Ocean Reef Islands
Panama City, Panama, Panama
Property ID: #109716 // RESIDENTIAL
- AddressOcean Reef Islands
- CityPanama City
- Property TypeResidential
- Additional TypesDevelopment, Home, International, Luxury, Residential, Apartment, Villa
- Full Baths2.00
- Square Feet2,583
Ocean Reef Islands is made up of two islands (Isla I and Isla II) linked to each other and the mainland by a bridge. This luxury residential community will allow its residents and guests to enjoy a range of amenities, including: a sanctuary that will only be enjoyed by a select and limited number of privileged owners and guests, green areas, recreational parks, a tennis court, an elegant marina and yacht club with all the amenities and first class service, fiber optic to guarantee the connectivity of your residence, restricted access 24 hours a day, monitored by a highly trained security team, guaranteeing your privacy and security. Many different styles of apartments are offered in this luxury residential community, to fit all of your needs.
Luxurious Garden Apartments of three levels include incredible views of the Gulf and Panama City. Located in the central lots of Ocean Reef Islands in the southern part of Island 1, 4 modules of ground floor plus 3 high, only 7 families per tower which consist of Basement: Parking, Storage, Ground Floor: Lobbies, Social Area with Interior Gardens, Party Rooms, and Children’s Games, Gym, and Pool. Four patio apartments of approx. 320m2 in closed areas with their private gardens. Levels 100/200 include apartments of approx. 320-350m2 (2 apartments per module). Level 300 includes apartments of approx. 320-350m2 and penthouses with private access to the roof or rooftop with it’s open areas (garden and private pool) with spectacular views. Roof terrace is the social area of the project for recreation with spectacular views of the Bay of Panama.
Waterfront Residences are a new concept of residences that are located in perimeter lots where 2 or 3 lots are joined and an exclusive residential of only 4 or 6 families is created, consisting of ground floor and 2 high which consist of Ground Floor: lobby and gym. Additional, a study, covered terrace, pool, and gardens of the residences of Level 100. Level 100: 2 completely independent apartments that do not even share a lobby with approx. 520m2 each, with private access to your terrace, pool, and private garden. Level 200: 2 completely independent apartments that do not even share a lobby with approx. 520m2 each, with access, use, and exclusive right of the roof to create their own private social area. Each residence comes with 4 parking spots and 1 deposit.
Ocean Villas (Designed by George Moreno) is a project created for only 6 villas facing the sea with views toward the east of the City of Panama and the Pacific Ocean. These villas have a total area of 664m2 but there is availability of villas with 413m2. Semi-Basement: Three parking spots, service areas, laundry, and a technical area with stairs and an elevator. Ground Floor: Private foyer, an imposing room with double height, den, dining room, kitchen, and patio. Level 100: Master bedroom with a walk-in closet and bathroom, two secondary bedroom each with its own bathroom and closet. Level 200: Second den with access to a private terrace and a fourth bedroom, if needed.
Ocean Villas (Type A - Designed by Mallol) is a project created for only 5 villas facing the ocean with views to the east of Panama City and the Pacific Ocean. Semi-Basement: Four parking spaces, service areas, laundry and a technical area with stairs and an elevator. Ground Floor: Private foyer, living room, den, dining room, and kitchen. Level 100: Master bedroom with a walk-in closet and bathroom, two secondary bedrooms each with its own bathroom and closet. Level 200: Second den with access to a private terrace and a fourth bedroom, if needed. These villas have a total of 544m2.
Ocean Villas (Type B - Designed by Mallol) is a project created for only 5 villas facing the sea with views to the City of Panama and the Pacific Ocean. These villas have a total area of 594m2 + patio. Semi-Basement: Two parking spaces, service areas, laundry and a technical area with stairs and an elevator. Ground Floor: Private foyer, living room, den, dining room, kitchen, and patio. Level 100: Family room and three bedrooms with their own private bathroom and closet. Level 200: Second den with access to a private terrace and the main bedroom.
These luxurious villas/apartments range from 2-4 bedrooms with a minimum of 2 bathrooms and 2,583-6,931 sf. All finely designed with the comfort of its owner as the only priority. Unit pricing ranges from $800,000 - $2,480,000, to fit all of your needs.
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Property Buying Tips
So you’ve decided to buy! Congrats, that’s great!
Here are some great tips to get you on your way to ownership.
1. Determine Your Budget & Save
Take into account the average down-payment is 10%. 10% is not required, but the loan amount and approval will fluctuate depending on the percentage you put down. Determine how much you can pay for your monthly mortgage. Outline your expenses and be honest with yourself about what you can reasonably afford. Also, ask yourself what happens if you lose your job? Or if you’re part of a couple, what happens if your spouse loses their job?
2. Secure a Loan
Once you’ve got your budget in order, it’s time to go shopping for a loan. Visit multiple lenders to weigh your options and find the best deal. Each bank will determine if you are eligible and at what interest rate you will be charged. based on your financial situation. Make sure to ask questions such as what the breakdown of the monthly payments will be once you have made your down payment, how the loan term will affect your monthly payments, whether or not the interest rate is fixed or variable, if home insurance or any other services are included within the home purchase amount.
3. Be Prepared
Have a current Pre-qualification letter and good faith deposit funds available. Technology makes it easier than ever for your real estate agent to draft and transmit a purchase offer back and forth for your signatures. But, this is only one piece of the puzzle. You also need a current pre-qualification letter, and ready access to your good faith deposit. This can be obtained from the bank and confirms their willingness to give you a loan. Most sellers won’t accept a letter that’s more than three months old. If your home search lasts for more than three months, you’ll need an updated pre-qualification letter. When you submit your offer, it must include a check for the good faith deposit. Generally, good faith is at least 3% of the purchase price. This check will be deposited into an escrow account within three days of an accepted offer.
4. Stay Informed
Always make sure to do your homework and learn the history on a property you are interested in. Does the neighborhood have a high crime rate or a new highway/major road being constructed nearby that could be affecting the price? Is the heating, plumbing, roofing and window work in good condition? Those hidden problems can lead to major expenses in the future - post purchase. Ask your realtor for a property condition report and and see if the home comes pre-inspected. If not, we highly recommended to get and inspection before the purchase is complete. Being “in-the-know” and taking the extra steps can save you money and headaches in the long run.