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Resilient real estate
Buyers are testing the market
The real estate market in Grand Bahama is strengthening, says Peter Turnquest, president of the Chamber of Commerce.
“Things were slow in 2009, but we’re beginning to see the return of the second-home buyer, and we’re [also] beginning to see a bit of property value increase.”
Turnquest believes Grand Bahama is “a really attractive market. There are great opportunities and deals [here], and it’s still one of the best buys in The Bahamas and maybe in the southern US.”
Grand Bahama has long been a favourite place for international buyers to establish a second home or maintain a vacation address. The inventory of choice single-family homes, villas and condos for sale is large and varied.
John Christie of H G Christie Ltd, which has offices in Grand Bahama, Nassau and other islands, believes that “the real estate market in The Bahamas is still demonstrating its resilience” by entering a period of recovery. He says that “2010 has the potential to yield significant gains and notable movements. Confidence is returning for purchasers and developers alike.”
Since 2008, prices have dropped considerably, but the market has stabilized, according to observers. “Prices now are normal,” says John Brian Losh at luxuryrealestate.com, “[and] the market has readjusted itself after the highs of the past. Transactions are down, but they are taking place, and there are some big, big deals out there,” Losh says. “Right now buyers are aggressively testing the market.”
Best time to buy
The potential for market gains is nowhere greater than on Grand Bahama now that the market is regaining its equilibrium.
“We see more local professionals purchasing middle-income properties,” says Donna Laing-Jones, a broker at H G Christie Ltd. “The locals are also buying vacant lands to build homes or as an investment. Locals are actively looking and ready to buy.”
She sees less activity in the second-home market while many of those potential buyers maintain a wait-and-see attitude, even though “sellers are not very motivated to drop prices to meet the market” these days. However, prices are not rising, she says.
Laing-Jones agrees with other realtors who believe that there’s no better time to get into Bahamas real estate. And Grand Bahama, she says, “is still the island to purchase on.”
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RE_WTDFJul10
Resilient real estate
Buyers are testing the market
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