Coldwell Banker Islands Blog

One of the most scenic residential areas in Nassau Bahamas is along the Eastern Road.
As its name implies, Eastern Road is located on the eastern end of Nassau and some of the most charming luxury homes on the island can be found here.
In the old days, this section of Nassau was referred to as “the country.” The well-to-do lived in Colonial homes in downtown Nassau. Horse and carriage rides by the sea on Eastern Road were a favorite Sunday recreation.
The entire stretch of the road is now dotted with upscale island homes and Bahamas luxury homes. Many of them are lovely old homes and others (see mls # 7071) are new, but the architecture captures the charm of yesteryear.
The homes are painted in the soft pastels of Old Nassau. Seascapes of dazzling turquoise and blues, and look-out points dot the road. One home is even fashioned after a lighthouse.
These Bahamas luxury homes have beautiful names, like Wind Whistle, New Moon, Bally Crystal and Wave Crest.
The older homes, such as The Hermitage, home to the priests of the Catholic Diocese of Nassau, are perched on cliffs high above the sea with sprawling gardens running down to the Eastern Road.
Old native stone and colouful walls line the road; bright bougainvillea cascades down. In May and June, the road is ablaze with the gorgeous red flowers of the Poinciana trees and the yellow Shower of Gold. Several magnificent Silk Cotton trees provide a green canopy overhead.
Some of Nassau’s most prominent citizens have and continue to call Eastern Road home. With its beauty and special ambiance, we can see why.

According to a recent survey by Coldwell Banker Real Estate LLC among its network of real estate professionals, in the last 12 months, 37% of sales professionals surveyed noted an increase in home buyers looking for homes that can accommodate more than one generation of their family. In addition, almost 70% of Coldwell Banker sales agents believe that economic conditions may cause greater demand for multi-generational homes in their market during the next year.

The Coldwell Banker respondents cited financial drivers as the No. 1 reason why home buyers or sellers are moving into a house with other generations of their family (39%). Twenty-nine percent said that health care issues are the primary reason, and 6% cited a strong family bond as the main factor.

Sellers with “mother in-law suites” or additional spaces that could accommodate a family interested in a multi-generational living arrangement should highlight this aspect of the home. Whether it’s a garage apartment or refurbished basement, this separate space can help one home stand apart from the others on its block.

Buyers must be clear about their exact needs. Some families may just want an extra bedroom or two for family members, while others require areas with a separate kitchen, entrance, handicap accessibility or even a larger garage for additional cars. Desired location may also be influenced by proximity to local hospitals, senior centers or other important activities to family members.

Extended families purchasing a home together should consider signing a written contract outlining everything from finances to chores and childcare. Each family should assess their situation individually and find a plan that works best for them.

Check with our Coldwell Banker Island Affiliates for advice and resources if you want to purchase or sell a home that might be suited for more than one generation.

When a homeowner repeatedly defaults on their mortgage in the Bahamas, they face the option of foreclosure. Foreclosure can be devastating, both emotionally and financially, especially in small communities found in the Bahamas.
Regrettably, nearly seven out of ten homeowners in the U.S. proceed through foreclosure without ever listing their home for sale. Although we do not have local statistics, we can assume the pattern is similar here. This is due largely to perceived myths about the process, and we need to put one of these misconceptions to rest.
If you list your home for sale with a licensed Bahamas Real Estate Association agent, the property will be marketed properly with exposure in both the print media and online, provided it’s priced at market value.
The seasoned real estate broker will be able to advise you on the steps you need to take to improve the appearance of your property at little cost, thus improving the appearance and obtaining the best possible price for you.
Homeowners believe there is a stigma attached to having their homes appear in foreclosure notices. This can be avoided by listing your home exclusively with a Bahamas Real Estate Association broker.
Homeowners often assume that there’s not enough time to close on a sale before the bank advertisers the foreclosure. Not true ^ Banks are often happy to have a qualified broker involved in the process.
It means the property will receive maximum exposure through proper marketing, both by conventional and electronic means, with a dedicated real Bahamas estate agent working personally with you every step of the way.
If the bank is kept informed and briefed regularly on the marketing plan and response from purchasers, and agrees on the asking price, they are often happy to let the broker go to work for them.
Foreclosure is a lengthy process and there is time to negotiate a better result, but you need to start today.

You’ve decided to sell. Look at your home through the eyes of a prospective buyer and be honest with yourself: what needs to be cleaned, painted, repaired and tossed out or given away? If you were buying this home what would you want to see? Your goal is to make your home look good, maximize space and attract as many buyers as possible.

The first and most important thing you want to do in preparing your house for market is to make sure it has good curb appeal. Curb appeal is simply the first impression a prospective buyer gets when driving by the house.

