Personal thoughts from within the Luxury Real Estate network
By Janine Carey of Damianos Sotheby’s International Realty
Nassau, Bahamas. (October 5th, 2009) – President of Damianos Sotheby’s International Realty, George Damianos recently attended the de Rham Sotheby’s International Realty Sailing Competition in Switzerland. The competition which was sponsored by Julius Baer presented a great opportunity for Damianos to socialize and network with the de Rham team as well as to discuss the real estate industry in their areas. Damianos commented that he had looked forward towards his trip to Switzerland as he was able to deepen his relationship with the European Sotheby’s affiliates.
The Julius Baer Challenge 2009 ended on September 20th, 2009 with the SUI 1 Alinghi and SUI 5 Foncia winning first place on the Grand Prix du Beau Rivage, which is the last step of race. The entire event was a great success and concluded with a sit down dinner for around 500 people held at the Beau RIvage Palace. The invited guest were customers and bankers and other fund managers who help finance de Rahm Sotheby’s International Realty development projects.
Damianos Sotheby’s International Realty, serves the entire Bahamas and is headquartered in downtown Nassau with offices in Lyford Cay; Governor's Harbour and Spanish Wells Eleuthera; Marsh Harbour, Hope Town and Elbow Cay, Abaco; with associates in Treasure Cay, Abaco and Exuma. Damianos Sotheby’s International Realty Bahamas offers exclusive Sotheby’s International Realty marketing, advertising and referral services designed to attract well-qualified buyers to the firm’s property listings. In addition, the firm and its clients benefit from an association with the Sotheby’s auction house, which promotes real estate referral opportunities with auction house clientele.
About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.
By Janine Carey of Damianos Sotheby's International Realty
A gala banquet was held at the Atlantis Resort on May 29th, to mark the 50th Anniversary of the Bahamas Real Estate Association and its achievements over the years. The President of the Bahamas Real Estate Association, Mr. William Wong, welcomed His Excellency Hon. Arthur D. Hanna, the Rt. Hon. Hubert Ingraham and all the members present. In his key note address, Prime Minister Ingraham spoke in detail about the recently amended Real Property Tax Act.
The Governor General Hon. Arthur D. Hanna, presented awards to the Past Presidents in attendance and gave honourable mention to all the Founding Members of the Association. There were plaques given in recognition of dedicated service to BREA.
George Damianos, President of Damianos Sotheby’s International Realty and a BREA Board Member and his sister, Virginia Damianos Premock, Vice President of Damianos Sotheby’s International Realty and Treasurer of BREA, were recognized for their long and dedicated service to the Bahamas Real Estate Association.
Damianos Sotheby’s International Realty, serves the entire Bahamas and is headquartered in downtown Nassau with offices in Lyford Cay; Governor's Harbour and Spanish Wells Eleuthera; Marsh Harbour, Hope Town and Elbow Cay, Abaco; with associates in Treasure Cay, Abaco; Exuma, and Freeport. The Bahamas, offers exclusive Sotheby’s International Realty marketing, advertising and referral services designed to attract well-qualified buyers to the firm’s property listings. In addition, the firm and its clients benefit from an association with the Sotheby’s auction house, which promotes real estate referral opportunities with auction house clientele.
About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.
By Janine Carey of Damianos Sotheby's International Realty
Nassau, Bahamas. (May 12, 2009) – Sotheby’s International Realty Affiliates LLC announced it is collaborating with The Wall Street Journal to present the many values of real estate as a long-term investment and showcase unique properties from its network’s 10,700 sales associates located in more than 500 offices in 39 countries and territories worldwide.
The Sotheby’s International Realty brand and The Wall Street Journal will co-host “The Business of Extraordinary Living” on the publication’s Web site, www.wsj.com, a microsite designed to provide insights into the real estate market from the brand’s worldwide network.
“This unique microsite was designed to meet the specialized needs of our clientele and The Wall Street Journal’s readers,” said Wendy Purvey, senior vice president, marketing, Sotheby’s International Realty Affiliates LLC. “Those readers are looking to grow their portfolios in today’s ever-changing market and look to The Wall Street Journal for its insights. ‘The Business of Extraordinary Living’ will showcase our brand’s unique perspective on the world of real estate, which always will be one of the best investments to grow long-term wealth.”
In a section entitled “The Address,” “The Business of Extraordinary Living” provides information about the properties represented by the Sotheby’s International Realty network. The Web site’s “Insights” section features data, statistics and other relevant market information. The “Living” section focuses on lifestyle trends including home styles, living, architecture and art. The “Brand” section gives an overview of the Sotheby’s International Realty network, its history and relationship with the Sotheby’s Auction House.
“The Business of Extraordinary Living” site is available by clicking here.
