Today La Prensa Newspaper reported that a project named Park 32 in Coste del Este has announced it is failing to complete. Reportedly the project was sold out which leads us to believe the builder engaged in pre-sale marketing to flipper speculators who bought in early on at a low price. This of course removes the incentive for the developer to push forward to completion since he could start another project on the same site at much higher prices. This is similar to what happened with Ice Tower becoming the smaller Iron Tower. We can not state that this is what the case is with Park 32 at this time.
Park 32 was supposed to be a very striking high rise of about 50 floors. The apartments were large as far as modern condos go with many being presented at 230 sq. meters. Coste del Este is built on a landfill of some sort between Panama City and Tocumen Airport. It is about five minutes from the city with no traffic. There are numerous other high-rise condos under construction or planned in Coste del Este.
Refunds – Our law firm is wondering how the refund process will take place. If the original owner sold the unit to another at a higher price taking a chunk of...
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