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.

MLS in The Bahamas - The future is now

On March 17th 2008 The Bahamas MLS was launched, and since then 81 licensed agents of about 600 licensed agents scattered throughout The Bahama Islands, have signed on board to take part in the future of real estate.

Since the start of the industry in The Bahamas, it has been pretty much run the same. Sure Presidents and Board members a like have come and gone through time, but this is the first real step towards the 30th century if you will.

Last week I interviewed Heather Joy Albury, Administrator of The Bahamas MLS, who informed me that the newly developed Bahamas MLS system which is "a new concept" for The Bahamas, currently has "81 members from 23 different companies". From these 81 licensed estate agents, they have added 115 active exclusive listing on the new MLS for The Bahamas.

Heather Joy said, "[there is] positive participation within the MLS." She continued by saying "I believe that in 6 months time we would have doubled the agents and listings [on the Bahamas MLS] if not tripled [them]."

For a number of years, Abaco, one of the major islands in The Bahamas, had created and used their own MLS system aptly named The Abaco MLS. Heather Joy informed me that the "Abaco MLS will be joining the Bahamas MLS" sometime in the future so we have more to look forward to.

BREA Elected Board of Directors '08 - '09

The Bahamas Real Estate Association (BREA) officially made a public notice in The [Bahamas] Tribune on Wednesday 23rd April 2008. Realtors who were elected 2008 - 2009 executives and directors of BREA pose for Keith Parker.

They are (Standing, back row, left to right):
Directors: Patty Birch, George Damianos, Mike Lightbourn, Zack Bonczek of Paradise Real Estate, Anthony Wells, Tracey Barone, Sandra Evans, & Sara Callender.

(Sitting, front row, left to right):
Treasurer: Virginia Damianos, Past President (2006 - 2008): Larry Roberts, Current President: William U. Wong, Vice President: Lana Basalyga-Munnings, & Secretary: James Newbold

Members not pictured are Cara Christie, Theodore Sealy, & Wendell Seymour.

Atlantis 'Reef' projected to be Sold Out in 1 year

The Atlantis Reef condotel, consisting of 495 units, is likely to be sold out "within 12 months" if the sales pace is kept at the same momentum it is currently on. In the first three and a half months of 2008 (January to 21st April), fourty seven units were sold. Just over 70 percent of the condo units at The Reef Residences at Atlantis, Paradise Island have been sold.

Bruce Weiner, president and chief operating officer if Turnberry Ltd. , (Kerzner International's joint partner in this business venture) said "I would say that in spite of everything that is happening, given the economic slowdown we are doing good. Not great, it could always be better, but good.

"It's been good. Of course, I can't say what may happen later this year, but if we continue on the current pace that we are on now, we should be able to sell the remaining 146 units within 12 months."

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."

Concerns Raised on Albany House

A review conducted in July 2006 by the independent corporation of Black & Veatch reveals that construction of the Albany project could have significant impacts on the coastal resources and the marine environment. It also claims that Albany EIA did not comply fully with the guidelines set by The Bahamas Environment, Science & Technology Commission (B.E.S.T) or meet industry standards.

The report states that the "construction of the project will have significant impacts on coastal resources" and "construction and operation of the marina, jetties, and access channel and construction of other project components near the beach have the potential to cause adverse impacts to the marine environment."

The full 'Environmental Impact Assessment Evaluation Report' in PDF form can be found here:

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.