Choosing RE/MAX helps when Selling or Buying a New Home

All those who have had the experience of buying a new home or selling a home know it is not an easy task in our current market conditions. RE/MAX and it’s RE/MAX balloon logo has assisted in creating a world famous real estate company. RE/MAX associates help people sell a home or buy a new home. It has been in business for over three decades and caters to clients from different parts of the world and has offices and associates that serve the smallest cities or towns.

RE/MAX has offices worldwide where real estate agents work tirelessly to help clients buy or sell properties and homes. RE/MAX Realtors have dominated the ranks in all the Certified Residential Specialist (CRS), the Certified Distressed Property Expert (CDPE), the Seniors Real Estate Specialist (SRES) and the Accredited Buyer Representative (ABR) designations and continuing education. This means their agents have some of the best expert knowledge related to the real estate industry and are able to serve buyers and sellers in a professional and highly skilled manner.

Whether you want to buy a new home or sell a home your task will become very easy and less stressful if you hire a RE/MAX Realtor because they:

• Keep themselves up to date with the latest trends in the industry.
• Use a comparative market analysis to determine the best price of a home or property.
• Use the MLS (Multiple Listing Service) listings to list their client’s homes and properties for sale with pictures and demographics on the Internet.
• Their knowledge of the local area and the market conditions help the process to be as smooth and easy as possible.
• Assist you from the beginning to the end of the process and work to earn your trust in hopes of repeat and referral business.

RE/MAX understands it’s responsibilities to society and has taken initiatives to give back to the community. Whenever you hire a RE/MAX Realtor for either buying a home or selling a home, they may donate a part of their earnings by participating in the Miracle Home Program or the Home for the Cure Program. Under the Miracle Home Program, real estate agents make a contribution to a local hospital affiliated with the Children's Miracle Network. The donation remains in the area and benefits the local residents. Under the Home for the Cure Program, a donation is made to Susan G. Komen for the Cure which uses the funds to help fight breast cancer.

Why Do Buyers Insist on Putting the Cart Before the Horse?

Sitting in my office the other day I received an inbound inquiry from the switchboard. It was a prospective purchaser that was relocating from one of the 'family islands' and wanted to see a home listing we had. As usual, I asked some qualifying questions to get a feel for the prospect's needs. After getting satisfactory answers to my battery of questions I asked the most important question of all, "Will you be financing your purchase? and Have you been pre-qualified at the bank for a loan?"

You would have thought I asked the lady how much she weighed (which is a question that should never part your lips unless you are a physician)! Immediately following the uncomfortable silence on the other end of the phone, she proceeded to tell me that she owned other property and that qualifying for a loan shouldn't be a problem. That may be so, but I for one don't even put the key in the ignition, nor will I inconvenience my seller or another listing agent unless I know for sure that the prospect can qualify for the purchase price of the listing, or at least get real close!

After diplomatically explaining my position and offering to recommend a couple of lenders that could likely do an over the phone pre-qualification, she abruptly said, "I don't want to go through all of that, I just want to see the home!" Well I'll be a monkey's uncle! Let me just stop what I am doing, call the owner and ask them to stop what they are doing and make arrangements to show you a home that neither you nor I know you can afford, and all because you want to circumnavigate the natural order of things?!!

I was absolutely amazed, but regrettably not terribly surprised. In this case, the interested buyer didn't want to bother herself getting pre-qualified. In many other cases, it seems that banks would rather not go through the rigorous process of qualifying buyers before they begin shopping. All too often, the prospective purchasers tell us that the bank said, "Go find a property you like, get an offer letter and/or contract and we'll see if you qualify." In either case, the buyer is clearly putting the cart before the horse!

Homebuyers & Sellers Get Top Agents

RE/MAX vs. the Industry Report Shows RE/MAX Agents Help More Buyers and Sellers in 2009

(Denver, CO – June 2, 2010) - As professional real estate agents across the country compete to get new homebuyers while marketing properties for anxious sellers, agents from one global franchise have been proven to be the most successful at getting the job done. According to independent real estate analysts and other government filings, RE/MAX agents are more productive than other real estate agents in the U.S., a claim now documented in the annual “RE/MAX versus the Industry” report.

The RE/MAX versus the Industry report is distributed through the RE/MAX Network, along with charts, tables and social media messaging, and shows RE/MAX agents average 13.5 transaction sides per agent compared to the next closest competitor at 7.3 transaction sides per agent. “These analysts, surveys and government documents substantiate the claim that RE/MAX agents are the most productive in the business,” said Dave Liniger, RE/MAX Chairman and Co-Founder. “Even in extreme market conditions, RE/MAX agents outperform others and are able to better help homebuyers and sellers across the country and around the world.”

