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
Click here to read more RE/MAX Articles

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.

New Grand Bahama resort opens

A new resort has opened on the west end of Grand Bahama.

Nandana, which means 'paradise' in the Indian language of Sanskrit, is designed in the style of a Thai beach mansion. The resort comprises more than 18,000 square feet of living space and offers guests the luxury of a five-star hotel, with the intimacy of an opulent private home.

In the center of the resort is the Great Hall, a soaring main house with living and dining areas and a 40-foot-high ceiling. Surrounding the main house are five one-bedroom suites, including two 1,000-square-foot beach front pavilions, two garden bungalows, and a 2,000-square-foot luxury canopy suite.

The resort also has a 5,100-foot landing strip, for guests arriving by private jet, as well as a deep-water canal leading to two sheltered on-site docks able to harbor a pair of 100-foot yachts.

On-property staff provide the services of an estate manager, concierge, chef, masseuse, personal housekeeper, butler, chauffeur and boat captain.