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Development Trends in Pedasi, Panama |
Things tend to happen in phases and Pedasi is no exception. I am optimistic that in the relatively near future the whole area between Pedasi and Playa Venao will see increased activity, but if your are a speculator (not that I encourage it any more) looking for a shorter term play, or a retiree wanting to live in an area where the expatriate community will grow the quickest then you have to have an understanding of what is currently transpiring behind the scenes in each respective neighborhood.
The first real wave of high-density development should occur in-between Pedasi and the two local beaches of Playa Toro and Playa La Garita. There is a great gravel road (approximately one mile long) that connects the town to these beaches. The majority of the left hand side of the road is comprised of one large farm, which over the past year has been subdivided, and almost entirely sold off. Power lines have been put in almost all the way down to Playa Toro, although as of a month ago (September 9, 2008) they were still not connected.
The vast majority of purchasers of lots in this area have been Canadians, Americans, and a few Panamanians, so the neighbors will be an eclectic bunch. As of now, the only structure to be built on this stretch is a beautiful three bedroom bed and breakfast overlooking the ocean, which unfortunately is not yet open (but I would stop and beg for a room if I were in the vicinity!). As of now the area is still pristine and beautiful, but in a few years time it is going to become heavily populated. Although in all fairness the lots sold in the aforementioned farm were on the larger side of 2,000 meters +, which if landscaped well, could turn out fairly nicely.
There is a fork in the road just outside of town, to the left is Playa Toro and to the right is La Garita, or perhaps more appropriately labeled Little Israel. Groups of Israeli investors have purchased two beautiful tracts that run between Playa Toro and La Garita. On one of the parcels is occupied by the project Costa Pedasi. While I don't know the plans of the other group that holds the other parcel, I know the land is suitable to high-density development. If I had to make an educated guess I would say a Four Seasons tent camp is a little less likely then a few cul-de-sacs and a community swimming pool and BBQ area.
While I personally don't care for high-density development there is nothing wrong with it if done respectively and tastefully. For those who want to be enveloped in the midst of the growing expatriate community sooner rather then later, then this is the area to look in. Two years ago land was selling for $4/m2 now its $20/m2 + depending on who you know and where exactly you want to buy. That being said, there really is not much left.
Suburbia:
If living a bit on the fringe is more up your alley, then I would recommend the town just before Pedasi called Mariabe or anywhere in between Pedasi and Playa Venao (famous surfing beach). There is electricity all the way to Playa Venao and a new cell phone tower was put up in Los Asientos, which is about halfway in-between Playa Venao and Pedasi. Any of the little bedroom communities to Pedasi from: Limon; Los Higos; Las Cabeza Los Asientos are also funky little places to claim a spot.
Plenty of foreigners have bought small to mid size farms all along the main road from Pedasi on out to Venao though few have yet started to build. One of my favorite spots on this corridor is the hills of Chumico overlooking the ocean and the Oria valley. Access isn't the best, and there is still no power along the auxiliary access road, but there is a lot of activity in the area and infrastructure is on the way. Rio Oria Estates has some beautiful spots along with Eagles Nest, perhaps the only two progressing developments in the area.
The Gold Coast:
The Beverly Hills of Pedasi, and (in my opinion) the country for that matter, is in an area that spreads from Villa Camilla in Los Detiladeros, along the coast and foothills to Puerto Ricos and Playa Los Panamaes. This little micro region is an anomaly in Panama. High-end sustainable construction, true eco stewardship, eccentric European and US residence/developers, all combined with the old world magic of Pedasi truly distinguish this little sub region. The vast majority of land in this area has been purchased by the end users to be turned into estates, or by developers who are undertaking low impact projects.
This is a prime region, but good luck finding anything small under $25/m2 or large for less then $10/m2. Access to the area is either through the Azueros development and along the coast, or down a newly refurbished road from Limon. The newly built road cuts travel time down by more then half from Pedasi but a small portion of it is private, requiring you to have a 4x4 to cross the river or a pass allowing you to gain entry (unless your royalty I suggest renting the 4x4)☺ Paul Stallings, the boutique hotelier from New York and developer of the Panamaeas project has invested a great deal of capital into refurbishing the road, and by all rights is keeping it more or less private. Villa Camilla, The Azueros project, and the prince of Lichtenstein are some of the active projects and individuals in the area.
Jesse Levin has spent several years tracking real estate development in the Azuero Peninsula
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