I live in Boquete, a mountain town in Panama where it is Spring like weather and green all year.
15-20 years ago, when expats started coming to Boquete, they were building big fancy houses because the building costs is so affordable. Now, the owners think their houses are worth $300,000 to $500,000 or even more.
But, the demographics of who is moving to Panama has changed significantly in the last 5 years and there’s not a market for $300,000 to $500,000+ houses.
Most people who are moving to Panama now are looking for houses under $250,000.and they don’t want a McMansion.
There’s a disconnect in what’s for sale versus what buyers want.
There’s also a disconnect from an investor standpoint because a $350,000 house MIGHT rent for $1500 a month furnished with all utilities included. So, investors are not interested in that ROI. Yet, buyers and investors could build a similar house with land for $150,000 to $200,000 so you can see why these big expensive houses are just sitting on the market.
In some cases, the sellers could sell at their price if they would offer seller financing.
In some cases, if the seller is willing to take less for all cash offers but it will be necessary to do some creative marketing to attract buyers.
In comes the HIGHEST BIDDER SALE.
Next week, I’m training one of the local real estate offices about how to do marketing and how to do a Highest Bidder Sale for either the highest down payment or the highest price.
I think, hope, it will be a huge success in Panama and the solution to these houses that have been sitting on the market for many YEARS without any lookers.
I tell all my Panama Relocation Tour clients to RENT for at least 6-12 months before they even think about buying. Many decide they want to rent the whole time they are living in Panama.
This is a question about the possible suitable use of those large high priced homes that aren’t selling at the $300k to $500k asking prices. Given that in this country there are about 10,000/day baby boomers retiring, and who are likely candidates for ALFs (assisted living facilities) some day, and even perhaps in Panama. Are those very large houses possibly suitable candidates for conversion into an ALF (sufficient number of bedrooms, possibly without an upper story where stair climbing wouldn’t be a problem.
Yes, many of these homes would make an ideal residential assisted living facility. And, there’s a desperate need for more assisted living facilities in Panama! The few that are available in Panama have a waiting list to get in.