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A Six Bedroom Estate in Western Panama
†2,895 MILLION
These six Tuscan-style bedrooms mansion is secluded between two hills in the exclusive estate portion of Valle Escondido, a high-end community, resort and club close to downtown Boquete, the mountain town nestled in the Chiriquí highlands of western Panama.
“You look out over the valley,” said Ryan Braasch, a sales associate at Casa Solution, the agency with the listing. “The views are nice, but what the seller was going for was serious privacy.”
Built on 1.3 acres in 2011, the 11,850-square-foot home has a clay tile roof. Wrought iron gates open into a long driveway past an equipment and supply building with a backup generator, water and filter systems. Past the main house, the driveway curves past a koi pond to a parking lot by a side entrance and a garage designed for two cars and a golf cart.
At the front, three steps lead past a fountain to a covered loggia and an arched wooden door flanked by matching windows. Inside, foyer windows connect the front and back gardens, and a wide hallway connects the north and south wings of the house.
Imported travertine floors run throughout the building, with ceilings of 11.5 feet on the first floor and 12.5 feet above. Beige walls have a marbled look; doors and windows are framed in dark wood. There are two ladies toilets.
The living room has a beamed ceiling and a wide fireplace with a wooden fireplace. A trio of double windows with arched tops illuminate the room. On the other side of the hall in the banquet-sized dining room, glass doors open onto the garden.
Accessible from the dining room or a butler’s pantry, the kitchen features a cobalt double industrial Viking stove, stainless steel sink, wood-topped kitchen island, and illuminated glass cabinetry. Square tiles, some with culinary graphics, adorn the backsplash and countertop. “The appliances are big enough to accommodate a large dinner party for 25 people,” said Mr Braasch, adding that the owners “never expected to cook it themselves.”
A staircase climbs from the main hall to the five upstairs bedrooms, all with en-suite bathrooms. Detached arches to one side of the hall define an open “hangout” seating area and a nearby bedroom is furnished as a library/home cinema. The primary suite, with a dressing room and walk-in closet, is located on the south side of the entrance hall and opens through double glass doors to a loggia-style balcony overlooking the Chiclet-tiled pool with balustrades at the deep end.
The hallway and two bedrooms on the other side open onto a wide balcony. A back staircase off the primary suite leads to a tower office on the third floor overlooking the bird’s nest.
A one bedroom apartment with a kitchen and a bathroom is located on the south side of the first floor. Outside is a covered patio with seating area and an outdoor kitchen with BBQ, cobalt blue tile worktop, starfish cabinet knobs, fridge and sink. The pool features a cabana with a freestanding gym, dry sauna and soaking tub.
Papaya, lemon, banana and avocado trees line a pond and a river along one side of the property.
The house is a two minute golf cart ride from Valle Escondido’s restaurant, bar, resort hotel, chapel, amphitheater and pro shop. Other facilities include an executive golf course, tennis and a spa. The gated community has approximately 200 homes, including condominiums, duplex villas, single-family homes, and estate homes.
Downtown Boquete, about a mile away, has Panamanian and expat restaurants, a brewery, and a new plaza and public park. Nearby are coffee farms and hiking trails in the Baru Volcano National Park, Panama’s highest point. Enrique Malek International Airport, in the Chiriquí capital of David, is about an hour’s drive away. The flight from Boquete to Panama-Tocumen International Airport in Panama City takes just over an hour.
Market overview
Property sales have escalated in the wake of pandemic lockdowns in Panama, a favorite destination among foreign buyers, especially American retirees. But prices have remained relatively flat, said Rafael Gangi, the broker-owner of Sotheby’s International Realty Panama, who called the market “very active and stabilised.”
“Sales volume may have increased by 40 percent depending on the property and location,” Mr Gangi said, although sales along and near the country’s beaches are greater than those in the capital Panama City, as “many people migrated to live on the beach.”
Inventory has fallen from its peak two years ago, said Michael Vuytowecz, founder of Inside Panama Real Estate. Before the pandemic, “they were choking on inventory in Panama City,” he said. “There has been some absorption, but not enough to affect prices.”
Boquete was an exception. Over the past two years, the small mountain town on the Caldera River has enticed a larger group of buyers. Prices have risen about 15 percent each year, says Jason Cohen, owner of Casa Solution, citing his company’s data.
“This year is starting to look just as good as last year,” which was “double our best year in volume terms, and we’ve been here for 16 years,” said Mr. Cohen, though he’s running out of lists now. “If I had had more, I would have sold more. Now we see people competing for housing.”
The main market has shifted from $200,000 to $300,000 to $400,000 to $500,000 homes. “Stock is a big factor,” said Mr. Cohen. “What was expensive at $250,000, at $350,000 or $400,000 seems very reasonable. People who ask more than they should have now get their prizes.”
In Boquete, there are four or five gated communities in the form of Valle Escondido, some of which have homes for more than $1 million. “There are many multimillionaires in the market,” said Mr. Cohen. “I’m waiting to see what happens.”
Before the pandemic, “the over-55s moved to Panama,” said Joanne Hatch, a saleswoman for Inside Panama Real Estate who sells primarily to expats. “We’ve seen a huge increase in people with families.”
Much of that is the result of the new economy of remote working. “The foreigners who come here, especially now, are coming from the top of the US market and coming to Panama and the prices seem low to them compared to California and New York,” said Mr. Vuytowecz.
Other areas popular with international buyers include Coronado, a resort town on the Gulf of Panama; Boca Chica, on the Gulf of Chiriquí; and, on the Pacific coast, Pedasí, a surfing, diving and fishing paradise on the Azuero Peninsula.
Inflation and rising interest rates have not yet impacted the market, Mr Gangi said. “Since our currency is the dollar, the banks have adapted to the new measures and depending on the type of loan, interest rates may be slightly higher.”
Who buys in Panama
Buyers in Panama are mainly from the United States, Canada, Europe and Latin America, agents said.
Most US buyers are from the East Coast, Mr Gangi said. Canadians are mainly from Toronto, others from Quebec and British Columbia, said Matthew Marx, a sales executive at Panama Equity Real Estate, noting a few Koreans who recently bought homes.
Europeans are mainly from France, Germany, Spain and Romania, agents said.
Israelis buy and build resorts in Pedasi, Ms Hatch said, while South Africans settle in Boquete, some build their own homes and others rent and farm.
Buy basic
International buyers are not allowed to own land within six miles of Panama’s border with Costa Rica or Colombia.
For homes, a building inspection is recommended, along with a new, more accurate inventory of the property. “Older studies were done with less high-tech equipment,” said Mr. Cohen, pointing out that expensive homes like this would likely be bought as a business transaction.
A notary will handle the closing, although attorneys are always recommended for foreign buyers, Cohen said. Notaries cost $200 to $250, the buyer’s registration fee is about $500, and attorneys charge between $2,500 and $3,000.
Mortgages are not hard to come by, Mr Gangi said, although a “significant percentage” of international buyers pay cash “if the closing price is below the market price.”
Languages and currencies
Spanish; U.S. dollar
Taxes and Duties
Due to an exemption, taxes on this property will be $400 per year for the next nine years, Mr. Braasch said, although “taxes by the book are about $13,650 per year.”
The annual membership fee for the owners association is $2,200, which includes security and maintenance of common areas. Club and golf memberships may be available for an additional monthly fee.
Contact
Ryan Braasch, Casa solution011-507-720-1331, casasolution.com
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