The Tribune

A southeastern New Providence real estate development yesterday said it will open reservations ahead of schedule for the third phase of its luxury condominium complex, The Anchorage, after demand outpaced supply in the first two phases.

Palm Cay’s developers said success to-date, and the response to the reservations system offerings, has surprised even them.

“What we have found was instant demand that was higher than we anticipated for single storey living,” said Palm Cay’s director of sales and marketing, Zack Bonczek.

“The combination of affordably priced, spacious three-bedroom units with very reasonable homeowner fees, located in an active waterfront community with clubhouse, restaurant, pools, tennis courts, 24-hour security and a marina with all the facilities, has proven to be the sleeping giant of the residential offerings.”

Despite the demand for single storey living, Mr Bonczek said there was continued interest in the two-storey models.

He added: “So the next phase will differ from the first two, in that there will be three different floor plans, single and two-storey, and both with two and three bedroom options.”

The condos are the latest residential options at Palm Cay, which is designed to have about 350 residences by the time of its scheduled 2017 build-out.

The developers said 80 per cent of the single family lots have been sold. Sales on both garden and oceanfront townhomes have picked up in recent months, with both being more than 50 per cent sold-out.

“We started with townhomes and single family lots, planning to add other residential options later,” said Mr Bonczek.

“But we had so many requests for single storey condominiums with an open floor plan and affordable price tag, that we advanced the plans and launched Phase 1 of The Anchorage ahead of schedule.

“It was oversubscribed almost immediately, and we found the same positive response with Phase II, so we are ready to release Phase III.” The first two phases made up 20 of the 50 units.

Pre-construction pricing for The Anchorage’s Phase III will be announced within days. Phase II’s three-bedroom units, almost 1,500 square foot in size, and which sold for $375,000, have already appreciated with several offers for re-sales - reflecting pent-up demand.

“I don’t think there is anything that can compare to it in New Providence,” said Mr Bonczek. “Palm Cay Marina is the closest to Exuma, and with 194 slips, it is the largest in New Providence in terms of capacity.”

Phase III is being sold on a reservations basis, with a reservation call event after the publication of the offer. Reservations accompanied by a fully refundable $5,000 deposit are processed on a first-come, first-served system.