The Bahamian real estate industry turned out in force last week for Palm Cay’s reception for its $100m One Marina project, which features 84 luxury condos overlooking a marina.
“Inventory is always a major concern for real estate agents and brokers, so when we learn of a major development project like this, especially with waterfront and at the right price point, it’s exciting. It’s hot; it’s very good news for the industry and for our members,” said Christine Wallace-Whitfield, the Bahamas Real Estate Association’s (BREA) president.
One Marina’s price points range from $800,000 to $1.9m for the penthouse. Palm Cay’s sales and marketing director, Myles Newell, said realtor participation was vital to the developer’s ability to sell this inventory.
“We could not do this without you, that is why are doing everything to partner with you,” Mr Newell told agents gathered for the reception. “There is a vibe and atmosphere at Palm Cay that is unlike anywhere else. And we wanted you to experience that feeling as we introduce our most impressive product yet, One Marina, with its modern style architecture, fine finishes and location right on the marina that has been voted the most popular marina in the Bahamas for four consecutive years.”
Mr Newell promised agents and brokers full payment of commissions upon closure of contracts, rather than waiting until units that could be two years under construction were ready for occupancy. He added that on a previous project he handled on Paradise Island, some 93 percent of the sales under his direction were in conjunction with real estate agents or brokers.
“This is really impressive,” said Monica Knowles, Bahamas Realty’s top-producing agent in 2016. “I like the looks of the project,” sdded broker John Christie, who heads HG Christie, one of the country’s largest real estate firms.
Danny Lowe, Timothy Smith and Ashley Bethel, all with Better Homes & Gardens MCR Bahamas Group, gave the project a thumbs-up, and Helen Dupuch from ERA Dupuch Bahamas added: “It’s exciting to have offerings in this price point that look so attractive.”
With 40 percent of the first One Marina building sold, developers hope to break ground by late fall. Units range in size from 2,100 square feet to 3,000 square feet, and the complex includes a private pool, concierge service, high-end finishes, storm-rated glass doors and windows, and 24-hour security.
Myles Newell, Palm Cay’s director of sales and marketing, invites brokers and agents to partner with developers in sales of the $100m One Marina project that is expected to break ground by late fall.