Panama Real Estate Blog

Air Panama Jets are Landing at David Airport

2011-05-18T12:44:00.000-07:00

All the buzz about David's Malek airport expansion and what it will mean to Chiriqui Province has folks in the travel, tourism and real estate industries here very excited. Today we witnessed the Air Panama jet doing "touch and goes" in and out of Malek airport. That means scheduled flights aren't far off. Travel to our part of Panama is getting so much easier with the long anticipated renovation underway and the expansion of the runway complete. Soon, there will be flights directly from Tocumen Airport in Panama City to David relieving many travelers of the necessity of staying overnight in the big city. Panama City is a wonderful place, but sometimes you want to get straight to your home--whether quiet mountain breezes or incredible beach scenery. And, for quite a few of our friends, well, it means getting to fish another day!

(logo source: http://www.flyairpanama.com/)

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Sam Taliaferro Passes Away

2011-02-21T12:13:00.000-08:00

The Panama real estate industry has lost one of it's best. Sam had a vision for Chiriqui Province and through his efforts propelled our area forward. He was unstinting in his faith in the beauty and the potential of Chiriqui and generous in sharing his experience and knowledge with those who followed in his footsteps. We mourn his loss and send our heartfelt condolences to his family and his friends.

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Good News for Tourists and Part-Time Residents

2010-09-06T08:28:00.000-07:00

Another bit of good news coming our way from Panama Investor Blog is that the length of stay for tourists coming to Panama has been extended to 180 days instead of 90. This is very important for folks who want to spend the winter months in their tropical second home without having to exit and re-enter the country.

How long a tourist can stay in Panama has sadly been a subject kicked around a great deal by the political powers here for some years giving many residential tourists cause for needless stress and concern. We hope that this new development will be the final word on the subject and encourage folks to consider Panama a viable place for a second home.

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Flights from Tocumen to David--Finally!!!!

2010-09-06T07:34:00.000-07:00

Any one who has ever flown into Tocumen (Panama's international airport) and made the connection to Albrook (Panama's domestic airport) knows the headache and expense this little connection involves. At this writing, standard (and enforced) taxi fare from one airport to the other is $30. You can also anticipate "Mr. Toad's Wild Ride" as you careen down the corridors and across Panama City to the domestic terminal. Only the earliest flights out of the United States and careful planning with no unforeseen delays will get you from the States to Chiriqui in just one day. Usually, if your departure flight from the U.S. is anything other than non-stop, you're looking at an overnight stay (and more $$$) in Panama City. Fine, if you want a couple of days in the city, but not so swell if you are anxious to get to your beach digs and chill.

It isn't clear from the article translated on Panama Investor Blog whether the flight will be available only as a connecting flight from New York or from other cities as well. I'm pretty sure that Copa Airlines will want to make this a cost-efficient addition, so there are bound to be several flights a day. The new runway at Malek Airport in David is now a reality, with further airport improvements on the way. We're certainly looking forward to a more convenient, hassle free way for folks to reach us in Chiriqui--we think it is a fine place to live!

Visit our website: http://www.buyingrealestateinpanama.com

David Airport Expansion Contract to be Awarded

2010-04-08T08:12:00.000-07:00

This is very good news for Chiriqui as we have been awaiting the promised expansion of our airport with high hopes for travel and tourism in this province that already has so much to offer. The airport expansion should really open up both the established destinations such as Boquete as well as up-and-coming areas like Boca Chica and Volcan

From "Business News America": Panama's civil aviation authority (AAC) will award the tender to expand the Enrique Malek airport, in Chiriquí province capital David, by the end of this week, an official from AAC told BNamericas. Read more...

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Boca Chica "Under Construction"

2010-01-16T12:33:00.000-08:00

Along with the action in David that we've been seeing lately ground has broken for several more luxury residences near Boca Chica on Chiriqui's "Lost Coast". Its always a treat to see how different residents will interpret the Pacific lifestyle in their own unique architectural creations. From the rustic and cozy to the cool and breezy modern look, most of the homes we see being built in the Boca Chica developments and on private estates seem to share at least a passing fondness for the Meditteranean. All share one big common trait, though, and that's the liberal use of windows to catch every possible view. Growning up on the beach in South Florida I am particularly taken by the variety of things that you see when you look out at the ocean off of the little thumb of land here--there are islands galore and several rivers, there's rocky cliffs that drop into the water, white sand beaches that at low tide seem to go on for miles, hills all around and the majestic Chiriqui Highlands in the distance. Nothing at all like the flat featureless beach of my salad days!