The report is based on figures released from REAL Trends and the U.S. Securities and Exchange Commission Form 10-K, 2009 annual reports. But, two recently-released national surveys also confirmed the company‟s standings nationally. Both the 2010 REAL Trends 500 survey and the 22nd annual Power Broker Report, from RISMedia, show RE/MAX agents have a commanding lead in production by number of transaction sides and sales volume.

Liniger equates much of the success to the education and training RE/MAX agents pursued as market demands changed, including training to manage short sales, distressed properties and foreclosures. RE/MAX Associates hold the greatest number of professional learning designations compared to agents of other national real estate brands.

What is The Bahamas MLS?

The Bahamas MLS, which stands for Multiple Listing Service, is a centralized website portal where all the exclusive listings for a particular area, in this case The Bahamas, are kept and shared between real estate agent and property buyer alike.

Wikipedia defines a ‘Multiple Listing Service’ as, “a suite of services that enables brokers to establish contractual offers…, facilitates [broker] cooperation…, accumulates…information to enable appraisals, and is a facility for…correlation and dissemination of…information to better serve…clients…”

“A multiple listing service's database and software is used by real estate brokers… representing sellers under [an exclusive] listing contract to widely share information about properties with other brokers who may represent potential buyers or wish to cooperate with a seller's broker in finding a buyer for the property…”

“The listing data stored in a multiple listing service's database is the proprietary information of the broker who has obtained a listing agreement with a property's seller.”

Recently The Bahamas implemented an MLS system where real estate agents and brokers alike participated in the growth of the database with exclusive listings throughout The Bahamas Islands. March 17th 2008, The Bahamas Real Estate Association (BREA) soft-launched The Bahamas MLS strictly for real estate agents to use. The Bahamas MLS has taken steps towards becoming a public media and soon estate agents and potential property buyers alike can search the same database for real estate listings in The Bahamas.

Click here to read the previous MLS article: The Bahamas MLS; Increasing in numbers

Nassau's Harbourfront Finally getting it's due!

Just when you think the good news for real estate in The Bahamas is starting to fizzle, we get the news that the government of The Bahamas has finally signed the deal to move the main shipping terminals from the ultra-valuable Nassau Harbour front to a more effective and environmentally friendly area to the west of the main harbour.

In a news release today, The Tribune reported, "Wider distribution of the profits from the freight shipping industry, reduced cost of living for Bahamians and the facilitation of the redevelopment and revitalization of downtown Nassau were highlighted as the major benefits of a signing between the government and private investors to develop Arawak Cay into New Providence's freight hub yesterday."

For the real estate industry in The Bahamas this means that downtown Nassau can be transformed into the charming harbour front city it used to be! New opportunities for commercial and residential development are imminent and I can tell you that most citizens and residents are extremely excited for the probable economic benefits.

The Bahamas MLS; Increasing in Numbers

After many years of real estate agents, property buyers and property sellers alike wondering if The Bahamas will have it’s own Multiple Listing Service (MLS), the call was answered. On March 17th 2008 The Bahamas Real Estate Association (BREA) soft-launched The Bahamas MLS for the strict usage by real estate agents only.

Two months later in May, there were 81 licensed agents of about a total of 600 licensed agents scattered throughout The Bahama Islands, that signed on board to take part in the future of real estate.

The Bahamas MLS Administrator at that time, Heather Joy Albury, informed me that "81 members from 23 different companies" had signed up. From these 81 licensed estate agents, they had added 115 active exclusive listings. She added further, that "I believe that in 6 months time we would have doubled the agents and listings [on the Bahamas MLS] if not tripled [them]."

In November, six months later, the number of participating licensed estate agents increased from 81 to 129, the amount of participating offices almost doubled from 23 to 42 and the number of active exclusive listings increased more than five times from 115 to 615 listings.

Today (April 28th 2010) there are 181 licensed agents from 61 different real estate firms with more than 1,400 exclusive Bahamas listings on the MLS. The direction is clearly looking positive and I'm sure that this trend will continue to grow. To learn how The Bahamas MLS can help sell your real estate, contact an agent at RE/MAX Paradise Realty today!

Investing in The Bahamas. Did you know?....

