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Reminiscent
of the French Quarter of New Orleans or perhaps Havana, Casco
Viejo is the oldest city on the Pacific coast of the Americas.
At the mouth of the Panama Canal, just minutes outside Panama
City, the city is a true cultural gem.
When the French made their attempt to build the Panama Canal in
1881, Casco Viejo was where they hung their hangout. So Casco
Viejo is filled with French balconies and French architecture
which overlaps the Spanish architecture. The Caribbean vibe
crept in over the years, making this one of the most interesting
architectural and cultural sites in the world.
For those seeking a unique, romantic lifestyle or who have a
passion for historic architecture and renovations, Casco Viejo
is the spot. If you like taking coffee on a rustic balcony
overlooking the ocean, Casco Viejo is for you.
To
walk through Casco Viejo is to stroll through history. Buildings
sitting side by side can be over three hundred years apart in
age. Amazingly, nothing seems to clash, despite a wide variety
of styles and levels of income. Laundry hands over ramshackle
railings, iron balconies have geraniums, potted plants and
bougainvillea vines.
The buildings that line the wide, brick streets of Casco Viejo,
many of which have expansive balconies, reflect Panama's rich
architectural styles and diverse cultures. Casco Viejo is the
focal point of Panamanian architectural history, with its
picturesque buildings, wide streets comprised of red bricks,
churches, ruins and museums. It is here, together, where the
identity of Panama City and it's people is best illustrated.
In 1998, Casco Viejo was recognized by UNESCO and the United
Nations for Education, Science and Culture as a site of world
interest, due to the physical and universal aspects of this
historical location. Thus, all of the historical events were considered by the "Consejo International de
Monumentos y Sitios"; this is not a governmental agency but
provides advice to UNESCO.
Casco Viejo, perhaps a commercial point in the past, is now a
major tourist destination for those visiting Panama. Terrific
photographic opportunities exist, particularly for those
interested in architectural structures. Located just minutes
from downtown Panama City, this historic community is just
minutes in a taxi.
Why do we like Casco Viejo for investment?
- History: Casco Viejo
is the oldest standing part of the original Panama City.
French influence is obvious among these 1800's waterside
structures. The feeling one experiences while walking is
reminiscent of Havana, New Orleans or perhaps Santo Domingo.
A rich history of Pirates, Cathedrals and immigrants makes
this region a cultural gem.
- Culture/Environment: A cafe culture mixed with deep
Afro-Caribbean vibe is only one way to describe the highly
eclectic mix of artists, foreigners and locals who choose to
call this area home. Ultra hip night clubs, restaurants and
whisky bars were the first investments to help revive this
area. Beautifully restored loft apartments and other
historical buildings, along with the Presidential Palace and
National Theatre make this the most landmark-rich area in
the country.
- Scenery: Colonial architecture, ocean views, views
that look back upon the impressive city skyline, the
America's bridge, the Causeway. There is so much to
take in the eye almost doesn't know where to focus. We
really cannot imaging many other places in the world where a
rooftop BBQ would have a better backdrop.
- Substantial Upside: The property values
here remain somewhat depressed
due to the fact that its residents are primarily squatters
who have remained behind in buildings abandoned by landlords
disgruntled due to rent controls. However, as the area
is revitalized the prices will inevitably skyrocket and
already show signs. The limited size and number of
potential buildings to restore ensures that the limited
market will force a stead clime of prices.
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