Paradise Island’s 497-unit condo complex, the Reef, is providing evidence of a real estate market revival through $20 million worth of sales within six months.
Of that, $10 million has been sold by one real estate agent, Dana Pinder of Mario Carey Realty.
“The condo hotel provides good inventory for the destination, offering visitors accommodations that feel more like a home than a hotel room,” says Ms Pinder. “But it’s equally attractive for the buyer who can use his or her residence for up to 90 days a year.
“For the remaining nine months, they can place it in the professionally managed hotel programme, with shared revenue between the owner and the management company, in this case, Kerzner.”
The Reef’s director of sales, Eric Mann, said more than 80 per cent of the 497 units are sold. Some 35 of those have been sold in the last six months.
People are seeing the value of owning at the Reef,” Mr Mann added. “It’s a phenomenal property with the amenities of Atlantis, the known quality of the Kerzner brand and the proximity to the major markets of the US and Canada. In two-and-a-half or three hours, people can go from 20 below to 75 degrees and sun.”
Mr Mann also sees the Reef’s success as a sign of economic recovery.
“The past couple of months have been very active,” he said. “We felt the downturn like everyone else, but we recovered quickly because the concept of a condo hotel in this environment is so attractive. The real estate market is definitely coming back.”
Most buyers, he said, are coming from south Florida, the New York area and Canada.