Clients are asking us what is happening in the real estate market here in Bocas, so we thought we would give you a quick market history. We at Buena Vista Realty collectively have lived in the Bocas islands many years. Over the years we have seen this little Caribbean town and archipelago change at different times. Not to be righteous, we do not profess to having a crystal ball of our own to tell the future, but we do have island experience and history on our side.
Buyers bought high here in the boom days of the early 2000’s and as Bocas grew. many of the markets desirable property’s value also grew. However on the other side there always seemed to be a line of buyers that would compete with other buyers to acquire a not so desirable property. In the long run, they raced to put down a deposit before the other buyer could put one down. Much of this was without much forethought about issues such as location, building or price.
The recession of 2007 ended all that as buyer’s personal ATM machines (AKA a second mortgage) dried up. Bocas floundered for a little while then picked itself up as buyers started to come back . Real estate sales maintained a steady increase but at more reasonable prices after 2010. More offers were accepted below the asking price.
In this COVID era we are seeing people slowly starting to travel again. New inquiries about the possibilities of relocating here to start a new safer lifestyle away from crowds is becoming the norm. We noticed a new wave of 30-55+year olds relocating to the tropics. Some want to change lifestyles to either retire, build, buy or start a business. Currently commercial and residencial property are selling. All realtors are busy. So we feel the market will continue to be a buyers market only for a short time. As reasonably priced inventory is now selling, demand pricing is right around the corner .We also have noted that buyers having much more time on their hands are better informed and can make better financial offers on the properties of their interest.
We hope this will give you a little more knowledge in your research on our tropical paradise. Thanks for your time, now we have to go and return our rented crystal ball to get our deposit back!
JB
