Nov. 5, 2009
Los Islotes, Panama
PLUS:
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Amongst vistas of nearly indescribable beauty, you can
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Dear Live and Invest Overseas Reader,
Lief and I have seen a lot of beaches. Over the 25 years we've been covering this beat, we've tromped sandy stretches from Nicaragua to Belize, from Uruguay to Ecuador, from the southern coast of France to Portugal's Algarve, from Morocco to China, from Turkey to Vietnam, from Thailand to Down Under, and many, many coastal spots in between.
Each has its appeals. But three years ago, when we set eyes on Los Islotes, on the west coast of Panama's Azuero Peninsula, we knew we'd found the beach that called our names, the beach that we wanted to include as part of our long-term "retirement" plans.
I could wax poetic about the way the surf crashes at the rocky shore and the far-reaching views of the Pacific Ocean from nearly any point on the property. I could tell you about the swimming cove, the undulating hillsides, and the glorious sunsets (this is the only coast in all Panama where you can watch the sun set over the ocean). I could introduce you to the howler monkeys and the pelicans, the three little islands offshore (from which the property takes its name), and the fishing (said to be some of the best in the world). These are persuasive reasons to choose one beach over another. But, the truth is, I realize, Los Islotes doesn't hold the monopoly on any of these things. Other beaches other places in the world also boast frothy Pacific surf, dramatic cliffs and peaceful coves, abundant wildlife, great fishing, and jaw-dropping views.
Lief and I have bought beachfront property in nine countries and counting. These are all places where we've enjoyed spending time and, at the same time, where we've seen a reasonable or better return on investment. Los Islotes is different. We're not getting in and getting out, and we're not simply holding on for capital appreciation either. At Los Islotes, we're committing more personally and very long term.
What's the difference?
First, Los Islotes is in Panama. This means we're in the Central Time Zone (making it easy to stay in touch with family, friends, and business contacts in the United States), and it means our access to the wider world is via Panama City's Tocumen International Airport. From Tocumen, you're but a hop or two away from anywhere you might want to go. This airport is a key travel hub for the Americas.
Further, Panama is super foreigner-friendly. Foreign residents, retirees, investors, entrepreneurs, bankers, businessmen...we're all very welcome in this country that continues to roll out the welcome mat in the form of the world's best program of benefits for resident retirees, investor tax breaks, and incentives for business-builders.
Next, Panama's newly elected President Ricardo Martinelli seems more sincerely intent on engineering change for the better than any other politician we've known of anywhere. Maybe this is because Martinelli isn't a politician. He's a businessman, and he's running this country like he runs his very successful business enterprises. He's cutting waste and increasing productivity. The real winners of this breakthrough approach to government will be the good people of Panama. We intend to continue to count ourselves among them for a good long while.
Panama is unique in this part of the world in another way, as well. Its infrastructure isn't Third World. In Nicaragua, you never know when the lights might go out. In Ecuador and Honduras, you'll struggle to keep your Internet connection live. Belize has three paved highways (in the entire country). I don't mind these things as a rule and even find them charming in small doses. When I begin to think about the rest of my life, though, I admit it. I value reliability, ease of getting through the day, and access.
Panama boasts not only more developed telecommunications and better road infrastructure, but superior banking and doing-business support, as well. When you scan the world map in search of good options for where to keep your money, protect your assets, or conduct your business, again, you realize that Panama sits at the top of the list.
Look closely at Panama, and you see a clear path of progress. Pacific coastal property in this country has been developed (and, therefore, has appreciated in value) starting from just outside the capital city and moving westward. The Azuero Peninsula sits smack dab in this path. When Lief set out three years ago to find The Next Big Thing In Panama, he focused his search on this peninsula for this reason.
The western coast of this Azuero Peninsula, specifically, has two more things going for it. First, as I've mentioned, it's the only place in the country from which you can watch the sun set over the ocean, for it's Panama's only western-facing stretch of coastline.
Second, the west coast of the Azuero Peninsula sits in Veraguas Province. New President Ricardo Martinelli hails from Veraguas. I believe all Panama is going to benefit from Martinelli's time in office, including and perhaps especially the folks in Veraguas, his home province. Martinelli is speaking seriously of opening two new international airports in this country, including one, perhaps, that would greatly improve access to Veraguas and the Azuero Peninsula.
Lief and I have been watching what's going on in the world and, especially, back in the States over the past 18 months or so, just like everybody else. What will happen with the U.S. economy, U.S. investment markets, and the U.S. dollar long-term? What about debt, health care, and Social Security? We're Americans, so this is our frame of reference, and our thoughts can't help but turn to things like safe haven and escape. We've looked carefully at the options, and we've decided that, big picture, all things considered, for us, Panama is the answer. Specifically, the 1 kilometer of coastline at Los Islotes and the 750 acres that it fronts are our safety net.
They're also our project of focus for the coming decade. That's how long Lief figures it will take to build out the community he and his partners, David Stubbs and Robert Kroesen, have imagined. Remember, at Los Islotes, Lief and I, along with David and Robert and their significant others...we're not developing land so much as we're building our futures. We're businesspeople, yes, with, frankly, collectively, a great deal of global real estate investing experience. But out here on the Sunset Coast of Azuero Peninsula, more than a business, we're creating a new life.
