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Riviera Towers at Lucaya Beach 2 Bedroom Condo for Rent
Freeport, Bahamas -
Coming to Grand Bahama Island for a vacation? Maybe you have friends coming to town and you need a place for them to stay? How about a spectacular view
on Lucaya Beach from a
Riviera Towers 3rd floor condo?
Sleeps four, furnished and newly renovated with a fully equipped kitchen. Short term rentals only please. Gorgeous beach, and large pool. Close to buses, the gym and a pleasant walk to Port Lucaya Marketplace...
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.
Young responding to trendy West
The western part of New Providence and Paradise Island are two areas to watch as young professionals dive into the real estate market, according to H.G. Christie Limited's Estate Agent and Associate Appraiser Ryan Knowles.
He believes that with the Baha Mar development moving ahead, there is a magnetic pull that is attracting young buyers in that direction.
"It's just natural progression. The east is already built out, and there isn't much land for new development. Probably 90 percent of all new development in the last 10 years has taken place in the west and southwest due to the availability and affordability of land," Knowles shared.
"Let's think of the latest projects to come on stream in Nassau: the new airport, the Old Fort Town Centre, the new City Market in Cable Beach, the new stadium at the sports center and the new roads. Everything you want and need is in the west," he added.
Knowles revealed to Guardian Business that there has been a number of new developments to come on stream within the last five years, targeting the young professional market.
He feels that young professionals are gravitating towards the west because it is a trendy, new area.
"West is definitely the place to be. No question about it. All the amenities and modern conveniences are there: great shopping, fine dining, salons, a movie theater, utility companies, clinics, churches, wonderful beaches etc. It is the most chic and trendy part of the island (aside from Paradise Island)," Knowles noted.
Another area that Knowles said young professionals are considering is Paradise Island, as it has all of the characteristics of the west but is closer to downtown and one can enjoy all the amenities of Atlantis.
"There are a number of old condo buildings on Paradise Island and we are seeing some young professionals are buying and renovating. Some move in, some flip, and some lease them out for investment. No matter which way you slice, it's hard to lose when buying on Paradise Island. Having lived there, I can tell you it really is paradise," he explained.
While some people are running away from today's real estate market, young professionals are diving in and are looking for a bargain place in a trendy neighborhood with long-term investment value.
"The housing downturn hasn't scared off young professionals, who are looking down the road at marriage and families, and planning for potential future payoffs. This generation is also showing more flexibility than previous ones, exploring partnerships with their peers and possibly renting out their places as needed," Knowles said.
He continued: "Basically the must haves are two-to-three bedrooms, modern finishes, granite counters, stainless steel appliances, gated property with amenities such as a pool, tennis court, clubhouse or pavilion, etc. This seems to be the order of the day."
Knowles believes that The Bahamas is beginning to see a reversal of a trend towards renting.
"With interest rates at their lowest level in years, some mortgage payments are about the same, sometimes even less than rental payments. For many young professionals, buying a home is a huge part of the 'Bahamian' dream," he said.
"Prices in the capital are only going to increase as time goes on. We have suffered the worst of the recession and things are trending in a positive direction. As all the infrastructure projects come together and Baha Mar nears completion, prices will start to firm up and smart investors who buy now will start to see good returns on their investments.
"The first-time buyer stamp exemption is a huge help. For anyone looking to enter the market my advice is save, save, save for a down payment and don't be afraid to pull the trigger if you find a good deal. A couple years from now, you may not be able to afford to buy into your desired gated community."
Riviera Towers at Lucaya Beach 2 Bedroom Condo for Rent
Freeport, Bahamas -
Coming to Grand Bahama Island for a vacation? Maybe you have friends coming to town and you need a place for them to stay? How about a spectacular view
on Lucaya Beach from a
Riviera Towers 3rd floor condo?
Sleeps four, furnished and newly renovated with a fully equipped kitchen. Short term rentals only please. Gorgeous beach, and large pool. Close to buses, the gym and a pleasant walk to Port Lucaya Marketplace...
