The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A SOUTH-west New Providence development yesterday revealed it will increase prices for the second time “in a few weeks” after earning $15m from selling 35 percent of its available lots within five months.

Ryan Knowles, also founder and chief executive of Maison Bahamas Real Estate, told Tribune Business that while not all remaining lots at Windsor Lakes will be impacted the increases on certain options “won’t be insignificant” due to the level of buyer demand for lakefront living.

Describing the community, located in close proximity to Albany and Adelaide

Village, as “a truly unique product”, he disclosed that buyer inquiries and actual sales since marketing of the project started in August last year have thus far exceeded expectations.

With around 60 of Windsor Lakes’ total 173 multi-family and single-family lots already sold, Mr Knowles told this newspaper that the development’s promotional website has received around 1,000 inquiries from potential purchasers during the first four to five months.

He asserted that the interest “signals the market has been waiting” for a community targeted at middle and upper middle income price points, with lot prices starting at $205,000 and going up to $400,000, and home packages costing between $895,000 and $1.2m.

And Mr Knowles also suggested that a lakefront gated community “has never been done in Nassau before on this scale”, with the closest comparison being the homes that border Lake Cunningham. He added that the lakes at Windsor Lake, which will be a central or anchor feature for the community, are scheduled to be completed by the end of February 2024.

“Things are going very well,” the realtor said of the sales drive and infrastructure build-out. “We’ve had a pretty incredible response since we launched the project in August. I would say we are ahead of expectations.

“We did expect it would resonate with the public, and we would have a lot of interest but, generally speaking, we didn’t expect to have so many sales early given that the community is 12 months away from being fully finished.

“So to be at 35 percent sold within four to five months is incredible. We’re approaching; we’re just around 60 or so lots sold. We have 173 lots total, with 37 multi-family and 136 single family.” Mr Knowles said Bahamian buyer interest had been “very strong; possibly stronger than anticipated”, with doctors, entrepreneurs and attorneys all among the purchasers and inquiries.

“It’s really been interesting to see the diversity of the buying persons and the different reasons people are buying,” he added. “We’re up to $15m in sales and counting. As people see the progress on the site, and see the roads coming together and the lakes, which will be completely finished by the end of next month, they understand the vision and attraction of lakefront living.

“There has never been, in Nassau before on this scale, a lakefront gated community as such. There’s various houses on Lake Cunningham, but to have a gated lakefront community with multiple amenities, it’s something that doesn’t really exist in our market and is really resonating with buyers.”

Lake Windsor’s principal developers are former Chamber of Commerce chairman, Robert Myers, and Bahamas resident, Michael Huttman. Besides Bahamian professionals, Mr Knowles said buyers to-date are persons both seeking extra space and to escape condo living and those wanting to downsize and accept a “slightly smaller package” than in Lyford Cay and Old Fort Bay but without compromising on quality.

He also pointed out that, unlike other communities, Windsor Lakes will permit short-term as well as long- term rentals and leasing. Mr Knowles said he had yesterday spoken to a man from Winnipeg who had located the project’s website and is seeking to construct a holiday home for himself. When not in The Bahamas, the property will be rented out to others.

In response to market demand, Mr Knowles revealed: “We are doing a price increase; a second price increase. This will be the second one going into effect in a few weeks. In all the sales we’ve done so far, the best lots go first, which is generally what happens.

“We want to make sure we’re getting top dollar for our lots, and reward who bought in early back in August. Their property values are going up and appreciating. There’s a lot more that people can now see and appreciate and, for reason, we are inching prices up a bit and will probably do that a couple more times before the development is completed.”

While declining to reveal the extent of the upcoming increase, as it has yet to be decided, Mr Knowles said: “It won’t be insignificant. It will be a fairly substantial increase on certain lots; not every lot will be increased, but certain lots will go up because of the level of demand.

“Our prime lakefront lots have been selling well, and we want to make sure the price reflects demand, so we just want to bring those things in line. It’s really a truly unique product on the market. The area, back in Adelaide, it doesn’t feel like you’re in Nassau; it feels like somewhere else. It’s something that’s very different and unique to our market; it’s something we haven’t had before.”

Mr Knowles said buyer response “does definitely signal the market has been waiting” for price points and inventory targeted at the middle class, with vacant lots now especially hard to find in communities such as Sandyport and Charlotteville.

“Just through our website we’ve had something like 1,000 inquiries,” he added. “We’re going through a lot of them. Because the project is still 12 months’ away it’s a situation where some people want to see it develop and progress before they jump in, but based on the level of inquiries we’re getting it tells you so many are out there looking and is the reason why we need more communities at accessible price points.”