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Where are the Boomers Going Now?

Four the past 4 years I have been observingthe 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 purchaseyears. 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-Boomersin Latin America, as this is where the dollar
to see where the next big growth industriesexchange is the best. Especially in Panama
are going to be. Lee Iacocca knew this verywhere the U.S. dollar is the local currency!
well as he led Detroit to major gains firstPanama, the third largest country in Latin
at Ford with the Mustang and again atAmerica, is emerging as a popular second home
Chrylser with the mini-van. Well the boomersdestination. "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 marketexpected to move there in droves in coming
continues to thrive. But forget about Floridayears," says Hornberger. Comprised of 480
and the southern states. No, these boomersmiles of terrain linking Costa Rica with
are much more worldly and are looking evenColumbia, Panama is arguably the hottest
further south to places like Panama.investment opportunity in Central America.
Relocation to countries which offer a lowerScott Harris has 16 years of real estate
cost of living - lower taxes - retireeexperience, and works in sales and marketing
incentives and a low stress lifestyle arefor 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 themarkets and Americans and other foreigners
peak of the Boomer wave hits in 2012? In 2ndare snapping up property like crazy." Jaime
Home Journal, Ellen Newbury writes,Figueroa Navarro is President of Panama All
"International Markets Heat Up - Boomers FuelIn One, Inc. Navarro says that he has seen
Second Home Buys Abroad. Americans arethe trend in the booming second home market
driving the second home market, andextend into his country. "…we're
redefining it in the process. Baby-boomersexperiencing robust growth…many
continue to expand the market with theirbaby boomers are looking to live here as
increased buying power. And they have begunthere are many advantages not available
to turn their attention more seriously tostateside…for example, the
locales outside the U.S. The move towardpurchase of a new home or condo comes along
international second homes comes is nowith a 20-year homeowner's tax exemption."
surprise to the analysts who have trackedThe local currency is the U.S. dollar, making
boomers for decades. Globalization and thetransactions easier for Americans, as well as
internet have made it easy for theseremoving 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 internationaltime to invest in Panama. He says there are
hot spots, and they're looking to invest inmany 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 seenlargest business opportunity for the growing
this trend in Americans buying vacation homesnumber of investors and promoters. In Panama
abroad," says Jeff Hornberger, Internationalnow, 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 downtrend will continue for the foreseeable
in the international second home market infuture." Used by permission of Publisher.



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