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.
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Thursday, November 15, 2007
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4 comments:
Hey, I just wanted to say Happy New Year and thanks for an excellent real estate blog. Please don't stop writing this stuff it is excellent. By the way, there is an excellent article on real estate at the New York Times here is the link: http://www.nytimes.com/pages/realestate/index.html
God Bless!
Real Estate Professional Websites and Marketing
i like the blog. ill have to check it out more often next year,, happy new year,,,
Have you ever thought about buying a second home in a foreign country? Most of us have spent a few minutes online drooling over some of these properties. However, most of us quickly let the dream fade away when we realize how complicated and risky this venture can be.
The hardest part about buying property abroad is that every country, state, and city has different rules and conventions. So to be smart about it we usually start by researching foreign ownership restrictions, tax ramifications, currency issues, etc. This can be very time consuming, costly, and may even lead to out dated and incorrect answers. Along with this, doubt usually sets in; what if the property is over priced and I’m the only idiot in the world who doesn’t know it?
The best way to purchase real estate in foreign places is to contact a trustworthy, local, real estate professional. A local real estate agent will be familiar with the market value of properties in the area you are searching, and they understand the local laws. Your next question is probably; how do I find a trustworthy local real estate agent?
There is a website called UniFersal.com. You can find properties in over 50 countries, look at pictures, and even chat, call, or message a pre-screened, local real estate professional who speaks your language and specializes in the particular city you are searching in.
UniFersal.com does a background check on all of the real estate professionals that would love to help you buy real estate in their city. They confirm the professional’s real estate expertise in that city, and even ask for references.
If you are serious about buying a property in a foreign country, don’t try to do it alone. Use the internet to drool over properties, then get serious and contact a local professional.
Hey, I want to say really thanks for your good blog.
Bahamas Real Estate
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