December is on its way and Casco Viejo, Panama`s colonial district is buzzing. Developers are speeding up to take the most advantage of the sunny days ahead and beat the holidays coming up. Several projects under construction will start delivering their apartments. Commercial spaces for sale remain scarce with only one (or maybe two) restored options in the entire colonial city. Plan to invest a minimum of $550,000 for plaza front commercial space. Keep reading as interesting investment opportunities are coming up in the Casco Viejo market!
Here is Arco Properties short report on what`s going on today in Casco Viejo Real Estate world:
The government recently inaugurated the extra traffic lines known as Cinta Costera Phase 2 that arrives to Casco Viejo. Speedy entrance and exit, with a park along the water to jog and connect with the Cinta Costera along Balboa Avenue. Parking still under construction, the Cinta is already having positive effects on the businesses within the old city.
Recently Finished Hotels (not for sale):
Las Clementinas Chambers and Cafe (located at the corner of B Avenue and 11th) opened their doors last week and has been getting very good reviews. Classic “Old Panama” ambiance with a “je ne sais quoi” that some have defined as a New York feeling and some others as an European style. Probably both being right, as Panama was always the crossing / meeting point for both sides of the Ocean. Valet parking!
Recently Finished Buildings with Apartments For Sale:
Benedetti Hermanos has delivered units already and will soon inaugurate its elegant commercial space. Only two units for sale: Unit 1C (a 2 bedroom, 174 mt2, all in one level for $400,000) and a panoramic Penthouse C ( 377 mt2 in one level, fully furnished, trully unmatched, $1.5M). Benedetti has a beautiful pool, yoga room, parking, elevator and common areas with gardens. If you are opening the links, once they have downloaded, click at the bottom corners to flip the pages. Be sure to be seated… views are spectacular!
Under Construction and Ready to Deliver Units in December – January:
Although Christmas holidays and New Year might be the worst possible time for a developer to deliver units due to the endless holidays, Casa Ruigar and Casa Garay are working at their best to deliver their products.
Casa Ruigar offers a good package with common rooftop terrace with pool. The building has elevator and parking. Some of the units for sale are already income producing, so if you are thinking on an investment level this might be a no brainer. Their one bedroom with water view roof terrace is for sale at $319,000 and their two bedroom apartment is on the market at $489,000 (199 mt2 on two levels). Their two bedroom with water view roof terrace is at $529,000, and income producing from day one.
Casa Garay on the other hand is built with more of a colonial style, since the building had a lot of calicanto (original stone) walls and historic features. Located at 10th Street, it is also in an area with a lot going on.
Hotels Under Construction (For Sale):
Casa del Horno is a boutique hotel with eight apartment /rooms and two commercial spaces (which could actually be three if divided). The project is offering fully managed units, where the owner would receive some income while being able to use it for free for a full month divided throughout the year. A perfect investment for those traveling often to Panama and wanting to own property in Casco Viejo but not having the time to “deal with it”. Units are fully furnished apartments with kitchens starting at 74 mt2 at $194,400 and going up to 110 mt2 (double height ceilings) one bedroom, one studio (two full bathrooms) at $307,800.
Casa del Horno also has one of the few commercial spaces for sale. A spacious 206 mt2 restaurant space for sale at $618,000 with fantastic calicanto stone arches and even an original colonial oven that is under restoration and is the icon of the property (Casa del Horno means the Oven`s Home). For those looking to purchase a smaller space, the restaurant has an area that can be sold separately, so a smaller commercial space for sale at Casa del Horno could be available at $126,000 (36 mt2).
For investors looking to purchase a full hotel with turn key operation, Casa del Horno might be a possibility as well. The hotel is at its final construction stage and should be opening by early next year.
Hotels Under Construction: (general)
Hotel Central and Hotel Plaza Herrera are still under construction. The first one with more than 100 rooms at Plaza Cathedral and the second one with 30 rooms.