An hour before Realtor Mario Carey was set to part the drapes and open the showing of The Residences at Baha Mar to a select group of invited guests, he wondered if anyone would show.
“Tropical Storm Isaac was bearing down on us with gusts of 30-35 mph and the sky was dark and threatening with coming rain,” said Carey, founder and CEO of Mario Carey Realty. “I was scared everyone would run for cover and I didn’t know if anyone other than the caterers and my team would come out in those conditions.”
Carey needn’t have worried.
Of the 40 or so invited guests, nearly everyone turned out to be greeted by some 15 Mario Carey team members– and for the next hour or so turned an attentive ear and eye to an investment opportunity in their own back yard that foreigners were already taking advantage of.
“I wanted to gather a qualified group of Bahamians who might be interested in investing in a condo at one of the four properties that will become part of the Baha Mar Residence Club, the residential investment opportunity component of the vast $3.5 billion Baha Mar,” said Carey.
“The good news is that the climate inside was warm and lively. I guess you could say we weathered the storm despite the bad weather.”
Carey, along with Baha Mar Senior Vice President of Sales & Marketing Rick English, revealed options of the 307 residences becoming available — 107 at Mondrian, 23 at The Baha Mar Casino & Hotel, 85 at the Grand Hyatt and 92 at Rosewood. Fifty-four have already been sold through foreign showings in Asia, Europe and Middle East at high-end locations such as London’s famed Harrod’s department store. Carey’s reception on Friday night, complete with catering and a team of 15 of his staff, was the first formal presentation at the local Baha Mar office.
According to Terrinique Pennerman, Duke MBA, head of marketing for MCR Realty, there was immediate interest in residences starting at $1.2 million.
“As part of the rental component of the hotel, residences represent an investment opportunity for purchasers, who are also able to occupy their residence for up to 90 days a year. For the remainder of the year, their residence is placed in Baha Mar’s robust Rental Program which provides upscale accommodations for visitors while offering tax-free rental income to owners,” Pennerman said.
Investors are also able to redeem Residence Club credits for complimentary stays in over 300 luxury hotels and resorts worldwide. “By owning here, you are able to use credits you accumulate to vacation at the finest resorts in Bora Bora, Singapore, Italy, Kenya, London and Dubai, for example. And as an owner, you will have access to all the amenities and facilities — restaurants, spa, water features, activities and the Jack Nicklaus Signature Golf Course which is expected to open in December 2013.”
Baha Mar is expected to open in December 2014. Today, it is the largest single-phase construction project in the Western Hemisphere.
“It is an amazing project,” said English, who also helped promote sales on trips abroad. In a theatre style presentation Friday evening, he explained the many features and benefits of ownership.
“Whether we do these presentations as a group or on a one-on-one basis, we want to make sure that Bahamians know what an incredible project and prospects are right in their back yard, before all residences are sold to foreigners, who are quick to appreciate this great investment opportunity,” said Carey.
“What Baha Mar is doing will impact us for the rest of our lives and there is great opportunity here.”
By Diane Phillips, photos by Derek Smith, Jr.
