The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Baha Mar’s delayed opening is “almost a good thing” for the property market because it has not sparked any major price inflation, a realtor believes.

Ryan Knowles, an agent with H. G. Christie, told Tribune Business that it had been “business as usual” for high-end real estate in western New Providence, with communities such as Albany, Old Fort Bay and Lyford cay continuing to perform well.

He said the $3.5 billion Baha Mar project would act as “bonus extra” that would help to drive real estate sales, but its delayed opening gad not caused “any kind of price deflation” in the market.

“I think it’s business as usual,” Mr Knowles told Tribune Business. “Look at it from this perspective. Baha Mar, five years ago, didn’t exist. It was still a concept, but Albany, Old Fort Bay, Lyford Cay and Nassau were still attractive places, and had very high-end clientele.

“To me, Baha Mar is a bonus extra. It’s going to have a significant effect, but to me it’s business as usual. Albany, The Cliffs, have done very well, as has ONE Cable Beach.

“It’s almost a good thing Baha Mar was delayed, because when it does open it will push the market up that much more. We haven’t suffered any kind of price deflation due to the delay.”

Mr Knowles said ONE Cable Beach had already undergone three price increases, adding that international buyers were “protected from a lot of what happens” both in the Bahamas and internationally.

“The Bahamas is still looked at as a safe haven,” he added. “We have Europeans who, when things go wrong in Greece and France, come to the Bahamas and invest their monies.

“For them, the price point makes sense, and they feel they’re getting good value. It’s still a very attractive place for real estate investments and people looking to relocate. It’s been a good summer. Summer is usually slow, but not this time.”

Mr Knowles said the 11-unit The Cliffs complex, for which H. G. Christie is the exclusive listing agent, was already 50 per cent sold prior to it holding the official launch planned for end-October 2015.

The condo complex, located on the Cable Beach waterfront opposite Sandyport, has seen another two units rented, just one month after construction work was finally completed.

H. G. Christie is targeting a total $11 million in sales revenues from The Cliffs, which was developed by Trevor Wright and Leon Blaiweiss, and their Seawish Development Company.

The duo, who were behind the Columbus Cove and Love Beach Walk developments, have constructed more than 100 luxury units on New Providence, having also built homes in communities such as Old Fort Bay.

Mr Knowles said the rental rates achieved at The Cliffs were “very, very high”, with one unit leased for $12,000 per month, and the other for $9,000.

“People were definitely taking a wait and see approach with The Cliffs,” he told Tribune Business of a project that began construction in mid-2014, “looking at when Baha Mar would be open, and if it affected the market.

“We all know what happened; it didn’t happen. It’s been a bit challenging, but The Cliffs goes to show you there’s still demand, there’s still buyers and renters out there who want a very high quality product and will pay to get it.

“We’ve not done a launch event, and not had a model unit. Now we have a model, we will be doing a big launch event at the end of October. It will probably be the first time persons see the development, and hopefully we will be able to sell it fairly quickly.”