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“Positive signs” in real estate market

Chief executive officer of Bahamas Realty Larry Roberts says he is optimistic about the real estate market in The Bahamas, as sales of second homes start to pick up, echoing mild recovery in the US housing market. 

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TheBahamasInvestor.com
Friday, January 25, 2013
Friday, January 25, 2013

The Bahamian real estate market has been improving slowly but steadily since the financial downturn in 2008, and there are “positive signs” that the coming year will see some growth, according to realtor Larry Roberts.

“Because of the number of foreclosures in the US and persons taking advantage of that, the US market has been moving quite well,” he said. “Historically, we lag behind the US by about six to nine months, so when it changes there, we start to feel the positive signs.


The chief executive officer of Bahamas Realty says over 80 per cent of second home sales are to Americans with the most popular areas being the Abacos, Harbour Island and Exuma. “These [destinations] are very attractive to South Floridians and buyers from the South Eastern US. People who have yachts and bring them over.”

While the second-home market is still recovering from the 2008 recession, developers are continuing to invest in the market, said Roberts, pointing to the high-end residential communities in the Family Islands, such as Winding Bay and Schooner Bay in the Abacos.

“I feel quite postitive about this year,” he said. “My gut feeling is that things are starting to move. We have always had these fluctuations and we have always bounced back.”

cmorris@dupuch.com

Nick Damianos, a prominent real estate agent in Nassau has rejoined the prestigious Haute Living Real Estate Network.

Celebrities spearheading the Ministry of Tourism's multi-million dollar advertising campaign have been filmed on location on various Bahamian islands to help showcase the best the archipelago has to offer. Ads featuring actress and model Shakara Ledard and former NBA star Rick Fox will be shown in the US as early as next month's Super Bowl.

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