Trends: Goin’ South
(Published in Inland Empire magazine — June 2006)
Imagine reading this in a real estate ad: "Convenient yet private. Monkeys and parrots in backyard." Clearly, that’s not a condo in Perris or Pico Rivera. Actually, it’s a cabana in Panama—where Americans are flocking like birds in winter. (For the curious, this offering is on an island, a few steps from a surfing beach — and goes for $149,500.)
Americans have always looked southward in their quest for the good life. Rio, Acapulco, Cancun, Puerto Vallarta. These names have become synonymous with leisure and fun. The Baja Peninsula has been a more practical getaway for many Californians: close enough to drive to, still far enough to feel exotic.
But that’s the problem: good places eventually attract crowds. Then, they’re not so good anymore. The search for unspoiled realms becomes endless.
Costa Rica caught the attention of American surfers in the seventies. Since then, it’s become home to thousands of U.S. expatriates. Those seeking real solitude kept moving south — landing, in increasing numbers, in Panama. According to the U.S. State Department, 25,000 American citizens now call Panama home, attracted by the easy pace and low cost of living. That number will only increase as baby boomers enter their golden years. With their pensions in one hand, and profits from home sales in the other, they can live very well for a very long time. The Panamanian government provides inducements as well: no property taxes for 20 years, no taxes on foreign-earned income.
There are other incentives for investment, especially in the all-important tourism industry, that make Panama an adventurer’s dream. Predictably, builders and speculators are abundant, along with the artists, retirees, and assorted dreamers that fuel their business. If Panama is like Costa Rica ten years ago — as many say — the Americans will keep coming, and property values will keep going up.
So, which sounds better: living with traffic and smog — or monkeys and parrots?
(You can begin a Panamanian adventure by visiting www.happywhale.com, www.businesspanama.com, or http://escapeartist.com)
# # #
(909) 228–6333