Damianos Sotheby’s International Realty, serves the entire Bahamas and is headquartered in downtown Nassau with offices in Lyford Cay; Governor's Harbour and Spanish Wells Eleuthera; Marsh Harbour, Hope Town and Elbow Cay, Abaco; with associates in Treasure Cay, Abaco; Exuma, and Freeport. The Bahamas, offers exclusive Sotheby’s International Realty marketing, advertising and referral services designed to attract well-qualified buyers to the firm’s property listings. In addition, the firm and its clients benefit from an association with the Sotheby’s auction house, which promotes real estate referral opportunities with auction house clientele.
About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.
By Janine Carey of Damiano Sotheby's International Realty.
Nassau, Bahamas (Jan. 22 2009) – Damianos Sotheby’s International Realty, a luxury real estate firm based in Nassau, Bahamas , would like to congratulate their Top Producing Agent Kerry Sullivan and their Top Listing Agent Mark Hussey for their successes in 2008.
Kerry Sullivan’s sales achievements have earned her the ranking of Company-Wide Top Producer at Damianos Sotheby’s International Realty for 2008. Kerry Sullivan, a Hope Town resident, is a full-time real estate professional with Damianos Sotheby’s International Realty, located in Hope Town, Abaco, Bahamas. With 8 years of real estate experience, she serves the real estate needs of buyers and sellers on Elbow Cay and surrounding cays specializing in the luxury, vacation home, and second home market.
Special mention to Kerry Sullivan who has also obtained her Broker License. To become eligible for the License, Kerry met strict sales and education requirements as a broker candidate. Kerry started her real estate career in 2000 and has held an active salesman license with Damianos Sotheby’s International Realty since 2001.
Kerry is an active member of The Abaco Chapter of the Bahamas Real Estate Association (BREA), Friends of Hope Town, Friends of the Environment, Friends of the Animals, Hope Town Playgroup, and The Wyannie Malone Historical Museum.
Mark Hussey, a Bahamian citizen, is a full time real estate professional with Damianos Sotheby’s International Realty, located in Nassau, Bahamas. With a strong Sales and Marketing background, Mark joined Damianos Sotheby’s International Realty in January of 2005. Mark’s positive attitude and personality, along with his effective business relationships tremendously aid in his ability to join buyers and sellers together in the luxury, vacation home, and second home market.
Damianos Sotheby’s International Realty, serves the entire Bahamas and is headquartered in downtown Nassau with offices in Lyford Cay; Governor's Harbour and Spanish Wells Eleuthera; Marsh Harbour, Hope Town and Elbow Cay, Abaco; with associates in Treasure Cay, Abaco; Exuma, and Freeport, Grand Bahama. Damianos Sotheby’s International Realty Bahamas, offers exclusive Sotheby’s International Realty marketing, advertising and referral services designed to attract well-qualified buyers to the firm’s property listings. In addition, the firm and its clients benefit from an association with the Sotheby’s auction house, which promotes real estate referral opportunities with auction house clientele.
As a Sotheby’s International Realty affiliate, the firm also has the unique ability to refer its real estate clientele to the auction house for jewelry, art, unique furniture and collectible appraisal services. Property listings from Damianos Sotheby’s International Realty also are marketed on the SothebysRealty.com global Web site, as well as on the firm’s local Web site, SIRbahamas.com.
DamianosSotheby’s International Realty’s main office is located at #75 Shirley Street, Nassau Bahamas and with Lyford Cay Sotheby’s International Realty located in the exclusive community of Lyford Cay.
By George Damianos of Damianos Sotheby's International Realty.
Just east of the Florida coastline lies the beautiful Island Nations of The Bahamas - a coral archipelago scattered over 700 miles of sparkling turquoise waters with 700 Islands and 2,000 Cays and Rocks.
With only 29 islands inhabited by a significant number of people, the Bahamas has a population of over 270,000 people, shared mostly among the major islands (New Providence, Grand Bahama, Abaco, Andros, Bimini, Cat Island, Eleuthera, Exuma, and Long Island).
New Providence - home to the 330 year-old capital city of Nassau, this busy little island (7miles wide by 21 miles long) is home to over half of the total population, and houses the majority of the countries businesses and banks. With all the conveniences of a major international city, this island is the financial and industrial hub of the Caribbean.
The Bahamas is one of the most politically stable in the region, with an uninterrupted parliamentary democracy in operation for 275 years, and its own government in place since 1973 when independence from Great Britain was granted. A member of the commonwealth, the Bahamas still recognizes the British monarch as the head of state.
In the Caribbean region, the Bahamas is one of, if not the most technologically advanced countries, offering state-of-the-art communications systems, electrical supplies, and water works. The country's main industry is tourism, with over 60% of revenues coming from tourism related activities. The second driving force behind the economy is banking and other financial services, followed by agriculture and fisheries, light manufacturing, and retail and wholesale distributives.
