A Canal expansion. The announcement of several oil refineries and several other mining projects. A real estate sector erected in record time. Exponential increases in the tourism sector. With such stellar economic growth over the past few years, the Republic of Panama became the poster child for unbridled progress in Central America, if not the world. But with some of its support pillars, some its important means of nourishment now beginning to crumble, how will Panama deal with new challenges on the line?

These days you'll read everywhere about how the Panama City is changing, exploding, for good or bad, it happens and cannot be stopped.  Nor it should, but what we would prefer it's a steady hand to guide it thru this difficult transition between a colorful town and a truly cosmopolitan city, a way to make it work without sacrificing the soul, that which truly binds and make us love Panama.  The government does indeed have a plan, but it changes according to the whims of the higher bidders and whatever some politic+economical gain can be obtained.

Over the last year and a half, I've had the privilege, or the curse, of working with a wide range of developers in Panama and Costa Rica. I have worked on mega-deals and mom and pop 10-lot subdivisions. I have seen big successes and some monster flops. If you are a developer, or a wannabe developer, there are certain things you need to make sure you do, and don't do, that can spell the difference between a big win and a big waste of time and money.

Panama real estate has taken a lot of heads: the people left on the ground, screaming from the errors they made as first time investors. Here are 12 new mistakes to remember when investing in the Republic of Panama.

With the unfortunate demolition of Panama's historic architecture in favor of new dated-looking condominium towers, the nation's capital city is losing not only its historical fabric, but also the essence and personality that drew people there in the first place.

 Panama has been evolving (for better or worse) over 2007 into a regional monster. The economy is booming, the real estate sector is still in full force, and the tourism industry appears to be just getting legs. But what does 2008 have in store for the little isthmus whose name means an abundance of fish? Here are my predictions for Panama tourism and real estate in 2008, however idealistic or cynical they may be.

I've recently been hearing and reading a lot of noise about the imminent collapse of Panama's real estate boom. Everyone, and I mean everyone, is prophesizing the end is near. From our own esteemed Matt Landau, to the Miami Herald, to the guy beside me at the bar, everyone is waiting for the hammer to fall. So I thought I'd get in on the act.

In comparing the current gold rush in Panama to those elsewhere in history, one can clearly observe some interesting trends starting to form. We can observe, using parallels, that the gold rush phenomenon can be both a blessing for a nation as well as a recipe for disaster.

It’s no secret that speculation and greed kill real estate booms. Neither are new phenomena to the business world and neither are restricted to the Republic of Panama. Actually, a significant portion of speculative and greedy activities regarding investment in Panama is done outside the nation’s borders. Counting cranes though, is a national pastime.

I recently ran into an old friend (literally, we've only known each other for a few years, but he's like 70). He is extremely accomplished in Costa Rica, having done a few developments, hotels, and various other things. I was able to ask him several questions about his most recent experiences in Panama and I feel he has a great, if not the best, view on this whole real estate thing in Panama. It was short, only a few minutes, but here's what he had to say...

The following is from a friend of mine, Don who's a marine biologist and world traveler. After some time in Micronesia, Don moved to Bocas del Toro. While real estate and tourism in Bocas have been booming, their side effects have been easy to overlook. People like Don are doing some really impressive things and setting the kind of standards that Panama tourism needs. Now, it's just a question of who will follow?

Panama may be Central America's hottest new real estate market: Azuero Peninsula, about halfway along Panama's southern Pacific coast, is known for its traditional festivals and magnificent deep-sea fishing. The buzz surrounding the area has only intensified as of late, fueled by Mick Jagger's recent property purchase on the peninsula. Locals say that Bruce Willis followed suit by buying a neighboring lot, and Tommy Lee Jones keeps a property there. That kind of celebrity interest is putting the region—which spans the provinces of Veraguas, Herrera and Los Santos—on investors' radars.

I am pretty good at making up jokes and most recently, Disneyland Panama been the subject of many of them. But the more I hear about the prospect of a Disneyland in Panama, the more feasible the idea becomes. If you're not in-the-know in Panama like I am—having just recently purchased a gold, and rather expensive membership to the "in-the-know club"—rumor has it, that a Disneyland is in the works near Santa Clara, a small beachy town about an hour and a half from the city.