It has been said that up to 80% of the decision to buy a house is made before even entering the home, so it doesn’t matter how great your house looks inside if buyers won’t go through the front door. You could have the greatest floor plan, and the greatest decor, but if your house is unsightly from the outside, a lot of people will never ring the bell.

So by all means start on the outside of the house and use common sense. Keep the lawn mowed and watered, trim the shrubs, make sure there isn’t any peeling paint, and keep weeds out of the flower beds. Put some color in the landscaping and plant some flowers.

Make sure there aren’t any unsightly vehicles in the driveway. If you have an older car that looks its age, park it down the road or at a friend’s house. Keep the yard clean and pristine. When you can look at the outside of your house from the street and it looks better than it ever has, it is time to move to the inside of the house.

Here’s a checklist:
- Water, mow, weed, & edge lawn regularly.
- Trim hedges,prune trees, and tend to flowerbeds regularly.
- Mend cracks in walkways, driveway, walls, foundation, and patios.
- Patch up or repaint doors and windows with peeling paint.
- Clean and align gutters.
- Repair and replace loose or damaged roof shingles.
- Repair and repaint loose siding and caulking.
- Keep your garage door closed.
- Move old cars elsewhere while the house is on the market.
- Be sure your front door area has a warm, “Welcome” feeling.

Inside you want to make things look as open and bright as possible. Keep all the blinds and curtains open and the windows clean. If a room feels or looks cluttered, move some of your extra furniture into a storage space or a friend’s house. Remember, you’ll be moving anyway, so start sorting and have that garage sale.

Keep the inside of your house smelling good. Any senses you can stimulate when someone enters your house will help create emotional attachment to the home. Don’t overdo the aroma therapy, but make the house smell pleasant - no stale cooking odors, no pet odors, no diapers.

Keep everything as clean as you can. Give the impression that you take care of your property and care about your home. You want your house to look, feel and smell it’s best. Make those repairs you’ve put off so doors work well and the plumbing doesn’t drip. Purchase a couple of ceiling fans or small room fans to keep it cooler for showings.

Are you ready for Buyers:
- Repaint walls or replace carpets with neutral colors.
- Fix all cracks, leaks and signs of dampness in the attic.
- Fix all cracks, holes or damage to plaster, wallboard, wallpaper, paint, and tiles.
- Replace broken or cracked windowpanes, moldings, and other woodwork.
- Repair leaky faucets and showerheads.
- Clean and remove clutter to make your house appear bigger and brighter.
- Rent storage to keep the garage and attic clear.
- Remove excess or very large furniture.
- Hire a professional cleaning service once every few weeks while the house is on the market.
- Remove as many items from kitchen counters, closets, and attics to make your house seem more spacious.
- Make your kitchen and bathroom look as bright and fresh as possible.
- Use your nicer guest towels in the bathrooms.
- Hang up fresh curtains.
- Install new cabinet knobs.
- Make sure kitchen and bathroom are clean and odor free.
- Replace burned out light bulbs.
- Open drapes and blinds.
- Don’t let pets wander around the house during showings.
- Don’t leave dirty dishes in the sink or laundry in the washer or dryer.
- Make the beds.
- Put on soothing music.

Remember that people make emotional decisions. We justify with logic what we decide with emotions. Keep your mind open, try for a warm and bright interior, have great curb appeal, and you will be on the right path to preparing your house for the market. Our Coldwell Banker agents can answer any questions you have about getting ready for a sale, and advise you on the best timing for the highest price.

After you’ve taken step one to decide to sell your Bahamas home, step two is usually setting your asking price, striving for a balance between generating offers and receiving top dollar.

Your Bahamas Real Estate Association agent should perform a competitive market analysis to produce an estimate of your home’s “fair market value,” or that price that educated buyers will pay based on listings and sales of homes similar to yours. The agent will provide the information and suggest a price.

In a hot Bahamas real estate market, you have the advantage, but would still want to avoid overpricing, which is always unproductive. However, in a neutral or buyers market, you’ll have to be particularly cautious in your approach to setting a price.

In soft real estate markets, price reductions become more common, as well as fewer offers and longer listing periods. You have to first establish your priority: is it more important for you to sell quickly or to get the most money possible? Like it or not, one option simply must be more critical than the other.

Have a third party, like your Bahamas Real Estate Association-licensed agent, help you see your home as a commodity, with positive and negative selling points. Price your home objectively and competitively, be prepared to negotiate to reach an agreement with buyers, and exercise patience as you prepare your move.

After you’ve taken step one to decide to sell your Bahamas home, step two is usually setting your asking price, striving for a balance between generating offers and receiving top dollar.

