$6M Devonshire To Rise Off Riviera
A $6 million development, set to break ground next month, marks yet another real estate option in western New Providence for young professionals, Guardian Business can reveal.
The Devonshire will be located in the heart of Cable Beach, just down the street from the Bahamian Riviera and the upcoming $3.5 billion Baha Mar resort.
Ryan Knowles, an estate agent at H.G. Christie Limited, the development’s exclusive sales and marketing agent, confirmed to Guardian Business that the $6 million project will be marketed to young professionals, as there continues to be limited options for this demographic. The 20-unit development will consist of two and three-bedroom units starting at $239,000, making Devonshire Nassau’s newest affordable gated community.
“When I sat down with the developer, I stressed to him that there is a lack of affordable product in safe, secure, desirable areas for young professionals. The cost of buying a vacant property and building a home, it’s almost prohibitive,” according to Knowles. “You just simply can’t afford it. You might be able to afford the lot but you can’t afford to build the house. You might have an uncle or relative who is a contractor, but you can’t afford to buy the lot. I think this new development will fill a void in the market.”
Knowles pointed out how high maintenance fees have also been a problem for young first-time buyers. It’s an issue that has been addressed in this latest development.
In total there will be four buildings, two with six units and the other two with four units apiece. All of them will be spacious end units. They are expected to have modern finishings and contemporary furniture. Amenities include a swimming pool and a jacuzzi.
The maintenance fees are going to be very low, Knowles added. In similar communities, he noted that maintenance fees tend to be so high that potential buyers become discouraged, even after qualifying for a mortgage.
“We have worked very hard with the developer to create a product that allows for low maintenance fees with the young professional in mind,” the realtor said.
The company’s Vice President John Christie shared with Guardian Business he believes the western New Providence development will have a positive impact on the real estate market. He is confident that product will be able sell, as there is a need for townhouse properties in that price range.
“Especially with Baha Mar coming, the timing is right. I think they should be able to sell fairly well. Once Baha Mar gets going, the value of property will increase over the next few years. Over the years, the prices have come down so it’s a good time to buy as we move out of the recession,” Christie added.
Groundbreaking is for scheduled for late November, with a projected occupancy date of December 2013.
Earlier this year, Knowles told Guardian Business that Baha Mar has established a “magnetic pull” attracting young buyers in that direction.
“It’s just natural progression. The east is already built out and there isn’t much land for new development. Probably 90 percent of all new development in the last 10 years has taken place in the west and southwest due to the availability and affordability of the land,” Knowles shared.
He said The Devonshire is part of an emerging trend whereby communities in western New Providence are trying to attract the young professional market.
By Scieska Adderley
Guardian Business Reporter