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Real Estate Panama – Come To Panama & Turn YOUR Frown Upside Down!

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Real Estate Panama – Panama City Rising!

Real Estate Panama - Panama City Rising

on May 7, 2013

 

Tito Herrera for The New York Times

Casco Viejo, the old quarter of Panama City, left, and a newer, more vertical skyline, right.

Here is a great article that appeared in the Times.  Has anyone heard of  anything negative in the press about Panama?  I cannot remember either.

By  TIM NEVILLE
Published: May 3, 2013

Traffic into Panama City was flowing for once, so Miguel Fábrega had  only a moment to point out the crumbling ruins in the distance. They  were the remains of a 16th-century New Spanish settlement that the  British privateer Sir Henry Morgan eventually sacked in 1671. Ahead of  us rose Old Panama’s modern replacement: a forest of green, blue and  yellow glass skyscrapers that sifted the metallic Central American sky  into great vertical columns.

“You’re going to hear a lot about identity, who we are and where we are  going,” said Mr. Fábrega, a 37-year-old artist, writer and partner in a  creative think tank called DiabloRosso, which promotes emerging artists  in Panama. We had met over e-mail a few weeks earlier while I was  searching for creative residents willing to show me their city, and  moments ago he had picked me up at the airport.

Despite being founded in 1519, Panama is really only 13 years old, Mr.  Fábrega argued, its birthday being Dec. 31, 1999, the day the United  States gave the Panama Canal and its surrounding land back to the  Panamanians. For the first time in a century the country was whole and  independent.

“My generation inherited this blank canvas,” said Mr. Fábrega, his  salt-and-pepper hair fluttering slightly in the Audi’s air-conditioning.  “Now we have the chance to make it our own.”

Today, that canvas is far from blank, however. Over the past 13 years,  Panama City has been racing to become a world-class metropolis, and for  travelers, the changes have been enormous. In 1997 there were perhaps  1,400 hotel rooms in Panama City. Now there are more than 15,000 with  another 4,582 rooms in the pipeline, according to STR Global, a  London-based agency that tracks hotel markets. In the last two years  alone, Trump, Starwood, Waldorf-Astoria, Westin and Hard Rock have  opened hotels here. A new biodiversity museum designed by Frank Gehry is  nearly complete. The country’s first modern dance festival unfolded  last year, the same year Panama held its first international film  festival. The Panama Jazz Festival is going strong after 10 years. The  country even has its own year-old microbrewery.

“Panama was this compressed spring just ready to go,” said Keyes  Christopher Hardin, a New York lawyer-turned-developer working to  restore the city’s old colonial area. “When the Noriega dictator years  ended and the U.S. returned all that canal land, things just took off.  Everything that could go right did go right.”

Indeed, since 2008, when much of the world was in a recession, the  Panamanian economy has expanded by nearly 50 percent. The canal itself,  which frames the western edge of Panama City, is undergoing a $5.25  billion expansion that is expected to double its capacity and fuel even  more economic growth.

Yes, Panama still struggles with crime and poverty, but foreigners are  clearly intrigued with the way things are unfolding. In 1999 just  457,000 international tourists visited Panama, World Bank figures show.  In 2011, more than 1.4 million came. Plenty are staying, too:  sun-seeking Americans, Venezuelans and wealthy Colombian expatriates who  are buying second homes and retirement properties all over Panama. In  short, this city of about 880,000 people has gone from a ho-hum business  center on the navy blue Pacific to a major leisure destination in  record time. In doing so it has become a place full of the kind of  paradoxes that occur whenever a very old place grinds against the very  new. While the capital now has luxury apartments and five-star cuisine,  the thing it needs most is a solid sense of identity.

“You drive in and see all these skyscrapers and you have to wonder, is  it just a mirage or does it have any substance?” Johann Wolfschoon, an  architect and designer, told me. “What we need to be is amazing. Not  amazing for Panama, but amazing.”

