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Panama City Penthouse Sells for $1.1m During Lockdown

Punta Pacifica Realty has announced the sale of a three-bedroom penthouse apartment in the JW Marriott Ocean Club tower in Panama City. The sale was arranged in recent weeks and the contract signed remotely, following Panama’s safety guidelines for the COVID-19 pandemic.

This is the first contract of more than $1 million PPR has signed since the start of the COVID crisis. But the business continues. Last week the firm announced that it had signed a remote rental deal in the Ocean Club, based on a virtual tour.

Amazing Night View From The Apartment´s Terrace

“Business is not easy during these times, but it does continue,” says PPR Managing Director Jeff Barton. “There are opportunities for buyers in the market, with certain owners looking to sell, and we can make it work.”

The deal for the custom, 265-square-meter apartment, located on the 64th floor, required special structuring and flexibility to adjust to COVID conditions, Barton says. But after a month of contract modifications, they were able to secure a deal to satisfy both the buyer and seller.

The buyer is a U.S. investor who is buying property in Panama for the first time, says PPR Project Manager Brian Kelly, who arranged the sale. Brian developed a strong bond with the buyer, who is a friend of a long-time PPR client, who is also an owner in the Ocean Club.

“The buyer saw this as a great opportunity to invest in a beautiful apartment for personal use which also has strong income possibilities,” Kelly says. 

In many ways, the sale is testimony to PPR’s long-standing relationships in the market. Barton sold the penthouse to the seller 12 years ago and helped earn approval to have two apartments combined to create the customized penthouse. Barton has maintained a close relationship over the years, which also led the same client to recently purchase in the nearby island community of Ocean Reef Yacht Club & Marina, triggering the desire to sell the penthouse. 

“Many of PPR’s investors have been working with us for close to a decade,” Barton says. “Not only do they continue to buy and rent from us and allow us to manage their properties, but they also help us connect with new buyers and sellers.”

Despite the lockdown, PPR remains in communication with active buyers, Barton says. The firm has access to exclusive deals and has the capability to close them remotely, he says.

There are a myriad of challenges to the property market in this new COVID-19 climate, including travel restrictions. But PPR has been able to overcome many of the obstacles with detailed videos, electronic contract signatures, and some creative contract structuring to ensure protection for both sides. Contracts can include language to provide flexibility for the seller and buyer, based on market conditions. 

“In many deals, the successful outcome is the result of the high level of trust we strive to build with all our clients,” Barton says. “Given the challenges of doing business these days, nothing is more important for anyone looking to buy or sell than to be in trusted hands.”

If you have any questions about buying or selling in Panama or simply want an update on the market in general, please contact Jeff Barton at +507 6673-7810 or jeff@puntapacificarealty.com