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Government to spend $400 million in Chiriqui

2009-12-08T07:37:00.000-08:00

Some good news confirming what the scuttlebutt's been saying for quite a while...

From today's online La Prensa:

The government plans on spending $400 million in Chiriquí in 2010 to upgrade the province's infrastructure.

Legislator Miguel Fanovich, who is part of the National Assembly's Budget Commission, said the amount will be the largest ever government expenditure in the province in any one year.

Major projects include improvements to the Enrique Málek Airport that will allow international arrivals to land at the facility. It will be able to accommodate planes carrying up to 250 passengers after the renovations are finished. Another major improvement will be to the highway between David and Boquete, which will be expanded to four lanes. Improvements will also be made to the Pan-American Highway.

In David, projects will be done to control storm water and to expand the water system.

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A Whale of a tale...

2009-10-02T14:06:00.000-07:00

September and October are peak whale watching months in the Chiriqui Gulf and our recent trip seaward didn't disappoint. The humpbacks come to the area to give birth to their calves in the warm waters. These are rainy months here and sometimes the fishing can slow down due to the murky water being fed into the ocean from the swollen rivers. The whales can make an otherwise lukewarm fishing day a real treat. This particular day didn't disappoint on either, though, as we still managed to bring some treats for the table home from the expedition.

Still, the whales were the show, dinner notwithstanding. The cameras never stopped clicking and we lost count of how many cetaceans we actually spotted. Like their cousins, the dolphins we see in such abundance, the humbacks are a humbling reminder of our tierra-bound role on the planet and how vast the oceans are. Seeing them always prompts a moment of gratitude for how blessed we are to experience the natural wonder of Panama.

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Scratching Our Heads...

2009-09-03T11:30:00.000-07:00

When we moved to David five years ago, we did so because we wanted to be located in a place where we could easily access all of Chiriqui's attractions. Only an hour from almost anywhere in the province, the commercial center of western Panama offered some restaurants, shopping, banking and medical centers. We never considered David a 'pretty' town...it kind of reminds one of a giant truck stop. Architecture is not the city's strong suit.

Fast forward to 2009. Now I know the world is supposed to be in the middle of a huge financial crisis. So it comes as a complete mystery to me why this little city seems to be engaged in a frenzy of development and improvement. There's a gigantic addition going up next to the El Rey center that I am told is going to be a mall. Great news as the one we have now is pretty sad. Several brand new commercial centers have sprung up and low and behold, they have some style to them--cute Mediterranean architecture including the obligatory fountains! There's the large, modern "Ciudad David" in the middle of town that is going to be a convention center and hotel. There's another big commercial center on the InterAmerican highway, and yet another one planned right off the highway on the Boquete road. So what gives? Does somebody know something we don't know?

Granted, Malek Airport is slated for a big expansion designed to accommodate more international flights and Pres. Martinelli has given a big thumbs-up for that project. Is this enough to drive such growth?

And, although real estate has been really slow for months, September and October shows our dance card full. These are supposed to be the worst months in this business but we may have to postpone our slated October vacation.

Last night (Wednesday) the brand new and delicious restaurant "Mosto Bistro" was completely full and we saw at least two parties walk away disappointed that there were no tables.

It's like the twilight zone in Panama's third largest city--a paralell universe that seems to be spitting in the face of conventional wisdom. I'd love to hear some insight about this phenomenon because it certainly has us scratching our heads.
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A Trip to PriceMart--Market Basket

2009-08-18T10:14:00.000-07:00

This week's market basket comes from a trip to PriceMart. PriceMart is our version of Sam's Club or Costco here in Panama. It's the place we go for bulk items, small appliances and household items like towels, sheets and the occasional shirt or tool. PriceMart has high quality meat that often isn't available at other supermarkets and in cuts that more closely resemble what we are used to. The selection in certain categories isn't great--cheeses being a major weak point--but there's enough there to help out with the budget and stock up. Just like Sam's or Costco, you see a lot of restaurant and small hotel owners shopping here. Since it has been a while since I've been to a U.S. grocery store, I'd appreciate feedback on how these prices compare. I will be as specific as possible so that we have the same reference points. Oh, and by the way, I didn't buy all the beer brands I've listed here!

