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The Other Panama City

Kathleen Peddicord by Kathleen Peddicord
Aug 03, 2008
in Panama, Retirement/Living
0
yachts, large and small, at the Panama causeway with the bridge of the americas in the background
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The Other Panama City, Where The Living Is Tranquil And Sweet

Through le manifestation of shouting, chanting construction workers vocally en greve…along the dug-up, blown-up, muddy, and congested Avenida Balboa until, finally, the road expansion work ends…around Casco Viejo…and, suddenly, the views improve dramatically. Tall palms all around and, to your right, the still, calm, blue waters of the Bay of Panama. Behind it, on the horizon, the Panama City you’ve left behind…tall towers, rising rebar, and swinging cranes. From this distance and vantage point, along the Amador Causeway, the Panama City skyline is impressive…deceptively established. In truth, it’s a work in noisy, dirty progress.

But over here, on the Amador Causeway, Panama City is a different place altogether. Fresh. Finished. Just-painted…

The Causeway, built with earth moved during the digging of the Panama Canal, is today this city’s trendy place to eat, shop, bike, wander…and keep your boat. Panama City boasts a lot of things, but one thing it lacks is ample marinas. Here, along the Amador Causeway, are a couple of nice ones.

They’re building condos out here, too. I can imagine being comfortably installed in one of these when they’re complete. You’d have views of the bay and the city skyline, you’d be within walking distance of coffee shops, eateries, an ice cream parlor, and, maybe best of all, you’d be removed from the hubbub and chaos of central Panama City right now.

The problem is access. The Causeway is a long, winding, dead-end stretch, with one lane in and one lane out. Once the condos are built and sold, the traffic will likely become as intimidating as it is downtown.

Here’s my recommendation for the city planners working so hard right now: Launch a ferry service. Taxi people back and forth from the marinas at the Causeway to downtown Panama City.

London came up with a similar kind of solution to its traffic chaos: Barging. Today, maybe the best, certainly the most pleasant way to get around this city is on a barge on the Thames.

 

Kathleen Peddicord

 

The Condominium Manifesto

By Vivian Lewis, Global-investing.com

Will the property booms in China, India, and Russia continue?

After all, we are seeing higher interest rates to stifle inflation in all three countries. This will inevitably increase the cost of borrowing money to buy condos in St. Petersburg or the suburbs of Shanghai or Mumbai. Can the condo boom continue in an inflationary environment?

Based on U.S. experience, the answer is probably yes. Real estate is a proven haven against rising prices. The price of property better tracks inflation than almost any other investment vehicle. Sometimes it beats price rises.

Having said that, I think some of the buy-to-let mania afflicting China and Russia is likely to slacken. (Indians, who have more experience with private ownership than China or Russia, did not see a sudden spurt in acquisitions of homes for renting out; they have been playing that market for decades.) Some of the fluffiest pre-construction apartment sales may turn sour as interest rates rise.

But for normal upwardly mobile Chinese or Russian city-dwellers, buying an apartment is not only smart; it is a major positive lifestyle choice. Precisely because other Chinese investments are producing weak or negative returns (bank accounts and stocks both produce negative returns after current 7.l1% per year inflation now so you lose by investing in stocks or putting your money in the bank), buying a condo makes sense. Many Chinese remain skeptical about official inflation figures in any case, not without reason.

In fact, because there is a shortage of girls to marry (because of the impact of the one-child policy on female birthrates), young women demand that their potential suitors have cars and apartments before saying “I do.”

In Russia, you can get a decent return on your savings with less-than-stellar banks, but at a risk. And the stock market, boosted by oil and gas shares, is doing relatively well in the world downturn.

But property still appeals. Young city-dwellers want desperately to get out of the multifamily apartments of the Soviet era and escape parents and grandparents, shared kitchens and baths, lack of privacy, and messes. The messes reflect the tragedy of the commons: hallways and sinks and toilets that are shared are never cleaned or maintained properly.

So the condo revolution in Moscow or St. Petersburg is replacing the Communist one. In all three countries that I visited in the last year, the rise of the middle class is visible and powerful. These newly-affluent people want to live the good life they see on their televisions. Flocking out to see and buy new-built city-edge and suburban real estate developments is the Condo Manifesto.

The demographics are favorable. Newly-affluent people are the fastest-growing component of the population. And before they buy diamonds or gold they will buy an apartment.

Note also that many of these new home-owners will have to drive to commute to work. So despite the fact that Hurricane Dolly missed the U.S. offshore oilfields, the price of oil will not permanently return to double-digit levels. Long term, alternative energy makes sense, except for politically-favored biofuels.

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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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