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.