Coldwell Banker Islands Blog

The Bahamas government says it won’t put the lid on government spending on capital infrastructure in 2009.
The Bahamas business community suggested the government should scale back in light of the global economic crisis and the soft tourist market. Tourism is the Bahamas’ number one industry. Bahamas real estate prices are more or less holding steady, except for overpriced real estate listings.
State Minister for Finance Zhivargo Laing said the government knows what’s sustainable and will work with those targets.

If you own a home or land in Grand Bahama and you who want to sell today in the middle of this world economic crisis you have a choice: You can sell in the current market at current market prices or you can wait and wait until you get “your price”. Of course, the second option assumes that buyers will wait for you . If you really want to sell your property today, my recommendation is that you need to forget about the real estate market of just a few years ago and face the new reality that Grand Bahama is now a true buyers’ market, and you will be competing with a growing supply of motivated sellers to get buyers interested in your property. A buyers market basically means that we have more sellers than buyers and from this excess supply of sellers, buyers have more choice and can therefore get better deals because there is greater Supply than Demand. To add fuel to the buyer’s market there are many motivated sellers out there who are competing for buyers and really want to sell their property and therefore are dropping their prices. Grand Bahama always had more sellers than buyers but for the first time based on world economic conditions there are sellers who really want to sell and so many buyers are shopping and looking for great deals and getting them.
If you are a seller do not take this as bad news because there is hope out there … but you have to be smart if you want to sell.
If you want to sell your property today the most important advice I can give you is to Price It Right. Set the price at what you can get, not what you think it’s worth, not what your friends and neighbors think the price should be, not what you need in your pocket, not what the neighbors sold their property for last year, and not what the appraisal that you had done 2 years ago said. In a Buyer’s market it doesn’t matter what you or anyone think your house is worth — the only thing that matters is what a buyer is willing to pay. So the question everyone wants to know is have prices of property dropped in Freeport? Well if you take a look at the MLS and all the local brokers web sites you would NOT think prices have dropped like the rest of the world. Except for a few priced to sell listings the prices on web sites have not come down. But if you dig deeper and look at what is selling you will find out that sellers are very very motivated and accepting offers below the list prices which basically means that prices have dropped. The deals that are closing today have a willing buyer and a willing seller with realistic expectations. If you are a seller and are willing to be flexible with your price than there are buyers out there for you and it is that simple ! If you are stubborn and stuck on old pricing and want to wait until you get your price, I suggest that you take your property off the market until you really want to sell. So if you want to sell Price It Right and if you want to buy now is the absolute best time to buy because there are great buys in every category of property. Until Next week !

Coldwell Banker does it again………. with nothing to install and no extra programming required, consumers may begin their search for a home on Coldwellbanker.com using their Blackberry.

So many people are using their Blackberry to search the internet that the Company launched a mobile version of the website providing acess to its listings. The look of the site has been modified slightly to fit and suit the Blackberry screen, the listings are the same as those on the website.

See the Coldwell Banker For Sale sign displayed on the home of your dreams? Look it up on your Blackberry and give us a call.

Coldwell Banker - We Never Stop Moving…..

The Bahamas Immigration Department is processing an average of 500 work permits a week. It’s part of a move by the Bahamas to clear up a backlog of applications and make the Bahamas more investor friendly.
The minister, Branville McCartney, said his department is working to improve the process for spousal permits and Bahamas permanent residency approvals. This is an important issue to non-Bahamians interested in investing in Bahamas real estate. Currently investors who purchased real estate of $500,000 and more get accelerated approval.

The Abaco economy has been identified as one of the most resilient in the Bahamas.
That’s because of the number of non-Bahamians who have real estate holdings in Abaco, according to Steve Pedican, chief councillor in Abaco.
Commenting on the economic slowdown, Pedican told The Tribune of Nassau that the second home market in Abaco impacts positively on local business, such as restaurants, pubs and grocery stores.

Announcing the West Bay Club in the Turks & Caicos Islands

The newest Five Star Luxury Resort to Open on Grace Bay Beach is the West Bay Club. This resort has taken the guest experience to a new level with their Club Lounge, Concierge Services, Atlantic Bar & Grill, fully equipped kitchens and state of the art electronics and sound systems.

There are 46 suites at this beachfront vacation resort and all enjoy beach views, oceanfront terraces or patios and indoor/outdoor living and dining.

Our feature listing is a second level two bedroom oceanfront suite measuring just under 2200 sq ft, this floor plan features a lock-out second bedroom. Furniture and applicances are included in the purchase price.

Listing Price is $999,000
MLS # 089869

Contact Graham Canham for additional information on this listing with Coldwell Banker Real Estate Turks & Caicos.

Email: grahamcanham@coldwellbankertci.com
Cell: (649) 231-4790

Coldwell Banker conference in Turks & Caicos

Over twenty Coldwell Banker brokers, owners and managers joined Senior Personnel of Coldwell Banker Real Estate Turks & Caicos for the 7th annual Island Affiliates Management Conference.

Coldwell Banker TCI hosted the conference in Providenciales at the exclusive Regent Palms Resort on Grace Bay Beach.

President and CEO Jim Gillespie, along with Island Affiliates Managing Director Jim Reed, met with this group to discuss new strategies and electronic marketing tools, recent initiatives launched by Coldwell Banker, current market trends in the Caribbean and worldwide.

The three day conference included an afternoon trip to Dellis Cay to visit the site of the Mandarin Oriental Hotel, Residences and Spa, to be constructed over the next couple of years.

The conference was well attended and Coldwell Banker brokers and owners from other Caribbean Islands were impressed with the islands and the development that has taken place over the last 6 years.

Creative steps to help offset the slowdown in tourism in the Bahamas are paying off, according to the Ministry of Tourism.
The Bahamas ministry says it partnered with an unnamed airline to offer reduced fares several months ago. As of yesterday, 1,700 round trips were reportedly sold on the carrier to the Bahamas.
Available online only, the offer resulted in the largest number of hits on the airline’s web site in history and some of this demand could not be accommodated, the ministry said.
This emphasizes the edge the Bahamas has over its competitors in terms of proximity. Proximity has also been a key factor in selecting Bahamas real estate.

Investment Opportunity at Astwood Ridge in the Turks & Caicos Islands

The Turks & Caicos Sporting Club at Ambergris Cay is a members only 1100 acre island paradise.

Membership will grant you access to the many amenities on the island - fishing, water sports, horse back riding, diving and snorkeling, fitness and spa, gourmet dining and much much more.

This feature listing, provided by Steve Allen and Nathan G Smith of the Coldwell Banker Providenciales office, is located in Astwood Ridge, offers excellent elevation and 360 degree views.

A unique ownership opportunity, listing price $925,000
MLS # 0810426

Sales Associate Contact Information:
Steve Allen: steveallen@coldwellbankertci.com
Nathan G. Smith: nathansmith@coldwellbankertci.com

Bay Street, the heart of Nassau, Bahamas, is gearing up for a massive revitalisation project. Once a prime piece of Bahamas real estate, the Bay Street area has deteriorated. But the private sector proposes to raise funds through a body to revive the area. The government will allow businesses to import materials duty free to spruce up their Bahamas real estate holdings in the downtown area.