By
Tom Kelly
If
you have traveled abroad, you know the routine .
. . Shuffle off the hot, stuffy plane, dump your
bags in the room and then check with a local - perhaps
a cab driver or a hotel clerk - about his favorite
place to grab a bite to eat.
You
discover this wonderful, cool refuge tucked away
in a back alley and immediately request. . . bottled
water!
The initial inquiry in any far off place is for
that prized, sealed-top liquid which not only satisfies
a thirst but provides a sense of security and reliability
at the same time.
In
most places in Panama, your waiter or host will
enthusiastically interject that you absolutely can
drink the water that flows from the Chagres River,
a key tributary of the Panama Canal watershed. A
popular old saying is often repeated: "Once
you drink water from the Chagres, you will return
to Panama."
For
many second-home seekers who have toured this intriguing
country, a new saying has surfaced: "Once you
see the variety of affordable real estate, you will
run back to Panama.''
The
Panamanians are a proud people, and the fact that
the water is drinkable is a fitting metaphor for
their country. This small, Central American nation
feels comfortable to foreigners, especially North
Americans, who seem more preoccupied with the quality
of drinking water than visitors from other parts
of the world.
In
fact, Panama is perhaps the only Latin America country
where you can indeed drink the water and not worry
about a negative outcome. The nearly 100-year presence
of the United States in the "canal country"
has produced many dividends, including an excellent
water purification system that is the envy of neighboring
countries.
As
a second-home market, Panama is appealing for individuals
looking for a hybrid of U.S. efficiency and a Latin
soul, combined in an intriguing mix that offers
both comfort and adventure.
From
the moment you step off the plane at the modern,
bustling Tocumen International Airport, located
approximately 30 minutes from Panama City, you know
that you've arrived in a region that is unique in
Latin America.
A
divided four-lane highway whisks you into the suburban
sprawl of Panama City, complete with freeway exits,
strip malls, high-rise buildings housing a variety
of corporate regional headquarters and expansive
manicured homes and gated communities that resemble
Miami more than any other city in Central America.
Panama
City's dramatic skyline appears along the coastline,
with construction cranes everywhere. The familiar
feel of the U.S. permeates the infrastructure, yet
with a distinctive Latin American flair that is
carried by the culture and its people.
For
example, you will pay your taxi driver in U.S. dollars
- and your change will be delivered in U.S. dollars
by a driver eager to show you that the local coins,
called balboas, resemble U.S. currency and carry
the same value (but won't work in soda machines
back home).
The
buzz about Panama - an inexpensive, fascinating
second-home market - has turned to boom. North Americans
are visiting in droves and buying property.
The
buying interest has expanded outside of Panama City,
to what is called the "interior" that
includes mountain highlands, colonial towns, beachfront
developments, islands, gated communities, and suburban-style
developments.
There
are now developments, properties and estates to
match any taste or budget, from an affordable view
condo ($100,000 in 2007) in downtown Panama City
to multi-million dollar homes on the beach.
Tom Kelly, former real estate editor of The Seattle
Times, is a columnist and talk-show host specializing
in the second-home market. Copies of his latest
books - "Cashing In on a Second Home in Mexico"
and "Cashing In on a Second Home in Central
America," written with Mitch Creekmore, senior
vice president of Houston-based Stewart International
are available on his website, www.tomkelly.com.
