Panama's Casco Viejo Recession |
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| Written by Jesse Levin of Archer Group Investments |
| Monday, 27 July 2009 07:09 |
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Thank god for the recession it is saving Casco. People have always said poor economic times are great for family, but they also are great for gentrification. Casco Viejo has been the hottest address in the city for some time. The bohemian lifestyle, eclectic cast of characters, underground artsy vibe, and chic eateries and bars have given Casco Viejo a truly international crossroads feel.Â
But like everything else in Panama it got just a little to expensive to quick, and the natural gentrification-taking place in Casco came to a screeching halt. Foreigners bought at the top of the market and as a result had high-priced mortgages to cover. The cost of rent and for refurbished space skyrocketed over the past four years, and the artists, travelers, and other salts of the earth got prices out. There were those that held on and by no means has Casco become sterile. Thanks to the real estate market prices are falling, and rental rates are once again becoming obtainable for the creative class. Whether it is a spontaneous party hosted by Blayne to watch the soccer game at the Super Gourmet Deli on Ave A until 12:00 am on a Saturday, an art opening at the wonderfully strange Diablo Rosa gallery, or a drink at Relic, the new bar in the bowels of Luna's Castle, there is no excuse for not finding yourself at some bizarre event on any given day of the week in the Casco. The best part is even now the hippies, artists, musicians, and newly impassioned entrepreneurs with grand schemes can afford to live in the midst of it, adding to its vibrancy and counter culture. Young business visionaries like Ricardo Garces the owner of Hospedaje Casco Viejo are offering decent living space for more then affordable prices. All one has to do is walk down to Calle 13 to San Expedito which now resembles more of a commune then an apartment building. No one can complain about a decent apartment in Casco for around $400.00 x month! There are even mini-crusades amongst locals for land owners to reduce their rental rate demands to afford access to the young creative talent dying to live in the area. Â While the owners may not be able to make mortgage payments from monthly rent collected, at least the spirit of Casco is resurging. This article was written by Jesse Levin, the founder of Archer Group Investments
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