Realtors see potential in shared ownership
The real estate industry has not benefitted much from shared ownership investments in the past, but top realtors are confident about its place in the sector to generate sales and employment.
John Christie and Larry Roberts admitted to Guardian Business that shared ownership has not been popular in the local market, noting that internationally-based companies tend to benefit. Christie, vice president at H.G. Christie Limited, called shared ownership investments such as timeshares more of a lifestyle choice rather than an investment.
"I think where The Bahamas is benefitting from in that market is at places like the Reef at Atlantis, where you actually own your unit and you are able to enter it into the rental pool. Baha Mar is doing the same. That's where The Bahamas benefits from in terms of timeshare or vacation ownership," he pointed out. "I think timeshares are great if you love the place and plan to visit often. Then they work well. I don't really think of timeshares as an investment but more of a lifestyles choice. If you're coming to Atlantis over and over and you love it, then it's good to have a timeshare. I am not sure if they go up in value or not. It operates differently than real estate."
According to the CEO of Bahamas Realty Larry Roberts, shared ownership is an industry that has evolved over time. However, it is not one that local realtors are familiar with.
"It's not an industry that any of us knows that well. It's an industry that has evolved over time. The West Winds properties were two of the first timeshare properties. Fractional ownership is where a number of people might own a property for the whole year. In other words, they have a membership that entitles them to whatever period that particular home is vacant for. The Ritz Carlton on Winding Bay has fractional ownership," he explained.
"Everyone has been working on other ways of selling these properties, to offer persons who may not want to otherwise own it outright an opportunity to have an interest in a lovely property in a great location, which is less than the cost to own it outright."
There are different products that have evolved as a result of timesharing, such as the condo-hotel concept, he noted. He said the concept appears to have worked quite well for resorts on Paradise Island.
"As a realtor, I welcome any type of development that works because it creates more jobs. I think it's a win-win all the way around," Roberts said.
The comments from top realtors come as delegates gather at the Peabody in Orlando for a Shared Ownership Investment Conference. It is designed for those who want to learn more about the future trends in resort financing, sales, marketing, and operations in that industry.
The conference ends on Thursday afternoon.
Riviera Towers at Lucaya Beach 2 Bedroom Condo for Rent
Freeport, Bahamas -
Coming to Grand Bahama Island for a vacation? Maybe you have friends coming to town and you need a place for them to stay? How about a spectacular view
on Lucaya Beach from a
Riviera Towers 3rd floor condo?
Sleeps four, furnished and newly renovated with a fully equipped kitchen. Short term rentals only please. Gorgeous beach, and large pool. Close to buses, the gym and a pleasant walk to Port Lucaya Marketplace...
Branding was the conference theme that drew business principals
and owners from the Christie’s Great Estates network to Toronto this week. Affiliates, such as the affiliate for the Bahamas John Christie of HG Christie Ltd., previewed the network’s global expansion strategy, viewed the company’s new Web site to be rolled out publically by year’s end, and learned how to better utilize the resources of the parent company, Christie’s, to build business through art and real estate introductions.
Riviera Towers at Lucaya Beach 2 Bedroom Condo for Rent
Freeport, Bahamas -
Coming to Grand Bahama Island for a vacation? Maybe you have friends coming to town and you need a place for them to stay? How about a spectacular view
on Lucaya Beach from a
Riviera Towers 3rd floor condo?
Sleeps four, furnished and newly renovated with a fully equipped kitchen. Short term rentals only please. Gorgeous beach, and large pool. Close to buses, the gym and a pleasant walk to Port Lucaya Marketplace...
Balmoral Embarks On 10M Expansion
The Balmoral project will soon embark on a final phase $10 million expansion by adding another 28 homes, bringing to an end a western New Providence success story that offers innovative financing programs.
Gangster's Paradise Part 3
Abuse, armed robbery, housebreaking, rape, assault, murder and attempted murder are rampant in The Bahamas, and speak to social breakdown, and in fact, constitute an on again off again war against the social and economic system. There are no shortcuts. I propose seven areas of focus in terms of improving the situation. I address the first three today.
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