Published On:Friday, March 19, 2010

By CHESTER ROBARDS

Business Reporter

crobards@tribunemedia.net

A GRAND Bahama-based development has sold 90 per cent of its inventory, it was revealed yesterday, with the majority of purchasers coming from the UK and US, and interest in the properties spiking in 2010.

According to a release on International Property Journal's website, the Shoreline project, launched in 2002, has seen steady activity with six houses selling in 2008 and another six in 2009. Only one house on the 76-unit development has been sold this year so far.

"Almost sold out, just eight homes left," the development's website proclaims.

Shoreline Bahamas, which was launched in 2002, has free-standing houses priced between $850,000 and $2 million, with floor areas from 2,610 to 4,560 square feet.

"Buyers can choose from 10 different floor plans, which are constructed within nine months, or they can pick an already-built turn key, move-in-ready house, according to sales materials," said International Property Journal's release.

While the Bahamas saw a slowdown in the second home buyer market late last year, it appears to have picked up in the 2010 first quarter.

Tribune Business reported recently that buyer traffic and inquiries have increased by 15-20 per cent year-over-year. The Bahamas Real Estate Association's (BREA) president, William Wong, said that if recent trends continued over the next several months, the industry would be in "better shape" by July/August this year.

"I know some people are still feeling the pinch, but some offices are showing some signs of business coming back," he told Tribune Business. "My office seems to be getting back into the swing of things, thank God. The local market is picking up, and we seem to be getting some life from the international side.

"Business seems to be improving, and it's a lot better than it was two to three months ago. There are more inquiries, traffic and some people have signed sales agreements, so that's a good sign."

According to the online release, Shoreline Bahamas has seen a "tremendous uptick in activity since January".