Meantime, if you would like to find out more about William's house in advance of the auction date, you can contact him directly at wrbflboy@yahoo.com.
Kathleen Peddicord
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