Despite concerns of widespread defaults, only 11 buyers have walked away from their purchases in the Trump Ocean Club in Panama, the project’s longtime sales director says.

A total of 870 condos have been sold in the 70-story, 1004-unit tower, which is set to open within a year, according to Jack Studnicky, who now serves as a consultant for the International Sales Group, the master broker on the project. About 95 buyers have registered to resell their units, but there hasn’t been the run of defections some feared, he says.

The Trump Ocean Club is seen as a bellwether for the Panama City condo market, as well as the region. The project, which licenses Trump’s name, tried to set a new high-end price range for condos, at a time when dozens of planned tower projects never got off the drawing board.

On the list barometers to gauge a country’s worthiness as a second home destination, IPJ contributor Claudia Gonella has found a new one—paved roads from the airport.

This may sound slightly frivolous, but there is logic to the Sore Butt Index. While some may look at long term rental yields or the number of golf courses within a 50-mile radius, for many buyers that first bumpy drive from the airport defines the experience, especially in Central America.

Property industry professionals in Panama have been trying to decipher the implications of Law No. 49, which made far-ranging changes in the tax code.

While details are best left to tax specialists, the law, implemented in September, calls for new property taxes on some apartments and adjusts the capital gains tax, making it a bit more complicated to figure out the long-term return on property.

On his Panama Investor blog, developer Sam Taliaferro includes a six-page, semi-easy-to-understand breakdown of the specifics of the law from a tax attorney. (Scroll to bottom of the page.)