IT WAS LATE MARCH, my first day of five in the city, and over the next  few days I hoped to get a sense of a city as it enters its teenage  years. I would hike through slums where street merchants sold black  magic spices, then change my shirt to sip $15 cocktails in the neon  glamour of a Hard Rock bar. I would eat terrible chicken and wonderful  octopus. I’d spend time with locals, expats, artists, entrepreneurs and a  former gangster.

For now, Mr. Fábrega wanted to show me his interpretation of some of the  changes afoot. We peeled off the freeway, turned down a boulevard and  entered Costa del Este, a section of the city with a skyline that looked  like a concrete comb. Our destination was a pop-up gallery that had  opened the night before inside an unfinished retail space at the bottom  of a new white skyscraper. Sixteen of Mr. Fábrega’s abstract paintings  with bright yellows, blues and reds hung on the concrete walls in an  exhibition he called “Banana Republic.” It didn’t take long to spot some  common motifs: finger-shapes that formed no hands, faucets that had no  pipes and machines that could do no work.

“This is Panama,” Mr. Fábrega said with a shrug. “It’s beautiful, but it makes no sense.”

Indeed, Panama City can feel rather absurd at times. Soon a new $2  billion subway, Central America’s first, will whisk people from A to B,  but a dearth of sidewalks can make it tough to go anywhere once you  arrive. A modern city could use proper addresses, too. Instead, “by the  old KFC” or “across from the guayacán tree” is often as precise as it  gets. As we left the gallery, Mr. Fábrega said the surest way for him to  get mail is to have it sent to his girlfriend in New York.

We drove a few miles west to Casco Viejo, a colonial neighborhood on the  far edge of the city, where Mr. Fábrega dropped me off. Casco Viejo,  which is sometimes called Casco Antiguo, is a warren of brick streets,  leafy plazas and Spanish colonial rum bars blasting the 2/4 beats of  cumbia. After Sir Morgan sacked Old Panama, the Spanish regrouped and  started anew, this time on a defendable peninsula a few miles away on  which Casco Viejo now stands.

I wandered around to get my bearings — seven squares, six churches, one  fine-looking ice cream shop — and then checked into my hotel. The Canal  House, near the Plaza Mayor, did not look so special from the outside: a  white and gray block surrounded by steel barricades for road-working  crews. Inside, it was another world, a quiet colonial refuge with rich  wood floors, high windows and a cozy lounge. A woven basket sat near my  bed, a shout-out to how Panamanians still lower meals from the windows  of upstairs kitchens to sidewalk restaurants. On a shelf in the bar  downstairs I found a framed note from the actor Daniel Craig, who had  stayed while filming scenes for the James Bond movie “Quantum of  Solace.” (Casco Viejo stood in for La Paz, Bolivia): “I wish we would  have stayed longer.”

Panama has pretty much always been a bridge for cultures, conquerors  and, well, birds, but once that mishmash gets distilled into the 50-some  blocks of Casco Viejo, an eclectic, almost Noah’s Ark-like vibrancy  prevails. The Chinese run so many small groceries here that Panamanians  simply call the shops “Chinos.” The French left their mark on the corner  of Avenida A and Calle 4, where a Parisian-style apartment building  displays elegant rounded balconies. You hear German, Portuguese and  English on the streets.

Parts of the area are still pretty seedy, though, and an elite division  of stern-looking police officers patrol the area with machine guns and  motorcycles. “I was definitely nervous about coming here at first, with  the shootings and the gangs,” recalled Matt Landau, a New Jerseyan who  moved to Panama City in 2006 and now owns Los Cuatro Tulipanes, a  boutique hotel and apartment enterprise in Casco Viejo. A stray bullet  smashed into the Canal House in 2009, and Mr. Landau still warns guests  not to wander beyond certain blocks. But Casco Viejo does feel quite  safe, even at night, when the neighborhood comes alive with busy  restaurants and rooftop bars. “I can’t begin to tell you how much it has  all changed,” he said.

