Bahamas Real Estate Changing Hands

Last month Jennifer Knowles Higgs, an exuberant Bahamian Realtor, sold her exclusive waterfront listing, a Penthouse at Ocean Club Residences in Ocean Club Estates on Paradise Island for $7 million net.

Originally listed for the overpriced figure of $11 million gross, this unfurnished luxurious pad with breathtaking Harbour views was sold $3 million under the the asking price.

The former owner purchaed the Penthouse all in for $5.5 million and ended up selling it for $7 million net, making him $2.5 million [roughly] profit from the sale to a Swiss investor in August 2008.

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."

Exclusive Ocean Club Waterfront Penthouse Listed

This brand new penthouse, situated in the elite community of Ocean Club Estates on Paradise Island, boasts the most spectacular views of Nassau Harbour, the renowned Ocean Club golf course and the breathtaking turquoise & aqua of the ocean for miles.

This first class residence offers 5265 sq. ft. of interior living space that is outfitted with top of the line stainless steel appliances. An audio surround system has been installed throughout. Expansive balconies totaling 1600 sq. ft. allow for the utmost enjoyment of the views and tranquil ocean breeze.

Other features include exquisite hardware & finishes, central A/C and ceiling fans in every room, granite & marble countertops, solar tinted & storm resistant windows and doors, and generator.

Residents of this luxurious island retreat have access to a beautifully landscaped, waterfront property with two pools, the private beach club and the Atlantis resort.

The fully appointed beach club is nestled in the dunes overlooking Cabbage Beach and offers impeccable service. An infinity pool runs into the blue of the ocean, along with the seaside bar & grill, and two Har-Tru tennis courts.

The penthouse comes with two covered and two surface parking spaces. The owner may apply for a marina membership & boat slip if desired.

This Penthouse is on the market for $9,999,999 US dollars.

Click here to watch the videos of views from this Penthouse.