Many years ago, I was editor of a publication called Pocket Money Real Estate. The idea was simple: Great properties, low prices. The readers favored big city apartments and lush mountain retreats, and hated to spend more than $100,000. So, that’s what we found for them.
It was a great publication and a lot of fun to run. But frankly, it was tough to find a constant supply of high-quality properties with a tiny price tag…week after week.
Back then, I didn’t know Jessica Ramesch…some people call her the “Panama Insider.” Jessica lives and works in Panama City. She speaks Spanish—the kind that can open doors in Panama—fluently. And has the kind of contacts on speed dial that most businessmen and expats would pay handsomely for.
If I had known Jessica in my Pocket Money Real Estate days, she could have filled up the Panama pages easily every time. In fact, that was the theme of a presentation she made a few weeks ago to a group of IL readers: Properties for under $100,000. I asked her to share a few of her secrets with us today. She kindly agreed.
Jessica, take it away…
P.S. Before I let Jessica wow you with the amazing real estate deals she’s found in Panama, a quick housekeeping note: Today is the last day to sign up for the Ultimate Overseas Retirement Plan. If you plan to retire some day…and would like to bring that day forward by at least 20 years…you need to take a look at this before applications close later today.
* * *
Panama Properties for under $100,000
By Jessica Ramesch
Over 250 expectant faces looking up at me, wondering what I mean by “pocket money real estate.” I am at the International Living Live and Invest in Panama Seminar, ready to make good on my promise. “You can buy a comfortable home—in a great area—for under $100,000,” I had said the day before. “You just need to know where to look.” And I am about to tell them.
One after another, I race through examples from across the country, trying to show as many as I can. And not just in the countryside. In the residential neighborhood of Bethania in Panama City, where I live, a 650-square-foot apartment is on offer for $65,000. Monthly maintenance fees: $18. And the apartment is in a safe, pleasant area, close to three major supermarkets, gleaming drugstores, cozy restaurants and cafes…all that jazz.
Another apartment listed as “brand, brand new” is just $80,000. The 860-square-foot unit is also in Betania. Like most apartments for sale in Panama City today, this one comes with a 20-year property tax exoneration. Between Betania and the financial district, another apartment is on offer for $85,000. The unit is in a mixed-use building and can be used as an apartment, an office, or both. It’s a two-bedroom corner unit on the fifth floor, with floor to ceiling windows and a partial view of the Panama Bay. It comes with a 12-year tax exemption.
I have plenty more examples of city property, but the clock is ticking and I have so many areas I want to cover. Low prices are even easier to find outside of the city. I move on to Penonome, a quiet countryside town (most of the year…during the pre-Lent Carnival season it becomes one of the country’s top two tourist destinations). Here two houses are for sale for $87,500 each. They are being sold together, on a lot of over 24 acres. Too much land for you? Get a titled lot of about a third of an acre for $10,000.
Not too far away, in one of the world’s largest inhabited craters, you’ll find El Valle, the retirement and weekend locale of choice for Panama’s elite. You can’t visit without falling under the spell of the spring-like temperatures… the lush green mountain views… the massive weekend market where mangoes are hawked next to rare orchids… In this rich volcanic soil, everything grows.
Here a 1,700-square-foot cottage is for sale by owners. The two-bedroom, two-bath home features a large covered terrace, and is right in the coveted town center area. Asking price: $95,000. Lots are just as easy to find: an 8,000-square-foot lot in a gated community is on offer for $11,000. It’s just a 15-minute drive from the town center. Necks are craning, the events director signals that my time is up. Well, I think I’ve proven my point.
My complete presentation (audio recording and powerpoint presentation) are part of the Ultimate Overseas Retirement Plan. It’s the complete package for anyone interested in Panama, including the brand new edition of the Panama Owner’s Manual…a special pensionado report detailing a step-by-step guide to The World’s Best Retirement Program…and a collection of recordings (including the one I mentioned here) from the Live and Invest in Panama Seminar held two weeks ago.
Together, these materials are worth more than $160 (and remember, it cost attendees up to $1,195 to hear all our Panama experts in person)…but you can get it for just $69 if you sign up with this link…for today only.