Property Report

Costa Del Este Country Club

Costa del Este, Panama City

Unit

37C

Floor

Area

203.96 m²

Bedrooms

Parking

Segment

UPPER-MID

Position Summary

Purchased 24% Below Market — Both Paths Compound

Your REO acquisition at $320,000 created unusual upside. Fair market value sits at $420,000 based on 59 comparable sales. Sell today for $122K cash (91% ROI), or hold and rent for $15,080/yr in net wealth gain. Both options work — the right one depends on what you need this capital to do.

+91%

ROI if sold

$15,080

Wealth gain / yr

24%

Below FMV

Fair Market Value

Current Estimated Value

$420,000

$2,059 / m²

Based on 59 comparable sales of ~204 m² units in Costa Del Este Country Club since January 2023. Comps include developer sales ($2,659/m²) and resales ($1,814–$2,108/m²).

Comps

sales

Your Purchase

Acquisition Summary

Purchase Price

$320,000

$1,569 / m² · November 2024

vs Fair Market Value

24% Below

$100,000 unrealized gain at FMV

Mortgage

$256,000

Lender

Banco General

Rate

6.00%

LTV

80%

Property History

Transaction Timeline

Jun 2014

Developer Sale
SPV purchase

$389,616

~2022

Default
Owner stops paying

8yr hold

2022–23

Embargo Cycles
Bank court filings

$355K–$364K

Feb 2024

Remate
Banco General self-bid

Bank REO

Nov 2024

Resale
Your purchase

$320,000

Your Options

Sell Today or Hold & Rent?

Option A

Sell Today

Sale price (FMV)	$420,000
Transfer tax (5%)	-$21,000
Agent commission (5%)	-$21,000
Net proceeds	$378,000
Mortgage payoff	-$256,000
Cash to seller	$122,000

+91% ROI

+$58,000 profit on $64,000 invested in ~5 months

Option B

Hold & Rent

Market rent (gross)	$2,500/mo
Effective rent (85%)	$2,125/mo
Mortgage payment	-$1,535/mo
Condo + maintenance	-$600/mo
Monthly cash flow	-$10/mo

$15,080/yr

Net wealth gain (principal paydown + appreciation)

Head to Head

Side-by-Side Comparison

Metric	Sell Today	Hold & Rent
Immediate cash out	$122,000	$0
Annual cash flow	N/A	-$120/yr
Gross rental yield	N/A	7.1%
Net rental yield	N/A	6.1%
Annual net income	N/A	$25,500
Equity build per year	N/A	$15,200
P&L vs invested capital	+$58,000 (+91%)	+$15,080/yr
3-Year projected return	$58,000 (locked)	~$110,000
Risk profile	Low (realized gain)	Moderate (market + tenant)
Liquidity	Immediate	Illiquid

Our Analysis

Recommendation

Both options are strong. The right move depends on your goals.

You purchased well below fair market value in a bank REO sale. That created an unusual position: high return whether you sell or hold. Both options are mathematically sound. The decision comes down to what you need from this capital right now.

Sell if...

You want to lock in the 91% ROI, redeploy the $122K into a new opportunity, or reduce exposure. The gain is already there. Selling captures it with certainty.

Hold if...

You can tolerate the near-zero cash flow and want long-term wealth accumulation. Over 3 years, equity paydown plus appreciation project to roughly $110K in total return, while the tenant covers most of the mortgage.

Go deeper

Get the full Building Intelligence Report for Costa Del Este Country Club

Every transaction, rental yield, ownership network, and investment thesis for the entire building. The research department you never had.

See report →

How We Calculated This

Methodology

Why this report is different

RP deed sales

Active listings

954

Buildings profiled

Data sources blended

Fair Market Value — Primary Methodology

Estimated via comparable sales analysis using 59 transactions of similar-sized units (~204 m²) within Costa Del Este Country Club from January 2023 to present. Transactions sourced from Panama's Registro Público — actual deed prices, not asking prices. Developer sales ($2,659/m²) and resales ($1,814–$2,108/m²) were both included, with the FMV reflecting the weighted median. Confidence: High (59 comps, same building, recent transactions).

Rental Estimate

Market rent from 7 active listings ($12–$13.7/m²/mo). 85% occupancy factor. Condo fees ~$600/mo.

Transaction Costs

Transfer tax 5% + agent commission 5% per Panama standards. $256K mortgage payoff at origination principal.

Wealth Projection Assumptions

Equity build = principal paydown + 2% annual appreciation. 3-year estimate does not factor rate changes, tax law shifts, or market conditions. Rental yield based on asking rents — confirmed leases may differ.