Coldwell Banker Islands Blog

Taste Of Grand Bahama Blog Visit the new Taste Of Grand Bahama Blog by clicking the link. Taste Of Grand Bahama is a blog written by both Lyndah Wells (Editor), James Sarles and other Guest bloggers. We write about events and simple pleasures of living life here in the idylic island of Grand Bahama. We try to provide honest and informative information on things to do here,unbiased reviews about restaurants to visit- we blog about events taking place here and really about how to make Grand Bahama a home away from home. We look forward to your feedback.

The Grand Bahama Port Authority (GBPA) announced the project to construct a new bridge, to carry the Grand Bahama Highway over the Lucayan Waterway.

Director of the Port Group of Companies Sir Jack Hayward said the new four-lane, concrete bridge will connect East and West Grand Bahama across the Grand Bahama Highway. The bridge would also be able to accommodate a more weight than the old Casuarina Bridge, and create job opportunities for some 40-50 persons.

In addition to the new bridge, Mr. Hayward said that there is an investor who is interested in developing the Dover Sound area with the construction of a hotel, marina and restaurant. He noted, however, that the investor will not pursue this endeavor unless a bridge is constructed connecting the highway.

As reported in The Bahama Journal, “Graham Torode, President and CEO of the Grand Bahama Development Company noted that this key piece of infrastructure on the island would give Grand Bahama a tremendous advantage in terms of attracting investment to the island.

“‘This bridge is going to be a substantial piece in that jigsaw,” he said. “Not only will it connect the two sides of the island…but it will also open up further investment on the eastern side of the Grand Lucayan Waterway, where over the next twenty or thirty years, we believe that this is where the majority of investment is going to be,” Mr. Torode said.’”

As more homebuyers and real estate agents use the internet to research properties, first impressions are more important than ever. Before scheduling appointments or visiting open houses, homebuyers and their agents will often drive by homes for sale and make assessments based on the exterior. More often than not, if a homebuyer doesn’t like the outside of a home, they won’t care to see the inside. Yet, it is possible to dramatically alter the appearance of your home with a few simple tasks. As you prepare to list your home, consider implementing some of the tips mentioned here to maximize your property’s curb appeal.

Before you begin making repairs to the exterior of your home, you may want to analyze your home from a distance. Look at your home from the outside and try to pinpoint the best and worst qualities of the property. As you walk towards your home, try to make note of both your first impressions and any elements that stand out. When looking at your home from the exterior, you may also want to compare its appearance to other homes in the neighborhood. This holds true for both single family and condos. While you may feel as if you know the details of your home intimately, this step can help you think like a potential buyer and assist you in maximizing the curb appeal.

When it is time to get to work, you should approach the exterior of your home in the same way you would a bedroom or kitchen. Just as you wouldn’t want a prospective home buyer to see dirty dishes in your sink, you want to make sure the front of your home is as attractive as possible. While the chores associated with maximizing curb appeal will differ from home to home, the following are the most common and effective methods of enticing potential buyers indoors for a closer look:

^Paint ^ Perhaps the most effective of all pre-sale repairs, a simple coat of paint to the exterior, doors, windows, and trim can make your home appear well cared for and in good condition. When painting the exterior of the home, you may also want to consider if new door knobs and other hardware could boost the appearance of your home. If you don’t replace any of the metal on the exterior of your home, polishing brass hardware and cleaning or painting iron fences can also give your home a fresh look.

^Lawn ^ There are a number of landscaping tricks that may improve the curb appeal of your home. First, the lawn should be mowed, raked and edged. Next, try to thoroughly weed all planter boxes, trim larger plants and include some extra flowers near the front of the house. If any large trees hang over your home or obscure the view from the street, you may want to cut away some large branches. You may also want to consider investing some extra money into landscaping by hiring professionals to make your front yard as attractive as possible.

^Windows and Gutters ^ Much like the fresh paint applied to the exterior, taking time to clean the windows can certainly change the appearance of your home. Likewise, try to keep your rain gutters free of leaves and debris as you never know where a potential homebuyer might look.