The Bahamas continues to flourish as a second home destination for many of our foreign friends. Still, many others don't foray into investing in The Bahamas because their perception is that the costs may be too high in comparison to investing in other tropical destinations. Besides the fact that we are the closest island nation to North America and travel to and from our beautiful archipelago is easier, faster and cheaper than ever, we have a stable economy and our dollar value is on par with the US dollar. Here are some answers to other common questions that may surprise you about investing in The Bahamas:

How much is real property tax in The Bahamas? Real property tax for owner occupied property in The Bahamas is very inexpensive in comparison to other destinations. For the first $250,000 in value the property is exempt from real property tax. The next $250,000 in value is taxed at 1% and anything over $500,000 is taxed at .75%. So, a $600,000 beachfront condo would be $3,250 per year!

Is there any income or sales tax in The Bahamas? None whatsoever! The government relies on import duties on goods for their tax revenue.

How much is building insurance? For comprehensive insurance coverage in The Bahamas, which includes hurricane coverage, the calculation is roughly 1.5% of the sum insured.

As one can plainly see, the carrying costs to own your little piece of Paradise are exceptionally reasonable! If you would like more information on the beautiful island nation of The Bahamas please feel free to contact me anytime! I really enjoy sharing my experiences here and look forward to welcoming many more friends to The Bahamas!!

Selling Property in The Bahamas

If you have ever wondered how best to sell your property in The Bahamas this article is for you! The first step is to locate a quality company and an experienced agent with a proven track record. I recommend interviewing at least 3 agents so that you can be assured that their marketing plan is a sound one, that the agent understands the market and knows how to price your property correctly to achieve the desired results and that your personality and goals are aligned.

To research companies and agents, type in "Bahamas Real Estate" in Google and review the results. The companies that are listed at the top of the search are generally the ones that can deliver the best exposure for your property. Second, make sure the agent is a member of The Bahamas Real Estate Association and, more importantly, a member of the Bahamas MLS to ensure that they market both to prospective buyers as well as those who deal with prospective buyers, other agents in the market. Lastly, it would be wise to choose a company brand that will be recognized easily by the market you are trying to attract.

I am a licensed broker with RE/MAX Paradise Realty, a CRS designee, a member of The Bahamas MLS and I sit on The Board of Directors of The Bahamas Real Estate Association. I have a proven track record in dealing with international and local clients and my experience, vast network of contacts and keen understanding of the market will ensure that you get the quality of service you deserve.

Call me if you need help selling your Bahamas Real Estate. I look forward to speaking with you soon!

Timing is Everything....Especially in The Bahamas!

While much of the investing world sits on the sidelines and waits for the real estate market to turn around, the opportunities for second home ownership in The Bahamas are really heating up! Activity for the first quarter of 2010 has surpassed all of our expectations and, as a result, many of the right priced properties are being bought creating a much more balanced supply and demand situation.

The government really encourages foreign investment and the process is not as daunting as one may think. The first thing to do is find a quality real estate professional, someone with experience and one that you can trust. This will help you in not only locating the right purchasing opportunities, but assisting you in being referred to the right attorney for your conveyance and title work as well as the right lenders should you require financing. The RIGHT real estate professional should be able to answer all of your questions, put your mind at ease and make the adventure of purchasing your very own piece of paradise a truly rewarding experience. It is not uncommon to become friends for life with your real estate agent!

If the thought of investing in a foreign country makes you uneasy, give me a call! I talk to people everyday about the beauty of The Bahamas, the excellent investment opportunities and relaxed way of life I have come to love. I am always here and ready to assist wherever possible.

Contact me for more information on investment opportunities in The Bahamas.

Bahamas Real Estate Assoc. bids Farewell to Wong

After a two year reign, William Wong will step down as the president of the Bahamas Real Estate Association (BREA) with the ending of his term.

"It's been a very busy, exciting two years for the [Bahamas] real estate industry," Wong informed the Guardian Business. "They have not been typical years for our economy [and] BREA has certainly had a high profile over the last year. I'm thankful to the membership for their support and kind words and the board of directors have been simply outstanding in their support.

"We hope the government in the future, before they decide to make major changes to the economy in regards to real estate, will call on us. Our advice is free [and] we have no agenda, only to help our country and agents and brokers to make a decent living.

"I want them to champion this Freeport issue, which has been a thorn in our side," he added. "Hopefully we will be able to get those people practicing real estate in Grand Bahama and particularly Freeport to be licensed, with the [Grand Bahama Port Authority] recognizing BREA as the licensing agent for Freeport."

