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August 2012 Pedasi Real Estate Report

By in Blog with 15 Comments

August, 2012

Slow and steady has been the sales climate this year in the Pedasi real estate market.  Active real estate agents in Pedasi have reported tangibly more visitors than the years prior, but this has not necessarily translated in to more sales.

Some buyers are coming down expecting great bargains and end up disappointed by the fact that prices have remained relatively unchanged,  but retirees and expats looking to escape a changing financial climate in their home countries have been pleased with what they have seen, which led to consistent sales for the region.

What’s New In Pedasi?

In general Pedasi news, our new hospital is over half-finished at the entrance of town and should be open by early next year.  Built on five acres of land, the 23 room hospital will feature a 24-hour emergency room which is a huge welcome to those of us who live here year-round.  There is also a new commercial center being built on the main street that will house a large supermarket, a hardware store, and eight other retail shops.

The road to Playa El Toro and La Garita beaches is currently being paved with completion scheduled for this November, which makes the developers of both Andromeda Ocean Estates and Costa Pedasi (both of whom happen to be located on this street) very happy.  The road to Los Destiladeros, home to several high-end hotels and developments, has also been completely paved and now workers are finishing the replacement of the road’s three bridges. What used to be a 20 minute drive now takes about 5 minutes!

The Development Landscape in Pedasi

The Dekel group, which is developing Andromeda Ocean Estates, among other projects, has signed an agreement with Cocige, a large construction company that has built several high-rises and shopping malls in Panama City.  Cocige has committed to moving a considerable amount of manpower and materials to Pedasi in order to take over construction of both infrastructure and homes in Dekel’s various projects.  This could be a game-changer for the development, which has struggled to get home construction going to keep up with sales.

Cocige is already building warehouses onsite to store materials and we know of at least two existing lot owners who have been given reasonable quotes by Cocige to build homes.  Construction of homes and further infrastructure is set to begin at the end of the year (the start of the dry season) and we are excited for both the developer and for Pedasi in general. Actual, physical progress is a good thing.

The Dekel Group has also purchased 6 hectares of beachfront land at Playa Venao and has announced pre-sales of Blue, a new development which will feature four 3-story condo buildings with 20 units each and seventy bungalows with a hotel, community pools and a restaurant/common areas on the beach.  Prices start at around $140,000 and the developer reports that roughly half of the units have already been sold (unverified).  The development is slated for delivery by 2015.

As for Costa Pedasi, they continue to add beautiful new homes to their growing beachfront community.  A total of twelve homes have now been completed with more under construction.  The entrance road has a brand new surface and a beach club with the restaurant and massive swimming pool also slated to be completed this coming dry season (January).

As for other projects, Bellamar is a planned three-story condominium to be built on roughly ¾ acres of land inside the Andromeda Ocean Estates development.  This is going to be a high-end project with all the bells and whistles, being developed by a nice couple from Missouri who have done similar projects in the US.  Pre-sales have begun and 3 of the 18 units are currently under contract.

One our our favorite projects along the beach, Lomas de Playa Venao has finished its second home overlooking the beach at the world famous surf break, Playa Venao. Power has now been fully installed in the project and the first owners are living there full time, which again, is great tangible progress to take note of.

Update on Pedasi land sales

Large land purchases have been occurring recently in the area.  In addition to the Dekel Group’s purchase of six hectares at Playa Venao, a group of investors lead by the Prince of Lichtenstein has purchased over a hundred hectares on the beach in Puerto Escondido, 15 minutes from Pedasi in the Los Destiladeros area.

Wildlands, the development group behind the well-known Azueros project in the same area is under new management and plans to begin lot sales shortly.  This should breathe new life into what is arguably Pedasi’s most beautiful neighborhood, with large homes designed by the French architect Gilles St. Gilles.  In another great coup for the neighborhood, the South African resort management company “Mantis” has taken over management of Pedasi’s most exclusive hotel, Villa Camilla.

On a smaller scale, several small developments of 10 to 40 home lots have sprung up in the center of town and lot sales are steady, attracting both foreign and local buyers.  Price points start at $25/square meter ($25,000 for a ¼ acre) and go up to double that.  These communities feature titled lots, mature trees and nice green areas.  They are attracting a lot of folks for whom the ‘$100,000+’ price tag of lots in the beachfront developments is out of their comfort zone.

A little bit about Pedasi home sales

An American investor is building spec homes in Pedasi and has sold two recently for $130,000.  He has three more currently under construction and has acquired enough land to continue building many more.  These homes are 2 to 3 bedrooms, roughly 1100 sqft enclosed with another 400sqft of covered terrace.  Built in a local style with block and stucco walls, hand-fired clay tile floors and roof and lots of exposed wood, these Pedasi Homes for Sale are going to appeal to a lot of buyers.  I expect to see other developers follow suit soon and to be able to offer clients very attractive homes at affordable prices.