Mr. Hardin, the developer, has been one of the major players behind that  change. His firm buys property in Casco Viejo, renovates it and sells  it for about $2,500 per square meter on average. Along the way, he  builds affordable housing and works to get kids off the streets by  offering jobs that ultimately improve the neighborhood. “Revitalization  always revolves around a culture, not an industry,” Mr. Hardin said.  “You need a place with good bones that’s affordable with spaces that  people can use to explore — pioneering restaurants, galleries — and then  you get events around those spaces. That’s what’s happening here. So  yes, it’s like Miami, but Miami in maybe 1989.”

To understand what he meant, he suggested I meet Nicolas Mercado, a  former gang member who now runs a popular bar called La Vecindad on  Avenida A. Mr. Mercado, who has a shaved head and thick, muscled arms,  welcomed me in a courtyard at the end of a long entryway where two  friendly police officers happened to be standing. Graffiti, the artful  kind with intricate angles and bold colors, lined the walls. Upstairs a  singer was working on a Latin pop track in the bar’s recording studio.

It was midafternoon and the place was closed, but Mr. Mercado and I sat  outside and talked about change. In a way, his story mirrors the  turnaround of the entire neighborhood. In the early days of contemporary  Panama, or 1999, Mr. Mercado was 16 and the head of the Hot Boys gang,  which prowled the eastern blocks of Casco Viejo. There were three other  gangs in the area. They mostly sold drugs, though robberies and murder  were common too. One day a man came by ostensibly to buy some marijuana,  but he shot Mr. Mercado with a pistol four times instead. The man got  away, and Mr. Mercado mostly recovered.

“I knew I had to get out,” he said, showing me the scar of a bullet wound on his hand. “This wasn’t for me.”

So Mr. Hardin donated a space for him and his buddies to start a  barbershop. It did not go so well. The first client, an American,  wandered out with just half of his head trimmed because the  gangster-turned-barber ducked out to make a deal and didn’t come back.  Mr. Mercado eventually shaped up and turned the space into La Vecindad  in 2009, which has since become so popular with live music that it  warranted an expansion into the courtyard. There are no more stray  bullets.

“I’m free now,” he said when I asked whether he thought the reality of  his old ways could return to haunt him. “It doesn’t get any more real  than that.”

OF COURSE, the city’s growing pains have been pretty real, too. Boca la  Caja, a poor fishing community, is struggling as the city’s demand for  prime real estate presses in around it and strangles its access to the  sea. A similar fate looms over Casco Viejo with the construction of a  controversial bypass that threatens to annul the neighborhood’s Unesco  World Heritage status. Traffic is terrible.

I had been inside the Panama Interoceanic Canal Museum  — a third-floor exhibition in a red-roof building just off the Plaza  Mayor — reading about the hazards of building the canal, when Mr.  Fábrega picked me up the next day. I still wanted to explore the city’s  music, nature and food scene, so we stopped-and-go’ed our way to a  restaurant called Maito in Coco del Mar, a largely residential area  about three miles away. “I think you’ll like what the chef is doing,”  Mr. Fábrega said.

The chef would have to work hard to impress me. “Starchy, sweet, fried  and basic,” is the way Patrick Maurin, the French executive chef at  Trump Ocean Club, described Panamanian food, and few would argue  otherwise. One night, I had ordered a salad at a restaurant near the  Canal House and cringed at the sorry bits of barbecued chicken and pale  lettuce that arrived.

“Panama is not a culture that’s built around the table,” said David  Henesy, a New York restaurateur, who in 2005 started La Posta, a  contemporary restaurant in the Calle Uruguay area that focuses on local,  environmentally sustainable ingredients. It can still be difficult to  find high-quality foods to work with, he said. “If you want an heirloom  tomato or an organic pig, you pretty much have to do it yourself.”

