Timing is everything in Panama’s Trump Ocean Club
Wednesday, October 03 2012 @ 07:01 PM UTC
Contributed by: Don Winner
It’s no coincidence that Donald Trump chose Panama to build his first Trump Tower in Latin America. Whether you love the guy or you hate him, one cannot deny that the building now enjoys iconic status among Panama City’s best. It’s where celebrities stay when they visit. It’s where Panama’s socialites throw their birthday parties. And its earned landmark-sightseeing status among tourists.
In 2007, preconstruction condos dotted the Panama City skyline and the Trump Ocean Club was just another hole in the ground. In 2012, the 967-ft, 70-story structure is the talk of the town, and the doubts have been replaced with satisfied owners and a steady stream of hotel guests like Lance Armstrong who famously stayed there before his iconic Ironman 70.3 Panama.
The high dollar digital renderings and glitzy sales brochures promising “A first of it’s kind in Panama” have been replaced by a building that is worthy of the address: Trump Panama. The moniker that is Trump, with all of the restaurants, swimming pools, shoppes, and high-end living spaces have made the Trump brand in Panama what it is today.
According to an article in the Financial Times, “Panama is home to the fastest growing economy in the Americas, akin to the Brazilian miracle of the 1970s,” and talk among industry experts is that those investors who have chosen to buy now instead of five years ago are in the best position of all.
The inherent risk and reward involved with buying pre construction paid off for the people who got in at pre-boom prices in 2006, before the world really caught a hold of the Panama’s rise. However most of the Trump development was sold during the peak of Panama’s real estate boom around mid-2008, which coincided with the bottoming out of global real estate prices in places like Miami, Las Vegas and New York. Investors elsewhere around the world looking for easy money and quick financing were met with grim news and disappointment.
Today, the clouds have lifted as the Trump Ocean Club returns to financial solvency and sales are set to resume with a splash in October. The building is now a part of the Trump Hotel Collection, and the festivities surrounding the completion will begin in less than one month’s time.
Maybe you thought that Trump was out of your price range, or just didn’t see the value behind the name. Well, it is time to look again.
To see photos, listings, and a full list of the resort amenities that have made the Trump Ocean Club a Panama success story, visit Panama Equity.com