Your Bahamas Real Estate Association agent should perform a competitive market analysis to produce an estimate of your home’s “fair market value,” or that price that educated buyers will pay based on listings and sales of homes similar to yours. The agent will provide the information and suggest a price.

In a hot Bahamas real estate market, you have the advantage, but would still want to avoid overpricing, which is always unproductive. However, in a neutral or buyers market, you’ll have to be particularly cautious in your approach to setting a price.

In soft real estate markets, price reductions become more common, as well as fewer offers and longer listing periods. You have to first establish your priority: is it more important for you to sell quickly or to get the most money possible? Like it or not, one option simply must be more critical than the other.

Have a third party, like your Bahamas Real Estate Association-licensed agent, help you see your home as a commodity, with positive and negative selling points. Price your home objectively and competitively, be prepared to negotiate to reach an agreement with buyers, and exercise patience as you prepare your move.

Shopping for a new home is an emotional experience. It is, however, also a business transaction, and must be treated as such.

Three of the most devastating things that can go wrong are:
^ Paying too much
^ Losing a dream home to another buyer
^ Buying the wrong home

When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase:

Get the information you need
What price do you offer a seller? Is the seller’s asking price too high? Is it a deal? Your own research is important, as is the assistance of a Realtor. A professional Coldwell Banker Realtor can offer an unbiased opinion on the value of a home, based on many factors and a great deal of information. Without knowledge of the market, your offer could be too much. Or worse, you could miss out on a great buying opportunity. Hire the right person and trust that person to represent your interests.

Buy YOUR home
What do you need and want in a home? Sounds simple, but clearly identifying your needs and bringing an objective view to home shopping leaves you in a much better position. How much space do you really need? Too small and you may feel like you live in constant clutter. Too big and maintenance may become too daunting. Outline all of your priorities, and work on finding not just a great home, but a great home for you.

Check the title
Before you sign any document, be sure the property you are considering is free of all encumbrances. As a part of his or her services, a Coldwell Banker Realtor can supply you with a copy of the title to ensure there are no liens, debts, undisclosed owners, leases or easements against the title.

Update the survey
Before the purchase is completed, an updated survey is essential. This report will indicate boundaries and structural changes (additions to the house, a new swimming pool, neighbor’s new fence which is extending a boundary line, etc.), and will guarantee that you are indeed getting what you pay for.

Minimize the unexpected
For $300 - $500, a professional inspector will conduct a thorough inspection of the home. His/her expertise can mean the difference between uncovering major flaws before or after you own a home. Make the final contract subject to the report’s findings.

Get pre-approved
It only takes a few days to get financing pre-approval. When you are shopping for a home, this gives you more power. A seller is more likely to consider an offer from a serious buyer.

Remember additional costs
Besides the funds for the purchase of a home, you’ll need funds for items such as loan fees, insurance, legal fees, surveys, inspections, etc.

Take a deep breath
Before you sign, ensure that all documentation clearly reflects your understanding and conditions of the transaction. Has anything been forgotten? Don’t rush. You could lose money, financing, or even the sale if you attempt to push things through too hastily.

Did you know the best kept secret in Bahamas real estate is on the island of Exuma?
While other islands in the Bahamas, such as Abaco, the Berry Islands and Eleuthera, are well known as beautiful second home destinations, Exuma hasn’t been in the spotlight as much.
But ask any boater or pilot familiar with the Bahamas to name their favorite home away from home, and they’ll more than likely tell you it’s Exuma.
What’s even more exciting is the new Grand Isle Resort at Emerald Bay on Great Exuma. This residential treasure is tucked away on an ocean ridge overlooking a crescent-shaped powder beach on the Atlantic.
The new 79-villa golf villa resort is surrounded by dazzling seascapes with luxury villas ranging from one to four bedrooms.
Available home sites offer panoramic views over the golf course and surrounding vistas.
Grand Isle is located near Sandals Emerald Bay Resort, an exciting island getaway that features a Greg Norman 18-hole golf course, full-service mega-yacht marina and private white sand beach.
What’s so special about Exuma when there are so many islands in the Bahamas to choose from?
Exuma actually is a chain of islands, comprising 365 cays (small islands and rocks). As its name implies, Great Exuma is the principal island in the chain.
Exuma’s home to the Great Exuma National Land and Sea Park. It’s an enchanting real estate playground dotted with hundreds of private coves and magnificent powder sand beaches, kissed by crystal clear water in the most exquisite shades of blue, turquoise and green. The coral reefs with their amazing sea life are amongst the most beautiful in the world.
Some of the world’s wealthiest people have owned second homes in Exuma, drawn by the beauty and incredibly peaceful existence of these sun drenched islands. If you’re into golf, diving, fishing and exploring, then Exuma may well be your second home destination of choice.

