Real Estate Review Everything You Need to Know About Real Estate in the Bahamas
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Welcome to HGChristie's March Newsletter
In our first article, "2007 Bahamas Real Estate", we share valuable insights in the most detailed analysis of the Bahamas real estate market, available only from HGChristie.
Our Highlight features exclusive Sky Beach Clubs, Eleuthera, Bahamas' most innovative tropic living choice.
A brisk overview of creating profitable income from your vacation hide-away is presented in our third article, 'Vacation Home Ownerships On The Rise'.
Also, if you are going to be in Nassau on March 15-16, please come visit us at The Bahamas Real Estate Expo at the Wyndham Nassau Crystal Palace Ballroom. For more information, please visit the Real Estate Expo site.
Please enjoy our newsletter! We stand by to be of assistance as you explore the many pleasures of the Bahamas and the great opportunities in Bahamas home ownership.

John Christie  H.G. Christie Ltd.
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2007 Bahamas Real Estate Market
A Statistical Analysis for the Year 2007*
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According to HGChristie's recently derived analysis of 2007 sales figures, The Bahamas real estate market is vibrant and healthy despite fundamental changes in the American market.
In this analysis, we will look at two types of real estate products, being houses and vacant land, comparing 2007 with 2006.
Please note that a significant percentage of the
sales upon which this report is based are those of HGChristie Ltd. As a
result, the averages in this report - particularly average selling prices - are somewhat higher than
would be observed in the balance of the Bahamas marketplace.
In 2007, the average selling price of a home in the Bahamas was $1,349,949, an increase of almost 10% over $1,227,781 in 2006. Final selling price was 87% of asking price, an increase in selling price strength of 7.2% over 2006's figures of 79.81%.
The top home price in this sample at $25,000,000 with a low of $135,000 for 2007, and a high of $13,500,000 and a low of $70,000 in 2006. These number views are very wide in both years due to two factors: density of sales skewed to the higher end specialized luxury market, and a relatively low sample size.
However, they are worth noting as significant evidence of a robust luxury market, indicating that meanwhile, very affordable homes are also available throughout the country.
Values increased as well, with the average price per square foot of $358.94 in 2006 increasing almost 10% to 389.98 in 2007.
In the vacant land sector, the market seemed to enjoy a similar if not even more pronounced rise profile in the two years studied.
Vacant land sold in 2007 for an average of $419,303 per transaction, an increase of 27.9% over 2006's $327,892 average price. The ratio of final selling price to listing price strengthened from 83.57% in 2006 to 92% in 2007.
The market range for vacant land 2007 was a high of $26,670,000, with a low of $5,000, while 2006 had a high of $16,370,000, and a low of $4,000. Again, these figures are not suitable for direct comparison, but serve as observations and indicators of a wide offering.
As far as value, the average price actually decreased from $12.05 per square foot in 2006 to $8.08 in 2007. This is due to an extraordinary large property sale in 2007 that trended the averages down. With the extraordinary sale removed from the statistics, the average price maintained a similar value from 2006 to 2007.
Average time to sell vacant land showed a notable reduction of 12%.
As a form of comparison, related 2007 market figures for Canada and the United States, albeit both significantly larger than the Bahamas by many factors, suggests the possibility that the Bahamas may be enjoying a shelter from volatility.
Statistics from the CREA, the Canadian Real Estate Association, indicate 7.6 per cent more properties sold in 2007 over 2006.
Meanwhile, according to the New York Times, sales of new homes fell by 26% in 2007.
The trend revealed in our sample shows a 10.6% increase in overall home sales in 2007 over 2006. HGChristie continues to collect market information to assist their clients and customers with key investment decisions.
For further information relating to comparative market analyses and specific studies you may require for your investment project, please contact HGChristie.
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*Basis for Calculations and Disclaimer:
This analysis has been prepared by HGChristie Ltd. Data is drawn from HGChristie's extensive database which includes its own sales and a significant portion of sales by other companies, using publicly available information. In this analysis, statistics have been developed from a sample representing an estimated 30% of the Bahamian real estate market. Although a significant sample, errors may be possible due to variances in unsampled sales. Figures and calculations should be used for the sake of comparison, but should not be relied on as a fully authoritative resource on completed Bahamas real estate sales.
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A Contemporary Island Experience
Sky Beach Club, Eleuthera
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FEATURE
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This spectacularly modern approach to island living (HGChristie Listing ES10848) is just one of forty homes located at Sky Beach Club, Eleuthera.
Luxurious tropical living awaits the lucky new owners - stunning contemporary floor plans, spacious bedrooms, patios flowing from the interior space, pool, and plenty of glass to drink in the magnificent expanses of Eleuthera's blue waters.Ownership is club-style with a dazzling array of amenities - infinity edge pools and spas, and to ease travel to your new home at Sky Beach Club, private jet service.
Commanding an elevation of 135 feet, the Sky Beach clubhouse is the crowning gem. Overlooking the pink-hued shores of the Atlantic's remarkable crystal-clear waters, a world-class Five Star restaurant awaits you.
The club's cocktail bar will have you enjoying Eleuthera's incredible views, and perhaps no surprise, but the vistas from the second level fitness centre make your workouts unforgettable.