Produce: (we don't buy a lot of produce here as fresh markets are much cheaper and we can get the exact quantity that we know we will use)

Garlic $3.89 for 6lbs.
Chef potatoes $4.09 for 6 lbs.
Baking potatoes $4.69 for 6 lbs.

Meat:

Whole beef tenderloin $5.97 per lb.
Whole beef striploin $2.99 per lb.
Whole roast chicken $4.59
Canned crab claw meat $12.00 for a one lb. can

Paper products:

Toilet paper "Members Select" brand $12.39 for 20 rolls
Paper towels "Bounty"brand $12.99 for 8 rolls
Plastic wrap "Diamond" brand $4.39 for 2 two hundred ft. rolls

Personal care:

Colgate regular toothpaste $7.99 for four-pack of 125 ml. tubes
Ivory soap $5.99 for 16 bars (4.5 oz. each)
Scope mouthwash $4.59 for a 1.5 liter bottle

Dairy:

Swiss cheese from Wisconsin $6.39 for one lb.

Beverages:(all in standard 12 oz. cans)

Coke $6.29 for 12-pack
Coors Light $6.79 12-pack
Panama brand beer $9.89 24-pack
Heinekin $14.29 24-pack

Misc.:

Wesson vegetable oil $11.99 for 1.25 gallons

Oh, and if you are wondering why the beer is so cheap it all boils down to one little word--taxes. Panama hasn't jumped on the tax band wagon when it comes to nasty little vices like alcohol or tobacco.

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Good News for Beef Lovers

2009-08-12T13:30:00.000-07:00

As a result of the recent signing of the free-trade agreement between Panama and Canada, Panama has lifted its ban on Canadian beef. The Vancouver Sun reports that the six-year prohibition of beef imports has ended following Panama's approval of Canada's beef inspection procedures.

This is good news for those of us who must occasionally indulge in an imported steak. Panamanian beef tends to be on the tough side, great for tasty ropa vieja (old clothes) but not so good on the grill. The ban followed the discovery of "mad cow" disease in Western Canada amidst world-wide hysteria over the affliction.

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Cool New Blog talks about Panama vs. Miami

2009-08-12T12:34:00.000-07:00

Here's a blog I hadn't seen before that has a post comparing Miami and Panama as destinations. He's a little confused in his geography--"Miami is so close to the United States" ??? but nevertheless makes some interesting points.

"For Latin Americans, Miami has been a lot of things– the major financial center, the cultural Mecca, prime tourist destination, the business capital, and a symbol of international success.

The city made its riches and opportunities available to all nationalities, reaching the point during the most recent real estate boom where one could become financially successful and never speak a word of English." Read the rest of the post and explore this man's take on money, privacy, offshore business and the expat way of life.

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Five Reasons to Consider Panama Now

2009-08-08T11:20:00.000-07:00

Of course we all know that the state of the world economy is in terrible turmoil. To many, the thought of picking up and moving to a new country is scary in the best of times. In the worst of times it may seem inconceivable to pick up and go forth on a new adventure, but for those willing to consider it, Panama has a lot to offer.

First, Panama offers something for everyone. Panama City is a cosmopolitan, thriving metropolis of about two million people. You’ll find everything here that you would in any other city of this size—and more. Because Panama City is a recognized international banking center (often referred to as “The Hub of the Americas”) it has drawn visitors and residents from all over the world. Panama’s native population is also culturally diverse; drawing from indigenous tribes, Afro-Caribbean and Chinese immigrants as well as early Spanish and European settlers. Outside the big city, Panama provinces encompass everything from dramatic coastlines to breathtaking mountains and everything in between.

Second, Panama has a sound economy. Panama is largely a ‘cash economy’ and that applies to even big ticket items such as cars and even homes. Credit cards are still the exception rather than the rule. On a broader scale, Panama has a banking debt to equity ratio that would be the envy of most first world nations.

