Vacation Rentals in Coronado Panama
Right now you can book a vacation rental in Coronado, Panama at a fraction of last year’s cost, here’s why:
The economic down turn is affecting the Real Estate market in Coronado
As Panama continues to see decreased economic growth, sales prices are coming off in Coronado, Panama. With a prediction from Bank of America Merrill Lynch estimating an economic growth of 3% over the next year, a rate below the predicted 3.5%, sale prices will likely remain low or continue to drop. With that being said, many owners not willing to list lower than their initial investment but are looking to at least cover the costs of maintenance and HOA fees. This has resulted in owners who were previously not interested in renting entertaining the idea. While it might not look great from the owners perspective, If you’re a renter this is great news, it means more options, at better prices, and more negotiating power for you!
On a side note, it doesn’t necessarily mean you don’t want to become one of those owners. If you are looking to buy in Coronado Panama, now is the time. With a budget of $300,000 - 400,000 USD you will likely be able to secure a property well under list. It is very much buyer’s market right now in Coronado, with some predicting that the change of government will lead to a switch in 2020. So if you’ve been renting in Coronado Panama for some years and know it’s the place for you, check out these Coronado fire sales:
BEST PRICED LOTS IN CORONADO PANAMA $90/M2
REDUCED PRICE WITH OWNER FINANCING EL ALCAZAR
More owners are entering the short term rental market in Coronado
This year, more renters are turning to short term rentals, offering up a hefty commission to secure renters. Right now there are almost 200 AirBnB listings for vacation rentals in Playa Coronado, Panama with the average price of a nightly rental at approximately $180. AirBnb is a great place to find a North American style vacation rental in the area, they also give you some insurance when working directly with owners, that a place will be as advertised. Some of the nicer options in Coronado, Panama are listed here, For example this LUXURY HOME IN CORONADO ranges from $375 to $450 USD/night.
If you are using a website like AirBnb to find a vacation rental in Coronado this increase in the number of properties in the area will benefit you greatly. The more listings there is an area, the lower prices will drop, as AirBnb urges owners to keep their prices competitive.
But it’s actually long term renters who are benefiting from these short term listings the most! With more owners offering short term rentals, long term renters have more negotiating power. For a long term stay (upwards of 6 months) prices should be considerable lower. Note: If you are looking for a long term rental, don’t book through AirBnb. Check out these listings:
This 3 bedroom oceanfront condo in the Coronado Country Club that was previously listed at $2000/ month is now being listed at $1600/month for a long term stay. Casa Lucero Lindo, 4 bedroom golf front home previously listed at $2500/month is now down to $2000/month for a long term renter. Or, If you are looking for something larger check out the "Nicest home in Coronado" listing here at $3000/month. Finally if it’s a condo your after you’ll want to take a look in the Alcazar where units are renting well under list like this Coronado El Alcazar 2 bedroom unit for $1500/month.
These are significant discounts, especially considering these are just the asking prices (typically you can negotiate the price on a longer term rental in Panama).
More owners are connecting directly with renters
While AirBnB pressures owners to keep their prices competitive, when demand is high (for example in high season) they encourage owners to raise their prices. For this reason if you are searching for a vacation rental in Coronado Panama for the months of November, December, January or February you’re going to be paying a pretty penny. That does not mean there are no deals to be had, you just need to shop around. Other local websites like Panama’s version of Craig’s List Encuntra24.com do not take a commission off the top, offering the renter a lower price because the owner can take home more. By widening your search you’re likely to find a better deal than you will on AirBnb.
WARNING: While by connecting directly with owners can offer a better price, there is a downside to cutting out the middle man (Airbnb or a real estate agent). A real estate agent or relocation specialist, typically has your interest in mind and Airbnb, their reputation. A broken A/C unit, poor Wifi connection, or faulty hot water heater can be the demise of your vacation.
Our advice to you:
If it is your first vacation in Panama our advice would be to work with someone on the ground that can help ensure your vacation home is as advertised. This person can also help negotiate a price and round out other details like transportation, things to do, places to eat etc. contact us at firstname.lastname@example.org we’re happy to help connect you with some of the most resourceful connections for all things Coronado Real Estate.
If you are accustom to renting in Panama and ready to go at it alone to secure the best possible rental price work with owners who list on Playacommunity.com/real-estate. Playa Community is run locally by a group of expats that works directly with owners to list their beach and mountain properties. Since we’re not managing thousands of listings, our team typically interacts directly owners that list with us. This helps you mitigate the risk of renting a unit sight unseen. Visit our real estate section and secure your Coronado Vacation rental today.