Another chef, Mario Castrellón, is trying to do just that. After  studying cooking in Spain, Mr. Castrellón returned to Panama in 2005 to  work under Mr. Henesy. In 2009 he started his own venture, Maito, which  now competes alongside a dozen other worthy places like Las Clementinas  or Tantalo Kitchen, both in Casco Viejo.

Maito was nearly full when Mr. Fábrega and I found a table under paddle  fans next to a window. Outside a gardener tended to raised beds that  were bushy with Thai basil, cilantro and other herbs that show up in the  food.

“No one knows what Panamanian cuisine really is,” Mr. Castrellón, who is  30, said later. “People can name maybe four traditional dishes, but we  eat a bit of everything here — Chinese, French, African, Spanish,  Colombian, American.”

Mr. Fábrega and I shared a sea bass hot dog — fine, flaky fish rolled  into a sausage shape and lightly battered and fried — which was far more  delicious than it sounds. We tore into an order of ropa vieja,  literally “old clothes,” a traditional meal of shredded beef and sauce  that Mr. Castrellón has invigorated with spicy peppers, annatto and goat  cheese salsa.

The crowning analogy came with the octopus. The creature had been  candied, set upon a garbanzo bean paste, and garnished with cilantro  flowers and other herbs. It was sweet, spicy, succulent.

“Chinese glaze, Spanish beans, local herbs,” Mr. Castrellón said. “Put  all these elements together, and now you have a Panamanian octopus.”

Eager to explore more of the city, I said a hasty goodbye to Mr. Fábrega  and met up with Jessica Ramesch, the Panama editor of International  Living magazine. We piled into her Hyundai and fought our way out to a  former United States military base called Clayton that sits along the  canal in the northwest part of the city.

“All of this area was pretty much closed to Panamanians when the  Americans were here,” she said as we crept through the Canal Zone, a  Phoenix-size former United States territory where Americans working and  defending the canal lived a strange, cross-world existence. “Zonians,”  as they were called, could get Guess jeans and Jif peanut butter just as  on most military bases abroad, but then monkeys might walk with the  children to school. Huge ships moved through the Miraflores Locks just  to the west of the road.

“Many Zonians stayed and some of the bases have become these gorgeous neighborhoods,” Ms. Ramesch said.

Clayton is one of them. Though it was now getting dark, I could see  community centers and signs for the City of Knowledge, a compound for  research, tech companies and nongovernmental organizations. We parked  near a soccer field and wandered toward a massive corotú tree where a  crowd had spread out blankets and lawn chairs. A band was warming up  near the trunk.

While much of the city’s night life unfolds along Calle Uruguay, every  full moon during the dry months hundreds of people head out to Clayton  to bang on Tupperware containers, buckets and anything else that might  make a noise. They do their best to follow the band — just a group of  friends, really — which plays pop, reggae and whatever else it feels  like.

“Who here can drum?” an announcer shouted into a microphone, and the pounding became a roar.

Over the next several days, few things I saw or did in the city had  quite the same wow factor as this bucket band gathered under an old  tree. I sipped cocktails at Barlovento, a new rooftop bar where slinky  women and V-shaped men swirled around in a cyclone of perfume and  cigarettes, and I shopped for tapestries made by Kuna Indians along a  waterfront paseo. A hike on a steep, car-less road up a jungly hill in  the middle of the city stood out, but that’s because an anteater crossed  my tracks, and I’d never seen one of those before.

But here on the ground with wine and cheese and a fat moon hanging in  the trees, I wondered if a city needs to add up to make sense. As absurd  as Panama City can feel at times, it is certainly a lot of fun, too,  and between the cracks of all the chaos, these mini-miracles are  burbling through.

As if on cue, the bucket band’s disparate racket gradually fell into  sync until — no way — “The Girl From Ipanema” emerged. It was messy and  loud and no one knew how it would end, which made it all the more  amazing, too.

