Previous
Business - A home away from home
WELCOME BAHAMAS - NASSAU, CABLE BEACH & PARADISE ISLAND - 2007
Business - A home away from home
Amenities galore in Nassau and Paradise Island
Luxury gated communities with a host of tropical amenities dominate residential real estate listings in New Providence and Paradise Island. Here is a selection of what?s currently available.
Emerald Coast is located in the west near Lake Killarney, and sits on 37 acres with 118 home sites. Single family and multi-family homes of three and four bdrms with seven models are available. Amenities include 24-hour gated security, playground and retreat park and pavilion. Pre-construction prices for home and lot packages start at $249,000. Prices and availability subject to change without notice. Tel 326-7008 or 393-7253, fax 326-7016, e-mail sales@emeraldcoastbahamas.com or visit www.emeraldcoastbahamas.com.
Completion of Eves, which is located on West Bay St on Cable Beach, is due in early 2007. This exclusive oceanfront property will include six luxury condos and four lots. Floor plans are 2,335 sq ft and feature three bdrms, 31?2 baths, walk-in closets, full-size kitchen, high-end fixtures and fittings, two-car garages and full emergency generator power. The property also includes a double penthouse with spectacular ocean views. Only two condos remain so act quickly on this exclusive boutique community. Tel 327-0806, fax 327-0808, e-mail info@evesnassau.com or visit www.evesnassau.com.
Indigo is located on West Bay St near Orange Hill. The property offers beautiful ocean views and garden lots. It includes a swimming pool, two tennis courts, gazebo and children?s playground. Lots are 95 per cent sold out. Prices start at $220,000 for ocean views. Tel 327-1270, King?s Real Estate or e-mail bahamas@kingsrealty.com.
Love Beach Walk Condominiums offers luxury 3-bdrm, 31?2-bath waterfront condos in a gated community. Units feature 10-ft ceilings, Italian-tiled floors, multiple balconies, designer kitchen cabinets and more. Phases 1 and 2 are sold out. Phases 3 and 4 are now available for sale. Prices start at $726,000. Tel 393-8630, Coldwell Banker Lightbourn Realty, Carmen Massoni.
Lyford Cay, located on the western end of New Providence, is one of the most exclusive and prestigious gated communities in The Bahamas. Canalfront homes allow for boat dockage at your door. Residents have access to a private golf course, club and marina. For information on property in Lyford Cay, call a Bahamas Real Estate Assoc (BREA)-registered agent.
Ocean Club Residences & Marina, on Paradise Island, is an exclusive development of three-bdrm luxury residences with arbours and gardens, 24-hour-security and a fitness centre. Amenities include a private marina and full-service beach club. Golf membership, access to dining and spa amenities at One&Only Ocean Club as well as Atlantis resort facilities are optional. Contact sales office, PO Box N-4777, Nassau. Tel (242) 363-6483, fax (242) 363-6383 or visit www.oceanclubresidences.com.
Ocean Place on the Harbour, on Paradise Island, is an exclusive and luxurious condominium development. This unique property features 2-bdrm, 21?2-bath; 3-bdrm, 31?2-bath; and 4-bdrm, 4-bath condos, each with 12-ft private balcony, gourmet kitchen, grand master suite with jacuzzi tubs, steam showers and high quality fixtures. Condos include the HomeWave touch-screen automation system to control the interior ambience of each suite. State-of-the-art security, HVAC control, distributed audio system and optional media rooms. Amenities system enables scheduling at the touch of a button for all venues, spa treatments, tennis times, valet service, restaurant reservations and local excursions. Room service, fitness centre, pool, private elevator, optional marina slips up to 100ft also available. Expected completion by Dec 2007. Pre-construction prices start at $899,405. Tel 363-1600, Ocean Place sales office or e-mail Lynn@oceanplacebahamas.com.
Developed on a lush and historic estate, Old Fort Bay is a prestigious gated residential community east of Lyford Cay at the western end of New Providence. The 320-acre waterfront community is anchored by the historic Old Fort which dates back to the late 1700s. This development features the latest in planning and design, with a private beach club, marina, canal systems and parks. The community also features concierge services, 24-hr manned security, moorage for boats at the marina, private beach, pool and fitness spa. Tel 362-5046, Sara Callender, e-mail SCallender@OldFortBay.com or visit www.OldFortBay.com.
Saffron Hill is a brand new exclusive gated community located near Tusculum on West Bay St. The development features beachfront lots and residential lots starting at $175,000. Tel 327-1270, King?s Real Estate or e-mail bahamas@kingsrealty.com.
The Residences at Atlantis is scheduled to open in spring 2007. The 22-storey condominium project will feature studio, one- and two-bdrm suites offering breathtaking ocean and resort views. Concierge service, security and access to Atlantis amenities. Prices start at $730,000. Contact a local realtor or visit www.theresidencesatatlantis.com.
For real estate listings throughout The Bahamas, pick up a copy of the Bahamas Handbook, or visit www.bahamasnet.com/realestate and www.bahamasnet.com/business/realestate.
Sidebar:
Property transactions
In New Providence, real estate agents charge a 10% commission on the sale of undeveloped property. The commission for developed property, whether residential or commercial, is 6%. Agents charge a 10% commission for Out Island property, whether land, home or commercial.
The government stamp duty on property conveyances or realty transfers is graded as follows:
Up to & including Stamp duty
$0-$20,000 2%
$20,000.01-$50,000 4%
$50,000.01-$100,000 6%
$100,000.01-$250,000 8%
Over $250,000 10%
In property sales, the vendor and purchaser each pay half the stamp duty unless otherwise agreed. The lawyer who prepares the conveyance typically charges a fee of 21?2% of the sale price.
Generally, payment of commission, stamp duty and legal fees falls upon the seller. Sometimes property owners list a net sales figure, in which case the agent adds those charges to the price quoted to prospective buyers. Stamp duty on mortgages is payable at a rate of 1% on the amount borrowed.
International Persons
Landholding Act, 1993
The International Persons Landholding Act made it easier for non-Bahamians and companies under their control to own property.
1. A non-Bahamian or permanent resident who purchases or acquires an interest in a condominium or property to be used by him as a single-family dwelling, or for construction of such a dwelling, must apply to the secretary to the Investments Board to register the purchase. Application for Registration Form I must be filed with the Ministry of Financial Services & Investments, along with proof of ownership and payment of stamp duty and real property tax, and a bankers draft/postal money order for $25 made payable to the Public Treasury.
2. Upon receipt of the above, the acquisition is registered and a certificate of registration issued.
3. A permit to acquire property is required if the property is undeveloped land and the purchaser would become the owner of five or more contiguous acres. A permit is also required if the non-Bahamian intends to acquire land or an interest therein by way of freehold or leasehold, when the acquisition is not in accordance with (1).
4. Non-Bahamians who own homes in The Bahamas may apply to the director of immigration for an annual home owner?s residence card. This entitles the owner, spouse and dependent children to enter and remain in The Bahamas for the duration of the validity of the card. This is intended to facilitate entry, but does not confer resident status.
All applications for permits, along with fees made payable to the Public Treasury, should be submitted to the Ministry of Financial Services & Investments for consideration by the Investments Board.
The schedule of fees for a certificate of registration and permit are:
Fee schedule
Application for registration $25
Application for permi $25
Upon issue of certificate of registration or issue of permit where:
1. The property value is $50,000 and under $50
2. The property value is more than $50,000 $75
3. The property value is $101,000 and over $100
Annual home owner?s residence card $500
CONTACT INFORMATION
E-Mail: Click here
Internet: https://
Disclaimer:
Information in editorial and listings is subject to change at any time.