The Los Islotes Master Plan calls for all the usual things you'd expect in a top-of-the-line private beachfront community--a gatehouse, a clubhouse, at least three swimming pools, stables, riding trails (David's daughter Sue Lyn is a serious horsewoman), tennis courts, a fitness center...plus underground water and electricity, central waste-water treatment, fiber optic cable for Internet, and 24/7 security.
But the plan at Los Islotes also calls for a Spanish colonial-style town with shops, restaurants, apartments, and a central plaza for daily strolling and nightly entertainment. Other areas of the property will be given over to individual homes, low-rise condos, casitas, and town homes, as well as a high-end boutique hotel.
As I've explained, Los Islotes figures as part of Lief and my long-term retirement plan, meaning we intend to build a house here where our children, our families, our friends, and our children's friends can gather for extended holidays. We want enough room for everyone.
And that's an important part of what Los Islotes is about--settling in. Here on one of the world's most beautiful beaches, on the coast of one of the world's most appealing, most welcoming countries, we intend to build a community that will allow for privacy, safety, comfort, and peace of mind.
Lief discovered Los Islotes three years ago. Why am I telling you about it in such detail today? Because only in the past couple of weeks has the plan for the community Lief, David, and Robert intend to build at Los Islotes become a formal go.
Here in Panama, land development is a more organized and regulated activity than in other countries in the region. Woe the developer who jumps the gun and begins building or selling before he's got the required government permits and approvals in hand.
Two weeks ago, Lief and his partners received their required approvals. They're officially now in business and prepared to move ahead quickly.
In fact, I have told you of Los Islotes before, when Lief and his partners were offering early investor opportunities. Some readers took advantage of the chance to join the developers at Los Islotes at the earliest stage, when, frankly, the level of risk was not insignificant. With every step Lief, David, and Robert take now toward realizing their development plan, the level of risk lessens...and the cost of participation will increase.
I'm writing today, therefore, to give you first-in chance, before Lief, David, and Robert take their next step and officially launch retail sales. You have, with this writing, a first shot at Phase I inventory. That means a first shot at the best lots and also at
significantly discounted pre-launch pricing.
Phase I of Los Islotes includes 142 lots, ranging in size from 1/4 to 4/5 of an acre. Most are in the 1/3- to 1/2-acre range. Of the 142 total Phase I inventory, 96 lots remain available as of this writing.
How can that be, if Lief and his partners have yet to launch retail sales? It's because they've had tremendous success with pre-sale offerings (including during Lief's Global Real Estate Profits Summit in Panama City last month). They've continued to enjoy good momentum even through the market downturn of the past year or so.
I've told you that Los Islotes is a beautiful piece of land. You'll need to come see for yourself to appreciate the full effect. An attendee from last month's conference who traveled out to see the property with Lief remarked, "If I consider these lots on a scale of 1 to 100, I'm choosing from among dozens of lots scoring 92 and 93."
Of the 96 lots currently available, 57 have ocean views. On the retail launch price list, ocean-view lots start at US$55,000; non-ocean-view lots are priced from US$40,000.
Frankly, US$40,000 for a lot of this size in the caliber of community that is being commenced at Los Islotes (with two private beaches, all underground utilities, and full amenities, including a Spanish colonial-style town as part of the property) qualifies as a screaming bargain.
However, I've asked Lief, David, and Robert if I could sweeten the offer a little for Live and Invest Overseas readers, and they've agreed.
Specifically, they've agreed to allow me to offer the first 5 retail lots in Phase I at a
30% discount to launch list price; the next 5 lots at a
25% discount to launch list price; and the 5 lots after that at
20% discount.
Again, this invitation is being circulated to Live and Invest Overseas readers only.
You can reserve a lot with a fully refundable deposit of US$5,000. You'll then have 45 days to visit Los Islotes if you'd like and to sign a purchase agreement. (Please understand that, during that 45-day window, sales will continue. If the first 5 lots sell, then the 30% discount is off the table. If 10 lots sell, then the pricing is 20% discounted. And, if 15 lots sell, then no discount may apply.)
Furthermore, you're able to pay for your lot in installments. Your full payment is not due when you sign the purchase agreement. At that time, you must make additional payment to equal only 40% of your purchase price. The balance will be due in six months.
Lief can answer your questions and send you a detailed price list when you get in touch.
You can reach him here.
Meantime, for me, it's to the drawing board. Well, not me, exactly, but my architect. Over the past two years, while Lief has been surveying and planning, applying for approvals and meeting with inspectors, I've been imagining the house I'd like to build on the ridge with a view of the swimming cove, the islands, the beach stretching off for miles in front, and the mountains behind. My ideas have grown more elaborate over time. Better get them down on paper...
Kathleen Peddicord
P.S. It's the combination of long beaches and rolling terrain that makes Los Islotes such a special place.
Take a look.
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"I am excited to hear about the women's organization someone began in Munich. Since my husband and I want to settle in
Panama, it would be grand to have an affiliate in that area. Would you know about this?"
-- Lin S., United States
There is a woman's organization in Panama called the Who's New Club. Their website is under construction, but you can get in touch by e-mail here:
whosnew@wnpan.org to request more information about the meetings and other activities.