Sky Beach concierge services are at your beck and call twenty four hours a day for your every need. Anything and everything you desire is at your pleasure. Our largest floor plan features 3 bedrooms and 3 bathrooms, perfect for large family gatherings or a romantic getaway for couples.
Homes offer a variety of bedroom configuration choices with private terraces and privacy for each bedroom, kitchens made for entertaining, full views of the ocean over spacious decks, pool and spa, and much more.
All properties will come complete with everything you consider a must in luxurious living... central air, nine to ten foot plus ceilings, gourmet kitchen with all stainless steel Viking appliances, custom cabinetry throughout, ceiling fans in most rooms, and more.
Standard extras are deluxe - satellite TV and internet hookup, washer dryer, and golf cart and charger, among much more.
High-end contemporary furniture design creates incredible living spaces, drawing inspiration from modern Asian design. Two color palettes set the tropical mood - warm tones - mandarin orange, deep gold and splashes of hot pink and red, and cool tones - deep turquoise, sea green and a hint of violet.
Each home and villa at Sky Beach Club comes with a fully appointed accessories package, from cookware to serving-ware and everything in between, you'll be well-prepared for every occasion; from a candle-lit dinner for two to a sumptuous party for eight.Home prices in Eleuthera's stunning Sky Beach Club range from the low $700's to $3.1 million, with floor plans up to 3400 square feet of luxury island living at its absolute best.
For the most innovative and contemporary tropical home offer in the Bahamas today, one has only to look to Sky Beach Club, Eleuthera.
The Sky Beach Club is an exclusive offer of HGChristie. We have assembled comprehensive introductory information that you may view by browsing to our site. The Sky Beach Club website also presents a full complement of information.
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Vacation Home Ownership Returns On The Rise
Improving Your Returns on Second Home Investments in The Bahamas
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Developing profitable revenue from second/vacation homes is related to three key factors: cost of investment, percentage of capacity, and ongoing costs spent operating.
With historical good demand for vacation rentals continuing to steadily increase, Bahamas properties remain attractive as combination personal getaways and income-generators.
On the conservative end, delightful beachfront properties can be purchased for as little as $260,000 (HGChristie listing DS10585). If a 40% occupancy can be achieved at a weekly rate of $1,500 with typical operating costs, your second home will return a rate of 10%+ annually. This can be improved with marketing, as occupancies of 60% and higher are possible when your property is placed in a professional rental management program.
For a more extensive property, the arithmetic is the same, just scaled upward.
Let's say you purchase a property at $700,000, renting it at $4,000 per week, again looking at a target of 40% occupancy. Projecting costs of $2,000 per month for maid service and operating, return for this vacation revenue property would be in excess of 8%. Again, your occupancy figures can be increased dramatically with marketing exposure and promotion.
The keys to profitable investment in a second/vacation home is to purchase well in an attractive location, have good control on your operating costs, and to promote the property to a waiting audience.
For each of these critical components - purchasing well from a wide selection, having your property professionally managed, and extensive effective renter promotion - HGChristie is able to assist you with market-leading advice and results-oriented rental management.
So go ahead - use the largest offering of choice up-to-date Bahamas property listings at HGChristie.com. Select from a galaxy of attractive beachfront and getaway condo properties. Then contact us to begin planning your next profitable investment - a Bahamas vacation home that more than earns its own keep.
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HGChristie Office Directory
NASSAU |
Head Office: Millar's Court P.O. Box
N-8164 Nassau, Bahamas Phone: (242) 322-1041 Fax: (242)
326-5642 sales@hgchristie.com
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ABACO |
Abaco
Main Office: P.O. Box AB-20777 Marsh Harbour Abaco, Bahamas
Phone: (242) 367-4608 Fax: (242)
367-5452 abaco@hgchristie.com
Hope
Town/Elbow Cay Abaco, Bahamas Phone: (242) 366-0700 abaco@hgchristie.com
Great Guana
Cay Abaco, Bahamas Phone: (242) 365-5454 guana@hgchristie.com
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ELEUTHERA |
Eleuthera Main Office: P.O. Box
EL-25 Governor's Harbour Phone: (242) 332-3404-5 Fax:
(242) 332-3406
Governor's Harbour Eleuthera,
Bahamas Phone/Fax: (242) 332-2503 eleuthera@hgchristie.com
Windermere
Island Eleuthera, Bahamas Phone: (242) 334-2298 Fax: (242)
334-2818 windermere@hgchristie.com
Harbour
Island Eleuthera, Bahamas Phone: (242)
333-3375/6 Fax: (242)
333-3374 harbourisland@hgchristie.com
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EXUMA |
P.O. Box
EX-29178 George Town, Exuma, Bahamas Phone/Fax: (242) 336-2274 exuma@hgchristie.com
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GRAND
BAHAMA |
P.O. Box F-42498/#360 Freeport, Grand Bahama Phone:
(242) 351-8501 Fax: (242)
351-7491 grandbahama@hgchristie.com
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TURKS &
CAICOS |
P.O. Box 264
Providenciales Turks & Caicos Islands Phone: ( 649)-231-2110 Fax:
(649) 342-1522 sales@hgchristie.com | |
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