March 15, 2010
Azuero Sunset Coast, Panama
PLUS:
- A Sea Of Black Berets--Market Day In This Quintessentially French Country Village...
- "Having Experienced The Thrill Of Panama Firsthand, We Cannot Simply Go Back To The Status Quo...That Will Not Work Anymore!"...
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The Countdown Is On! Only Three Days More...
Kathleen Peddicord's new book How To Retire Overseas will hit bookstores in the United States this Thursday, March 18. Mark your calendar to get out that day to your nearest Barnes & Noble or Borders to buy your first-edition copy of this ultimate guide to getting the retirement you deserve!
Meantime, you can order a pre-release copy at a discount here now.
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Dear Live and Invest Overseas Reader,
"I'm full much of the time," Robby explained. "I've got my crew working overtime to finish the two new casitas I'm building. Meantime, tonight, I've even rented out my own house. I didn't want to turn the guy away, so I'm letting him stay in my home. My wife and I are going to spend the night with her parents."
Rentals, short-, mid-, and long-term, are the opportunity in this emerging market. We met Robby three years ago, when this young American entrepreneur and his Cabanas Torio were just getting started and struggling for decent occupancy even on the weekends. Today, you'd better book in advance. Don't show up without a reservation (as we witnessed at least two travelers do Saturday afternoon). You'll find there's no room at the inn (even though Robby has increased his nightly rates twice in the past year).
Robby was one of the pioneers on Panama's Azuero Sunset Coast. Today, a few years later, the next generation of interest is well established. His patio restaurant and bar is crowded now for breakfast, dinner, and after-dinner socializing with backpackers, surfers, and fishermen, yes, but, increasingly, as well, with the forward-thinking and the adventuresome in the market for affordable new lives at the beach. We met this weekend a woman who has rented a home near Torio for US$175 a month; a couple building a little house on the river that will ultimately be the guesthouse for their eventual retirement home here; and a successful developer from Canada considering an early-in investment in a stretch of nearby beachfront.
The one thing they all agree on is that this region of Panama is extraordinarily beautiful.
Lief and I have been spending time in this part of this country for several years, and this is where Lief and his partners have decided to focus their property development efforts (at
Los Islotes...more on this later in the week). But, usually, we come and go with a specific to-do list and a tight schedule. This past weekend we made the trip to meet a couple of readers interested in seeing the Los Islotes property. Otherwise, we were agenda-less. We were also traveling child-less, having left young Jackson with friends in Panama City.
How did Lief and I spend our romantic, child-free, getaway weekend at the beach? Looking at real estate, of course.
We wandered the coast and the hinterlands from Mariato to Quebro, from Puerto Nance to Puerto Palo Seco. Some observations...
Each of the dozens of beaches along this westward-facing coast is unique. Some are soft sand, others are pebbly. The surf pounds dramatically in some spots; other places it laps gently at the shore, behaving more like the Caribbean Sea than the Pacific Ocean. A few beaches are busy with local fishermen working to make their livings, but many are absolutely virgin.
It'd be possible to live in this part of Panama on as little as, I don't know, maybe US$500 a month. I met people this weekend who are probably living on less. One reason is the cost of rentals. I told you about the woman who found a small house by a river for US$175 a month. This isn't a one-off. You could easily find a one- or two-bedroom house to rent in these parts right now for US$200 to US$300 a month.
Note, though, that rents are rising, even as more and higher-end accommodations are being developed.
The other reason the cost of living here is so low is that there's virtually nothing to spend your money on. And this is the appeal for some seeking out this frontier land.
Others, like Robby, are here to position themselves for the next phase, which I'd say is imminent. The obvious opportunity right now, as I explained, is rentals. You can build in this part of the country today for as little as US$30 a square foot. Buy a little piece of land off the beach (which is code for "cheap") and build 6 or 12 200-square-foot casitas. Invest in hot water and air conditioning...plus an open-air bar and restaurant, as Robby has done. He charges US$30 a night for his units, and, as I said, can't build them fast enough.
No, you aren't going to get rich, and, really, this is more a lifestyle than an investment strategy. But I recognize the appeal. As we drove away from Robby's yesterday afternoon, Lief remarked, "The more I'm out here, the harder it is to go back to Panama City. I'll be glad when our own house is built, and we can stay as long as we want."
I had to agree.
Kathleen Peddicord
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The Most Affordable Places In The World
This is the best time in our lifetimes to consider Asia. This beautiful and exotic region is more open today than ever, and it's possible for Westerners to travel almost anywhere they'd want to go. At the same time, Asia is fast-changing, and you have now a window to experience it before the face of this ancient land of emperors and adventurers is too dramatically altered. But perhaps the best reason to take a good look at this part of the world right now is that it hides the world's most affordable retirement havens...the cheapest places on earth to live well.
Intrepid Correspondents Paul and Vicki Terhorst have been tempting me with tales of comfortable US$11-a-night hotels and tasty, filling lunches for 50 cents for the past year-and-a-half, as they have been on the ground, scouting the opportunities.
The verdict? See Asia now.
Paul tells you more here.
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"I'm sure many readers have experienced a moment of joy during their travels when they chanced upon something that didn't feature in any guidebook," writes
France Correspondent Lucy Culpepper this morning. "A surprise market full of local produce, an impromptu performance of a local dance, an invite to a significant celebration...something far away from the tourist trail.
"Yesterday that happened to me. I had returned to the village of Navarrenx, in France's Pyrenees-Atlantic department, where I had been a few weeks before to carry out research for the March issue of the
Overseas Retirement Letter. I'd enjoyed the feel of it the first time and wanted to take a closer look. The center of the village dates back to the 14th century and is still completely circled by impressive original ramparts.
"At around 11 a.m., I felt like having a coffee, so I drove to the bar on the main square. Inside I was greeted by the perfect scene. I just could not stop smiling. It was so quintessentially French, so picture postcard: 24 aging French gentlemen were taking their morning coffees and glasses of brandy, and every single one was wearing a black beret. There was a sea of them. It wasn't for a photo, a movie, or a tourist set up. It's just how they dress on market day.
"As I entered, they all looked up, said 'Bonjour, Madame,' and returned to their drinks. I sat in the corner sipping my coffee, trying both to imprint the moment in my mind and not to grin too widely at the scene.
"You can read more about Navarrenx in the Béarn region of the Pyrenees-Atlantic department in my full report featured in this month's
ORL, out this week."
Editor's Note: If you're not yet an Overseas Retirement Letter subscriber, become one here now in time to receive this new issue.
"Kathleen, my husband and I attended your conference in
Panama a few weeks ago, and I just wanted to drop you a line to say thank you very much.
"It was the first such convention that we have attended. A lot of the concepts introduced to us were outside our normal comfort zone, and it was wonderful.
"I think it has certainly given us a lot more focus regarding where we want to be in the next three years. Having experienced the thrill of Panama firsthand, I do not think that we can simply go back to the status quo. That will not work anymore!
"Perhaps our paths will cross again sometime in the future."
-- Beth-Ann S., Canada
I hope so.