IF YOU GO

Panama uses U.S. dollars but people call them Balboas.

Where to Stay

The Canal House off the Plaza Mayor in Casco Viejo has  three suites with king- or queen-size beds, free use of cellphones and a  common area for breakfasts and cocktails. From $210 to $350 a night.  Information: canalhousepanama.com.

The Magnolia Inn (magnoliapanama.com),  also near the Plaza Mayor in Casco Viejo, has more affordable rooms,  some with views of downtown Panama City. From $100 to $150 a night.

The Bristol (thebristol.com), in the financial district of the city, has 129 rooms and suites with local artwork. From $208 to $400 a night.

The Hard Rock Megapolis (hrhpanamamegapolis.com)  on Avenida Balboa has 850 modern-style rooms with another 500 to be  opening soon. Expect a Vegas-style experience with lots of music,  high-dollar cocktails and masterful glitz like geode-inlaid floors. From  $149 to $279.

Where to Eat

Maito, new Panamanian cuisine, Coco del Mar area; (507)-391-4657 begin_of_the_skype_highlighting            (507)-391-4657      end_of_the_skype_highlighting; maitopanama.com.

La Posta, contemporary cuisine, Calle Uruguay area; (507) 269-1076 begin_of_the_skype_highlighting            (507) 269-1076      end_of_the_skype_highlighting; lapostapanama.com.

Luna, contemporary cuisine, financial district; (507) 264-5862 begin_of_the_skype_highlighting            (507) 264-5862      end_of_the_skype_highlighting.

Las Clementinas, new Panamanian cuisine, Casco Viejo; (877) 889-0351 begin_of_the_skype_highlighting            (877) 889-0351      end_of_the_skype_highlighting; lasclementinas.com.

Tántalo, international cuisine, Casco Viejo; (507) 262-4030 begin_of_the_skype_highlighting            (507) 262-4030      end_of_the_skype_highlighting; tantalohotel.com.

Fish market, seafood, near entrance to Casco Viejo.  Numerous types of cevice in plastic foam cups for about $2. Very  pungent. Often packed. No phone or Web site.

DiabloRosso, cafe, Casco Viejo, (507) 262-1957 begin_of_the_skype_highlighting            (507) 262-1957      end_of_the_skype_highlighting; diablorosso.com.

Granclément, Artisanal ice cream, Casco Viejo; (507) 208-0737 begin_of_the_skype_highlighting            (507) 208-0737      end_of_the_skype_highlighting; granclement.com.

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Real Estate Panama – Maybe a New Railway Here!

Panama Real Estate - A New Day!

Real Estate Panama

Panama and Japan Study New Loan For Railway

Studies are being carried out on the viability of a Japanese loan to finance a railway connecting the western zone with the Panamanian capital.

Friday, May 3, 2013

From a press release issued by the Presidency of Panama:
The President of the Republic, Ricardo Martinelli received, on the morning of May 2, the Minister of Foreign Affairs of Japan, Fumio Kishida, who desribed the progress that Panama has made in terms of the economy and the Canal expansion, a very important issue for Japan which is already one of the 4 most frequent users of the waterway.
Martinelli said: “The feasibility of a low interest loan from Japan for the construction of a railway to connect the western sector with the Panamanian capital is under study.”
“We have commenced discussions relevant to having a direct flight between Panama and Tokyo, from Tocumen airport, and explained all the advantages that Japanese entrepreneurs will have in establishing their businesses in our territory,” he added.

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Real Estate Panama – Come To Panama!

Real Estate Panama - The following information is provided compliments of Thomas H Brymer II

The New Face of US Immigration: Leaving for Central America

 

I was surfing the web for content about the stats for the number of expats that might be coming to Panama and found a couple of interesting articles in ablog written by editor in chief Karla Fetrow.    It is   an interesting look at what is happening and why people are considering leaving the US for greener pastures.