There is still a big lack of beach homes and homes with ocean views available in the area but hopefully those will be coming along as well, both inside and outside of the gated communities.  A beautiful 2 bedroom/2 bath home by Gilles St. Gilles was recently purchased as a resale for $315,000 in the Azueros community in Los Destiladeros.

Opportunities in Pedasi

Panama Equity has just listed two prime lots in Costa Pedasi available for resale.  One is an ocean front lot of 1,385sqm (1/3 acre) for $285,000.  The other is a second-line lot of 1,467sqm for $124,700.  Both prices are negotiable and are already discounted 20% OFF of developer pricing.

We also have a 1.3 hectare (3.3 acre) ocean view piece of land about five minutes from Playa Venao that is just steps to a great beach.  This unique property is priced at $200,000 and the per meter price on this land is WAY less than other land in the area and the owner will sell half the land for $120,000.  Several nice homes, a boat ramp and new pizza parlor are within proximity to this great piece of land.  Power and water are already installed and the land is ready for building.

In Pedasi we have a fenced 2,000sqm (1/2 acre) lot on the main street just outside of town for only $50,000.  This would be perfect for a business or large home.  We also have several houses in the $120-$140k price range beautiful home lots starting at $25,000.

Thanks for reading!  We are always available to answer any questions you may have about the Pedasi real estate market.  If you are in the area, please stop by our office on Main Street, downtown Pedasi!

About The Author

Kent Davis, founder and Managing Director at Panama Equity real estate, has been widely quoted in publications such as Wall Street Journal, Time Magazine, The Miami Herald and the Financial Times for his unabashed views on the Panama real estate market. Panama Equity is regarded as one of the most active real estate agencies in Panama and Kent’s articles, reports, and market research projects have been syndicated by press agencies including Bloomberg and the Associated Press.   Connect with the Author via: Email | LinkedIn | Facebook | Google+

15 Comments

  1. JULIO says:

    I use to work for Real Stae Realtor located in Pedasi making them the list of diferent lands for them to place these in their website.

    For this reason I actually have a lot of real land owner of beach front and ocean view lands ready for sell these AT VERY CHEAP PRICE, I have also one beach front project with all permits needed for sale.

    contact me for any additional information and pictures.

    • Kent Davis says:

      Hello Julio,

      Thank you for your comments on your Pedasi Panama real estate for sale. Tedd Tennis is our office manager in Pedasi and handles all our Pedasi real estate clients. I’ve sent him your contact details so you can expect an answer from him shortly. Your beachfront land sounds very interesting and we would be happy to help you promote it!

      Cheers,
      Kent

    • Alberto Lopez says:

      I am looking for a very nice beach house in Pedasi. If none is available I wish to purchase beach front land and build a house.

      Alberto

  2. lisa fuller says:

    My husband and I are coming to Pedasi with our 3 year old son. we would like to look at homes and real estate property for our future retirement hopefully within next year. we have not been to pedasi befoer but are excited to take a look. Please send me any contacts you may have that can help with our journey!!! we currently live in Hawaii in US. It is too expensive to retire here.

    • Kent Davis says:

      Aloha Lisa! Tedd Tennis is our man in Pedasi. I’ll make sure he has your contact info, but if you’d like to reach out to him this morning you can call Tedd at 011 507 6677 8299. His email is tedd@panamaequity.com

      We’ve got an office on main street in Pedasi and plenty of Pedasi real estate listings. Tedd will take good care of you!

  3. fernando Soto says:

    Hello: I want to contact Mr. Tedd, is there an e.mail address and/or a telephone number I can reach him? I was referred by Carlos Camaño.

  4. Karl says:

    My wife & I are planning to be in Pedasi sometime in Sept. – Nov. and would like to get an idea of what finished homes/condo will be available or planned within the next couple of years. Our price range is $140 – $340,000. We have been living in the Coronado Area for the past 3 1/2 years.

  5. george garland says:

    prices are to high, it’s not the best deals or beaches. the beaches in panama are fair at best.

    • Kent Davis says:

      George, thanks for sharing your thoughts. Did you get down to Playa Venao? That’s one HECK of a beach and I think “fair” is an understatement.
      If you are looking for a good deal on land, you should check out Canas, Bucaro, or even Cambutal!

  6. Rob says:

    Say it ain’t so, condos in Pedasi!

    • Kent Davis says:

      I know, wild eh? I guess the condo phenomenon has made it all the way down to Pedasi! Some people just want to be close to the water but cant afford more than $200k. I think there’s a market…

    • Bob says:

      I notice your blog says 2012-is this correct or is it current?

      Thank uou, Bob

      • Kent Davis says:

        Bob, thanks for dropping by. The report was written in 2012, and we’re working on a follow up piece for this year. All of the listings on our site are current, so if you have any questions, make sure to let me know!

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