^Driveway ^ If you have an old, cracked driveway, hiring a professional to reseal the surface can add to your home’s curb appeal. If the driveway rests in direct sight in front of the home, this step can become even more important. If you have off-street parking without a carport or garage, make sure the area is clean and tidy (see Lawn above).

^Lighting ^ As potential homebuyers could drive by your property at any time, you want to make sure your home is inviting at night. By installing outside lighting - even a front porch light ^ you will dramatically boost your home’s 24/7 curb appeal. If you anticipate potential homebuyers coming onto the property after dark, calm lighting that lines the driveway and path to the front door can put your visitors at ease.

^Pressure Clean ^ This process can be applied to both the exterior of the home and the driveway. Just one treatment can eliminate years of dirt, mold and mildew from your property.

If you need to improve the curb appeal of your home before putting it up for sale, the best tool could be your ability to think like a buyer. By repairing or minimizing your property’s flaws and drawing attention to key selling points, you may be surprised by the responses you receive from potential homebuyers. Contact your local Coldwell Banker agent for specific suggestions on how to Improve Curb Appeal to Sell Your Home.

Pelican Bay resort at Lucayahas launched a new look and logo, “Meet Happy” to show the hotel’s new focus on experiences for meetings, weddings, and guest stays rather than just a place to vacation.

According to general manager, Magnus Alnebeck, this perspective was necessary as more and more persons began staying at the hotel for a predetermined purpose rather than vacation. “Increasingly Grand Bahama is becoming more of a destination where we have so much more visitors as opposed to tourists who come for vacation.

“It makes every sense for the resort to embrace this situation and reposition itself to cater to this market,” Alnebeck said.

The resort has embarked on a multi-million dollar project to enhance the experience of guests. By 2010 the Canal House, a five-storey, 30,680 square foot building at the entrance of the property, will be completed and house meeting rooms and conference spaces for events, while continuing to offer vacation experiences to their guests. Alnebeck wants “Every business person to know that Pelican Bay is the hotel of choice when visiting Grand Bahama Island.”

Read more at Freeport.NassauGuardian.net.

When is the best time to buy a house? With so many homes on the market and a sluggish market, now might be one of the best times in recent memory to buy a home. While buyers have the advantage in today’s real estate market, they still need to be savvy in order to get the best deal.

Throughout history there have always been business cycles of recession and recovery which correlate to great real estate markets and soft markets. In other words, the direction of economic activity eventually changes so now that the market is down you have to be prepared for the market to recover. Many times in these past cycles, the world economy started to recover well before anyone really realized that the recession was ending.

If you keep a watchful eye on the news even when the statistics show high unemployment and it looks like a vicious downward cycle that will never end, the economy could actually be on its way to recovery. In the Caribbean, we are directly influenced by the world economy and as things get better in the world investors will return to the island and we will get back on track.

I truly believe that Grand Bahama has an opportunity to meet its potential even though we sometimes feel that it will never get ahead. If the Government, The Port Authority and all of the members of the community do their part in being productive and make good decisions things will turnaround. It only takes a small shift to get the magic back in the Magic City. When the world economy begins to rebound, and the projects on the drawing board ^ like the new cruise port, medical tourism, better airlift, attracting more foreign investment through new industry, efforts to attract second home owners, re-opening of Xanadu and Royal Oasis, refurbishment of the International Bazzar, expansion of Ross Univer-sity, new Maritime Univer-sity and more amenities for visitors ^ come to fruition, you will see a dramatic shift in our local economy which directly affects every individual and the real estate market.

So here are some things I urge homebuyers to keep in mind while the market is soft and it is a buyer’s market with a lot of property on the market and good deals all around:

* Don’t try to time the market: when home prices are low, it is very tempting for buyers to wait as long as possible in the hopes that prices will decline even further. This strategy can be detrimental. Once a home is priced to what the current market will bear, buyers will make offers. It is best to make an offer based upon the prices at which similar homes in the market are selling for. In a buyer’s market, there are more opportunities for negotiations, but making an offer is the right step. If you find a great deal on a house that has great future potential if you wait too long you might miss the opportunity and the market may climb and the owner may raise the price. So now is the time.

