Paradise Awaits in Playa Caracol, Panama

Your Comments and Questions

Stanley says: What is the square footage for the condos with the ocean view?

Ronan says: Hi Stanley. You’ll have several options of views. I’ll leave it to your advisors to get into the details on this. They can show you with the plans in front of you.

What I can tell you is that for $112,000 you get a condo of 617 square feet including terrace. The smart design of units and furniture gives your condo a very spacious feel. You have an open kitchen-living area, a main bedroom, and another room perfect for an office or a cinema area and pull-out sofa…

And like I say, with your furniture pack valued at $15,000 your price is more like $97,000.

It’s the perfect unit type for short or medium-term stays at this new beach town where you will have every amenity all orientated around the stunning beach and the planned boardwalk.

You also have the option of owning larger two-bed condos for $134,000. These are 719 square feet including terrace. Your savings on these stunning condos is $73,000 and I figure these condos could command a gross income of $19,000 annually when things get going at Caracol.

Michael says: Excited about Panama! Can you please provide an approximate cost of HOA and/or other maintenance fees associated with ownership of these condos?

Ronan says: Hi Michael, it’s $3.50 per square meter a month to own in Pueblito.

Kevin says: Ronan, the beach condo you mentioned in Panama, is it now in pre-construction phase? If so, when you purchase, are you paying deposit only or you have to pay in full?

Ronan says: This is preconstruction. The payment works like this:

You will reserve your condo with a fully refundable $5,000 deposit. This is refundable for 20 days.

You’ll then pay an additional $5,000 upon signing your contract. That’s it until the tourism licence is awarded, when you’ll pay a further 20% of the purchase price of your condo. (I expect this tourism licence to be awarded within nine to 12 months.)

After that it’s a series of 30 monthly payments of $253. So, to put it another way you’ll pay $253 a month for 30 months. And there are four or five balloon payments of varying sizes depending on your condos price point. Your dedicated advisor can give you specifics but to give you an idea, these balloon payments range from $4,000 to $7,426. Like I say, it just depends on the condo you go for.

On delivery you can pay off the balance…or you can arrange developer financing.

I’ve negotiated exclusive developer financing for RETA members. It’s near impossible for foreigners to get financing in Panama but I’ve negotiated it for you. On delivery you have the option of five years financing on the balance outstanding (50% of price of condo).

This is especially sweet because your condo will be up and running in the rental program for this period. Remember, as word gets out about Caracol, the rental income will kick in…40% occupancy at $110 a night for the condos with RETA-only prices of $112,000 is $16,060.

That’s gross, you will have some costs…but also plenty of time to enjoy the property for yourself. I figure on a gross of nearly $19,000 a year for the $134,000 condos. Again, based on a 40% occupancy but at $130 a night, which—when word truly gets out about Caracol—could be conservative.

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