$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."

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.

Bahamas Banking sector to receive more taxes

The domestic banking sector of The Bahamas is set to be hit by increased taxes next year, Prime Minister Hubert Ingraham has vowed.

Speaking at a press conference at Nassau' airport the Prime Minister said: "The banking sector in The Bahamas is under-taxed, we've made that point before. We began last year increasing the licensing fees for banks in The Bahamas, that is inadequate.

"The banking sector should pay more and in due course they will be required to pay more."

One leading light in the financial world to agreed that the banking sector should be taxed harder.

President/chief executive of British American Financial Chester Cooper said: "Many offshore centers like the Bahamas appear to be increasing indirect taxes with a view to avoiding the implementation of more direct means of taxation such as income taxes or Value Added Taxes (VAT).

"Quite frankly, in time we will find that we have delayed the inevitable. Direct taxation although not without its challenges will be more efficient in terms of collections and otherwise, but is more progressive and equitable as well.

"It has long been the view that banks in the Bahamas are under-taxed and the formula quite rightly needs to be re-assessed. Insurers for example, pay a percentage of top line Gross premiums by way of premium taxes. This amount can work out to be inequitable and substantial, as there is no regard for whether the company makes a profit or not."

10 Ways to Spruce up your Property

Are you a landlord who is ready to have a tenant in your place? Are you a homeowner who is ready to sell their home or condo etc? Do you have updates and improvements to do on your place but not sure where to start or what to do?

If you are, I suggest you read the article '10 Ways to Spruce up your Property' to help you along your way. This article was written by RE/MAX Bahamas Paradise Realty just for you!

The topics covered in this article are:
1) Un-clutter your Space
2) Fresh Paint Job
3) Crown and Floor Molding – Install and Paint
4) New Electrical and Light Switch Plates
5) Front Door
6) Update the Kitchen
7) Update the Bathrooms
8) Clean the Tile Grout
9) Clean the Carpets
10) Go Green and Add Plants

Click here to read the full real estate article on 10 Ways to Spruce up your Property.

Dominican Republic Condo's

Through my internet browsing and website hoping I came across this website which offers information on the condominium development called Infiniti Blu, which is based in the Dominican Republic. I thought that I'd share it with you.

'Infiniti Blu' is a new development located in the booming tourist community of Sosua, North Coast of the Dominican Republic.

Dominican Republic Real Estate - Infiniti Blu offers oceanfront and poolview condos for sale in Sosua, North coast of the Dominican Republic

Beautiful Treasure Cove Home for Sale

Perhaps one of the most unique offerings in Treasure Cove, this beautifully designed and impeccably maintained family home is ready for immediate occupancy.

Situated on a desirable corner lot and enclosed with privacy fencing, this residence affords the first time home buyer a unique opportunity to live in a gated, safe environment while enjoying modern finishes and lush surroundings.

Treasure Cove is located on the southeastern area of New Providence and has become one of the most popular gated residential areas of Nassau due to its beach frontage, secure family atmosphere, large park & playground, and close proximity to schools and shops.

To view additional information and photos of this 3-bedroom home please visit ParadiseBahamas.com and Quick Search for Listing #3076.

Gated Community Rental - Back on the market

This Montague Villas Duplex for Rent has just come back on the market and it is looking for a tenant to call it Home.

Located in the back section of the gated community of Montague Villas sits this newly built fully furnished duplex. You will feel safe and right at home behind the gates of Montague Villas, which is centrally located on Village Road. Shops, schools, restaurants and more are located within walking distance so you'll never have to stray too far.

To view additional information and photos of this 2-bedroom Duplex please visit ParadiseBahamas.com and Quick Search for Listing #2544.