Panama's Trump Ocean Club Reports 85% of Condos Sold

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Eighty-five percent of the 905 units in the Trump Ocean Club have been sold, according to the latest statement from the developers of the closely watched project in Panama City.

For the first half of 2010, the development reported $24 million in sales, including a bulk sale of 27 units for $6.2 million, reports Sam Taliaferro in his Panama Investor blog. That would put the average price for the 27 condos at $230,000, which is low for a development considered at the top end of Panama City's market.

But the big unanswered question for the development: How many of the buyers will actually close on their units, especially those who paid top dollar in the boom years? According to the latest report, 26 units worth a total $14.7 million were classified as defaulted and returned to inventory in the first half of the year. (And while it's not an apples to apples comparison, it's worth noting the average price of the defaulted units was closer to $565,000.)

The project, which licenses the Trump name, expects to begin closing sales at the end of the year. In March, project sales consultant Jack Studnicky said 11 buyers had defaulted, and only about 95 had put their units into a resell program, raising hopes among the developers that there wouldn't be a wave of buyers walking away from their units.

 

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