The Debt No One Wants to Pay

What has happened to America? Perhaps, at no time, has the waves of  discontent been so intense, that not a single group can reach agreement  with another. It can’t really be compared with the Civil War; it was a  war of two separate factions; one wishing to split away and form its own  constitution, the other determined to maintain a single, united entity.  Nor can it be truly compared to the Great Depression, although many of  the circumstances are similar. The twenty year era of poverty drove  massive numbers into the streets, wandering around the country, looking  for jobs, saw endless homeless and the creation of Union power. While  Union power has been deeply corroded by government mandates, the  greatest difference has been that for the first time, Americans are  considering migrating out of the country they helped to make great, and  start over.

The emerging migration can be blamed partly on the economy. Baby boomers  reaching retirement age have discovered their social security checks  are not enough to cover the spiraling costs of living. Younger people  are concerned that America’s staggering debt will create a tax burden  none can afford. Advanced education has done nothing to improve their  opportunities for a lucrative income, only saddled them with student  loans and desperation. Buying a new car is difficult enough; investing  in real estate is a pipe dream.

Economies eventually recover. Innovation, reform, new resources and  rebuilding the infrastructure lead the way to new economic development.  From the revolutionary years, though the industrial age, Americans have  had faith during their economic struggles that things would get better.  They had a dream and they were willing to fight for it.

Without Liberty

America has lost its faith. This, more than anything, has stimulated  the American dream to find greener pastures. Individual and community  efforts to change the course of economic disparity have met in failure,  primarily due to government intervention. Farm co-operatives and private  homes have been invaded, their assets seized by agents who determined  their organic practices were unsafe, even in the face of mounting  pressure to abandon GMO projects. Neither has bartering been accepted  favorably, with an insistence that all bartered items be listed as  income.

America can handle a new era of poverty. What it can’t accept is the  growth of a government seat that continues to nibble away at their  natural liberties. Natural liberties have been defined since the early  Greek civilization. Our individual survival depends on the right to seek  out food, water and shelter. This same drive determines our instinctual  desire to protect the assets we have obtained and to benefit from our  own handiwork. As social creatures, we naturally crave free expression,  whether in religion, speech or press. When these desires are suppressed,  when we can no longer reasonably maintain food, water and shelter, when  our assets are removed from us, along with the benefits of our  handiwork and we feel unprotected, it is our natural drive to look  elsewhere for free expression.

Central America Becomes the New Frontier

For many, elsewhere has become Central America. It is estimated that  approximately 250,000 retirees will have moved south of the border over  the next fifteen years. It has also become the main attraction for  ex-pats and people looking for ways to invest their self-directed IRA’s.

What has suddenly made Central America a sudden choice for packing up  and starting over? Much has to do with changes in Central American  policies. Long considered a tax shelter where wealthy businessman invest  millions and rake in untaxed profits from private banks, the  governments within the affected countries have become worried about  corporate trends, their big-money dominance and worries over corporate  dependencies. Wishing to save an infrastructure that serves its  citizens, their appeal to investors and entrepreneurs has been directed  at the American middle class.

Many of the Central American companies have made it easier to invest  in real estate and residency. They maintain an equitable exchange rate  with the dollar, and in some cases, such as Panama,  use the dollar as currency.  Owning a small business is encouraged and the  start-up rates are only half the expense as beginning a business in the  United States.

There are disadvantages. Central America still has a great deal of  under-development. American products are expensive. Unless you accustom  yourself to Central American life-styles, you won’t find a great deal of  difference in the prices you pay in the U.S. Schools are generally  small outside the big cities. There is a shortage of English language  teachers. As you would be moving to a foreign country, it may be  necessary to learn Spanish and adopt to the culture and customs.

The Appeal of Opportunity

However, for many, this only makes the prospect more exciting. There  is a feeling of pioneering, as well as adventure, the excitement of  being presented with an opportunity, when U.S. opportunities seem to  have dried up. The idea of moving to a country without the cumbering  machinery of US codes and regulations outweighs the minor handicaps of  adaptation.

