Bahamas Real Estate In The News

The Porches, Coral Harbour, Nassau Bahamas
Just a short boat ride from the Tongue of the Ocean and the famous fishing grounds off the island of Andros, a new real estate development is taking shape in Coral Harbour on the island of New Providence (known as Nassau). Just steps from the beach, The Porches has completed a number of 2 bed, 2.5 ground floor condos in what eventually is to be a four phase development.
Large windows and covered porches, privacy and sea views in a landscaped environment create a warm island ambience. The condos take in both seascapes and canal views, and an infinity pool is planned. Coral Harbour is a fast developing residential area just eight minutes from the international airport. See mls # 6081

Land Policies for the Islands of the Bahamas

POPULATION growth and the demand for real estate in the Bahamas are likely to result in an official land development policy.

The Ministry of Energy and the Environment is looking into the use of land on several islands.

Land availability, the potential for decentralising and population growths will factor into the review.

The ministry is focusing on New Providence, where the capital of the Bahamas, Nassau, sits, as well as Harbour Island, Exuma and Eleuthera.

Harbour Island is of particular interest because of its small size - 3 miles long and ½ mile at its widest point – and the demand for real estate generated by its beauty.

The ministry said there’s an urgent need for a master plan for Harbour Island.

The Bahamas government and winter residents of Harbour Island are partnering up to develop a new land use plan.

A draft land use plan for Exuma was completed in 2003, but population growth surpassed expectations and so, a new plan is being prepared.

An inter-ministerial team is looking into the land situation in New Providence, where the vast majority of the Bahamian population resides. The study will take into account the island’s population capacity, roads and a beach improvement programme.

The Bahamas Environment Science and Technology Commission is assessing environmentally sensitive real estate and identifying areas that should be preserved.

A ministry spokesman said the Bahamian environment is “our reason for being, which means that our environment is what makes us who we are as a people. It is what brings visitors to the Bahamas. We cannot afford to sacrifice our environment," he said.

At the same time, the spokesman said, there must be development. The ministry is trying to achieve a balance.

Thrilling New Paradis Island Hotel
The Cove Atlantis - a resort within a resort – has opened on Paradise Island, the Bahamas. With a gorgeous cove and beach at its front doorstep, the Cove offers sweeping waterscape adventure rides, interaction with dolphins and fine restaurants – all next door to the amazing Atlantis Resort and Casino.
The 22-story Cove comprises a 600-unit all-suite tower on Paradise Island. It's part of Kerzner International's on billion dollar Atlantis expansion.
Officials reportedly poured $1 billion into expanding and improving the property that dominates much of Paradise Island. Beach and poolside cabanas will be equipped with flat screen TVs, wireless Internet and custom-stocked service bars. A beach club, an adults-only pool with beach concierge and plush daybeds and an open-air lobby add a special stamp on this amazing property.
Added to that, the new water theme park features a 68-foot-tall Power Tower, offering four thrilling water slides and a tidal wave river ride with a one-mile-long expedition through lush landscape and over white-water rapids. Paradise Island was once known as Hog Cay.
The transformation of this piece of real estate in the Bahamas has been truly amazing. Disney, watch out!

The Bahamian Economy
In its report issued on the last day of 2007, The Central Bank of the Bahamas said that partial indications pointed during a moderate rate of economic expansion in November.
There were signs of an improving tourism picture and stable construction activity. And in the monetary sector, liquidity levels were comparatively more buoyant. External reserves contracted, reflecting the seasonal firming in consumer demand and persistently higher payments for fuel imports.
Visitor arrivals for the third quarter increased by 1.7% to 1.0 million, compared to the corresponding period last year, benefiting from a 4.8% gain in air passengers and a modest 0.2% rise in sea visitors. New Providence and Grand Bahama recorded increases of 2.6% and 15.1% respectively. However, less sea traffic to the Family Islands resulted in total visitors declining by 5.8%.
In the fiscal sector, the latest available data for the first quarter of FY2007/08 showed Government’s position reversing from a surplus of $3.6 million last year to a deficit of $50.7 million. Aggregate expenditure advanced by 6.5% to $344.4 million, while total revenue narrowed by 10.2% to $293.6 million, following last year’s extraordinary boost in tax revenue. Budgetary financing was primarily obtained from domestic sources, including a $100.0 million Registered Stock issue and a $28.0 million increase in Treasury bills outstanding.
Inflation during the twelve-months to November firmed to 2.45% from 1.74% in the corresponding period of 2006. The most significant higher average costs were recorded for furniture & household operation (4.85%), recreation entertainment & services (3.65%), food & beverages (3.56%) and transport & communication (3.40%).

