The Pedasi real estate market had relatively slow years in 2015 and 2016. So far 2017 has seen a noticeable uptick in real estate sales across all sectors and especially for finished homes. It’s starting to seem like this trend will continue through the year. That said, overall it is still a buyer’s market, as there are many properties for sale relative to the amount of serious buyers. This means that some sellers need to adjust their expectations when considering their asking prices and buyers should expect to be able to find some really great deals.
What’s New In Pedasi?
In general Pedasi news, our new MINSA-CAPSI hospital has been open for about a year and is a definite improvement over our old medical clinic. The hospital at the edge of town includes a 24-hour emergency room, which is great for folks in the area. Two new commercial plazas on Main Street now offer a greater variety of goods and services to the community including a full-service Laundromat, fitness studio and legal offices. Small to medium size commercial spaces (~1500ft2 – 10,000ft2) are available to rent as well.
Air Panama flies into the Pedasi airport 3 times a week from Albrook airport in Panama City. This 40-minute flight is a great bonus for folks traveling light or who just don’t want to deal with a 4-hour drive. There are also 2 flights a day into the Chitre airport which puts you one hour from Pedasi by taxi, car or rental car.
Fresh water is a high priority in an area as dry as Pedasi. Fortunately, our town water system just got a nice upgrade from the water ministry “IDAAN” including bringing more wells online and installing more storage capacity. As we come out of the latest dry season (December-April) we are happy to report that our new and improved system is working out quite nicely.
The Ministry of Public Works (MOP) is set to begin two big road projects in our area. $15MM has been approved to improve the highway between Las Tablas and Pedasi and another big bundle will be spent to resurface the road between Cañas and El Cacao (Tonosi).
The Development Landscape in Pedasi
Both of our Pedasi beachfront developments, Andromeda Ocean Estates and Costa Pedasi, continue to grow and add more houses. Andromeda’s Los Vientos Beach Club features a huge infinity pool, game room, poolside bar, entertainment area and of course access to Andromeda’s gorgeous beach. Owners are thrilled to have this amazing venue to host their friends and family. Both developments are becoming more attractive every day as more homes are built and more owners take up residence.
Playa Venao, a beautiful beach community just 30 minutes drive west of Pedasi, continues to be our local hotspot for growth. Three beachfront projects are currently underway with plans to deliver a total of over 100 new homes in the next 2-3 years. El Sitio Village has completed its first phase and handed over 13 condominiums to its owners. The final 3 phases are already started and will be built simultaneously along with a huge pool of over 12,000ft2! Blue Playa Venao will deliver its first 39 homes this year and is already delivering the first of those units. Te footings are being built for the first 8 condominium buildings right now and the beach club is just about finished. There are still great units available in both projects. The third project on the beach is being offered by one of Panama’s most respected developers Verde Azul. Their Villa Marina community is set on the entire east side of the bay and the first phase of 20 beachfront condominium units is under construction.
In the hills behind the beach at Playa Venao other developers like Salzburg Development and AMF Capital are selling hilltop lots and homes with incredible views of the bay. Salzburg’s Lomas de Playa Venao now has four finished homes with more being built this year. AMF Capital is offering ocean view lots with panoramic views of the bay that take your breath away. All in all, there are lots of great options for this up and coming area. The mix of buyers is also extraordinary. The Azuero International School on the beach at Playa Venao has students from over a dozen different countries speaking about that many languages!
Update on Pedasi land sales
Outside of the gated beachfront communities, Pedasi still offers a wide array of titled home lots starting at only $30,000 ($30/m2) for a quarter acre near town and the beaches. Ocean view parcels near Pedasi are also available, with one of our favorites being near the beaches of Los Destiladeros.
Between Pedasi and Playa Venao there are a couple of great opportunities for folks who’d like a bit more land to play with and their neighbors a bit farther away! Prices start at around $8,000/acre ($3/m2) for parcels of 8-10 acres. These properties are titled, have paved road access and feature beautiful views of the surrounding hills and distant ocean.
For investors looking for development opportunities
Beachfront titled land remains the most sought-after and scarce commodity we have. These offerings tend to be snatched up almost as soon as we can list them, but if this is your dream then expect to pay upwards of $150/m2-$250/m2 ($150k-$250k for a quarter acre lot). If you don’t mind being off grid and using a 4×4 to get to your home then cut that price in half.
A little bit about Pedasi home sales
Other than pre-construction sales of condominium developments in Playa Venao, finished home sales is where the Pedasi area is most active right now. In the last few months several homes have sold in Costa Pedasi, Los Destiladeros and in the town of Pedasi. Prices range widely based on location, home size and finishes, but we currently have homes listed from $99k to $3.3MM, so there’s something for everybody and great values abound.
If you are thinking about buying or selling a property in the Pedasi area, we can help. Stop by our sales office in Pedasi, call or write us and let’s chat.