* Take your time ^ to a degree: the increased supply of homes on the market gives homebuyers a great opportunity to evaluate a variety of properties. However, this does not mean that homebuyers can procrastinate. Don’t be a “wouldof couldof shouldof.” Be a proud owner of a great house at a great price. If you find a great deal go for it.

* Homes are selling: properly priced homes are selling. There is property selling for realistic market prices and buyers are getting great deals that they will be proud of in years to come.

* Watch the mortgage rates: while it is true that mortgage rates have risen over the past few years, the increase has not been so dramatic as to significantly impact a monthly mortgage payment. Be sure to watch the rates and do the math carefully, because changes in mortgage rates are not necessarily cost prohibitive.

* Negotiate on the incentives: Sellers eager to move their homes may offer a variety of incentives such as cars, boats furniture, and other deal sweeteners. Before accepting an incentive, make sure it makes sense.

This is one of those moments in history where a savvy investor has the opportunity to do very well in real estate. I wish you all great success in your real estate hunting. There are many skilled BREA (Bahamas Real Estate Association) agents in Grand Bahama who can help you make your dreams a reality. So call them and get your piece of Paradise!

Be a Real Estate Investor - 10 Important Secrets

When it comes to investing, everybody has certain goals and aspirations. However, we have found that there are certain guidelines every aspiring real estate investor needs to know:

1. Compare Property Values and Rents

Financial statistics only go so far; the best measure of a property’s market value is often the sale prices of nearby properties. The same holds true for area rents. A low price can often be justified by a reasonable rent; renters who can afford a high rent can afford to buy instead, so reasonably priced rent is a need.

2. Be Careful - Tax Laws May Change

Don’t base your tax investment on current tax laws. The tax code is constantly changing, and a good investment is a good investment regardless of the tax code. The right property with the right financing is what you should look for as an investor.

3. Specialize In Something You Know

Start in a market segment you know. Whether you focus on fixer-uppers, foreclosures, starter homes, low-down payment properties, condominiums, or small apartment buildings, you’ll benefit from experience by specializing in one aspect of investment real estate properties.

4. Know The Costs Going In

Know the financial statements inside out. What are operating expenses? What are loan payments? Vacancy costs? Taxes? What does the cash flow statement look like? These are key issues that must be addressed before making a solid investment.

5. Know Where Your Tenants Are Coming From

If the last rent increase was recent, your tenants may be considering a move. If tenants have a short-term lease, they may be living there simply to attract unsuspecting buyers. It is also important to collect the tenants’ security deposits at closing.

6. Assess The Tax Situation

Taxes are an integral part of successful real estate investing, and they often make the difference between a positive cash flow and a negative one. Know the tax situation, and see how it can be manipulated to your advantage. It may be a good idea to consult a tax advisor.

7. Investigate Insurance Coverage

If seller’s coverage is based on lower-than-current replacement value, your insurance cost may increase when you pay a higher purchase price.

8. Confirm Utility Costs

Ask the local utilities to verify recent utility expenses, especially if any of these costs are included in your tenant’s rent.

9. Consult Your Accountant

Taxation is a key element of successful real estate investing, so be sure to find an accountant who is well-versed with the constantly evolving tax code.

10. Inspect

Make sure that you always perform a thorough inspection of the property before buying it. Never, ever buy any property without at least examining the site. In some cases, hiring professional inspectors to examine the structural mechanical system may be a sound investment.

The process leading up to making an offer on a home can be a daunting. After you’ve found the right property, you will still need to assess various factors that can impact both the details of your offer and the seller’s willingness to work with you. After you have been prequalified for a loan, and are ready to make an offer on a home, start by getting some information about the seller and their motivation. Ask these directly when you tour the home, or make sure your Coldwell Banker agent gets you the answers. Here are some probing questions:

1. Why are you selling?

In some sense, what you are really asking is, “How motivated are you to sell your home?” Assessing the type of answer you receive to this question will help you and your Realtor structure a potential offer. For instance, if the homeowner has already purchased another property or the family is trying to relocate, you might be dealing with a flexible seller.