Third, Panama is investor-friendly. There are a number of programs designed to encourage foreign investors to start businesses here and special programs for those looking to take part in the growing tourism and hospitality industries. The widely touted package of discounts for retirees is another incentive to consider Panama as is the adherence to strict banking privacy and the availability of SA’s, or anonymous corporations.

Fourth, Panama is safe. With one of the lowest crime rates in Latin America and a stable, democratic government that leans (with the recent election of new president Ricardo Martinelli) toward the conservative, Panama provides residents with excellent security, both personally and socially.

Finally, Panama has a low cost-of-living but a high standard of living. Whether you are considering a night out on the town, or a cart full of groceries, Panama is likely to surprise and delight you with reasonable prices for quality items. Compared to other countries in the region, Panama has one of the best infrastructures in Latin America with well-maintained roads and utilities, even in the more remote corners of this tiny nation.

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Opinions are like....well everyone's got one

2009-07-23T08:37:00.000-07:00

It's always fun to read the opinions of other real estate professionals. Everyone has a slightly different take on things...everyone tries to spin the current investment climate in the most positive way. Of course we do...that's our business. We aren't here listing property and writing endless emails to potential clients because we believe the market here is dead. We'd all be out pedaling some other product or simply lay down and die, too.

No, we're in this business to stay and it behooves anyone who really believes in the vitality of Panama Real Estate to change with the times and take a long hard look at who is likely to be buying real estate in Panama today and in the coming months. First, I think it is prudent to look at who was buying real estate in Panama before the economic crisis really developed a head of steam. A caveat first: we have, from the beginning focused on the interior provinces of Panama--we have never been part of the condo feeding frenzy of the city because, frankly, all those high-rises give me the creeps. So what I am addressing here are all the other places in Panama. Cocle--the neglected step-child, Los Santos and the Azuero--Mel's stomping ground and darling of the "this is the new Costa Rica" set, Chiriqui--the stalwart and steady haven with David--the decidedly middle class commercial center, Boquete--the established escape to eternal spring, Boca Chica--the unbelievably undiscovered paradise, and Volcan--where no one who lives there wants anyone else to know about it. Who bought in these places? And who is likely to do so in the future?

The Chiriqui Highlands have attracted second-home buyers and retirees for decades. I think the Swiss and the Germans were the first to arrive. If you look at the photos on the walls at the Panamonte Hotel in Boquete, you can see some amazing photos of some extremely brave and adventurous people who came to the area nearly a hundred years ago. I don't think those early expats would really be too surprised that their little village has become the charming attraction it is today. It was pretty then and it is pretty now. But the days of buying a second home for half a million dollars that you use a few times a year have definitely waned. The fact remains, however, that those gorgeous mountain homes are still there and they're still for sale (albeit at somewhat--not drastically) reduced prices. Volcan remains a little known mountain town with a small supply of reasonably priced 'local' housing. The few developments in progress there have been stunned by the current market. The little frontier town tends to attract a very independent-minded type of buyer who shuns 'gated-community lifestyles' and whose pioneer mentality seeks to preserve indenpendence and privacy.

Chiriqui's Pacific jewel,Boca Chica had just started to come on board the Panama Real Estate bandwagon when the market hit the fan. This may actually be a good thing. The trend in the area is strongly leaning toward carefully conceived eco-communities and small, high quality lodges and inns catering to high-end sports fishermen and eco-tourists. We're unlikely to see high-rise condos or a Marriot spring up on Boca Chica's pristine coastline any time soon. And since Mel has cast his lot with the Azuero, land prices here are still very affordable considering you're only an hour away from Malek airport and all the conveniences of David and you have some of the most stunning scenery in all of Panama. We're looking for more attention here from the investment sector seeking places for high-end, low-rise resort style developments. That money is still out there and it's looking for somewhere to call home.

The Azuero, especially anything remotely close to Pedasi is due for a reality check. We've seen the area hyped by celebrities and the 'trust fund baby' crowd for the last few years and the consequent spike in prices doesn't appear to be coming any closer to reasonable than it was a year ago. It is an admittedly charming area but it is starting to look like a Panama realtor's answer to a Prada handbag. Exceptions are found in land far back from the coast and in housing surrounding the city of Chitre, where you can actually buy groceries and find a doctor.