Feel The Magic Of Rearl Estate In The Bahamas’ Islands
EXUMA VIEW - Exuma View in Little Exuma is a development of large lots set in rolling country with fantastic sea views at various angles. Seaside, hilltop and interior lots are available. If you're into fishing, especially bone-fishing, sailing, snorkeling, kayaking, power boating and anything else associated with saltwater, bush whacking or exploring old ruins, then Little Exuma’s for you. It’s an unspoiled Paradise. Ask Johnny Depp. Little Exuma was the launching ground for Pirates of the Caribbean 2 and 3, which was filmed on Sandy Cay offshore. Depp fell in love with the Exumas and bought a private island there.
Little Exuma boasts virgin soft white sandy beaches, incredible diving reefs, lush seaside greenery, slave ruins, historical salt ponds, lore filled settlements, magnificent beach hideaways and a culturally rooted, friendly and welcoming population of several hundred.
It's joined to Great Exuma by a short bridge called The Ferry, a reminder of the days when the only means of getting there was by ferry. It’s part of the Exuma Cays and Great and Little Exuma chain that make up over 200 island jewels in the Bahamas and where the soft mint greens, teal, dazzling blues and turquoises showcase some of the most extraordinary marine beauty in the world. The Ferry is the first settlement on the north-west tip of Little Exuma. See mls # 5568

A Castle In The Bahamas?
Yes, but this is not your typical medieval castle found in the landscapes of Europe. This is Cliff Castle, an American furniture magnate’s fantasy that has brought a new twist to real estate in the Bahamas. Perched on a cliff with sweeping views of the Atlantic Ocean, this 3 storey 9 bed, 10 bath residence replicates a sand castle with a lighthouse and fort. It comprises four buildings, each connected by breezeway, and has two kitchens, a pool, balconies, upper decks & garage.
It’s a short ferry ride to celebrated Harbour Island, playground for the wealthy. Cliff Castle features amazing views of the deep Atlantic Ocean on one side of the island of Eleuthera and the tranquil turquoise shallows on the other. The outer walls of the castle are inlaid with shells, including the pink conch. Cliff Castle is exquisitely furnished in Moroccan style.
The king of the castle will enjoy waking up in one of the magnificent bedrooms to views of Harbour Island. Cliff Castle is located on Eleuthera, a gem of an island that’s 110 miles long and a mere two miles wide. It boasts pink and white sand beaches. Together with nearby Harbour Island, Eleuthera charms travelers with unique colonial villages and pineapple fields. See mls # 5571

RITZ-CARLTON ANNOUNCES BAHAMIAN RESORT
A new Ritz-Carlton hotel will be built on Rose Island, an 11-mile long beach studded island four miles off New Providence and Paradise Island.
The boutique hotel will be sited on a 230-acre area and include homes, condos and a marina. Located at the western tip of Rose Island, it will offer a high level of privacy and luxury.
Rose Island has several weekend homes and tourist excursion facilities, but is mostly uninhabited. It's a prime real estate get-away to residents of Nassau.
Hotel guests and homeowners will arrive by helicopter or water taxi. The guestrooms will average 500 square feet and will have large balconies. A spa and gourmet restaurant is included in the plan. The resort is scheduled to open in 2009.

Leeward Yacht Club. Abaco Just Got Better
A NEW residential enclave which celebrates the charm of the past is taking shape on historic Green Turtle Cay, Abaco. The developer, Douglas Poland of Canada, has defied the condo craze that’s swept the popular islands in favour of a greener, more neighbourhood friendly community called Leeward Yacht Club. This unique real estate offering in the Bahamas is billed as an ‘historic revival community.’ It’s modeled after the New England-style homes found in historic New Plymouth on postcard pretty Green Turtle Cay. “It’s the perfect place for Bahamians who want to enjoy the serenity and beauty of the islands, or non-Bahamians who want to escape life on the fast lane,” said Joel Moxey of Coldwell Banker Lightbourn Realty, the list agent for the project. Marketed under the motto, “Life on the Leeside,” the community is particularly attractive to people who crave the simple laid-back lifestyle of a wealthy Cape Cod village.
It’s a short walk or golf cart ride to spectacular beaches, a nearby store or pub – all in a safe and friendly environment. The community will comprise 23 3-bedroom Colonial-style homes, two of which are nearing completion. Painted in beautiful pastels, the homes showcase large covered porches fronting scenic Black Sound, parks and common areas. Dockage provides an added bonus.
Developer Poland modeled Leeward after Abaco's historic New Plymouth, which was settled in the 1700s by Loyalists fleeing the United States out of loyalty to the British Crown.
It’s a short ferry ride to Treasure Cay, which has an international airport. Real estate in the historic settlements of Abaco is among the most coveted in the Bahamas. With homes starting at a cool $1,050,000, Leeward appeals to an upscale client base who will make a meaningful impact on the local economy.
“Leeward fuses our beautiful architecture of the past with modern home conveniences. It celebrates our heritage and I’m sure it will have a positive impact on the community,” said Chris Farrington, Coldwell Banker Lightbourn Realty’s sales associate on Green Turtle Cay.
Farrington noted that the development is low impact and eco friendly, and conforms to the style of the island. See mls # 5998

All Eyes On Albany
The developers of a new real estate development in the Bahamas are waiting for the green light to move ahead with a seaside, residential community which will include an 18-hole, Ernie Els Design golf course, a state-of-the-art fitness centre and a beach club with a family water-park. The Albany project is earmarked for a coastal area of south western New Providence (Nassau). It would include a large vessel marina with about 90 slips capable of servicing mega yachts, 375 free standing homes, 100 apartments and a marina village.
Following public concerns about the environmental impact the development would have on the small island, the developers said Albany has been designed ‘along the tenets of new urbanism; incorporating a state-of-the-art approach to residential planning within a distinctly Bahamian context in architectural and environmental considerations.’ The developers plan to build a new road to divert highway traffic around the town, away from the Bay Road, which cuts off the waterfront and the lower portion of the site from the bulk of the 500 acres.
The new road would allow Bay Road to become ‘a calm, pedestrian-friendly avenue that runs through the town’s main square all the way to the beach club village at the western edge of the site.’