The highest and best use for this approximately 4,500 square meter property would be for a high-end 10 to 20 unit condominium development with community pool and dock, or a spectacular waterfront, ocean-view estate home.
The owners have enjoyed the time they’ve spent at this property over the years! Their plan was, after renovating the tiny structure on the property into the wife’s “Greek cottage,” to eventually build a home in Boca Chica. Unfortunately, that is not to be due to the wife’s health concerns and the husband's travel schedule. So it results in a unique opportunity for the right investor.
The property slopes down to a nice beach at low tide. The casita is high enough to have a fantastic view and not to worry about tsunamis or no-see-ums, but not too high not to be able to hear the waves.
The property is “rights of possession” and the owners have not sought a title because they didn’t want to have to pay taxes. During the third quarter 2013 they began the process of getting title to the property and are continuing that process as well as a concession from the government. In Panama the government owns beaches and property within a specified distance from the median high tide. This is reason why this property looks and feels much larger than 4,600 square meters.
The owners are continuing to complete their “Greek cottage” casita which is just shy of 1,000 square feet including bedroom, equally large outdoor living area, bath with shower, and simple galley-style kitchen. They are also continuing landscaping.
Most of the real estate in Boca Chica with water frontage requires you to buy a whole lot of property for just a little frontage on the water. The nice thing about this property is that it is on the mainland and easily accessible from the main road to Boca Chica.
There is electric service and a well, water storage tank, and pressure pump all in place
Video by: John R Hampton, NotSereyus Productions