Despite the ongoing pessimism regarding the global economic outlook, The Bahamas continues to get great news with the announcement of some very positive events!
Firstly, the Minister of Tourism, Mr. Vincent Vanderpool-Wallace was quoted recently in The Nassau Guardian newspaper as saying, "In the middle of a recession, 2010 will see an increase of over 400,000 new air-seats bringing a potential visitor spend of an additional $400 million compared to 2009," during a debate on the government's mid-year budget in the Senate. "These new seats include non-stops to Exuma, to Abaco and to Eleuthera from the United States and Canada that have either never been seen before or haven't been seen in decades."
This potential injection of revenue into the local economy will surely have a profound effect on the economy of our country! Mr. Vanderpool-Wallace went on further to say, "We are restoring the proximity advantage of The Bahamas by having that proximity reflected in the cost of travel to The Bahamas. That, as I mentioned earlier, is the first of six strategies that we outlined for tourism over a year ago. There is very strong research to show that for flights under three hours in length, the customer would rather spend their hard earned money enjoying themselves at the destination instead of consuming their funds in airfare cost in traveling to the destination. We are obliging them." The remarkable part to this statement is that proximity not only the tourist visitor but the second home owner as well!
Another very encouraging bit of news is that the new Baha Mar Resort in Cable Beach seems to finally be moving forward with the release of the news that there will be an estimated $7 Billion (with a B) in wages injected into the Bahamian economy in the next 2 decades. A report by the Oxford Economic Company, seen by Guardian Business, set out some of the key economic benefits which could create a "transformative economic event for The Bahamas in terms of tourism, economic multiplier effect, infrastructure and social change".
Yesterday Hu Dingxian, Ambassador to The Bahamas for the People's Republic of China, re-asserted his country's commitment to the project saying: "Baha Mar is an important project for the long-term benefit of The Bahamas. It is exciting that two Chinese companies, China's Exim Bank and China State Construction, are participating with Baha Mar to bring this project to fruition."
The benefits outlined in the report include:
* 6,500 Bahamians directly employed by Baha Mar by 2014
* A further 2,000 jobs indirectly created by the project, totaling 8,500
* $5.5 billion in direct wages going straight into the pockets of Bahamian families
* A further $1.5 billion in salaries for those indirectly employed
* A $14.8 billion contribution to The Bahamas gross domestic product GDP - a massive boost to the national economy.
* $24.5 billion extra in visitor spending over a 20 year period, though spending and direct taxes, taking the total contribution for the resort to $33.6 billion over the next two decades
* An extra $6.2 billion in government revenues over a 25-year horizon.
* Visits to the property jumping from 250,000 this year to 644,000 by 2016, generating a predicted 2.3 million visitor nights. Figures have also predicted that the development will inject $880 million into The Bahamas in its first year of operation through direct taxes and spending.
It is clear to see that the future of the Bahamas economy and, as a result, the Bahamas real estate market will be enormously effected over the next several years! There is no better time than now to get into the Bahamas real estate market!
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Wednesday, March 10, 2010
Friday, February 26, 2010
Buying your piece of Paradise
There are 700 islands and cays (pronounced keys) making up The Bahamas creating a vast selection to choose from when it comes to buying your own piece of paradise in The Bahamas.
From remote out island homes or beachfront properties where you can listen to the sound of the waves and just relax, to the city life of Nassau where just about everything is at your fingertips, The Bahamas has something to offer every potential purchaser.
With so many choices available, speaking with a qualified real estate agent can help in locating a property that meets your personal investment objectives. Some people that have visited The Bahamas before may know exactly what they are looking for, and for others the decision may not be so clear. As a real estate agent, our goal is to uncover what type of property will meet your specific needs and assist you in buying that little spot to call paradise.
The first thing a potential purchaser should do after selecting the right agent will be to discuss what you are looking for regarding your potential purchase. By asking you questions and listening to what your specific needs are, getting to know you and your lifestyle, dreams and goals, along with gathering other important information, your real estate agent will then be able to guide you to properties that meet many or all of your criteria making the process much easier and therefore giving you the right options to choose from.
If you are looking to purchase your idyllic spot in The Bahamas, let a qualified RE/MAX real estate agent assist you in making the right decision to achieve your real estate goals.
Original Article
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From remote out island homes or beachfront properties where you can listen to the sound of the waves and just relax, to the city life of Nassau where just about everything is at your fingertips, The Bahamas has something to offer every potential purchaser.
With so many choices available, speaking with a qualified real estate agent can help in locating a property that meets your personal investment objectives. Some people that have visited The Bahamas before may know exactly what they are looking for, and for others the decision may not be so clear. As a real estate agent, our goal is to uncover what type of property will meet your specific needs and assist you in buying that little spot to call paradise.
The first thing a potential purchaser should do after selecting the right agent will be to discuss what you are looking for regarding your potential purchase. By asking you questions and listening to what your specific needs are, getting to know you and your lifestyle, dreams and goals, along with gathering other important information, your real estate agent will then be able to guide you to properties that meet many or all of your criteria making the process much easier and therefore giving you the right options to choose from.
If you are looking to purchase your idyllic spot in The Bahamas, let a qualified RE/MAX real estate agent assist you in making the right decision to achieve your real estate goals.
Original Article
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Thursday, February 18, 2010
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.
"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.
Wednesday, February 17, 2010
Priced to Sell; Choosing the right Bahamas Real Estate Agent for You
You have been thinking and rethinking whether you should put your house on the market and you have now decided that it is the right time for you to sell your Bahamas real estate.
