The media’s love affair with Donald Trump’s run for the U.S. presidency (and his reliable weekly gaffes) sure haven’t hurt apartment sales in his Panama City Trump Ocean Club. Despite the derogatory comments about Latino immigrants, nationals from throughout the Americas have been snapping up the remaining condos at a quickening pace.
A report from the leading real estate agency located there, Punta Pacifica Realty, says that at the end of October of 2015 there were “less than 50 apartments left for sale in the building out of 635.”
The agency sold six units in the building last month and estimates that the current rates of sales means that all remaining inventory will be gone by the end of Q2, 2016. With supply dwindling, prices have jumped 10 percent since the start of 2015. When the developer’s supply of new apartments is sold out, this should lead to a jump in prices for resales down the line.
Apartments in the Trump have been the bellwether of the Panama City market since the project was first announced in 2006. With its distinctive sail design and waterfront setting, it set new standards for pricing and luxury real estate in the city. There were some bumps along the way, both with developer cash flow and exterior market forces, but the building’s status as the premier waterfront address in a fast-growing city hasn’t wavered.
After a series of delays, the beach club for residents and guests is ready to open on the beautiful Pearl Islands Archipelago and ferry service has already started to the island. In addition, the 9,000-square-foot Trump spa is under construction and should be open in 2016. These two elements join Central America’s largest casino, which opened in the building roughly a year ago. Bigger isn’t always better though: there’s a separate high rollers’ casino with a bar and infinity pool up on the 66th floor.
The remaining inventory for sale is 1, 2 and 3 bedroom options between 96 square meters and 183 square meters. (Around 1,000 to 2,000 square feet.) Two 395-square-meter penthouses have been sold so far in the fourth quarter, including this one for $1.59 million. Only one penthouse remains available for sale, priced at $1.85 million, although it just went under contract through PPR to a foreign investor.
These are separate from the hotel-condo units in the 369-room hotel part of the building, which are marketed separately and go into the room rental pool.
North Americans remain the primary buyers, although there has been an increase of interest from Colombia, Venezuela, and Europe. There has also been a jump in purchases by Panamanians, as they see their last chance before the resort is sold out.
Punta Pacifica Realty has been involved in more sales and rental transactions in the Trump tower than any other agency in the city. They are the Trump Ocean Club experts and closely monitor every aspect of the market and changes in the building.
This article was written in conjunction with Jeff Barton, managing director of Punta Pacifica Realty a Panama real estate agency focused on the exclusive neighborhood of 18 towers perched on the edge of the Pacific Ocean.