Big deals in the making
First the bad news: The world’s economic recovery is still sluggish. Then the good news: Real estate prices in Grand Bahama have dropped to where they were a few years ago–before they became artificially inflated by heavy demand.
Turns out, that’s good news for both buyers and sellers. “Confidence is returning for purchasers and developers alike,” says John Christie of H G Christie Ltd, which has offices in Grand Bahama, Nassau and other islands. In his view, there are now “some big, big deals out there.”
Some buyers are still cautious, realtors say, while others are actively testing the market, most notably high-net-worth people and international buyers.
The economic landscape may have changed, but Grand Bahama hasn’t. As one business leader said, real estate here remains an attractive market with many opportunities for buyers.
It’s a buyer’s market with a large inventory of property for sale, including single-family homes, condos, villas, commercial property and raw land, whether improved or undeveloped.
You could, for instance, make a long-term investment in a lot on Grand Bahama Highway, east of Freeport, for as little as $5,000. Or you could buy a one-bedroom condo with a scenic view of the island in a gated community for $79,000.
Another condo for sale, this one a furnished two-bedroom, two-bath unit, is part of the Bahama Reef Yacht & Country Club, a waterfront complex on a deepwater canal with boat docks. The list price is $285,000.
Many buyers have already snapped up the two-bedroom, two-bath condos at the Bell Channel Club & Marina, overlooking Port Lucaya and an inlet from the sea. Residents enjoy ocean views, a private beach, 18-slip marina, pool, clubhouse and tennis court. Prices here start at $445,000.
Waterfront living is also available at the Bahamas Terrace Yacht & Country Club, a condo/townhouse complex with access to Tyne Beach. Here you can take advantage of pre-renovation prices and get a great deal on a two-bedroom unit with a spacious balcony. One of these units was listed recently at $345,000, with recent renovations included.
If you’d rather live in a single-family home, you have just as many choices. One for sale is a 3/2 located in the Arden Forest subdivision, listed at only $230,000. Another 3/2 is a secluded Mediterranean-style home that sits on one-plus acres just off Midshipman Road, close to Port Lucaya. The sellers are asking $411,000 for this family-friendly home.
With prices like these, realtors say the time is right to buy on Grand Bahama.
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RealEstate_WTDFJan11
Big deals in the making
It’s a buyer’s market
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