Panama Actual Estate Bubble Bursting Update 07/05/07
These days La Prensa Newspaper reported that a project named Park 32 in Coste del Este has announced it’s failing to total. Reportedly the project was sold out which leads us to think the builder engaged in pre-sale advertising to flipper speculators who bought in early on at a low price. This naturally removes the incentive for the developer to push forward to completion because he could start off another project on exactly the same site at a lot higher prices. This can be comparable to what happened with Ice Tower becoming the smaller Iron Tower. We can not state that this really is what the situation is with Park 32 at this time.
Park 32 was supposed to be a really striking high rise of about 50 floors. The apartments had been large as far as modern day condos go with many being presented at 230 sq. meters. Coste del Este is constructed on a landfill of some sort amongst Panama City and Tocumen Airport. It truly is about five minutes from the city with no visitors. There are quite a few other high-rise condos under construction or planned in Coste del Este.
Refunds – Our law firm is questioning how the refund approach will take place. If the original owner sold the unit to one more at a greater price tag taking a chunk of money down and this fellow in turn sold it to yet another speculator yet again pocketing some cash how will the refunds play out when it comes to the down payments the buyer payed towards the previous buyers. The developer is only responsible to refund the quantity he received, no a lot more. Now in the event the buyer is in nation one and also the seller is in country two will he execute a refund or basically preserve the funds seeing the impracticality and expense of getting sued in his personal nation for any Panama contract on real estate specifically if he has no assets or identifiable assets in Panama Our law firm is waiting for the telephone calls to begin coming in from individuals who didn’t get their money back from the previous purchasers. We have no purpose to believe the developers won’t refund the money they’ve taken in. They needless to say will need to construct one more project on the internet site or sell the website and can not want the legal complications and loss of reputation so refunds are expected from them.
Updates – Check back often to our website as we will be updating with actual estate developments as they take place.
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