Climate and environment are definitely an advantage. The tropical  landscape offers rugged mountains, jungles, rain forest and swift rivers  to the adventure seeker; brightly colored birds and a variety in  wildlife species to the naturalist. Central America is bordered with  spectacular beaches for swimming, snorkeling, surfing or just plain  sun-bathing. It has become so tourism friendly, it welcomes the  back-packer as avidly as it absorbs the high roller.

While Central America is busy embracing retirees and expats, many US cities  are on the decline as the death rate creeps over the birth rate. Their  strategy has been to accept Latin American immigration, hoping that by  doing so, the additional manpower will stimulate the economies. While  they are rolling out a welcome mat for the influx, no studies have been  made of the impact of US citizens leaving the country.

When the Dream is Over

US immigrants into Central America will bring with them, their  retirement income, their SSI, their IRA’s and the profits generated from  selling out. The disenfranchised will bring their creativity, their  innovation, their entrepreneurship and other learned skills. Many will  bring their families.

The phrase, “if you don’t love it, leave it,” has backfired for the  American people. The long-term love affair with what was once considered  the land of the free, is over. Those who harbor in their hearts  concepts of personal liberties are suspicious of a corporate ruled  government and fear federal jurisdiction is becoming increasingly more  tyrannical. America didn’t just fail its people economically. The  American backbone has been strong, able to withstand war and depression.  It’s the breaking away from Constitutional rights, from concepts of  individual freedom that has crushed the spirit of the American people,  making leaving what they no longer love, a viable option. The American  dream may be over in the United States, but it is just beginning in  Central America.

Thomas H. Brymer II
Real Estate Panama - Come To Panama & Turn YOUR Frown Upside Down!
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Real Estate Panama – Trump Ocean Club
Real Estate Panama -  We at RE/MAX Beaches & City! – Panama feel an obligation to advise our Panama Real Estate Clients & Prospects about all important Panama Real Estate matters… not only just about the great & the good… but even the bad & the ugly -
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Trump Developer Files for Bankruptcy Protection

Trump Developer Files for Bankruptcy Protection

By Kevin Brass | May  1, 2013 11:03 AM ET
The developer of the Trump Ocean Club in Panama City, the tallest building in Central America, has filed for Chapter 11 bankruptcy protection in New York as it attempts to restructure $220 million in bond payments.
Newland International Properties Corp. reportedly missed a $31.9 million amortization payment in 2011, according to media reports. In the filing, Newland blamed slow sales in the wake of the financial crisis and rising construction costs for the financial difficulties
“The sale of units in the Trump Ocean Club has been particularly impacted as the financial losses suffered by affluent customers during the economic crises have adversely affected second-home and resort purchases,” Newland chief operating officer Carlos A. Saravia said in the filing.
Newland’s $220 million in bonds, issued in 2007, were trading last month at 70.5 cents on the dollar, Bloomberg reports
The Trump Ocean Club, which was completed in 2011, is the first project bearing the Trump name to open outside the United States. The Trump Organization was not involved in building the project; Newland licensed the Trump name.
The Trump Organization has sold the Trump name for several projects around the world with mixed success. Several projects failed, resulting in lawsuits against the developer and Trump. Earlier this year Trump announced plans to open a hotel in Uruguay.

The 70-story Trump Ocean Club features 630 residential apartments and 369 hotel condominium units, in addition to retail and office space.
In January, Newland said it had reached a tentative agreement with creditors to restructure the bond payments. Newland reportedly offered stakeholders a three-year extension on the notes.
The agreement “may include the use of a pre-negotiated and pre-packaged Chapter 11 process under New York law” to expedite the restructuring, according to an e-mailed statement from Newland today.
The creditors had until April 30 to approve the deal. The company has received support from 62 percent of the note holders, Bloomberg reports. But that was apparently not enough to stave off the bankruptcy filing.

