“There is no question that we would see an increase in this particular market. There are very few areas that can get developed into large-scale subdivisions at the moment, like an area out east and out west. The developments that I understand are going into those communities are all gated,” Mr. Symonette, from Island Living Real Estate, said during an interview with The Bahama Journal on Tuesday.
“In my constituency, quite a number of people are leaving areas like the Eastern Road and moving to the Lyford Cay, Old Fort Bay, Paradise Island or Port New Providence, all of which are gated communities and provide some degree of security. So there is a definite move.”
Emerald Coast, New Providence’s newest gated community for single and town homes, has started accepting reservations and contracts for homes and home sites this past Friday.
According to the company’s administrator, Erica Laing, since then, there have been anywhere from 50 to 60 inquiries daily.
“We have had a lot of people come in to reserve their lots. We have had people walk in to look at the site plans, look at the security of the area and the layout,” said Mrs. Laing.
“We expected good feedback but I think the rapidity with which it happened took us a bit by surprise. We know that people are looking to get into more secure areas, but we were surprised by the immediate response that we received-.So safety is a key issue.”
Paul Carey, principal broker at Realty Team Bahamas, feels the same way.
“Pretty much everyone is looking for a gated community right now. It’s an everyday thing. People want a more secure area. You would find that most gated communities are occupied by 50 percent to 75 percent Bahamians and that’s the case whether it’s Sandyport, Treasure Cove, Dicks Point, Lyford Cay and even Old Fort Bay,” Mr. Carey told The Bahama Journal.
But is crime really substantially reduced in gated communities?
According to Police Inspector Walter Evans, the number of criminal matters coming from those communities is usually lower when compared to more traditional neighbourhoods.
“This is not to say that homes in gated communities are not targets, but because of the security, the structure, the likelihood of criminal activities is reduced,” he said.
Realtors say properties in gated communities are typically 20 percent higher in price than those in other areas.
Increased demand has no doubt driven up the price for property and home packages in gated communities, like Treasure Cove, an eastern ocean front community that has reportedly become one of the most popular gated residential areas in the capital.
“They have increased significantly over the last five years. When they started, they did so offering a lot and home for between $100,000 and $150,000. Now, they’re up as high as $450,000,” Mr. Carey explained.
“Going to Sandyport, years ago, you could have purchased a lot for $45,000. Now, the basic lot, 50 x 100 ft deep, we’re talking about $300,000 to $350,000 and that’s just the land. And so the basic price for building now is approximately $170 per square foot and higher when you go into Lyford Cay, where it’s somewhere between $200 and $300 per square foot. And prices are a lot higher on Paradise Island.”
Privacy and security are not the only perks.
According to Mrs. Laing, such communities also create a sense of unity for those living “behind the gate.”
“I think the whole covenant that goes along with being in a community type setting takes us back into the old neighbourhood setting, where everyone basically knew one another. The gated community brings that back,” she said.
But while living in a gated community may keep unsavory persons out, experts say it can also keep out persons you want in.
“You just can’t pull up at a gate and expect to go in to see family members. Normally this requires leaving your name there,” Mr. Carey said.
“And then some of them are not that spacious, you have to pay security fees, maintenance fees,” he said.
By: Macushla N Pinder, The Bahama Journal
