26 November 2012

PANAMA / USA : 27 Nov UPDATE: Colon Flooding Kills 3, Destroys 800 Homes, 3,000 Evacuated; Building Boom...Bottoms Out;

       LONG READ

      Panama real estate is getting hot again...thanks to Russians, Canadians, Asians and Venezuelans.
      The condo market began to sink in 2008 when the USA economy hit the skids...and condos were going for $400 per sq foot.
      But many American retirees couldn't close on their units...so prices sank.
      Condos there now average $280....and are close to bottoming.
      But they are not as cheap as 2005...when a buyer could scoop up one for $100-120 per square foot.
      Panama is still booming...at a 9% annual clip...the best in Latin America.
      AND: In Colon province...3 days of heavy rains...caused landslides that killed at least 3 people, destroyed 800 homes...and left more than 3,000 homeless.
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