4 U.S. demographic shifts for the coming years will become major forces in the housing markets of both the US and their 2nd home countries. According to Housing in America: The Next Decade, a new research paper authored by John K. McIlwain, senior resident fellow, Urban Land Institute/J. Ronald Terwilliger Chair for Housing, emerging trends in demographics and consumer behavior will result in a residential market very different from that before the recession.

The effects of widespread foreclosures and their drain on market values, and the loss and need to re-establish a private market residential finance system, will be felt more in the U.S. But shifts in housing demand triggered by baby boomers, their children, and by immigrant households will be felt offshore.

Currently, there is an unprecedented number of foreclosures and short sales on the market, and more homeowers are choosing to walk away from the mortgage rather than sustain a large financial loss through a short sale. This suggests a fundamental change from the long-held notion of homeownership as the ultimate American Dream. McIlwain explains that this disillusionment over homeownership - as a way to build wealth - could persist for decades to come, as those entering the housing market will be more apt to rent longer, and to place more emphasis on buying for shelter rather than investment purposes. The shift away from using real estate as a means to build an investment portfolio could be felt throughout the region.

The demographic waves identified by McIlwain include:

1. Aging Baby Boomers (55-64) will continue to work, many will stay in their homes until values recover, and those who can move or invest in a 2nd home will opt for mixed-age environments which offer active lifestyles. This group has lost a very large part of its wealth and ability to invest.

2. Younger Baby Boomers (46-54) also will not be able to sell their homes at what appreciation they intended, and may not move as quickly as in past years. Their ability to purchase 2nd homes will be greatly diminished because of flat incomes and less home equity. They also will be drawn to more compact communities that emphasize connectivity.

3. Generation Y, actually larger in number than the baby boomers, has grown up with computer technology. They value community, places - either virtual or actual - where they gather and share information. They are less interested in homeownership than previous generations, have smaller incomes, and want walkable, connected communities which are Green.

4. Immigrants (in the US), which already number over 40 million, will have a huge impact, especially when extended families are included - children, grandparents, grandchildren, etc. The tendency of immigrants to cluster, and to live in multi-generational households, suggests that they would prefer larger homes if they could afford them and in neighborhoods with a strong sense of community. Any investment in 2nd homes would mirror the “cluster” concept.

All of these 4 groups share the desire to live and work in more pedestrian-friendly, transit-oriented, mixed-use environments. McIlwain concludes, “The suburban century is over. This is the urban century.”

Many will still be able to afford vacation home whole ownership, or fractional ownership shares in vacation destinations, and investments in a property for future retirement. But the numbers of those buyers who will be from the US - according to this study - will dramatically decrease, and their interests in the types of properties considered, with what is left of their disposable income, will - or has already - definitely change. Read more on McIlwain’s report at RisMedia, and visit the Urban Land Institute to learn about the global real estate community.

Although sales in the Bahamas’ second home market were soft last year, the decline
was not nearly as bad as anticipated, according to Prime Minister Hubert Ingraham.
So it’s good to know that while big business was unfortunately particularly vulnerable to the global downturn, private Bahamas real estate sales went ahead, albeit at a slower pace.
Mr. Ingraham noted that second home sales in the Bahamas islands of Nassau, Abaco and Grand Bahama were the most resilient.
It’s expected that the second home and rental market will improve along with the US economy.
Investments in other areas of the Bahamas will also have a positive affect on the demand for Bahamas real estate.
A number of large international companies have been given the green light to open corporate headquarters, sales offices and training facilities in the Bahamas.
This includes Swiss watchmaker Rolex (Caribbean), which has received permission to locate its watch making and repair training centre in Nassau, Bahamas.
Also, Oldcastle Building Products (Caribbean) is to locate its sales office for the region and North America to Nassau.
And Brimac Environmental Group received approval to transfer its corporate headquarters to the Bahamas.
In Exuma, the opening of the new luxury 183 room Sandals Resort has
created jobs for 300 Bahamians.
The nearby Grand Isle Resort and Spa, with its magnificent golf and ocean-front villa-only beach resort of luxury villas and penthouses, is poised to benefit.
In Andros, the small boutique Tiamo Resort is set to be relaunched on Andros Island the upscale Delphi Club in South Abaco scheduled to open in April.
The multi-million dollar luxury golf and marina resort, Albany, in south
western Nassau is moving ahead.
And the $75 million first phase of the Caves Heights condo development
on beautiful West Bay St in Nassau is almost complete.
Mr. Ingraham is hopeful that a number of stalled tourism will kick back into life this year.
And so, while Bahamas real estate has been impacted by the worldwide recession, the economic engine, although sluggish, is still chugging along.