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Punta Pacifica Panama real estate and pricing trends December 2013

Punta Pacifica Panama real estate and pricing trends December 2013

By in Blog with 0 Comments

Punta Pacifica, or more specifically the buildings that lie south east of the Super 99 (and excluding buildings in the areas on the North side of the Corredor Sur), comprises of exactly 3,017 completed condo units spread out amongst 28 buildings.

This figure includes the 448 apartments in construction and due for delivery end of 2013 in the Grand Tower. It does not include the 364 hotel rooms in the Trump Ocean Club.

The average price per square meter varies greatly, based on a sample survey of published properties taken in the first two weeks of October 2013.

The lowest priced condo on a per square meter basis was found in the Pacific Star building, priced at $1,833 per square meter.

Apartments for sale in this building all have a 180 meter floor-plan which includes three bedrooms, a maid’s quarters, along with partial ocean views towards the west.

The building fetching the highest price per square meter (on a published price basis) is the Bellagio Tower at $3,105 per square meter for apartments which average 645 meters in size. Behind Bellagio, on an average per square meter basis, was the Trump Ocean Club at $3,160 and Venetian Tower at $2,846.  These figures were gathered from online listing websites using between 5-10 listings per building to arrive at an average per square meter price for the respective buildings.

The Developer’s published pricing in Grand Tower Panama  is averaging right around $2,800 per meter, whereas the average resale pricing (from private owners) is coming in at just under $2,500/meter asking price.  Again, these are asking prices and not closed sale prices.

Pricing on actual sales in Punta Pacifica, based on a small sample size of only six closed sales, is averaging $2,519 per square meter.

Removing the highest and lowest numbers, average pricing is $2,460.  These figures were taken from http://panamaequity.com/panama-real-estate-closed-sales-and-pricing-statistics/

The building with the most apartments in Punta Pacifica is still the Trump Ocean Club, with a total of 634 condo units, followed by Grand Tower which will have a total of 448 apartments.  The ocean front low-rise Pacific Point towers averaging 8 to 9 floors, with between one and two apartments per floor have the least total apartments.

Pricing trends in Punta Pacifica have been flat over the last 12 months with the exception of Trump Tower which experienced a significant drop in price from 2012 – 2013 on the announcement of a possible bond default, however the announcement of the casino, success of the hotel, and progress on the beach club have helped to stabilize the correction in that specific building.

The impact of the 448 new apartments in Grand Tower hitting the market during the first two quarters of 2014 should be minor, considering the developers are reporting more than 80% of the building is committed to buyers who have put down deposits and/or closed fully on their units.

With the delivery of any new building which began taking deposits from buyers in years prior, there is always the possibility of a downward price correction as those buyers seek to unload their positions to avoid having to come up with the balance for the developer.

About The Author

Kent Davis, founder and Managing Director at Panama Equity real estate, has been widely quoted in publications such as Wall Street Journal, Time Magazine, The Miami Herald and the Financial Times for his unabashed views on the Panama real estate market. Panama Equity is regarded as one of the most active real estate agencies in Panama and Kent’s articles, reports, and market research projects have been syndicated by press agencies including Bloomberg and the Associated Press.   Connect with the Author via: Email | LinkedIn | Facebook | Google+

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