| Four the past 4 years I have been observing | | | | the near future. "The foreign second home |
| the growing trend for Americans and others, | | | | market will continue to explode in the coming |
| mostly Canadains and Brits, to purchase | | | | years. It is not a temporary trend. The most |
| second homes and to also relocate to Panama. | | | | popular destinations for Americans seem to be |
| All we have to do is look to the Baby-Boomers | | | | in Latin America, as this is where the dollar |
| to see where the next big growth industries | | | | exchange is the best. Especially in Panama |
| are going to be. Lee Iacocca knew this very | | | | where the U.S. dollar is the local currency! |
| well as he led Detroit to major gains first | | | | Panama, the third largest country in Latin |
| at Ford with the Mustang and again at | | | | America, is emerging as a popular second home |
| Chrylser with the mini-van. Well the boomers | | | | destination. "The secret is 'out' for Panama, |
| they are aging and guess where they headed? | | | | and Americans, especially retirees, are |
| SOUTH! Just watch as the 2nd home market | | | | expected to move there in droves in coming |
| continues to thrive. But forget about Florida | | | | years," says Hornberger. Comprised of 480 |
| and the southern states. No, these boomers | | | | miles of terrain linking Costa Rica with |
| are much more worldly and are looking even | | | | Columbia, Panama is arguably the hottest |
| further south to places like Panama. | | | | investment opportunity in Central America. |
| Relocation to countries which offer a lower | | | | Scott Harris has 16 years of real estate |
| cost of living - lower taxes - retiree | | | | experience, and works in sales and marketing |
| incentives and a low stress lifestyle are | | | | for Red Frog Beach in Panama. Harris says, |
| just beginning to see the arrival of the | | | | "Panama is one of the hottest international |
| boomers. What's it going to be like when the | | | | markets and Americans and other foreigners |
| peak of the Boomer wave hits in 2012? In 2nd | | | | are snapping up property like crazy." Jaime |
| Home Journal, Ellen Newbury writes, | | | | Figueroa Navarro is President of Panama All |
| "International Markets Heat Up - Boomers Fuel | | | | In One, Inc. Navarro says that he has seen |
| Second Home Buys Abroad. Americans are | | | | the trend in the booming second home market |
| driving the second home market, and | | | | extend into his country. "…we're |
| redefining it in the process. Baby-boomers | | | | experiencing robust growth…many |
| continue to expand the market with their | | | | baby boomers are looking to live here as |
| increased buying power. And they have begun | | | | there are many advantages not available |
| to turn their attention more seriously to | | | | stateside…for example, the |
| locales outside the U.S. The move toward | | | | purchase of a new home or condo comes along |
| international second homes comes is no | | | | with a 20-year homeowner's tax exemption." |
| surprise to the analysts who have tracked | | | | The local currency is the U.S. dollar, making |
| boomers for decades. Globalization and the | | | | transactions easier for Americans, as well as |
| internet have made it easy for these | | | | removing the component of currency |
| adventuresome Americans to look beyond U.S. | | | | fluctuation and potential investment |
| borders for investment and recreation. | | | | devaluation. Navarro feels that now is the |
| Boomers are being romanced by international | | | | time to invest in Panama. He says there are |
| hot spots, and they're looking to invest in | | | | many bargains on the market and the potential |
| the attractive global real estate markets. | | | | returns on investments loom large. |
| The National Association of RealtorsÂ(R) | | | | "…this is where there is the |
| (NAR) confirms the phenomena. "We have seen | | | | largest business opportunity for the growing |
| this trend in Americans buying vacation homes | | | | number of investors and promoters. In Panama |
| abroad," says Jeff Hornberger, International | | | | now, the rule of thumb is, if you build a |
| Market Development Manager for the NAR. | | | | quality home, it 's sold…this |
| Hornberger says the NAR expects no slow down | | | | trend will continue for the foreseeable |
| in the international second home market in | | | | future." Used by permission of Publisher. |