We see three types of buyers right now:

1.)Escape artists who feel their native countries can no longer provide them a safe haven for what remains of whatever fortune they once had. Large or small, net worth is shrinking along with the world economy and there's a sizable contingent of folks who believe that Panama will provide a means to stop the bleeding. (see posts on "Panama Economy")

2.)People on fixed incomes who foresee looming inflation hacking away at their quality of life and for whom Panama as an answer to the conundrum of how to live well on less and less. (See February 16 post)

3.)Investors who are looking to develop property to sell to groups one and two.

For those of us in the real estate profession, it is a time to hunker down, a time to treat every potential buyer like royalty, a time to work diligently with those of our sellers who truly want to sell toward realistic prices, and a time to prepare ourselves for a changing world.

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Panama Market Basket

2009-07-22T13:22:00.000-07:00

One of our goals when we started this blog was to bring you genuine cost-of-living reports to lend a note of reality to those claims that Panama has a low cost-of-living. This is a non-scientific market basket snapshot to illustrate grocery prices today in Panama. Note that most of the items are locally produced and imported foods tend to run slightly higher than in their country of origin. We buy nearly everything fresh, not because of cost considerations, but because cooking is one of our main sources of entertainment and we don’t mind a bit of labor in the kitchen…

Produce:

Tomatoes $.78 per pound

Onions $.53 per pound

Leaf lettuce $.92 per pound

Red peppers $.99 per pound

Potatoes $.59 per pound

Bok Choy $.85 per pound

Spinach $.77 bunch (3 servings)

Eggplant $.59 per pound

Bananas $.08 per piece

Limes $.15 per piece

Meats:

Snapper filets $4.10 per pound

Chicken breast $1.26 per pound (w/bone)

Flank steak $2.70 per pound

Ground beef $2.12 per pound (lean)

Carb staples:

Rice $.88 two pound bag

Flour $2.38 five pound bag

Sugar $2.25 five pound bag

French bread $1.15 bakery baguette

Dairy:

Milk $3.75 gallon

Eggs $1.59 dozen

Butter $3.45 per pound

Yogurt $.55 four-ounce fruit flavored

Miscellaneous:

Dog Chow $3.89 for 2.2 pounds

Deodorant $3.12 Dove stick

Mayonnaise $1.69 Hellman’s 8 oz.

Soda $3.00 six-pack (name brands)

Smirnoff $6.79 750 ml

Rum $7.19 liter (aged, Panama-made)

We will be making a trip to PriceMart for our stock up on paper products, cleaning supplies and other bulk items later this week and will report those prices as well. Just like anywhere else its prudent to save what you can on paper and cleaning products because they can really put a dent in the household budget!

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Lookin' Good for Martinelli

2009-07-09T12:18:00.000-07:00

Stephen Harris, a reporter from the Overseas Property Professionals magazine contacted us recently for our opinion on the election of President Martinelli and its impact on Panama's economy in general and the real estate market in particular. Below are some of his questions and our answers:

Q. How do you think the election of President Martinelli will effect Panama’s standing in the business world? Are investors likely to see the country differently?
A. As you probably are aware, Pres. Martinelli is the owner of the largest supermarket chain in Panama. What you may not know is that the president, in his early career, worked at Wal-Mart and brought his training back to Panama with him and modeled his stores on many of the successful policies and methods employed by Wal-Mart that elevated the chain to the 'superstore' it is today. People told him he was crazy and he laughed all the way to the bank. What the Panamanian people overwhelmingly mandated when they elected Martinelli was a faith in the capitalistic, free-market model that the President brings to the table. This message is loud and clear here in Panama's business world but whether it reaches the world in general will depend on the actions taken in the coming months.

Q. What will it do for the property industry, particularly for those selling overseas, like yourself?

A.We are extremely optimistic about the president's influence on the property industry. We believe that he is capable of recognizing and removing many of the obstacles the property markets have met with, particularly in light of the former tourism minister's apparent vendetta against residential tourism that has been a traditional strong market for many years. We believe that the somewhat hostile attitude of the past administration toward foreign home buyers will disappear immediately.

