Mick @ Lot 83
Updated 7/29/07
===================================
Utility charges and MUCH more! Reposted from Red Frog Beach Forum (Thanks, Jake and Bob). Having owned vacation rentals, I would expect such charges. However, what surprised me is that they are about same as we pay in California or Hawaii! (Have to pay for all that brand new infrastructure?)
One of the contributors alludes to costs in Costa Rica being better, but does anyone have hard facts? I know that beach front properties are going for much more than we paid for a villa on the Caribbean. There are also considerable building restrictions. Without doing any research at all, I know Trump is investing in building a high rise in Panama City as he is doing in Honolulu. Though that doesn't help us at Red Frog, it does show that the investment climate may be better in Panama than Costa Rica.
===================================
PROJECTED COST AT RED FROG
Monthly Yearly Property Management Cost:
- Trash (monthly) 30.00 360.00
- Water(est/monthly) 35.00 420.00
- Sewer (monthly) 26.00 312.00
- Power (est) 225.00 2700.00
- Direct TV (monthly) 49.00 588.00
- Internet (monthly) 60.00 720.00
- Lawn Care (twice month) 80.00 960.00
- Pool Cleaning (Non Rental/Large Pool) 35.00 420.00
- HOA fee: 350.00 4200.00
- Property Tax: Land ($498,205.00) (1% assess) 4982.05
- Improvements ($265,875.25) None
- Insurance Cost: Homeowners (monthly) 195.00 2330.00
- Liability (monthly) 66.00 792.00
- Contents (monthly) 55.00 670.00
TOTAL $19,994.05
Other Costs:
- Mortgage ????
- Yearly Corporation Fee 650
- Boat & Marina Fees ????
- One Time, Up Front Cost ????
- Elect Cart Insurance ????
- Red Frog Fee Inflation ????
- Supporting Amenities on Site ????
*** References all found at "Living At Red Frog Beach Club" (http://redfrogians.blogspot.com/)
3 comments:
From what I've read, the electrical costs are high throughout Panama - the natives aren't too happy with their electrical bills. Check this out: http://www.panama-guide.com/infrastructure/ Look at the bottom article dated Feb. 3rd: Infrastructure upgrades. Also see Power Generation Companies Under Investigation. Panama is doing a lot improve their infrastructure to accommodate growth and the Canal project. That probably explains the high taxes and utility costs, at least partially.
How much of the electricity is coming from the mainland and how much is coming from Red Frog? I was under the impression that RFB was developing all its own power.
Mick @ Lot 83
All of the power at Red Frog comes from three 500kw diesel power units at the ops center which feed an underground distribution system with ample reliable (the voltage is stable but the frequency is 1.2% high)
This is an example of the finest infrastructure avalaible in any Panamanian development, contracted in early happier days from a Canadian suppier who completed it in March of this year.
When your members get around to looking at the water and sewerage solutions at Red Frog you will find similarly superb solutions are already installed and operating. Other infrastructure is less satisfactory as there are no land line phones and internet service is mediocre at less that 256k down.
Post a Comment