The sale of a $7 million Ocean Club Estates residence less than two weeks after it hit the market is one indicator that the luxury home market is beginning to rebound, according to the principals of a local real estate firm.
Lamond and Robyn Davis of Sterling Bahamas Realty (SBR) successfully closed a sale for a luxury, two-story, estate home on Paradise Island days after listing the property and hosting a successful open house on a similar home in the community.
Mr Davis credits the quick sale to a combination of factors.
“It is due to targeted marketing based upon comprehensive statistical data and extensive local and international networking,” he shared. “It’s also being blessed by God.”
A stone’s throw away from the mega resort, Atlantis, Ocean Club Estates is one of the priciest neighborhoods in The Bahamas’ market.
The $7 million home is situated on the first fairway of the second hole of the gated community’s Tom Weiskopf designed 18-hole par 72 championship golf course.
With movement in the luxury home market picking up, Mrs Davis says it’s a perfect time to introduce a new West Bay Street development – a 16 unit condominium complex formerly known as The Palms.
“We have advised the developers to roll out the development now,” she said.
The new Ocean Terrace is presently under construction. The property is situated on five acres of land about 800 feet east of Blake Road across the street from a white sandy beach. The development will be completed in eight to 10 months.
The property is listed exclusively by Sterling Bahamas Realty.
A full service boutique real estate agency, Sterling Realty specializes in residential and commercial sales and rentals; appraisals; property management; vacation and yacht rentals; along with dock slip sales and rentals.
Paul Lowe is the firm’s broker.
According to Mr Davis, there is a great demand for ocean front property out west.
“The proximity of Ocean Terrace to the airport is sure to pique the interest of international buyers,” said Mr Davis. “Residents of this oceanfront enclave will not have the flyover traffic that some other developments out west experience, located as they are within the flight path.”
When it comes to gated communities, Mrs Davis believes “bigger isn’t always better.” The small scale of the development is a unique selling point, according to the Davises.
“There are a number of existing and planned mix-used developments in the west that are offering anywhere from 30 to 200+ residential property,” said Mrs Davis.
“Ocean Terrace is unique in that it will offer the discerning family or savvy investor a boutique, private gated community of only 16 condos with two and three bedroom residences each with breath-taking views of the ocean and access to a white powdery beach.”
Ocean Terrace was recently acquired by Sterling (Bahamas) Financial Group Inc. via one of its newest funds – the New Providence Opportunity Fund, a real estate investment fund.
SFGI is an integrated private equity, real estate investment, development and services company. It is also the fund manager for New Providence Capital Management Partners Ltd., a mortgage lender.
SFGI has active investments and projects throughout the Caribbean and North America.