House Hunting in Panama: A Tuscan-Style Villa in the Hills of Boquete

A Six-Bedroom Estate in Western Panama

$2.895 MILLION

This six-bedroom Tuscan-style mansion is secluded between two hillsides in the unique property part of Valle Escondido, a high-end group, resort and membership near downtown Boquete, the mountain city nestled in the Chiriquí Highlands of western Panama.

“You are looking over the valley,” mentioned Ryan Braasch, a gross sales affiliate at Casa Solution, the company with the itemizing. “The views are nice, but what the seller was going for was serious privacy.”

The 11,850-square-foot home, constructed on 1.3 acres in 2011, has a clay tile roof. Wrought-iron gates open to a protracted driveway previous an tools and provide constructing with a backup generator, water and filter techniques. Beyond the principal home, the driveway curves previous a koi pond to a parking court docket close to a facet entrance and a storage designed for 2 vehicles and a golf cart.

At the entrance, three steps lead previous a fountain to a lined loggia and an arched wooden door flanked by matching home windows. Inside, lobby home windows hyperlink the entrance and backyards, and a broad corridor connects the dwelling’s north and south wings.

Imported travertine flooring run all through, with 11.5-foot ceilings on the first flooring and 12.5 toes upstairs. Beige partitions have a marbleized look; doorways and home windows are framed in darkish wooden. There are two powder rooms.

The lounge has a cross-beamed ceiling and a large fire with a wooden mantel. A trio of double home windows with arched tops illuminate the room. Across the corridor in the banquet-sized eating room, glass doorways open to the backyard.

The kitchen, accessed from the eating room or a butler’s pantry, has a double Viking cobalt industrial range, a stainless-steel farm sink, a middle island with a wooden high, and illuminated glass-front cabinetry. Square tiles, some with culinary photographs, adorn the backsplash and countertop. “The appliances are big enough to throw a big dinner party for 25 people,” Mr. Braasch mentioned, including the homeowners “never expected to cook it themselves.”

A staircase climbs from the heart corridor to the 5 upstairs bedrooms, all with en suite baths. Free-standing arches on one facet of the corridor outline an open “hangout” seating space, and a close-by bed room is about up as a library/dwelling theater. The major suite, with a dressing room and walk-in customized closet, is at the south finish of the corridor and opens by double glass doorways to a loggia-style balcony overlooking the Chiclet-tiled pool with balustrades at the deep finish.

The hallway and two bedrooms at the reverse finish open to a broad balcony. A again staircase close to the major suite results in a third-floor tower workplace with hen’s nest views.

A one-bedroom condominium with a kitchen and tub is at the southern finish of the first flooring. Outside, a lined terrace has a seating space and an outside kitchen with a barbecue, a cobalt blue tile counter, starfish-shaped cupboard knobs, a fridge and a sink. The pool space features a cabana with a free-standing gymnasium, a dry sauna and a full tub.

Papaya, lemon, banana, and avocado bushes stand close to a pond and close to a river edging one facet of the property.

The house is a two-minute golf-cart trip from Valle Escondido’s restaurant, bar, resort resort, chapel, amphitheater and professional store. Other amenities embody an govt golf course, tennis and spa. The gated group has about 200 residences, together with condominiums, duplex villas, single-family properties and property properties.

Downtown Boquete, a few mile away, has Panamanian and expat-owned eating places, a brewery, and a brand new plaza and public park. Nearby are espresso farms and mountain climbing trails at Baru Volcano National Park, the highest level in Panama. Enrique Malek International Airport, in the Chiriquí capital metropolis of David, is about an hour away. The flight from Boquete to Panama-Tocumen International Airport in Panama City takes simply over an hour.

Market Overview

Property gross sales have escalated in the wake of pandemic lockdowns in Panama, a favourite vacation spot amongst overseas consumers, significantly American retirees. But costs have remained comparatively flat, mentioned Rafael Gangi, the broker-owner of Sotheby’s International Realty Panama, who referred to as the market “very active and stabilized.”