The new acting President of BREA, Patty Birch, was elected at the associations Annual General Meeting on March 25th 2010. The Vise President, also elected into office, was Sara Callender.

Original Article
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RE/MAX Paradise Realty Brokers & Agents Receive Awards

On March 1st, thousands of RE/MAX real estate agents from around the world descended upon Orlando, Florida to attend the annual RE/MAX International Convention to learn, network and enjoy the unique energy generated at the annual gatherings.

The Convention offered educational classes, seminars to help improve and promote business, a trade show, and most importantly great networking opportunities between RE/MAX agents. There was also the annual awards banquet honoring top producing agents and offices.

Principal Broker of RE/MAX Paradise Realty, Craig Pinder, who was awarded the 100% Club Award for sales performance in 2009, said he was “very pleased to receive the award” and he would continue to “take RE/MAX Paradise Realty to the next level of customer satisfaction.”

RE/MAX Paradise Realty’s Zack Bonczek, broker and sales manager, and Jennifer Higgs, broker, both received Executive Club awards for their sales performance and achievement in 2009.

“it is extremely important to attend these annual conferences so that brokers and agents can learn new skills and techniques that will ultimately better serve our clients” said Mr. Bonczek. “RE/MAX is unmatched when it comes to educating its members and giving them the tools to be the best.”

Mrs. Higgs agreed and said "We learned a lot and had fun meeting wonderful people from all over the world. It was inspiring to see how many agents have soared to the top through RE/MAX. We’ll definitely be in Las Vegas next year."

Education was front and center throughout the week. Tip-filled sessions on social media, marketing, technology and other relevant topics were held each day. “It was wonderful, a lot of very useful information,” said a former agent, Nassau sales associate of RE/MAX Paradise Realty. “We’re excited to get back to our office to practice what we learned.”

Frank Knowles, RE/MAX Paradise Realty’s agent in Hope Town, Abaco, said that he “thoroughly enjoyed meeting and learning from such a vast network of realtors, especially from RE/MAX Cayman agents who we share a lot of similarities with.”

RE/MAX is a global franchise of more than 6,800 independently owned and operated offices in 70 different countries and nearly 100,000 agents.

RE/MAX was founded in 1973 by Dave and Gail Liniger. From a single office in Denver, Colorado, RE/MAX has grown to be a global network of nearly 100,000 sales associates in more than 75 countries. RE/MAX was honoured as the leading real estate franchise in the “2009 Franchise Times Top 200.” No one sells more than RE/MAX!

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Some Great News for The Bahamas Economy!

Despite the ongoing pessimism regarding the global economic outlook, The Bahamas continues to get great news with the announcement of some very positive events!

Firstly, the Minister of Tourism, Mr. Vincent Vanderpool-Wallace was quoted recently in The Nassau Guardian newspaper as saying, "In the middle of a recession, 2010 will see an increase of over 400,000 new air-seats bringing a potential visitor spend of an additional $400 million compared to 2009," during a debate on the government's mid-year budget in the Senate. "These new seats include non-stops to Exuma, to Abaco and to Eleuthera from the United States and Canada that have either never been seen before or haven't been seen in decades."

This potential injection of revenue into the local economy will surely have a profound effect on the economy of our country! Mr. Vanderpool-Wallace went on further to say, "We are restoring the proximity advantage of The Bahamas by having that proximity reflected in the cost of travel to The Bahamas. That, as I mentioned earlier, is the first of six strategies that we outlined for tourism over a year ago. There is very strong research to show that for flights under three hours in length, the customer would rather spend their hard earned money enjoying themselves at the destination instead of consuming their funds in airfare cost in traveling to the destination. We are obliging them." The remarkable part to this statement is that proximity not only the tourist visitor but the second home owner as well!

Another very encouraging bit of news is that the new Baha Mar Resort in Cable Beach seems to finally be moving forward with the release of the news that there will be an estimated $7 Billion (with a B) in wages injected into the Bahamian economy in the next 2 decades. A report by the Oxford Economic Company, seen by Guardian Business, set out some of the key economic benefits which could create a "transformative economic event for The Bahamas in terms of tourism, economic multiplier effect, infrastructure and social change".

Yesterday Hu Dingxian, Ambassador to The Bahamas for the People's Republic of China, re-asserted his country's commitment to the project saying: "Baha Mar is an important project for the long-term benefit of The Bahamas. It is exciting that two Chinese companies, China's Exim Bank and China State Construction, are participating with Baha Mar to bring this project to fruition."

