BREA Elected Board of Directors '08 - '09

The Bahamas Real Estate Association (BREA) officially made a public notice in The [Bahamas] Tribune on Wednesday 23rd April 2008. Realtors who were elected 2008 - 2009 executives and directors of BREA pose for Keith Parker.

They are (Standing, back row, left to right):
Directors: Patty Birch, George Damianos, Mike Lightbourn, Zack Bonczek of Paradise Real Estate, Anthony Wells, Tracey Barone, Sandra Evans, & Sara Callender.

(Sitting, front row, left to right):
Treasurer: Virginia Damianos, Past President (2006 - 2008): Larry Roberts, Current President: William U. Wong, Vice President: Lana Basalyga-Munnings, & Secretary: James Newbold

Members not pictured are Cara Christie, Theodore Sealy, & Wendell Seymour.

Atlantis 'Reef' projected to be Sold Out in 1 year

The Atlantis Reef condotel, consisting of 495 units, is likely to be sold out "within 12 months" if the sales pace is kept at the same momentum it is currently on. In the first three and a half months of 2008 (January to 21st April), fourty seven units were sold. Just over 70 percent of the condo units at The Reef Residences at Atlantis, Paradise Island have been sold.

Bruce Weiner, president and chief operating officer if Turnberry Ltd. , (Kerzner International's joint partner in this business venture) said "I would say that in spite of everything that is happening, given the economic slowdown we are doing good. Not great, it could always be better, but good.

"It's been good. Of course, I can't say what may happen later this year, but if we continue on the current pace that we are on now, we should be able to sell the remaining 146 units within 12 months."

Bahamas Real Estate still Going Strong

The real estate market in The Bahamas is still going strong even with the US market, especially Florida real estate, in a tailspin. The prices for the condo units in Ocean Club Residences on Paradise Island have increased by $1 million in two years. That's pretty impressive!

A leading Bahamas Realtor said that even though signs have been seen with clients and potential purchasers holding back because of the "doom and gloom" activity in the United States real estate market, the Bahamas real estate market seems to be unaffected.

The Bahamas has special amenities such as it's close proximity to America, it's tropical island climate, and it's laid-back lifestyle. A leading Realtor said, "I don't see the [Bahamas real estate] market dropping. The market is still strong. People are still buying and moving here. We're holding our own and the demand is still there. We certainly haven't seen prices dropping. It's still strong on both ends [being the international and domestic sides]. Thank God we haven't seen the hit the US has taken."

"The prices at the Ocean Club Residences keep going up day after day. They're selling for more and more. Units there that were selling for $1.7 million are up to about almost $2.7 million now. They've gone up about $1 million in two years, since they put in the first pre-construction. That's an incredible return on your money."