A direct flight from New York to Nassau is only 2 1/2 hours, and from Toronto, 3 hours. Direct flights are also available from London, Paris, Frankfurt, Newark, Atlanta, Miami, Charlotte, Fort Lauderdale, Los Angeles, Orlando, Montreal, San Juan and Kingston, Jamaica. Once in New Providence, The Nassau International Airport is just 20 minutes from downtown Nassau and Paradise Island.
The Bahamian Dollar, an independent monetary unit, controlled by the Central Bank of The Bahamas, is on par with the US Dollar, which is readily accepted throughout the country.
Americans will need a passport or birth certificate to enter the country; most other foreign nationals are required to have a passport/visa. For more information, contact the Bahamian consulate in Miami at (305) 373-6295.
There are no income, corporate, inheritance or capital gains taxes. The main form of taxation is import duties and government stamp taxes.
By John Christie of H.G. Christie Ltd.
Based on the steady sales activity we have witnessed over the course of the year, we at HGChristie are of the opinion that the real estate market in the Bahamas is remaining relatively strong, especially for sales in the luxury markets. Speculative, high risk lending practices are non-existent in our country, and additionally, the government is very selective in its approval processes for new developments. As a result of these factors we do not see the high levels of market saturation which we understand to be common in today's troubled U.S. market.
The high-end residential market in the Bahamas has continued to perform steadily and pricing in luxury developments have ranged from $2,000,000 per lot to around $16,000,000 with the sizes of the properties varying. In new developments alone this year there have been $370,000,000 dollars in sales. These include the Albany development (through a culmination of pre-sales push), Bakers Bay, the Residences at Atlantis, and The Ritz Carlton in Abaco. The success of these developments is due mainly to the fact that the developers had a high level of pre-existing funding in place and also to their ability to perform as promised. Another strength has been the rising demand for private, undeveloped islands. During this downturn in the world economy, people with means have been struggling to find safe places to secure their wealth. This has lead them to invest their money in the one commodity that will not disappear or come into dispute - real estate. In general, sales prices have remained consistent but some motivated sellers have reduced their sales prices due to being over-extended in the U.S. market. The possession of development entitlements would further enhance the value and demand for an undeveloped island. Overall, we remain optimistic as our sales continue on this current trend.
Damianos Sotheby's International Realty
Stunning Prime Beachfront Estate Lot 25 at The Abaco Club Ritz Carlton on Winding Bay, Abaco, Bahamas. Enjoy the amenities of a 5-star golf and beach resort. This 1.73 acre beachfront lot offers privacy and seclusion. Superbly located in the center of the beach with close proximity to the Club's amenities. This beautiful lot has 200 feet of pink sand beach with gorgeous views of the secluded and protected Winding Bay. Closing date for sealed bids: February 16, 2009.
By Ed Newell of Abaco Estate Services
Abaco, Bahamas is a group of islands and cays in the northwest portion of the Bahamas, where each cay has such a different personality, each offering an excellent vacation destination with lots of diversity. Abacooffers the best combination of technology and tradition, putting a spell on people and make them fall in love with the life style of the Abacos. There are no high rises, or casinos to be found here.
The pace is “Bahamian Time”, which means it is slower and more relaxed than the big cities. Daylight offers an enormous amount of activities, including diving, snorkeling, fishing, island hopping, beachcombing, and pure relaxation. Nightlife is limited to a few choice established restaurants, grill & chill bars and clubs, but enjoyable never the less.
Abaco is comprised of one large island with a group of barrier cays, occupying the second largest land mass in the Bahamas. The mainland is known as Great Abaco and Little Abaco, extending 130 miles long and rarely more than 4 miles wide. To the east of Great Abaco Island, a chain of smaller cays are located two to six miles offshore, providing a natural barrier from the Atlantic Ocean, and forming a protected body of water, known as the Sea of Abaco. These waters have been called the “sailing capital of the world”, making for one of the most popular cruising grounds for both pleasure boaters and avid sports fishermen alike. When boating within these waters, land is always in sight and the cays are usually no more than 10 to 40 minutes apart, making island hopping plenty of fun. A popular trend is renting your own boat and touring the cays at your own pace. On some of the cays, this is the only form of transportation. For confident boaters, the boats are easy to operate and usually have an open hull, center console steering, outboard motor, and T top/Bimini top. There are several rental companies throughout the area, offering a variety of sizes to meet your personal needs. The island has two well established ferry boat services to most of the outer cays with scheduled times and daily round trips.
At night, relax under the brilliant, twinkling stars, listen to a local band, or make new friends at the local “hang out”. The memories created in the Abaco Islands will be ones you will cherish for a lifetime. The friendships made here will bring you back again.
