I don't really know the cost of installing cans, but since it will require rewiring, I expect it will probably cost ~$500 vs <$100 for pendant lights & using the existing wiring & touch up paint.I was wondering about some sort of mixed solution too, though I'm still unsure if ROI will justify the increased in cost.

In my case he was able to give me much simpler solutions than I was expecting to have to install. 

As i work in the city where most of the people dont even know about bigger pockets so there is no problem in announcing to get a better solution

There are good reasons for real estate to appreciate faster than cost of living in ways that are in some way sustainable.

I'm looking for cost effective solutions (singe families, duplexes, condos).Any recommendations on contractors?

In terms of solution, the best solution is to get rid of the panel and have those circuits on the main panel or move the subpanel to a safe and accessible place.  

I am not looking for you to make snide comments and offer no solutions thank you.

What other solutions are out there?

I never see them anywhere in the USA, but they seem like an ideal solution.

Short of replacing all of them with four narrower equal width multi-panes (yes, it's do-able with cmu construction), another solution is extend a flat-roof porch off a deeper portico to the left corner in front of the large window.Lastly, the cmu looks patched and bad.