The first thing you should do is contact a local real estate agent to assist you. “Who do I call?” you may ask. Well you need to find an estate agent that you will get along with. Pick an agent that is going to look out for your best interests and not just an agent who wants another listing under their belt.
Opening the telephone directory and randomly choosing a real estate agent is literally the ‘blind’ approach. You need to select an estate agent that will gel with you, an agent that you feel comfortable with and one that you can trust.
The first place you should look for a real estate agent is in your group of contacts; your family, your friends, your business partners, your co-workers, your friends friends etc. If you do not know an estate agent personally, ask your group of contacts; they probably have had dealings with an agent and can point you in the right direction whilst also informing you of agents or company’s not to have any dealings with.
After you have done some research on the agents and their respective companies, and narrowed the list down to about three or four agents, it is time to interview them. Arrange interviews with each agent so that you can find out who the best agent and company is to potentially market your property. As the agents are asking you questions on your home you can ask them questions on their experience, their respective real estate company, and what homes are selling for in your neighbourhood. If the agent is prepared they will be able to give you some information on themselves and their realty company. After each of the agents have left your property you will have a better feel on who they are and who they represent.
The estate agents at RE/MAX Paradise Realty are fully trained and prepared to list your home for sale. We offer information and statistics to help you in choosing us to represent you and your property, but we are not interested in getting a listing just to have it in our database. We are dedicated on listing your home at the right market price.
Listing your home with the right market price will benefit you. Rather than listing your home at an inflated rate and having it sit on the market for months or even years, reduce your asking price to the right market level. This will ensure your home is in front of more eyes which in turn will result in a quicker and more successful transaction.
Original Article
Click here to read more RE/MAX Articles
The first thing you should do is contact a local real estate agent to assist you. “Who do I call?” you may ask. Well you need to find an estate agent that you will get along with. Pick an agent that is going to look out for your best interests and not just an agent who wants another listing under their belt.
Opening the telephone directory and randomly choosing a real estate agent is literally the ‘blind’ approach. You need to select an estate agent that will gel with you, an agent that you feel comfortable with and one that you can trust.
The first place you should look for a real estate agent is in your group of contacts; your family, your friends, your business partners, your co-workers, your friends friends etc. If you do not know an estate agent personally, ask your group of contacts; they probably have had dealings with an agent and can point you in the right direction whilst also informing you of agents or company’s not to have any dealings with.
After you have done some research on the agents and their respective companies, and narrowed the list down to about three or four agents, it is time to interview them. Arrange interviews with each agent so that you can find out who the best agent and company is to potentially market your property. As the agents are asking you questions on your home you can ask them questions on their experience, their respective real estate company, and what homes are selling for in your neighbourhood. If the agent is prepared they will be able to give you some information on themselves and their realty company. After each of the agents have left your property you will have a better feel on who they are and who they represent.
The estate agents at RE/MAX Paradise Realty are fully trained and prepared to list your home for sale. We offer information and statistics to help you in choosing us to represent you and your property, but we are not interested in getting a listing just to have it in our database. We are dedicated on listing your home at the right market price.
Listing your home with the right market price will benefit you. Rather than listing your home at an inflated rate and having it sit on the market for months or even years, reduce your asking price to the right market level. This will ensure your home is in front of more eyes which in turn will result in a quicker and more successful transaction.
Original Article
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Tuesday, February 16, 2010
The Bahamas Real Estate Market: Why we have survived!
I am often approached by buyers, foreign and local alike, asking if the real estate market has suffered like that of our neighbours to the north. The answer is a resounding "Not even close!" Typically there is an uncomfortable silence on the other end of the line and then I begin to explain.
The Bahamas real estate market is a very unique creature indeed! We are geographically close to the US and our government and currency are stable. We enjoy a year around climate that is sunny and warm and our islands and our people are equally as beautiful. Our banking industry has very prudent lending practices which enables them to minimize their risks while maximizing their returns. We did not experience a "credit crisis". Another interesting contrast with the US real estate market is that we do not have an over abundance of inventory. We do not have neighbourhoods that are 50% or more in foreclosure. We have not seen a huge sell off of foreign or locally owned properties. We have enjoyed a relatively balanced supply and demand situation.
While I would be remiss in not mentioning a correction in pricing, all markets across the globe will, from time to time, experience some correction. This is healthy for the market and healthy for the economy as it allows the more prudent investors the opportunity to enjoy the benefits of home ownership in a slower market.
If you are interested in learning more about our market and it's dynamics I would be happy to discuss it with you. There is much to learn but one thing is for sure: There is no better time to get into the Bahamas real estate market!
Original Article
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The Bahamas real estate market is a very unique creature indeed! We are geographically close to the US and our government and currency are stable. We enjoy a year around climate that is sunny and warm and our islands and our people are equally as beautiful. Our banking industry has very prudent lending practices which enables them to minimize their risks while maximizing their returns. We did not experience a "credit crisis". Another interesting contrast with the US real estate market is that we do not have an over abundance of inventory. We do not have neighbourhoods that are 50% or more in foreclosure. We have not seen a huge sell off of foreign or locally owned properties. We have enjoyed a relatively balanced supply and demand situation.
While I would be remiss in not mentioning a correction in pricing, all markets across the globe will, from time to time, experience some correction. This is healthy for the market and healthy for the economy as it allows the more prudent investors the opportunity to enjoy the benefits of home ownership in a slower market.
If you are interested in learning more about our market and it's dynamics I would be happy to discuss it with you. There is much to learn but one thing is for sure: There is no better time to get into the Bahamas real estate market!
Original Article
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Thursday, January 14, 2010
$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."
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."
Wednesday, December 30, 2009
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.
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.
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