2. How much did you pay for your home?

If you don’t want to ask this directly, have your Coldwell Banker agent find out through the tax records. This might seem like privileged information, such statistics are actually public record. Generally speaking, the seller who purchased their home for a low price and built up equity in the property over several years may be more flexible when approached with offers. On the other hand, homeowners who haven’t seen such an increase in their home’s value might be more reluctant to lower their asking price.

After gaining an understanding of how the seller might treat a potential offer, you may want to ask questions about the upkeep of the home and the amenities of the surrounding neighborhood.

3. What types of repairs have been done recently?

If you have specific concerns, like pest treatment or a new roof, be sure and convey these to your Realtor. Homeowners will always be happy to tell you about upgrades that have been made to the home, but you may want to pay attention to what isn’t mentioned. It is important to ask because you will be able to tell if a kitchen or bathroom was remodeled after viewing the home or consulting the disclosure document, but you might miss some smaller issues that could impact the details of your offer.

To further protect yourself against surprise renovation costs in a new home, you may want to verify the age and working condition of all major appliances. If possible, check the service records of important appliances (furnaces, water heaters, etc.) as these often serve as markers of a home’s overall upkeep. You can also try securing a monthly estimate of utility costs; these statistics will not only help you estimate future costs but could potentially highlight unhealthy energy consumption within the home’s infrastructure.

4. What can you tell me about the neighborhood?

Allow the seller to tell you the good and the bad. By asking the seller for their overall impressions of the neighborhood, you will probably learn things about the area that a more specific question might not have yielded. Follow up the seller’s initial response with questions that are important to you and your family. Based on your needs, you could ask questions like the following: Is there any new construction planned in the neighborhood? What are your thoughts about the nearest schools? Are any businesses or schools scheduled to close? How would you describe the neighbors?

The research you conduct with your Coldwell Banker agent prior to making an offer is one of the best ways to ensure that your family finds the right home for the right price. As you approach the offer stage, remember that you are not alone and can work closely with your Coldwell Banker Realtor to learn as much as possible about the property and the details of the buying process. Don’t be afraid to ask for help if you have questions or concerns about a potential offer. Though the process of making an offer on a property may seem stressful, your diligence will pay off when you finally find a house to call home.

JetBlue Airways is pleased to announce “The But Wait, There’s More!” ten day sale for fall travel to more than 56 destinations in the carrier’s network, with fares starting as low as $29. With fares just $29 between Fort Lauderdale and Nassau, Bahamas, travelers can save big on fall travel. Customers must book travel online at www.jetblue.com by Wednesday, August 5, 2009.

For instance,

New York JFK to/from Nassau - ONLY $99
Boston, MA to/from Nassau - ONLY $99
Orlando, FL to/from Nassau - ONLY $49

There are many specials to other Caribbean destinations you could visit and include the Bahamas in the itinerary. Fares require up to a 14-day advance purchase. Fare sales are one way. Certain restrictions and blackout dates apply (a). Travel must take place between September 8, 2009 and December 16, 2009. Travel must be completed by December 16, 2009.

About Jet Blue Airways(from their press release)

New York-based JetBlue Airways has created a new airline category based on value, service and style. Known for its award-winning service and free TV as much as its low fares, JetBlue is now pleased to offer customers Lots of Legroom and super-spacious Even More Legroom seats.

JetBlue introduced complimentary in-flight e-mail and instant messaging services on aircraft “BetaBlue,” a first among U.S. domestic airlines.

JetBlue is also America’s first and only airline to offer its own Customer Bill of Rights, with meaningful and specific compensation for customers inconvenienced by service disruptions within JetBlue’s control.

JetBlue currently serves 56 cities with 650 daily flights. New service to Baltimore begins on September 9. The airline also intends to commence service to Barbados (October 1); Saint Lucia (October 26); and Kingston, Jamaica (October 30).

See you in the Bahamas!

