Sales of apartments at the Trump Ocean Club, the iconic Panama City tower, are entering their final phase, after a surge in purchases in recent months.
There are less than 50 apartments left for sale in the building out of 635, according to a recent analysis by Punta Pacifica Realty. PPR sold six apartments in the Trump in October alone. The Bay Loft-style units have already sold out.
At this rate the last of the Trump apartments will be sold by the end of the first quarter of 2016, which will represent a significant shift in the market. With supply dwindling, prices have jumped 10 percent since the start of 2015. When the developer’s supply of new apartments is sold out, prices for resales should see a jump.
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 in the city.
Punta Pacifica Realty has been involved in more sales and rental transactions in the Trump than any other agency in the city. We are the Trump Ocean Club experts and closely monitor every aspect of the market and changes in the building.
The remaining inventory is 1, 2 and 3 bedroom options between 96 square meters and 183 square meters. Two 395-square-meter penthouses have been sold so far in the fourth quarter. Only one penthouse remains available for sale, priced at $1.85 million, although it just went under contract through PPR to a foreign investor. Also it’s good to note that the apartments are different than the hotel-condo units in the building, which are marketed separately.
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 resort is sold out.
Meanwhile the Trump continues to take its place as one of the finest luxury homes in Latin America. In October, the owners of the the apartments voted to drop the Trump condo management company and hire new managers, a move which should save owners money and improve maintenance of the building.
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, adding the finishing touch to the array of luxury amenities available in Panama City’s most distinctive tower.
Jeff Barton is managing director of Punta Pacifica Realty, a Panama real estate agency focused on Punta Pacifica, the exclusive neighborhood of 18 towers perched on the edge of the Pacific Ocean.