By Robert Lockard
I don’t have a whole lot of time today, but I just wanted to share an interesting CNN article entitled “The staycation effect: 5 reasons to travel now.” Because people have been very wise with their money this summer and have not gone on as many vacations, right now is a great time to take a vacation. Many hotels and luxury resorts are offering special discounts to entice people to get out of their homes and into a luxury community.
As soon as I saw this story I thought of Andrew Harper. They’re the experts on luxury hotels and travel, and they’ve posted some great blog entries in the Luxury Real Estate Blog on scoring free hotel upgrades and 10 places in the U.S. to see before you die. Plus, I just finished writing a City Spotlight on Nassau, Bahamas for the winter 2009 issue of LuxuryRealEstate.com Magazine. That definitely seems like an excellent getaway in the Caribbean. I can’t wait until the magazine comes out so you can read my fun take on the islands.
I wish I had more time to talk about this topic, but I highly recommend reading the whole CNN article. It’s quite concise and informative. Enjoy!
Editor’s Note:
Robert Lockard is the Public Relations & Media Specialist with Luxury Real Estate. I am Robert. I create all of Luxury Real Estate’s newsletters, write the editorials in LuxuryRealEstate.com Magazine and much more. I had mixed feelings about writing this blog entry today. I just don't know if it's super appropriate to share on September 11, when feelings of melancholy and seriousness should prevail in my heart. I hope you don't mind.
By Jim Walberg
From his blog: The Bahama Fractionals Are Still One Of The Top Five Hot Spots In Paradise!
Even though The Bahamas are not the Caribbean, most people still think they are! And…they are one of the easiest islands to get to from the U.S.
You remember one of my last articles about The Bahamas and how they are rated one of the Top Five islands in Paradise. Well, the outer island of Exuma in The Bahamas may be the top pick to check out for fractional ownership today. One of my latest articles was about the challenge that will show up in September to travel to the Caribbean because of the cutbacks of American and Continental Airlines. Well, The Bahamas, Bermuda, Cayman Islands, Belize, and The Turks & Caicos will not be affected by these flight cutbacks because of all the direct flights from the U.S., Canada, and Europe that don’t go through San Juan, Puerto Rico. Plus, the ownership of property is even more advantageous because of the favorable tax haven of these islands nations.
The reason why I am featuring the island of Exuma as an option for fractional ownership is because of what is being offered at the February Point Resort. They have fractional ownership opportunities starting at $350,000 and up for a month or more of a second home in Paradise. The specific aspect of February Point that I want you to know about is the fractional-ownership opportunities in BIG villas; 4 bedrooms; 4 baths; 3,400 square feet with air conditioning; 2,100+ square feet of verandas around the villa; an infinity pool; and 360-degree views of The Bahamas. Plus, the villa has a dock on the azure blue water! Are you ready for this? It also includes an SUV; a 26-foot power boat; a BIG golf cart; membership in The Club at Emerald Bay, which includes the use of a Greg Norman-designed oceanfront golf course; and you can have access to over 150 properties all over the world to visit through the Resort To Resort membership!
And…there are still a few aspects of fractional ownership to pay attention to. The fractional model at February Point is designed to have each owner purchase specific sections of the year. The first one in gets the prime times. So, if you own a piece of February and you want to visit in August you will need to work that out with the other owners or the management company. Also, how do you manage your personal possessions that you want to enjoy when you are at your fractional-ownership villa? There are storage facilities available, and the management company unpacks your stuff before you arrive. But you only have a limited amount of “stuff” to pack into your storage space, so you definitely know your piece of Paradise is not just yours.
What do I know? But I believe that there is still an upside appreciation waiting for those that jump into the fractional-ownership opportunities at February Point! Great Exuma is linked by a narrow bridge to Little Exuma, which used to be a “Caribbean” backwater. Today it still has fewer than 4,000 inhabitants, but all that is changing. With February Point’s oceanfront settings, the luxury amenities of the resort, the furnishings that come with the fractional ownership of the villas, and the tax advantages of The Bahamas, it is a very appealing option for those wanting to own a piece of Paradise. Until next time…your Caribbean detective remains on duty!
Editor’s Note:
Jim Walberg is the co-Broker/Owner of The Bay Area Team, the most-successful team at Keller Williams Realty-Danville. He is also a member of the global LuxuryRealEstate.com network. Jim is an exceptional blogger, as you can see by visiting his blog, Caribbean Islands Realty and reading great blog entries like the one above. Jim’s contributions to the Luxury Real Estate Blog are simply amazing and we are always happy to hear his expert insights. Feel free to submit your blog entries and comments to the Luxury Real Estate Blog.
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