(resource: PrNewsWire)

The Bahamas Hotels 2009 brochure is offered at the online travel guide, Caribbean.com (http://www.caribbean.com). The 2009 brochure in PDF format is titled ‘The Bahamas Hotel Guide’ and is available for free download. The online brochure for Bahamas hotels presents an elaborate overview of hotels featured at Caribbean.com for visitors planning a Bahamas vacation. Visit http://www.caribbean.com/pdf/bahamas-hotels-2009.pdf to browse and download the Bahamas Hotels 2009 Brochure.

Caribbean.com features an extensive list of Bahamas hotels, resorts and accommodations available at New Providence Island (Nassau and Paradise Island), Grand Bahama, Abaco and the Bahamas Out Islands. Apart from hotels, the online Caribbean travel and destination guide also provides information about the activities presented in The Bahamas such as eco-adventures, marine encounters and under the sea escapades. Bahamas vacation packages are also offered.

The 2009 Bahamas Hotels guide brochure presents a brief outline of top hotels and resorts such as The Westin at Grand Bahama and The Atlantis resort at Paradise Island. Information in the Bahamas hotels brochure is supported by colored pictures and includes a detailed description of the infrastructure and the facilities available.

In the last few years, home staging has become an increasingly popular method of preparing a home for sale. However, home staging involves far more than the cleaning and minor repairs required to put your home on the market. The process of staging a home is actually an in-depth dressing of a home to make the property seem as appealing as possible to prospective buyers. Home staging professionals use a variety of methods to help homeowners sell their properties, incorporating both amenities already inside the home and a number of special products. When preparing to sell your home, you may want to think about some of the home staging methods outlined here to help you find the right buyer.

Props

At its most simple, home staging is about setting the right mood for prospective buyers. By decorating and arranging a home’s interior to present an ideal way of life, buyers are assisted in visualizing themselves in your home. Whether you undertake the process of staging your own home or decide to consult a professional, there are a number of different “props” that may be used around the home. For example, to add a vibrant sense of life to the home, many home staging professionals recommend using different types of potted plants and arrangements of flowers and fruit. Throughout the home, they tend to utilize soft, luxurious fabrics ^ such as satin, lamb’s wool and silk ^ to create an atmosphere of comfort. This process can also extend to the exterior of the property, where patio furniture can be added in the backyard and colorful flowers or unique accessories outside the front door.

Visual Suggestions

Many home staging professionals come from interior design or art-related backgrounds. Hence, when working on staging a home for sale, these professionals utilize a number of visual tricks to capture the attention of potential buyers. For instance, furniture is always arranged very carefully to simulate the ideal living space. In living rooms, home staging professionals often use loveseats and ottomans in lieu of large couches to create the illusion of added space. Likewise, mirrors are often placed throughout a staged home to make the living area seem larger to potential buyers. In areas where you hope to focus a buyer’s attention ^ like a remodeled kitchen ^ staging professionals can place unique artwork or accessories to catch the eye.

Don’t get Personal

One of the most important steps in home staging is the exchange of your personal decorations with more neutral furnishings. Beyond replacing family pictures with more design-friendly items, a successful home staging will attempt to eliminate any idiosyncratic tastes and represent a living space that has broad appeal. Though this process may feel like a slight on your family’s home, you should hardly take offense. This commonly used tactic simply helps potential buyers view the property not as someone else’s home, but as something they can call their own.
Most real estate experts claim that home staging is especially important when the home is empty. Without any furniture or amenities, even a home for sale in the most attractive area can make potential buyers feel uncomfortable. If you are trying to sell your home and have already moved out, you may want to consider working with your Coldwell Banker agent to stage the home’s interior. With the assistance of your agent and a home staging professional, you could quickly transform a lifeless house into dream home.

Put it All Together

In the end, home staging is about making the most of your home’s potential. If the staging of your home is completed effectively, it is also possible that your home may receive better offers from potential buyers and spend less time on the market. By minimizing the flaws of your home and making the living area seem larger, brighter and more appealing, home staging may be one of the most important steps in selling your home quickly and at the right price.