The benefits outlined in the report include:

* 6,500 Bahamians directly employed by Baha Mar by 2014
* A further 2,000 jobs indirectly created by the project, totaling 8,500
* $5.5 billion in direct wages going straight into the pockets of Bahamian families
* A further $1.5 billion in salaries for those indirectly employed
* A $14.8 billion contribution to The Bahamas gross domestic product GDP - a massive boost to the national economy.
* $24.5 billion extra in visitor spending over a 20 year period, though spending and direct taxes, taking the total contribution for the resort to $33.6 billion over the next two decades
* An extra $6.2 billion in government revenues over a 25-year horizon.
* Visits to the property jumping from 250,000 this year to 644,000 by 2016, generating a predicted 2.3 million visitor nights. Figures have also predicted that the development will inject $880 million into The Bahamas in its first year of operation through direct taxes and spending.

It is clear to see that the future of the Bahamas economy and, as a result, the Bahamas real estate market will be enormously effected over the next several years! There is no better time than now to get into the Bahamas real estate market!

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Buying your piece of Paradise

There are 700 islands and cays (pronounced keys) making up The Bahamas creating a vast selection to choose from when it comes to buying your own piece of paradise in The Bahamas.

From remote out island homes or beachfront properties where you can listen to the sound of the waves and just relax, to the city life of Nassau where just about everything is at your fingertips, The Bahamas has something to offer every potential purchaser.

With so many choices available, speaking with a qualified real estate agent can help in locating a property that meets your personal investment objectives. Some people that have visited The Bahamas before may know exactly what they are looking for, and for others the decision may not be so clear. As a real estate agent, our goal is to uncover what type of property will meet your specific needs and assist you in buying that little spot to call paradise.

The first thing a potential purchaser should do after selecting the right agent will be to discuss what you are looking for regarding your potential purchase. By asking you questions and listening to what your specific needs are, getting to know you and your lifestyle, dreams and goals, along with gathering other important information, your real estate agent will then be able to guide you to properties that meet many or all of your criteria making the process much easier and therefore giving you the right options to choose from.

If you are looking to purchase your idyllic spot in The Bahamas, let a qualified RE/MAX real estate agent assist you in making the right decision to achieve your real estate goals.

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Grand Bahama real estate springing forward

Real estate in Grand Bahama appears to be bouncing back before any of the other islands, with that island's Chamber of Commerce chief noting a shift in particular in interest from second-home buyers.

"Real estate is coming back," said Chamber President Peter Turnquest. "Things have been slow in 2009, but they're beginning to see the return of the second home buyers.

"They're [also] beginning to see a bit of property value increase."

This follows a slow year for real estate sales in The Bahamas, where the entire market saw a shift in the time houses lingered on the market. Unlike most of the region and even the Family Islands, home and land prices in New Providence, however, have been largely recession-proof. That's despite a noted drawback in buyer enthusiasm.

But according to Turnquest, the tide appeared to be shifting for Grand Bahama now.

"There are great opportunities and deals in Grand Bahama," he added. "It's still one of the best buys in The Bahamas and maybe in the southern U.S.

"So it's a really attractive market."

Recently, the head of the Bahamas Real Estate Association suggested the holiday shopping season had provided the perfect opportunity for buyers to see as much as a 10 percent discount on property prices.

It's an opportunity created by relatively slow sales leading up to the month of December, something that has placed developers in a merry mood to bargain in order to generate sales. It's a developing trend that applies throughout the Family Islands.

Priced to Sell; Choosing the right Bahamas Real Estate Agent for You

You have been thinking and rethinking whether you should put your house on the market and you have now decided that it is the right time for you to sell your Bahamas real estate.

The first thing you should do is contact a local real estate agent to assist you. “Who do I call?” you may ask. Well you need to find an estate agent that you will get along with. Pick an agent that is going to look out for your best interests and not just an agent who wants another listing under their belt.

Opening the telephone directory and randomly choosing a real estate agent is literally the ‘blind’ approach. You need to select an estate agent that will gel with you, an agent that you feel comfortable with and one that you can trust.

The first place you should look for a real estate agent is in your group of contacts; your family, your friends, your business partners, your co-workers, your friends friends etc. If you do not know an estate agent personally, ask your group of contacts; they probably have had dealings with an agent and can point you in the right direction whilst also informing you of agents or company’s not to have any dealings with.

