Bahamas Real Estate prices 'Not to Drop'

Real estate drop in prices in New Providence "is not going to happen" a leading realtor told The Tribune (a local Bahamian newspaper) 13th November, due to the the limited supply of land and the increased demand in housing.

"Every time a new subdivision comes on the market it will sell" providing that they are priced correctly according to market value, he added.

On November 3rd the first Open House for the Coral Breeze Estates development was held which brought in ten deposits that day despite it being canceled due to the Tropical Storm Noel. This indicates the demand Bahamians have for middle-class housing.

Coral Breeze is located half a mile to the west of the main Coral Harbour roundabout, and it's property values are likely to increase because of the close proximity to the newly proposed development of Albany House and the South Ocean development.

"The amount of vacant property for sale is not that great, so every time a new subdivision comes on the market, if it's priced right, it will sell. " said Mr. Lightbourn of Coldwell Banker. "...and price-wise, these [Coral Breeze lots] are reasonably priced."

The first Phase of Coral Breeze Estates offered about 95 lots. The starting price for Single Family land was $90,000 and Multi-Family $95,000. Today the prices have increased - for Single Family the starting price is now $99,500 while the Multi-Family is going for $120,000.

Albany gets "two thumbs up"

The $1.3 billion Albany Golf & Beach Resorts' managing partner Christopher Anand told The Tribune in an interview that he believed the project received "two thumbs up" after residents participated in a Town Meeting a few days ago.

"The process has been a long one," Mr. Anand said. "This is one last chance. If we don't get that yes in the next seven weeks, there is no project and South Ocean will suffer.

"I think the impact of that on the tourism business will be a tragedy, given the number of rooms, jobs and what South Ocean will do. The profile of this project is unprecedented. It will be the most high end development of its kind in the Caribbean."

About three other Caribbean countries contacted the Tavistock Group when they heard the project would be going to The Bahamas (because they wanted it themselves); however the developers remained committed to this nation.