California Dreamin’
I’m writing from the Red Carpet Club in San Francisco Airport. At the end of a Middle East and Africa course, I want to share some of what I learned from my students and a co-instructor. Only 1 student was from California; and he was not from the San Francisco area. He said the residential market was “a little slow”. The commercial market is doing fine. He is working with Israeli investors.
Two agents from Belize are doing more buying than selling. They say the Chinese are gobbling up all the good beachfront properties in Belize. Smart people. My co-instructor was a refugee from IBM who had worked in Namibia, and Zambia. I was really impressed with what he told us about these countries. I intend to let them be the subject of future research and another blog or two.
I got to meet with a former student from a Nicaragua class. He has a really interesting property of around 200 acres, waterfront in Panama on the Caribbean side. He does not have an exclusive listing; so I am afraid to talk about it. He is working on the listing. If he gets it, I will feature the property here.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Showing posts with label Panama. Show all posts
Showing posts with label Panama. Show all posts
Sunday, June 8, 2008
Tuesday, January 8, 2008
Good News from Panama
Good News From Panama
I have to thank my good friend Manfred Chemek from Manhelm International http://www.manhelm.com for this information.
One of the big benefits for people buying in Panama has been the 20 year tax holiday for people buying new homes. There was also a 30 year property tax holiday for people buying properties in the “Re-Constituted Areas”. These are the lands that the USA government had been leasing during their operation of the Panama Canal. The 30 year holiday expired some years ago. The 20 year holiday did not expire until August of 2007.
Manfred has informed me that this 20 year tax holiday was renewed to include homes built before December 31, 2009. Panama has many other tax benefits and has been one of the least corrupt and most transparent governments in the world for some time. Panama City is a gleaming modern city, surrounded by beautiful natural areas. Panama has to preserve it’s forests because they provide the watershed for the canal. Most of the country provides this watershed and is environmentally protected.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
I have to thank my good friend Manfred Chemek from Manhelm International http://www.manhelm.com for this information.
One of the big benefits for people buying in Panama has been the 20 year tax holiday for people buying new homes. There was also a 30 year property tax holiday for people buying properties in the “Re-Constituted Areas”. These are the lands that the USA government had been leasing during their operation of the Panama Canal. The 30 year holiday expired some years ago. The 20 year holiday did not expire until August of 2007.
Manfred has informed me that this 20 year tax holiday was renewed to include homes built before December 31, 2009. Panama has many other tax benefits and has been one of the least corrupt and most transparent governments in the world for some time. Panama City is a gleaming modern city, surrounded by beautiful natural areas. Panama has to preserve it’s forests because they provide the watershed for the canal. Most of the country provides this watershed and is environmentally protected.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Monday, November 19, 2007
International Forum... Paul McBride
International Forum…Paul McBride
Paul McBride is with Prima Panama. He has a very unique business model which we will discuss in a later blog. This blog will only deal with his presentation at the forum.
Paul’s company wanted to know who there clients were so they sent out a survey by email with 85 questions. They got 600 responses. This is some of what they learned.
Most of the buyers came from referrals either from a friend or someone who had responded to an advertisement.
Most buyers do 3 to 5 years research before they buy. They want lots of information.
The types of purchases they make are: A primary residence or a 2nd home. Many buy for rental now with the idea of a personal use property later. Buyer’s need to know the selling process.
The reasons for purchase are:
Costs of living
Weather (typically warmer)
Proximity to their home market
Taxes
Be around friend & other foreigners
Broker & Attorney very important for foreign buyers, they need to have relationships with others in the transaction.
Transfer Tax vs. Capital Gains
2% transfer tax paid by seller
Corporate transfer no transfer tax
Capital Gain in US less any tax paid in Panama.
David Segrest is a REALTOR in Charlotte NC. His website is http:www.segrestrealty.com .
Paul McBride is with Prima Panama. He has a very unique business model which we will discuss in a later blog. This blog will only deal with his presentation at the forum.
Paul’s company wanted to know who there clients were so they sent out a survey by email with 85 questions. They got 600 responses. This is some of what they learned.
Most of the buyers came from referrals either from a friend or someone who had responded to an advertisement.
Most buyers do 3 to 5 years research before they buy. They want lots of information.
The types of purchases they make are: A primary residence or a 2nd home. Many buy for rental now with the idea of a personal use property later. Buyer’s need to know the selling process.
The reasons for purchase are:
Costs of living
Weather (typically warmer)
Proximity to their home market
Taxes
Be around friend & other foreigners
Broker & Attorney very important for foreign buyers, they need to have relationships with others in the transaction.
Transfer Tax vs. Capital Gains
2% transfer tax paid by seller
Corporate transfer no transfer tax
Capital Gain in US less any tax paid in Panama.
David Segrest is a REALTOR in Charlotte NC. His website is http:www.segrestrealty.com .
Monday, August 20, 2007
Panama Rising
Panama Rising
The construction cranes dominate the skyline of Panama City. Panama seems to be a perfect example of a country doing every thing right. Since the departure of Manuel Noriega and the return of the Panama Canal by the USA, the real estate industry in Panama has done almost nothing but prosper.
Panama made a serious commitment to good management of the resources they obtained in the Canal handover. They have either sold the properties at auction or given concessions to commercial interests providing jobs. In both cases generous tax holidays were offered. The economy got a kick-start from very low paying manufacturing jobs. As wages increased these jobs have moved on to be replaced by better jobs in banking, tourism and the high tech sector.
The retirement market, that once provided buyers for real estate, has been replaced by a thriving second home market. Compared with Costa Rica, the real estate is still cheap. The government guarantees title. The real estate agents are licensed and adhere to a code of ethics. This is a safe market. The environment is protected as well and some of the old problems are being cleaned up. There is still a little bit of corruption; but it is being rooted out. A government official wiped out a banyan swamp to develop the property; but he was caught and imprisoned.
If you are interested in Panama, I have excellent connections there and can introduce you to a competent real estate professional or developer.
David Segrest is a REALTOR in Charlotte, NC
David S. Segrest, CIPS, CCIM, TRC, CEA
david@segrestrealty.com
http://www.segrestrealty.com
Serving the world in the Carolinas, Serving the Carolinas in the World
The construction cranes dominate the skyline of Panama City. Panama seems to be a perfect example of a country doing every thing right. Since the departure of Manuel Noriega and the return of the Panama Canal by the USA, the real estate industry in Panama has done almost nothing but prosper.
Panama made a serious commitment to good management of the resources they obtained in the Canal handover. They have either sold the properties at auction or given concessions to commercial interests providing jobs. In both cases generous tax holidays were offered. The economy got a kick-start from very low paying manufacturing jobs. As wages increased these jobs have moved on to be replaced by better jobs in banking, tourism and the high tech sector.
The retirement market, that once provided buyers for real estate, has been replaced by a thriving second home market. Compared with Costa Rica, the real estate is still cheap. The government guarantees title. The real estate agents are licensed and adhere to a code of ethics. This is a safe market. The environment is protected as well and some of the old problems are being cleaned up. There is still a little bit of corruption; but it is being rooted out. A government official wiped out a banyan swamp to develop the property; but he was caught and imprisoned.
If you are interested in Panama, I have excellent connections there and can introduce you to a competent real estate professional or developer.
David Segrest is a REALTOR in Charlotte, NC
David S. Segrest, CIPS, CCIM, TRC, CEA
david@segrestrealty.com
http://www.segrestrealty.com
Serving the world in the Carolinas, Serving the Carolinas in the World
Subscribe to:
Posts (Atom)
