We've stayed in many places in Panama City, but prefer the Dunes. It is incredibly well kept up, and has the best person to beachfront ratio in Panama City. Some of the bigger places have 300 to 500 feet of beachfront, but Dunes has 1500 feet that cover the five building gated complex. Pinnacle Port is probably close, but is way the hell away from everything. Dunes is near the attractions, but away from the spring break drunken idiots. And because Dunes is surrounded by high end beach homes rather than high rise condos, you pretty much have the beach to yourself.
Like any of these places, the rooms can be hit or miss because they are individual owners working through a condo association. Unique to Dunes, however, is that there are two unique rental offices (one in building A, the other in building C) that compete with each other. Competition is better than the monopoly alternative, and the units show it, and the requirements for the rental program are strict. We've stayed many times, and though some furnishings are dated, you don't have the torn, ripped or stained stuff like you have at other places. I'm sure their are exceptions, but I haven't seen any.
Because it is 20 years old, you get rent at half the price of Calypso, Tidewater, Aqua, Splash and the like. These are newer, but Dunes has the better location, and to me it isn't worth paying twice as much for granite and having to deal with the traffic on front beach road (Dunes is on the State park end of Thomas).
My only problem is that it is about 7 miles from the best donut shop in the world which is past the last big condo on Thomas. Dunes is 2 miles from state park and about 5 or so from pier park in the other direction. It is isolated beachfront that is 2-3 miles from the attractions and restaurants. I think it is the best value on the beach. There are a couple of places off the beach that are nice, but I'm never staying off the beach again. I'll stay at Dunes of Panama.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC