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Cheap International Housing?
Old 07-11-2007, 07:18 PM   #1
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Cheap International Housing?

International Living. For some reason, the housing listed does not seem cheap!


http://finance.yahoo.com/real-estate...r?mod=oneclick
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Old 07-11-2007, 07:48 PM   #2
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Yeah the housing bubble in the US didn't burst it just moved south of the border. Here in Panama it is cheaper to build a house than it is to buy a used one. So technically you could build a house and once completed it would be worth about 50% more.
To say the market here is on fire is an understatement. I invest in real estate (in the US)for a living and have yet to figure the market in Panama. The prices of some condos are priced like they are located in Miami. Last time I looked Avenida Balboa was not in South Beach.
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Old 07-12-2007, 03:36 AM   #3
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Originally Posted by Arif View Post
Yeah the housing bubble in the US didn't burst it just moved south of the border. Here in Panama it is cheaper to build a house than it is to buy a used one. So technically you could build a house and once completed it would be worth about 50% more.
To say the market here is on fire is an understatement. I invest in real estate (in the US)for a living and have yet to figure the market in Panama. The prices of some condos are priced like they are located in Miami. Last time I looked Avenida Balboa was not in South Beach.

That house listed in Mexico for $236k in Mex seems high to me.

These prices have to be inflated for Gringos. I wonder if locals are paying the same price for an equivalent? For some reason... I doubt it. I know that other services are less expensive in these countries. I suspect that the USA expat enclaves are artificially inflated.
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Old 07-12-2007, 07:39 AM   #4
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That house listed in Mexico for $236k in Mex seems high to me.

These prices have to be inflated for Gringos. I wonder if locals are paying the same price for an equivalent? For some reason... I doubt it. I know that other services are less expensive in these countries. I suspect that the USA expat enclaves are artificially inflated.
It's all supply and demand. Expats come here and they see a condo overlooking the Pacific and say"Geez you know how much this condo would cost in the US?" So even at 300k or 400k they think it is a steal compared to a condo in Miami overlooking the ocean for 1-2 million. The problem is you can't compare these places to the US because they are not.

Locals can't afford these new properties unless they are wealthy by Panamanian standards. Funny thing is you can still buy a condo for about 150k a block or two away from these 400k units. The only difference is they are 10 or 15 years older and not as flashy. For my money I'd buy an older condo and remodel it with newer cabinets, crown molding, etc. and still come out ahead. When the downturn hits IMHO you won't be affected as much because of the lower price point and a larger pool of buyers.

BTW- Because of the lag in upgrading the infastructure to accomodate these condos the gov't recently added a "tax" to pay for the upgrade and of course the builders are passing it along to the future owners. So technically the cost of your condo could increase by about 10k to pay for the upgrade although you have a contract for X dollars.
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Old 07-12-2007, 08:22 AM   #5
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Sometimes, it's cheaper to buy real estate in your own home country. Recently I was reading about a couple working the oil patch in Alberta. They said they owned two houses in Newfoundland, worth CDN $50,000 "each". I checked a real estate website over there, and sure enough I can find a few selling for $50,000 or less (and they look like they're still standing). Brisk climate compared to Panama or Mexico though.
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