Luxury Real Estate

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.

By Joey Pauley

Today, did you notice that your coworker got a haircut?

Did you notice the fresh scratch on the side of your car? I didn’t do it.

Did you notice the country search has Bahamas as an option in the country dropdown on the Luxury Property Search Page on LuxuryRealEstate.com? Many of our Caribbean members have brought to our attention the confusion in the Caribbean section of the site so we made a few changes to make our website more usable for the potential buyers of our members’ most luxurious homes.

Enjoy, and keep your feedback coming.


Editor’s Note:
As a Technical Account Manager with LuxuryRealEstate.com, Joey Pauley helps members with their Web and technology needs. He does a phenomenal job in all of his projects, as you can see by visiting the many websites he has helped design. Feedback like this is very helpful. We are always looking for ways to better serve our members. We sent out a survey about our conferences a little while ago and we’ve incorporated the suggestions we received into our plans for the 13^th Annual Luxury Real Estate Fall Conference in Philadelphia. We hope to see you there! The photo above is from www.flickr.com/photos/christophemallet/131222816 and it is the copyright of christophe mallet.