“Sales volume may have increased 40 percent depending on the property and its location,” Mr. Gangi mentioned, although gross sales alongside and close to the nation’s seashores are exceeding these in the capital, Panama City, since “many people migrated to live on beaches.”

Inventory has dipped from its peak two years in the past, mentioned Michael Vuytowecz, founder of Inside Panama Real Estate. Before the pandemic, “they were choking on inventory in Panama City,” he mentioned. “There has been some absorption, but not enough to affect the prices.”

Boquete has been an exception. Over the previous two years, the small mountain city on the Caldera River has enticed a wider group of consumers. Prices have been up about 15 % annually, mentioned Jason Cohen, proprietor of Casa Solution, citing his firm’s knowledge.

“This year is beginning to look as good as last year,” which, volume-wise, was “double our best year, and we’ve been here 16 years,” Mr. Cohen mentioned, although he’s now working out of listings. “I would have sold more if I had more. Now we see people competing for properties.”

The principal market has shifted from $200,000 to $300,000 to $400,000 to $500,000 properties. “Inventory is a big factor,” Mr. Cohen mentioned. “What was expensive at $250,000, at $350,000 or $400,000 seems quite reasonable. People asking more than they should have been before are now getting their prices.”

In Boquete, there are 4 or 5 gated communities in the mould of Valle Escondido, with some of the properties asking greater than $1 million. “There are many multimillionaires in the market,” Mr. Cohen mentioned. “I’m waiting to see what happens.”

Before the pandemic, “it was the 55 and older crowd moving to Panama,” mentioned Joanne Hatch, a saleswoman for Inside Panama Real Estate who sells primarily to expats. “We’ve seen a huge increase in people with families.”

Much of that could be a end result of the new remote-work financial system. “The foreigners that are coming here, especially now, are getting out of the top of the U.S. market and coming to Panama and the prices seem low to them compared to California and New York,” Mr. Vuytowecz mentioned.

Other areas fashionable with worldwide consumers embody Coronado, a seaside city on the Gulf of Panama; Boca Chica, on the Gulf of Chiriquí; and, on the Pacific Coast, Pedasí, a browsing, diving and fishing haven on the Azuero Peninsula.

Inflation and rising rates of interest have but to affect the market, Mr. Gangi mentioned. “Since our currency is the dollar, the banks have adapted to the new measures, and depending on the type of loan, interest rates may be a little higher.”

Who Buys in Panama

Buyers in Panama primarily come from the United States, Canada, Europe and Latin America, brokers mentioned.

Most American consumers hail from the east coast, Mr. Gangi mentioned. Canadians come primarily from Toronto, with others from Quebec and British Columbia, mentioned Matthew Marx, a gross sales govt with Panama Equity Real Estate, noting a smattering of Koreans who lately bought properties.

Europeans come primarily from France, Germany, Spain and Romania, brokers mentioned.

Israelis are shopping for and constructing resorts in Pedasi, Ms. Hatch mentioned, whereas South Africans are settling in Boquete, some constructing their very own properties and others renting and farming.

Buying Basics

International consumers might not personal land inside six miles of Panama’s border with Costa Rica or Colombia.

For homes, a structural inspection is beneficial together with a brand new, extra exact survey of the property. “Older surveys were done with less high-tech equipment,” Mr. Cohen mentioned, noting that costly properties like this one would seemingly be bought as a company transaction.

A notary handles the closing, although legal professionals are at all times beneficial for overseas consumers, Mr. Cohen mentioned. Notaries price $200 to $250, purchaser’s registration charges run about $500, and legal professionals cost between $2,500 and $3,000.

Mortgages are usually not troublesome to acquire, Mr. Gangi mentioned, although a “significant percentage” of worldwide consumers pay money “if the closing price is lower than the market price.”

Languages and Currency

Spanish; U.S. greenback

Taxes and Fees

Because of an exemption, taxes on this property are $400 a yr for the subsequent 9 years, Mr. Braasch mentioned, although “taxes by the book are approximately $13,650 annually.”

Annual home-owner’s affiliation dues are $2,200, together with safety and upkeep of widespread areas. Club and golf memberships could also be out there for an extra month-to-month charge.