Spotlight on…Sora, Panama
Date: 04/01/2008City, mountains, forest, beach—buy half an acre in Sora for less than $80,000
by Jessica Ramesch
With altitudes from 1,200 to 3,400 feet, Sora is a settlement in the mountains of Chame in Panama, first populated centuries ago by the tribes of the Caribs. Its location is unbeatable. Unlike the popular retirement destination of Boquete, Sora is just 60 miles—about an hour and a half by car—from Panama City. It’s also 45 minutes from some of Panama’s best Pacific beaches, known as the “dry arch” beaches because they get less rain than the rest of the country. The area is verdant with mountain views that rival those in Boquete—a town that has become a success story since expats began flocking there some years ago. This is one of the reasons we think property prices will appreciate here.
If health care is a worry, we have heard that the San Fernando Hospital in Panama City is opening a branch in Coronado, about 45 minutes by car from Sora. The project has already broken ground, but we are waiting to hear reports of progress to get a clear idea of when construction will be complete. This will be a major asset to the community of Coronado and surrounding communities like Sora.
In the meantime, there are plenty of doctors with small practices between Sora and Coronado, so if all you need is a simple prescription, you won’t have to go far. In Sora there is also a police station, a scattering of small shops and convenience stores, and a restaurant or two.
Much of Sora is dominated by a modern development called Altos del Maria…and if you act now, you could buy a lot here for as little as $40,000. This 6,000-acre gated residential community was developed by Grupo Melo, a well-established local company also responsible for Los Altos de Cerro Azul. Grupo Melo started developing Altos del Maria in 1998. Though the expat community here is growing, Altos del Maria was not created to attract expats; most of the approximately 1,000 owners are Panamanian.
Mountain- and ocean-view lots at Altos del Maria vary in size, starting from about half an acre. You can buy just the land and build on it yourself whenever you like, or choose to include the construction of your home in a package deal from Melo.
Sora’s climate is near-perfect at between 70° F and 75° F during the day and up to 15° F cooler at night… less humid than Panama City. The area is rich in natural appeal, with rivers, waterfalls, and walking trails dotting the landscape. If bird-watching and hiking aren’t enough to keep you entertained, you can drive 20 to 40 minutes for a wider selection of great restaurants, as well as casinos and beach bars.
Although Altos del Maria is a gated community, crime is not a concern here. The gates serve mostly to deter petty theft at homes that are empty during the week. Aside from the security at the gate, the development offers little else in terms of “extras”—this keeps monthly homeowners' fees low, as there is no social area, clubhouse, or pool, to maintain.
Property owners at Altos del Maria have a few rules and limitations. They are required to put in septic tanks; a company engineer is available to check your tank design and ensure it meets the development standards. Houses are limited to three levels and all roofs are red. The management also says wire fences are not allowed, but there is a home that has broken this rule, so maybe regulations aren’t enforced as rigorously as you’d expect back home. Of course, this is a plus if you don’t want anyone telling you what to do. Want a red and green pagoda? Go ahead, just make sure it’s under three levels. (That said, don’t be too concerned…most of the homes look like replicas of Swiss chalets or Spanish colonials.)
On the property market today
In Altos del Maria:
A home-lot package can run from $123,000 for a two-bedroom, 1,524-square-foot-home to $203,000 or higher for larger models or lots.
As we go to press, a few lots are available from $40,000 in a new section of the development, called Asturias. This tract of land is located midway between Altos del Maria and another popular retirement destination, El Valle de Anton.
A lot of over half an acre (29,816 square feet) is for sale for $79,900. This lot is about 1,900 feet above sea level and is located in the “Toscana” section of the development.
In Sora:
If you’re looking to start a resort or just want a lot of space, one owner in Sora is offering 185 acres with ocean and mountain views at $1.75 per square meter (about 16 cents per square foot). Total price: $1,312,500.
A 7.4-acre lot with the Chame river running through it is on offer for $270,000. It is on the road to Sora, about 15 minutes’ drive from the Inter-American Highway’s Bejuco exit.
In Bejuco:
Just outside Sora, in and around the town of Bejuco, you may find lower prices or lots close to the beach. There are no gated communities or expat groups to speak of, but if the savings or proximity to the beach are more important to you, take a look at these examples:
- A 34,444-square-foot lot (over three-quarters of an acre) for $95,000, 10 minutes from the beach
- For $150,000, get a 12-acre lot with a partially built two-story home…all you would have to do is finish the construction
- An interiorano (country) three-bedroom house for $80,000. It’s 2,153 square feet, and sits on a lot of 38,750 square feet.
As for rentals, you can talk to individual owners about renting here. One four-bedroom, one-bath chalet rents for $350 a week ($1,400 a month). If you’re looking to rent here long term, you should negotiate a lower price.
About the author
Jessica Ramesch lives in Panama City and is the editor of Panama Insider, a monthly online publication that covers everything you need to know to invest or live in Panama. For more information, e-mail: Panama@Internationalliving.com.