Q. I’m not very familiar with Panamanian politics. Can you tell me what the President-elect has pledged to do to develop the economy and promote overseas investment?

A. This is the most difficult question to answer. Panamanian politics (and I'm no expert) seems to be more about personality and party philosophy. There is little discussion about actual programs, policies or proposed legal initiatives to change one thing or another. One specific thing that did echo throughout Martinelli's campaign was his commitment to end corruption. Of course, they all say that (in all countries). But the prevailing attitude seems to be that if anyone can keep guvvies hands out of the public pocket it is a man who is already tremendously wealthy himself. If he indeed leads by example and follows through it will go a long way toward improving the efficiency of doing business in Panama as well as providing a stronger basis for trust so critical to any overseas transaction.

Since the interview, I've had the chance to read up a bit more on Martinelli and to read his inaugural address. My respect for the man and my optimism has grown as I learn more about the President and his agenda.

If you'd like to read more about what's being written about the new president, The Latin Business Chronicle has a very upbeat take on Martinelli called "Panama: Investors are Bullish on Martinelli"

The Sovereign Society weighs in with their opinion that "New Panama President Challenges Latin American Left".

And finally, thanks to Eric Jackson at The Panama News for providing an English translation of the President's inaugural address.

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Panama--The New Florida

2009-07-07T11:22:00.000-07:00

This article from Business Week online caught my eye. It's nice to know somebody "in the big leagues" like Business Week is on the same page as we are about the allure of Panama...

Prospective retirees: Panama wants you. The pitch? A plane ride just 21/2 hours from Miami enables the newly poor to swap a wretched retirement in the U.S. for one befitting a royal in the balmy Central American nation. Cash out! Emigrate! Feel rich! Panama—the new Florida.

Read the article here.

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"The Kid" Does it again!

2009-05-03T09:05:00.000-07:00

We're exercising our bragging rights as we announce that "The Kid" has once again earned himself a blue ribbon at the Azuero Peninsula's annual horse fair for "Best Yearling". With his recent win at the David fair, he becomes the undisputed champion in his class for Panama. The Azuero and David are the two most important competitions of the year.

Mr. Mike Hawkins, who judged the Azuero competition, commented that he admired The Kid's "development and correct volumes". Tippen Quarter Horses sent congratulations to Jorge and his wife Olga whom Jorge reported was "even happier and prouder than me".
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The Sovereign Society on Panama as Tax Haven

2009-04-20T13:11:00.000-07:00

Once again, the Sovereign Society has reinforced its position that Panama will retain its position as one of the world's leading and best tax havens. Citing the outline of Panama's tax friendly approach to finance, Bob Bauman outlines "good and historic reasons for Panama's enviable tax haven standing: 1) a territorial tax system that levies only on earnings within the country; 2) constantly modernized asset protection laws, dating from the 1920s; 3) an array of useful statutory legal entities (trusts, corporations, private foundations); 4) a host of qualified offshore professionals and bankers; and 5) some of the strongest financial privacy laws anywhere -- plus having no tax information exchange treaties (TIEAs) with any other nation."

Following on the heels of the G20 meeting, Bauman has been peppered with questions about "What will Panama do now?" His article cites a number of scenaria following the G20 summit, most of which wind up with Panama politely listening and then continuing on exactly as they have always done. Anyone who has lived or done business here will recognize that strategy as a uniquely Panamanian way of dealing with a conflict--smile, nod sympathetically and then go and do exactly what you intended to do in the first place.

Another member of the Sovereign Society, Derek Sambrook, a leading trust officer in Panama and head of Trust Services, SA, has learned that Panama has "sent a letter" to the OECD (Organization for Economic and Community Development) acknowledging the G20's recent and repeated calls for an end to tax havens. Sambrook's opinion is that "unlike the domino waltz in which many tax havens engaged after the G-20 threats, Panama is not about to rush to agree to anything the OECD wants. There may be changes, but they will occur over a protracted period and at a snail's pace." In any case, he added, "I don't see Panama signing a TIEA with the United States in the near future".

Read the whole story here...