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Real Estate Panama – Agriculture

Can we have Excellence in Central America? YES WE CAN -

Each week Panama will now be shipping two (2) containers of peppers to the US -

Well our first large scale hydroponic greenhouse operator is in full production and are they producing.  Go Veggie Fresh!!

Using first world technology and management the Panamanian company  Veggie Fresh  Invest will be sending two containers a week to the U.S.  of peppers produced hydroponically.

“I would say we did things as they should be  done, which is a little opposite to how traditional farmers do things:  first plant and then look for the customer,” said the entrepreneur Guillermo Villarreal, owner of the company.

“His company Veggie Fresh Invest, Inc. received the highest accolade, the National Award for Business Innovation 2013, awarded by the National Secretariat for Science, Technology and  Innovation (Senacyt) and the Chamber of Commerce, Industries and  Agriculture (Cciap) …” , noted an article in Prensa.com

Every week the company will export two containers of colored peppers to the U.S., which are harvested from  10.5 acres using a method nine greenhouse modules, a project in which  some 18 businessmen have invested about $18 million in total.

The plant also has a sector for packaging and cold chain, which gives  them an advantage according to Villareal, as “post-harvest handling is  another of the great weaknesses of agriculture in Panama.”

One of the reasons that the entrepreneur decided to chose this method of  harvest is because during trips he made to countries in Central America, Holland, Spain, Mexico,  the USA and Canada, “… I was able to determine that the only farming  where the farmer was happy, because he receives proceeds proportionate  to his efforts, was in the form of climate controlled and hydroponic  farming” said Villareal.

Furthermore, this method “allows you to access the EU market”, because if the product “is not hydroponic, they wont buy it.”

Source: Prensa.com

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Panama – Let’s Make a youtube Video!

Hello this is RICH Novak… I just checked on our youtube stats & found that 88,177 visitors have viewed our videos – Thank YOU!… sure maybe it is true that PSY has had one and one half Billion hits on his video – but PSY watch out for PTY – here is our top rated video 32,153 views – ENJOY!

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Panama – Progress!

Real Estate Panama!

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Panama! New Metro Mass Transportation System

Panama’s New Metro Mass Transportation System is nearing completion!  This video from Don Winner shows the giant tunnel boring machine which was purchased from Germany breaking thru the wall to complete the tunnel digging phase of the major construction effort… Oh yea President Martinelli named the giant tunnel boring machine after his Mother Marta – Why would the Presidente name the mammoth tunnel boring machine after his Mother??? Because – “Mama Can Get It Done!!!  Come to Panama it just keeps getting Better & Better & Better

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Panama – COPA Adds Flights From Boston to Panama!

Copa to start non-stop Boston to Panama flights

Real Estate Panama  

Copa is continuing its rapid expansion of direct flight from cities in the US to Panama with connections to 57 other cities in Latin America.

By Marie Szaniszlo – Beginning this summer, Star Alliance member Copa Airlines will offer the first daily non-stop service from Boston to Panama City, with connections to 57 other destinations in Latin America.

“We will be the only direct, non-stop flight from Boston to Latin America,” Copa CEO Pedro Heilbron said today at the State House, where he met with government, business and community leaders. “We’re filling a void.”

Boston is currently the largest U.S. market without non-stop service to Latin America, Heilbron said.

Roundtrip flights will begin July 10 and cost between $500 and $600.

Copa will operate a Boeing 737-700 Next-Generation aircraft on the flight, with seating for 12 passengers in business class and 112 in the main cabin.

On-board service includes meals and a 12-channel audio-visual entertainment system in English, Spanish and Portuguese, with new movies monthly and complimentary headsets. Flight attendants are bilingual.

Passengers can make connections to destinations throughout Latin America and the Caribbean, without customs or immigration waits for in-transit passengers. (bostonherald.com)

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