By Diane Phillips

Two years after COVID 19 restrictions inadvertently opened the floodgates that created mass exodus from inner cities and cold suburbs to the most desirable places on earth, analysts say the real estate market that set record highs is beginning to show signs of slowing. But for one firm that specializes in luxury properties, the frenzy for the finest is doing anything but retreating. 

According to industry leader Danny Prell, Vice President Business Development, Sotheby’s Concierge Auctions, demand for luxury estates in the Caribbean and The Bahamas has never been stronger.

“We have unique estates that will be offered on the online marketplace in Anguilla, Panama and St. Kitt’s all in the coming weeks and we expect bidding to be fiercely competitive,” said Prell. “That is a clear sign that the search and demand for the finest properties remains strong and the Caribbean has emerged as the stronghold with staying power in the luxury market for this hemisphere.” 

Sotheby’s acquisition of a majority stake in Concierge Auctions in 2021 cemented the firm’s ranking as world’s largest luxury real estate auction marketplace. The digital giant focuses on matching buyers with sellers by marketing to its database of more than 825,000 of the world’s high net worth individuals, 185,000 of whom are weekly subscribers to its online news, listings and activities. Always working with a local sales associate or broker, it has handled more than $3 billion in sales, including the highest price ever sold on auction and the highest price real estate transaction in 2022, a single residence called The ONE. The 21-bedroom, 49-bath estate with five pools and a 30-car garage in Bel-Air, California sold for a whopping $121 million. 

By comparison, a 10,000 square foot home that looks like a Balinese magazine spread with flawless indoor-outdoor flow on nearly an acre and a half with a half mile beach in Anguilla feels like a bargain at a price tag of $16.9 million. The auction on the estate at Long Bay Beach, close to but far enough away from distinctive destination hotels and restaurants, goes live for five days stating February 10. The Long Bay Beach property will sell without reserve. 

In St, Kitt’s, a fully furnished and outfitted move-in ready courtyard style villa will go on auction in March with a $100,000 qualifying deposit. The 3-bedroom, 3.5-bath, 2,350 square foot Windswept Villa with a chef’s kitchen and its own private plunge pool is located in the prestigious Christophe Harbour enclave on St. Kitt’s southeast harbour.  

The Panama City property that is about to be offered is a totally different feel, one that is likely to appeal to those who appreciate a panoramic view so long as it’s close to upscale shops, restaurants, entertainment and all that the ultimate in urban lifestyle has to offer. The 52nd story residence in The Point features commanding views over Casco Viejo, the skyline, the ocean, and the Panama Canal. According to the auction website, “Casco Viejo, Panama’s historical, UNESCO-protected heart, is only minutes away, with stunning colonial architecture, quaint churches, grand plazas, and cultural diversions such as the National Theater of Panama and the Panama Canal Museum. Visit the Miraflores Lock for some of the best views of the 20th century’s crowning engineering feats.”

Recent auctions in The Bahamas also show the strength of the Bahamian property market, says Prell, who has worked with a number of agencies – HG Christie, Better Homes & Gardens MCR Group, Graham Real Estate and more – and handled properties from Ragged Island to Eleuthera, Grand Bahama to Nassau and several in the Exumas.  

“As more of the world’s economic activity takes place online, we have been in that space since the day we opened our digital door in 2008 with just three of us on the team,” said Prell. “Some have compared us to the Amazon of the property market but I like to think of us as just appreciating that of all the currencies in the world, nothing retains its magnetism and long-term value as well as land and that is why we are excited about the seasons to come and especially about the ongoing desirability of The Bahamas and Caribbean.” 

 Entry courtyard reflects seamless indoor-outdoor flow and charm of the 10,000 square foot Villa Nevaeh in Anguilla that will sell without reserve when it goes on auction at Casothebys.com starting February 15 and remaining live for five days. Asking price $16.9 million includes acre and a half and a half acre right on the Long Bay Beach. 

There are yoga studios and then there is the ultimate in the yoga experience, one of many features that continue to drive prices of unparalleled luxury properties like Villa Nevaeh in Anguilla that will go on live online auction for five days in February through Casothebys.com.  

Leisure oceanfront amenities at Windswept Villa in St. Kitt’s contribute to steady demand for oceanfront living in luxury in the Caribbean. Villa is one of three properties expected to generate competitive bidding in the coming weeks on CaSotheby’s.com digital platform. Bidding opens February 8.

Property values throughout the Caribbean, including this one in St. Kitt’s called Windswept Villas, are holding their value as demand continues to outpace inventory in the luxury beachfront category, says Danny Prell of Casothebys, the world’s leading online auction platform and has set records in real estate sales, including a $121 million sale last year of a 21-bedroom, 42-bath California estate. 

Online bidding opened January 26 on this 52nd story residence in downtown Panama City, Panama. The elegant and sprawling 9,500 square foot urban home features wrap around balcony for dramatic views of seemingly endless sunrises and sunsets and interior includes a private movie theatre. No sticker shock at $6.95 million but being auctioned with no reserve. 

 The resort feeling of home and vacation in one place is helping to keep property values high in the Caribbean where online bidding through Casothebys opened this week on a 52nd floor residence at The Point in Panama City.