Panama City, Panama (PRWEB) December 19, 2016
After a flurry of recent sales, the last of the developer-controlled apartments have sold out in the Trump Ocean Club, the iconic waterfront tower in Panama City, Panama.
More than 55 units were sold in 2016, primarily to investors from North America, says Jeff Barton, managing director of Punta Pacifica Realty, which sold the last units. The final units sold out within two weeks after Donald Trump was elected President of the United States in November, he says.
“We definitely saw a surge in inquiries, mostly from investors who are betting on the Trump brand having more value after his election win”, Barton says.
The 636-unit Trump Ocean Club, with its distinctive sail-shaped design, is the first Trump-branded development to complete outside the United States. Launched in 2006, the Trump set new standards for luxury and pricing in the city.
But the project was hard-hit by the economic downturn in 2008. By the time construction completed in 2012, almost 50 percent of the original buyers failed to close on their unit, walking aways from millions of dollars of deposits.
After a lull, sales activity and home prices in Panama City have been picking up in the last year. Prices in Punta Pacifica, the waterfront community of skyscrapers, are up 6-8 percent in the last year, according to PPR data.
“This year represented the fastest pace of sales in the Trump since the presale years,” Barton says. The majority of recent buyers were investors from the United States, Canada, Spain and Venezuela looking to negotiate below market cash deals and take advantage of strong rental demand in the building, according to Barton.
Most condos in the Trump sold for between $300,000 and $700,000 with the last penthouse selling closer to $2 million.
With the developer units 100 percent sold, Barton is already seeing an uptick in interest and prices for resales in the tower.
“We have several groups of investors that were looking to purchase developer condos and are now shifting focus to the resale market”, Barton says.
Investors are mostly focused on the 1 and 2 bedroom apartments, with end users preferring the three-bedroom units and the Trump’s exclusive penthouses.
For more news and information on the Panama real estate market, visit http://www.puntapacificarealty.com
