Club Residencial El Frances

[Keith Woolford]

Club Residencial El Frances

No doubt many folks have noticed a yet to be occupied showroom which was erected last year beside the northbound section of highway near the AIB, or Academia Internacional de Boquete, site  in El Frances.

This is the point from where they will be selling the first phase of the development on the property known as the Ricardo Perez farm.

Entirely by coincidence last week, I met someone who will be highly involved in the project.

R.P.  has partnered with CUSA, or Constructora Urbana s.a., to design, build, and promote a gated community called Club Residencial El Frances.

First phase contains 102 homes in three models.

http://www.residencialelfrances.com/sobre-el-frances/

 

 

 

 

 

[Brundageba]

So if they build um they come?    Like Mystic Village..3/4 vacant.   I am totally puzzled.  There's an overstocked real estate market already.   Potential real estate clients are reluctant to jump in and buy but would rather rent.   Even current gated communities have had their stalls and slow downs.    The condo by Cefati...how many owners has it had over nearly a decade and not one unit completed?.   I personally know folks who lost 10's of thousands of dollars by investing before that condo was completed. On top of that wasted a lot of money with attorney's fees to get nothing back.  So who would want to invest in yet another massive community ?

[Danielle]

2 hours ago, Brundageba said:

So if they build um they come?    Like Mystic Village..3/4 vacant.   I am totally puzzled.  There's an overstocked real estate market already.   Potential real estate clients are reluctant to jump in and buy but would rather rent.   Even current gated communities have had their stalls and slow downs.    The condo by Cefati...how many owners has it had over nearly a decade and not one unit completed?.   I personally know folks who lost 10's of thousands of dollars by investing before that condo was completed. On top of that wasted a lot of money with attorney's fees to get nothing back.  So who would want to invest in yet another massive community ?

Mystic Gardens sold most of their homes. They are second and third homes for Panamanians. These homes are designed not for the expat but for the middle class Panamanian professionals from the City or from David who enjoy Boquete as a weekend/Holiday getaway. Most the Mystic homes sold for under $100K and even now they are priced right around the $100-$120K range. The project was also sold to new developers. So these developments are not the super mansions aimed at expats with expat sought after features, but more so for the upper middle class Panamanians who benefit from great programs offered by banks

[Brundageba]

Interesting.  I drove through there just a week or so ago and it looked like most were unoccupied.  The price seems high to me.....

[David van Harn]

A friend and I stopped at the office at the El Frances development several months ago when the building was near completion.  A nicely dressed Panamanian businessman - I forget his name - who claimed to represent the developer came out and talked to us.  He said that the houses would start at about $120K, that they would preserve most of the trees and build a divided boulevard into the development just north of the office and model home.   I liked his attitude and ideas, but recently have been curious about why the place has appeared to be deserted for several months. 

[Danielle]

On 5/27/2016 at 3:02 PM, Brundageba said:

Interesting.  I drove through there just a week or so ago and it looked like most were unoccupied.  The price seems high to me.....

Most of the Panamanian homeowners in Mystic Gardens have them as second or third homes, only come on weekends or use them for seasonal rental property. Ask Maylin at the office. Even their sales center is located in Panama City at the The Group offices, although since the project was recently sold that could have changed.

[Brundageba]

On 6/2/2016 at 11:21 AM, Danielle said:

Most of the Panamanian homeowners in Mystic Gardens have them as second or third homes, only come on weekends or use them for seasonal rental property. Ask Maylin at the office. Even their sales center is located in Panama City at the The Group offices, although since the project was recently sold that could have changed.

I guess what gets me is how naked it looks.  No trees no gardens and no people.   I found that strange and just assumes those had to e vacant homes

[Bud]

Construction, serious construction, has now begun at this site. We had to make a run to PriceSmart yesterday. On the way back home, we stopped along the road by the El Frances area to take some pictures of major equipment moving in to clear the land.

Club Residencial El Frances has begun the construction phase.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Ken and Becky]

So much for preserving most of the trees.....