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Palm Cay to pick up tax tab

Palm Cay sales and marketing director Zachary Bonczek announced this week that the developer will pay all stamp tax on the purchase of a condo or home in the upscale waterfront community on Nassau's southeastern shore on contracts signed by April 30. Pictured: Palm Cay sales and marketing director Zachary Bonczek. (photo courtesy Palm Cay) 

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TheBahamasInvestor.com
Friday, April 19, 2013
Friday, April 19, 2013

Zachary BonczekPalm Cay sales and marketing director Zachary Bonczek announced this week that buyers who sign a contract for the purchase of a condo or home in the upscale waterfront community on Nassau’s southeastern shore by April 30 will get a special incentive: the developer will pay all stamp tax.

The standard practice is for buyers and sellers to share the Stamp Tax, each paying 5 per cent.

“In the past several weeks, since we unveiled the new development plans, including the near-readiness of Nassau’s largest marina in number of slips and the conversion of the clubhouse into a full restaurant later this year among other amenities, we have enjoyed tremendous interest from real estate agents, brokers and the public,” says Bonczek, who holds the real estate industry’s highest residential CRS certification.


“We want to convert interest into sales and there is nothing more inspirational than a substantial savings. The savings are great enough to allow someone to totally furnish their new home and have funds left over.”

On a 3-bedroom, two-storey beachfront townhome that is priced at $799,000, the savings will be $39,950. On a $499,000 garden townhome, savings would equate to$24,950.

Bahamas Real Estate Association (BREA) members will have an opportunity to tour the community April 27 when Palm Cay hosts an open house, lunch and development master plan presentation for licensed agents and brokers.

Bahamas Petroleum Co is looking for a partner to raise at least $100 million to drill the country’s first exploration well in about 27 years, reports Businessweek today. BPC holds five licenses covering more than four billion barrels of potential oil resources and is seeking three more with Statoil ASA.

The One Eleuthera Foundation and its partners are gearing up to host a weekend of events April 25-28 honoring Earth Day. Events include Rotary Club social gathering, tree planting, Junkanoo and fun run in aid of the Cancer Society.

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