Bahamas Real Estate prices 'Not to Drop'

Real estate drop in prices in New Providence "is not going to happen" a leading realtor told The Tribune (a local Bahamian newspaper) 13th November, due to the the limited supply of land and the increased demand in housing.

"Every time a new subdivision comes on the market it will sell" providing that they are priced correctly according to market value, he added.

On November 3rd the first Open House for the Coral Breeze Estates development was held which brought in ten deposits that day despite it being canceled due to the Tropical Storm Noel. This indicates the demand Bahamians have for middle-class housing.

Coral Breeze is located half a mile to the west of the main Coral Harbour roundabout, and it's property values are likely to increase because of the close proximity to the newly proposed development of Albany House and the South Ocean development.

"The amount of vacant property for sale is not that great, so every time a new subdivision comes on the market, if it's priced right, it will sell. " said Mr. Lightbourn of Coldwell Banker. "...and price-wise, these [Coral Breeze lots] are reasonably priced."

The first Phase of Coral Breeze Estates offered about 95 lots. The starting price for Single Family land was $90,000 and Multi-Family $95,000. Today the prices have increased - for Single Family the starting price is now $99,500 while the Multi-Family is going for $120,000.

Newly Listed - Cable Beach Home for Sale

This lovely, 2-story cottage style home is nestled in a cul-de-sac overlooking a natural pond & sanctuary. This quaint retreat is located next to the newly developing Baha Mar project in the midst of desirable Cable Beach.

Approaching the front door, there is a large deck on the side that sits directly on the small lake/pond area. In addition, a free standing gazebo of about 200 sq. ft. is tucked away to the side; this area is an ideal spot for entertaining and enjoying nature's surroundings.

The interior square footage is approximately 2400 sq. ft. and is equipped with a spacious layout and large rooms. Downstairs offers a family/Bahama room, living room, kitchen, full bath and sizable laundry room.

The second level is constructed of wood. Pickled, exposed beam ceilings add charm and character to every room. The master has an en suite bath and balcony.

This is a great spot in which to invest or reside!

To see more Cable Beach Properties click here.

The Future of MLS in The Bahamas

Many countries have a Multiple Listing System (MLS) which is an association of real estate Brokers who agree to share listings with one another. The Bahamas does not have an MLS in place as yet, but we are on our way.

The Bahamas Real Estate Association (BREA) finally decided this year to move in that direction so that we can theoretically go to one place (probably a web address) and find all the properties available throughout The Bahamas. The time has come for The Bahamas to have a country wide organized method of listing properties.

I sat down with Zachary Bonczek, a member of the BREA Board of Directors, who told me that, "...the MLS program will hopefully be in place at the beginning of the coming year."

My fingers are crossed.