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Handcrafted Art Tiles in Boquete

2009-04-20T12:29:00.000-07:00

Always on the lookout for interesting crafts, we had a wonderful surprise last week when we found Tucan Tile in downtown Boquete. The little store had hundreds of absolutely stunning accent tiles in original handpainted designs many of which are modeled after Panama's most famous handicraft--the mola. These brightly colored works of "reverse embroidery" are an enduring symbol of Panama and many artists use the motifs in other art media to beautiful effect. Other original Tucan designs revolve around flowers, animals and abstract expressions. Owners Michael Geiger and Debora Duran-Geiger source their tile in Los Santos, the center of ceramic production here in Panama. Debora is the artist in the family and during our visit she could only whisk in and out of the showroom as she had the kiln going to fire her original designs. Michael is the salesman in the family and he clearly enjoys his work as he proudly shows off his wife's many different creations. There are two sizes of tiles as well as some larger framed works that depict a scene with portions of the design on several large tiles. Debora will also custom design tiles for clients with special requests. My companions bought tiles to accent their kitchens and a couple of art pieces to hang on the walls. The picture here is of the two designs I picked up for coasters and a hot pad (and Michael will glue some cork on the back for you for these uses) but as soon as I know how I am going to design my next kitchen and bathrooms, I will certainly be back for more. This is a couple who do what they love and love what they do here in Panama and we wish them all success. You can find the shop on the main road, right side as you leave Boquete going 'up the mountain' in the small shopping center that houses a number of other art stores, a cafe and a bar. You can reach them by phone at 730-9323 or email them at tucantile@hotmail.com

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Say it with flowers...

2009-04-09T07:53:00.000-07:00

One of the pleasant perks of living in Panama is a cost-of-living that includes the option to treat yourself once in a while to things you might not splurge on in your country of origin. Whether that means forgoing that $100 massage, skipping dinner out or buying a nice bouquet at the supermarket when you pick up your groceries--sometimes the budget just won't stretch far enough to cover treats.

Our fresh flowers come directly from their source in Cerro Punta up in the Chiriqui Highlands and the selection is astounding. I can find Stargazer and Tiger lilies, big bunches of sunflowers, exotic varieties of mums and roses of every imaginable hue. This bouquet was put together at my supermarket with three bunches: ten yellow roses, six Gerber daisies, and a big bunch of alstroemeria. My total cost was $11. Value: priceless.

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"The Kid" Takes a Blue Ribbon!

2009-04-06T10:04:00.000-07:00

It isn't all about Panama real estate for our team. We all have the love of all that Panama has to offer in recreation and this past month at David's annual 'Feria' one of our principals, Jorge Samaniego, had the opportunity to acquire some bragging rights as the proud owner of this year's winner of first prize for male quarter horse yearling or "Campeon Añero Macho Quarto de Milla" as it is said in Spanish.

The Kid's real name is "Kid Farenheit" (spelling as is) and he came into this world on February 6, 2008 at the Tippen Quarter Horse Farm in High Springs, FL. The handsome buckskin was bred by Rhonda Tippin and after journeying to Panama, he makes his home in Chitre where the Samaniego family originates. Kid's paternal grandfather, "Kids Classic Style" is one of the U.S.A.'s top halter horses today.

Things did not all go as planned for Jorge and the Kid at the fair. Originally scheduled to be shown by someone else, there was a snafu and Mr. Owner had to step up to the plate and show his youngster all by himself. When I asked Jorge if it made him nervous to have to get in the ring on such short notice, he replied with a non-G-rated expression. Let's just say he was scared spitless. The Kid wasn't nervous, though, and kept his composure, at least while he was the center of attention.

But later in the three and a half hour event he managed to dump Jorge into the dirt as his temper wore thin in the hot afternoon. Observers noted that Jorge's quick recovery was not enough to camouflage the cloud of dust created by his ignominious fall. All was forgiven, of course, as all proud parents know that spirited young horses get just as bored as young humans do when they have to stand around and patiently wait.

You'll see from the pictures Jorge also recovered his composure when posing for the shot in the winner's circle. I think that smile went around his face three times!

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"The Lost Coast"

2009-03-31T08:26:00.000-07:00

I'm sharing our promotional video for our newest favorite project at Boca Chica on Chiriqui Panama's Lost Coast. The post below this one is about a recent trip there where business and pleasure just blurred into one happy experience for us all.

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The "Lost Coast"

2009-03-26T07:36:00.000-07:00

We spent four gorgeous days on Chiriqui's "Lost Coast" and as usual my breath was taken by the amazing scenery that this little known area has to offer. We were staying in a cottage on top of one of the taller hills on the peninsula and the panoramic views allowed us to watch the sun rise over the Pacific (strange though that sounds!) and the clouds form halos around distant Volcan Baru.

For all the time I have spent in Panama, I had never yet seen one of our famous 'monos'--the noisy howler monkeys or the quiet white-faced capuchins. I have heard the monkeys many times and often thought that they should have been dubbed "roaring monkeys" as the sound they make is more like a lion's call than a howl. This trip, we got lucky and happened upon a troupe of about six howlers taking their siesta in the trees. Later, we saw the shy Capuchins in another part of the plantation. Being the animal lover than I am, this was a real thrill. The howlers are most active at sunrise and sunset when you can hear the big males asserting their dominance in the most audible way. Somehow those sounds really make one feel as if the wildness of Panama is still very much a lovely reality.

The ocean is exceptionally clear at this time of year when the rains have abated taking their mud with them. The property we visited is bordered by a wide, lazy river and we walked one of the most pristine beaches I have ever seen where the river meets the sea. In the mangrove roots at the mouth of a creek, we watched the robalo (called 'snook' in Florida) weave in and out through the crystal shallows and wished we had brought a rod and lure. The beaches alternate with dramatic rock formations that the iron-rich geography has tinted a burnished red.

Watching the landscape and the seascape bathed in fierce shades of blue, green and the gold that characterizes this season, I was once again reminded of just how blessed we are to witness this land still so unspoiled, with so much left to discover.

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Panama as a "Safe Haven"

2009-02-21T07:40:00.000-08:00

With so many of the world's economies in trouble, I thought it might be prudent to give you some facts about why Panama is worth a long hard look as a "safe haven". The Sovereign Society is an organization dedicated to helping people protect their assets, their rights and their privacy. In an October, 2008 post, the society reiterated its oft repeated endorsement of Panama as "the ideal place for retirement, a second home, or even to house your offshore asset protection trust or family foundation. It's one country in this turbulent world that is proud to be known as a tax haven.

As my previous post illustrates, Panama's mortgage industry has and continues to be both traditional and conservative in its lending practices and this is the result:

Reuters (Oct. 13, 2008) "Panama's banks are flush with liquidity and well placed to weather the international credit crisis.

The country's banking superintendent--Olegario Barrelier--says liquidity in Panama's banking center stands around 58%. Plus they have manageable exposure to the international markets that have been pummeled by the U.S. credit crisis.

'At the moment our banks are good, very good. They are healthy, they are liquid, capital is nearly double what is required. They are being financed by local deposits and are not dependent on external financial markets,' he said."

Sovereign society goes on to explain that "Panama has long been a center for offshore banking where the U.S. dollar has been the official currency for more than a century.

Panama is home to 90 banks, nearly 40 of which are international. That makes Panama Latin America's largest banking center outside of Miami, (which it is rapidly overtaking in assets). Among the major banks are HSBC, Citigroup and BBVA.

With no central bank, no federal reserve and no government lenders of last resort, banks in Panama have been encouraged to stay highly liquid, which they have.

These banks maintain a solid 58% loan to holdings ratio which put them in a strong position. Compare that to U.S. banks that have had to resort to billions in federal bailouts to stay afloat."

In the article, Superintendent Barrelier goes on to say that while he acknowledges that Panama will not entirely escape the impact of global financial crisis, he expects it to slow, but not crush the Republic's economy. For more than a year Panamanian banks have been encouraged to tighten credit to curb inflation, which they have done.

We aren't expecting to see a "big year" in real estate transactions, but we are expecting that many in less fortunate economies will take a serious look at Panama and consider its numerous advantages. Panama continues in its strong commitment to banking that maintains high standards of fiscal responsibility, its belief in an individual's right to privacy in banking and support for an investor-friendly tax code to encourage economic growth.

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