After you have done some research on the agents and their respective companies, and narrowed the list down to about three or four agents, it is time to interview them. Arrange interviews with each agent so that you can find out who the best agent and company is to potentially market your property. As the agents are asking you questions on your home you can ask them questions on their experience, their respective real estate company, and what homes are selling for in your neighbourhood. If the agent is prepared they will be able to give you some information on themselves and their realty company. After each of the agents have left your property you will have a better feel on who they are and who they represent.

The estate agents at RE/MAX Paradise Realty are fully trained and prepared to list your home for sale. We offer information and statistics to help you in choosing us to represent you and your property, but we are not interested in getting a listing just to have it in our database. We are dedicated on listing your home at the right market price.

Listing your home with the right market price will benefit you. Rather than listing your home at an inflated rate and having it sit on the market for months or even years, reduce your asking price to the right market level. This will ensure your home is in front of more eyes which in turn will result in a quicker and more successful transaction.

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The Bahamas Real Estate Market: Why we have survived!

I am often approached by buyers, foreign and local alike, asking if the real estate market has suffered like that of our neighbours to the north. The answer is a resounding "Not even close!" Typically there is an uncomfortable silence on the other end of the line and then I begin to explain.

The Bahamas real estate market is a very unique creature indeed! We are geographically close to the US and our government and currency are stable. We enjoy a year around climate that is sunny and warm and our islands and our people are equally as beautiful. Our banking industry has very prudent lending practices which enables them to minimize their risks while maximizing their returns. We did not experience a "credit crisis". Another interesting contrast with the US real estate market is that we do not have an over abundance of inventory. We do not have neighbourhoods that are 50% or more in foreclosure. We have not seen a huge sell off of foreign or locally owned properties. We have enjoyed a relatively balanced supply and demand situation.

While I would be remiss in not mentioning a correction in pricing, all markets across the globe will, from time to time, experience some correction. This is healthy for the market and healthy for the economy as it allows the more prudent investors the opportunity to enjoy the benefits of home ownership in a slower market.

If you are interested in learning more about our market and it's dynamics I would be happy to discuss it with you. There is much to learn but one thing is for sure: There is no better time to get into the Bahamas real estate market!

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$5 billion plus in homes on the Bahamian market

'For Sale' signs are becoming an increasing sight on Millionaires Row with more than $5 billion worth of luxury homes now on the market throughout The Bahamas, as the super-rich look to cash in their chips during the downturn.

More than 330 properties valued at $1 million or more across the islands are currently up for sale - ranging from $39 million private islands to two bedroom beach-front homes just sneaking into seven figures - a marked upturn, property experts say.

John Brian Losh, founder and publisher of luxuryrealestate.com - which features all the plushest lots on the Bahamian market, said: "Inventory is definitely up and prices are down, there are some incredible buys out there right now.

"We have seen prices dip about 20 per cent on the highs we were seeing two years ago and there is a marked increase in the value buyers can achieve. As one customer put it to me 'a recession is a terrible thing to waste'.

"Each property up for sale has its own story but we are seeing vendors who are motivated to sell, as opposed to the past in which people only sold if their property was worth more than they paid for it.

"From my point of view the prices now are normal, the market has readjusted itself after the highs of the past.

"Transactions are down but they are taking place and there are some big big deals out there.

"Prices are down on everything and right now buyers are aggressively testing the market.

"There is optimism among our members though, we have 1,000 worldwide, real estate is a great edge against inflation and you can enjoy in a way you can't with gold."

One of the most expensive properties on the market currently is a $32.5 million estate on Paradise Island which features three separate houses, three docks, and slips for 12 boats are spread over nearly four acres. There is more than 1,700 feet of water frontage. The main house has more than 6,000 square feet of living place with 10 bedrooms and 12 bathrooms.The property, also features a helicopter landing pad, a heated pool, and a detached recreational building.

President of Bahamas Real Estate Association William Wong said that the market was a mixture of the super-rich being forced to sell-up during the recession and investors wanting to test the market or offer for sale completed developments.

He said: "Some sellers are looking for cash and others are seeing what they can get but what is clear is that it is very good time to buy. Cash is king! There are some good deals out there to be had and some buyers are offering ridiculous amounts seeing if they can land a bargain. Sometimes they do and sometimes they meet in the middle.

"The feeling is that the market is picking up and we hope that continues. What is clear is that those in the real estate business need to sharpen their pencils and go out to make business happen.

"The boom days of sitting back and it all coming to us are over. Those who want to survive need a different game plan."