Inside Trump Ocean Club 2012: January Trump Panama Update
Trump Ocean Club
Panama Equity
January 2012
Over the last six weeks, owners of Trump Ocean Club residential and condo hotel units have been relatively in the dark as to periodic updates and status reports. After a recent visit to the promoter’s office within the project, Panama Equity can share the following exclusive information:
-Fees have been reduced across the board and we expect further reductions on the hotel management charges. Common area maintenance (CAM) charges in the residential units have been reduced from $4.05 per meter to $2.84. This means that owners of a typical two bedroom measuring went from $620.00/month to $434/month. CAM charges in the Trump Ocean Club project include cable, internet, and phone service
-Two weeks ago, Hotel management (Trump Hotel Collection) enacted an across-the-board reduction of hotel fees, including a 17% reduction in the CAM charges and 40% per-use fee reduction. We are expecting condo hotel demand to pick up again as investors return due to improved economics
-Closings have started again and are up to the 53rd floor, with the Developer’s commitment to close out remaining sales by the end of the second quarter
-Rumors about Trump International pulling out of the project appear to be unfounded, as Eric Trump in a December interview in Capital Finaciero remarked “we as the hotel administrators are incredibly happy about the last six months. Our occupancy and success rate was 160% higher than what we had projected and (Trump) is without a doubt the most luxurious hotel in Panama and Central America”
-Although Newland Development missed a November bond payment, the bondholders are still willing to work with Newland on a successful completion of the project. In short, things are looking better than an ever for the Trump project in Panama.
-Sales in the project in the fourth quarter of 2011 topped over 10 million dollars. The majority of these sales were resales and default reassignments, meaning new inventory absorption has been stagnant in the project. The majority of resales in the residential side were coming in on average of $3,000 per square meter.
Panama Equity
Panama Equity has been working with past investors and inside sources at Trump to connect buyers and sellers for the last four years in the Trump Ocean Club. We are expecting to see strong sales in Trump over the next four months, which is Panama’s high season for tourism. The best deals rarely get published, and because of our relationship with investors and contacts within the Trump Panama organization, we are the go-to source for defaults and contract reassignments in the Trump Ocean Club.