A place in the sun
WTDF Jan09
A place in the sun
Retirement homes in Freeport
Looking for a retirement home in The Bahamas? There are a lot of boxes to tick off, says Donna Laing-Jones of H G Christie Ltd in Freeport. Some of those boxes, she says, are “exclusive,” “an all-round carefree island lifestyle,” with “on site property management,” “impeccably kept grounds and home maintenance,” “security” and “a low monthly association fee.”
There are plenty of properties in Grand Bahama that meet these criteria, says Laing-Jones.
One of the particular appeals of a secure, well managed community, says Lanelle Phillips of Lanelle Phillips Real Estate is that snowbirds and other retirees who travel a lot “can just lock up their doors and go whenever they want.”
However, current economic uncertainty is affecting the market, says Phillips, mainly among those looking to retire immediately. “People who can’t afford a second home—who would need to sell their own place first to make a move, are understandably holding off.”
Many homeowners, however, plan their retirement 10 or even 25 years in advance. “Generally, the further ahead they are looking, the more likely they are to want lots rather than properties,” says Phillips. “Then there’s no worries with upkeep or maintenance or finding tenants. And because we have a canal system here, you can find a very nice waterfront lot for only $250,000.”
Whether looking to buy or build a home, retirees often have requirements that regular second home buyers don’t. “Even among people in their 50s and 60s,” says James Sarles of Coldwell Banker James Sarles Realty, “when we look at places they want single-storey living or at least a master on the ground floor.”
And the ideal retirement community offers seclusion without being too far out of town: “All the key facilities have to be close, but you still want it to be a retreat,” says Sarles. This, he feels, is where Freeport has the advantage even over other Bahamian islands: “There are 50,000 people here, but well spread out. So there isn’t that sense of isolation you might get on a smaller, family island, but at the same time you never feel like a rat in a maze.”
“Retirement is a funny word these days,” says Sarles, “especially for high net worth individuals. They still want to manage their affairs and be in charge of their investments [but] perhaps just not as aggressively.”
People in this category look for exactly the qualities in a retirement home that they seek in any other second home, according to realtors.
Freeport is an ideal location on all counts, attracting buyers from northern climes who are looking for a cleaner, less crowded and more peaceful environment than Florida.
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