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Coming Out On Top In The World’s Most Enigmatic Property Market

Kathleen Peddicord by Kathleen Peddicord
Jul 30, 2009
in Renting
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Coming Out On Top In The World’s Most Enigmatic Property Market

“In my increasingly desperate quest for a reasonably priced Panama City apartment in a desirable neighborhood,” writes Editorial Assistant Rebecca Tyre, “I have spent many hours scanning newspaper classifieds and online listings and visiting so many vacant units in this town that the entire experience is becoming a blur.

“Bottom line, this market is coming back down to earth…but not with a thud. The market as a whole hasn’t had its legs chopped out from under it, as has happened elsewhere in the region and in the world. Yes, this a better time than in a long time to shop for a place to live in Panama City, but trying to find an affordable apartment to rent is far from a straightforward experience these days. It seems that not every landlord has gotten the news. Some are holding on stubbornly to last year’s inflated pricing.

“The reality is that hundreds of the pre-construction units sold over the past few years are right now being delivered to their owners. Those who bought pre-construction are, therefore, right now, in the process of trying to flip their units as they take possession…or rent them out.

“As a result, in rental classified ads, it’s common to see the word a estrenar, which means “almost complete” or “about to be delivered.” This indicates that this unit is one of the hundreds of condos currently being released to owners. On any given day, you see dozens of these a estrenar listings, sometimes many of them in the same building, often each with a different price tag.

“For instance, one brand-new, 121-square-meter, three-bedroom, two-bathroom apartment in the popular San Francisco neighborhood I found is being offered for the reasonable rental rate of US$1,500 a month. The apartment is directly in front of Parque Omar, considered Panama’s Central Park. It has a maid’s bedroom and bathroom, a balcony, two parking spaces, and a storage area. The social area is well equipped, with a swimming pool, a children’s play area, and a gym.

“Sounds pretty good.

“Meantime, in this same building, identical units are currently listed for rent for US$1,900, US$2,300, and US$3,000 per month. Identical units.

“The lesson here is that you must do your homework. And this is my fundamental point. In the current climate, more than ever, the burden is on you, as the renter, to make sure you’re not paying boom-time rent during this post-boom cycle.

“In addition to reduced rent, it’s also possible right now to take advantage of special incentives. Some landlords are getting creative to compete in this increasingly supplied marketplace. They’re including cable, Internet, and electricity in the rental price, even one-year memberships at a top Panamanian gym franchise.

“Perhaps the best deals right now are for older apartments. These are sometimes being offered with one month’s free rent. I saw one, for example, two bedrooms, two bathrooms, 150 square meters, in Bella Vista, just blocks from the Pacific Ocean. The rent is US$600 a month. Because the place needs some aesthetic repairs, the landlord is willing to give you one month rent free, in exchange for cleaning and painting. (If you go this route, I can recommend a good, cheap painter.)

“I began my apartment search about two months ago. As recently as four weeks ago, it was nearly impossible to find a decent apartment in a decent neighborhood for less than US$800 a month. This is changing as I write. In the past couple of weeks, I’ve seen more and more US$450 and US$500 apartments popping up.

“These apartments aren’t in perfect condition, and they’re not spacious. Some are no bigger than a shoebox. But the point is, it’s possible now, for the first time in the past couple of years, to find an apartment where you’d be comfortable living in Panama City’s top neighborhoods at increasingly attractive price points.

“I still haven’t seen the great prices from 2006, when I rented a three-bedroom apartment with a balcony in San Francisco for US$450 a month. And, frankly, I don’t think we’ll see those rates again. But the situation is improving. And I’m finally confident that, with a little more effort, I’ll be able to find a place to live that I can actually afford!”

Kathleen Peddicord

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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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