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Carey calls extention to stamp tax relief
An outspoken realtor who recently urged a reduction in stamp tax, pleading that 12 percent of nothing is nothing today applauded government's intention to roll back the one-time fee on residential property transactions from 12 percent to 10 percent and to place a cap on annual property taxes.
Mario Carey, founder of Mario Carey Realty, went further, asking government to consider extending the reversal of the two percent stamp tax increase to all property transactions.
"It's great that government has announced its intentions to roll back the stamp tax on high end properties from 12 percent to 10 percent," said Carey. "That move will make The Bahamas more competitive in the luxury market, which is important, but I encourage government to go further and reduce all stamp tax on residential transactions by two percent to give middle income families the same advantage and incentive as high-end purchasers." The stamp tax - a sliding scale recording fee starting at six percent paid at the time of purchase - started at four percent before the increase. Carey suggests a sliding scale roll back to that percentage.
He also believes that constant manipulation of taxes related to commercial and residential property sale and ownership has stirred up more confusion than comfort and left many in the market wondering whether purchasing land, home or business in The Bahamas was opening them up to unknown fees and taxes ahead.
"The opportunity is ripe for the government to be decisive, aggressive and demonstrate its commitment to make economic growth a top priority so everyone at every level of the financial spectrum benefits," said Carey who wasted no time lauding the initial announcement.
"The initial announcement of turning back the clock on the property transaction stamp tax from 12 percent to 10 percent is excellent news for a country whose national debt exceeds $4 billion, whose unemployment is near 16 percent, who has seen its middle class shrink and those living in poverty increase in epidemic proportions," said Carey. "It is a positive change in the right direction and I just hope that it is enough of a policy change to jumpstart the real estate market because studies consistently show and continually reinforce the reality that a country's economy is tied to the success and activity of its real estate sector."
According to Carey, a solid real estate sector helps buffer against poverty, boosts employment and enhances the sense of community and responsibility. Early warnings of poverty, long before empty bellies make stealing food in a rich society a reality, he said, are a sagging lackluster market with more for sale signs than moving trucks pulling in, with foreclosures invading like cancer and demand for short-term rentals increasing. Carey called for creation of a Bahamas real estate advisory group (BRAG), made up of economists, real estate professionals, legal experts and visiting or rotating international advisors, an organization he suggests that would have high-level round table discussions on the current economic crisis with a focus on the real estate sector.
Carey launches vacation home division
Mario Carey Realty recently launched a new division aimed specifically at handling vacation home rentals, a market Carey says has unlimited growth potential.
"For years, homeowners in the Family Islands have benefitted from the desire of visitors to stay in a home rather than a hotel and they have been able to satisfy that demand," said Carey.
Now, he says, the desire for vacation homes throughout the country, including New Providence, is increasing by historic proportions and the once-unregulated sector of the tourism industry is gaining official as well as visitor attention.
"With the vacation home market now under tourism's mantle, with proper legislation in place and the ability of anyone who owns a private home to make it available for rental once they hold a business license, meet inspection standards and pay the bed tax, we expect the growth rate of home rentals to exceed the growth rate experienced by hotels," said Carey.
Private rentals, he believes, are attractive to families who are able to cook their own meals when they want, gather in a living room or often around a pool and enjoy a more personal vacation style than they might expect to experience in a resort.
"These visitors are major contributors to a local economy," Carey explained. "They rent cars, buy groceries, eat in local restaurants, often rent boats or go out on fishing charters, doing beach trips."
With the trend toward private home preference on the increase, Carey said the time was right for a real estate company to step up to a full marketing and management role, previously shared by property managers who managed a property part-time and homeowners who marketed through personal connections and websites like HomeAwayfromHome and VRBO (Vacation Rentals by Owner).
"Fortunately, for us, we identified an ideal person to head the division, Tina Bain who is multi-lingual and an international award-winner," said Carey. "We are very pleased to announce that effective immediately, Bain is responsible for the Mario Carey Realty Vacation Home Rentals division."
Bain holds a Bachelor of Science in Real Estate Management from HFWU Nuertingen-Geinslingen, a prestigious real estate business school in Germany. She won the European Real Estate Challenge in the Netherlands and has worked in the commercial real estate field in Atlanta, Georgia as well as in Germany.
"I am excited about spearheading the vacation home rental division," said Bain, who is part of the expanding support staff of the real estate company best known for its luxury listings record. "I believe we will bring a new level of detail to short-term vacation rentals by finding a home away from home without compromising standard of living. The satisfied, happy client is the loyal client who will return time and again to The Bahamas."
Mario Carey Realty is headquartered in an historic building on East Bay Street and has offices or agents on several islands throughout The Bahamas.
Economic Crisis In Freeport: A Call To Action
Given the economic crisis now affecting Freeport and Grand Bahama, an action task force committee should be formed under the direction and auspices of government, the Grand Bahama Port Authority (GBPA) and Licensees to determine and effect both short- and long-term solutions.
Mario Carey Applauds New Stance On Stamp Tax
Leading RealtorŪ Mario Carey today applauded a call by the Bahamas Real Estate Association (BREA) urging government to reduce stamp tax by 2% across the board, a recommendation he made publicly in May following the newly-elected government's announcement it would lower stamp tax on sales of high-end properties.
Mario Carey Realty Launches Vacation Home Rentals Division
Mario Carey Realty recently launched a new division aimed specifically at handling vacation home rentals, a market Carey says has unlimited growth potential.
"For years, homeowners in the Family Islands have benefitted from the desire of visitors to stay in a home rather than a hotel and they have been able to satisfy that demand," said Carey. Now, he says, the desire for vacation homes throughout the country, including New Providence, is increasing in historic proportions and the once-unregulated sector of the tourism industry is gaining official as well as visitor attention.
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