The dirt continues to fly at Los Islotes, as Project Manager Gary Mosley carries on cutting new roads, improving the drainage of the main roads, and installing the underground infrastructure. Our Founder’s Lodge is well under way, and lot owners have begun work on their homes, as well. Meantime, we’re finalizing the construction plans for five casitas in Mango Village and speaking with an architect about plans for our first condo buildings.
With all the progress to date and construction momentum building, the management team at Los Islotes has decided to make a change to do with the developer financing we’ve been offering during the pre-construction period of the project. Los Islotes is moving into its next stage of growth and so is our financing package.
That is, the pre-construction phase has ended, and the 20% down, 0% interest pre-construction financing is going away. We’ll still offer developer financing on lots in Phase One, but with new terms. We’ll now require 50% down, and financing will come with an interest rate of 6%. The remaining 50% will be paid in quarterly installments over three years.
Those are very reasonable terms, better than you’d get from a local bank… but they don’t compete with 20% down and zero interest.
Our sales team is mid-conversation with many who are interested in purchasing at Los Islotes taking advantage of the current, pre-construction financing terms. We don’t want to pull the rug out from under potential new investors and neighbors, so we are offering a window of opportunity before eliminating the current financing offer. The new terms won’t go into effect until June 30.
If you have been considering purchasing at Los Islotes but haven’t yet gotten in touch, this is your last chance. You have until June 30 to get in on the 20% down/0% interest offer. That is the deadline for signing a purchase contract under the current developer financing terms (which, frankly, qualify as the best developer financing you’re going to find in Panama and likely in all of Central America).
As we approach the June 30 deadline, we have also decided to include a special offer for potential buyers looking for optimal pricing rather than financing terms. Specifically, I am very happy to be able to announce that, up until the June 30 deadline, we are also offering a 20% discount for buyers wishing to pay in full upfront. Currently, lots start at $29,000. Take advantage of the 20% discount for paying cash in full, and that lot becomes available for only $23,200. This is a limited-time opportunity to take advantage of the best cash discount we’ve ever offered. Again, it’s off the table come June 30.
Our Coast Is Attracting Important Attention
Our western coast of the Azuero Peninsula is beginning to attract attention, as we’ve believed it would since we made our initial investment. The Panamanian government has voiced a long-term plan for improving tourism in this region, meaning an investment in improving infrastructure.
When the Minister of Tourism visited us at Los Islotes earlier this year, he told us that his team is building a tourism office in Mariato, our nearby town, and staffing it with three people, at least two of whom will speak English. While the tourism infrastructure has been improving since we first began spending time on this western Azuero coast, having an official tourism office will boost the level of services for every person visiting our Sunset Coast.
I’ll say it one more time. If you’ve been considering Los Islotes, now is the time to take action. Our coast is attracting important attention that is going to translate into appreciating values in the very near term.
Meantime, again, Los Islotes itself is pushing aggressively ahead into a next stage of development. Our current pre-construction financing offer, therefore, is being eliminated. You have a brief window to act before it’s too late.