Location, Smart Tech Construction
and Pricing, Trump Recession
Nassau, Bahamas -
The Town Homes at Turnberry in the gated community of Charlotteville in the
West are all but sold or leased, with just 7 Townhomes available. All 257 Lots
have now been sold and 70 of the 80 Townhomes are now occupied.
Following
a successful fast-paced sales uptake in the first phase of Charlotteville which
he began in 2004, developer Dale Bronstein partnered with long time friend Dana
Wells and the Fidelity Group, and in 2006 broke ground on the final phase – the
Townhomes at Turnberry. Sensing a shift in the economy, Mr. Bronstein felt it
important to build out the entire project with or without sales, and taking on
partners enabled the project to proceed. The partners supported the build-out through
very tough times through to completion and ultimate success.
“I think
we are one of the few developments started within the past five years that has
come to a successful completion. For us to succeed as we have in this economy
proves to me that a market always exists for a quality product if you work
smart and deliver creative marketing within the confines of the current
conditions,” says Bronstein. “The partnership enabled us to control costs and
find economies of scale by building all 80 units at one time. Then we handed
the marketing over to an expert.”
“A
superb location,” states Carmen Massoni BREA agent and owner of Bahama Islands
Realty. “And five years later, it’s even better. The closeness to Old Fort Bay,
the shopping and entertainment of Cable Beach and the airport nearby were
always attractive, and that’s now amplified by the addition of new highways
that link to the airport road, and the new Solomon’s Fresh Market and shopping
centre just opposite the Charlotteville / Turnberry entry GateHouse.”
Massoni
explained that price point and value-for-money were then and still are now,
crucial points in an uncertain economy and the developer delivered both. “By
building spacious, energy efficient hurricane-strong homes at a market-savvy
price we were able to convert the predominantly middle-to-upper-income
Bahamians and residents from possible buyers, into Turnberry homeowners.”
The use of modern construction methods and
technology lowered utility, home and general property maintenance bills, a huge
selling point at any time but even more so in a recession, explained Massoni.
“The monthly home owners maintenance fee is just $135 a month for all Lot owners
in Charlottevile and Turnberry (257 Lots), and $450 for the Townhomes; and that
covers the running and upkeep of the Home Owners Association and all amenities,
including the Club House, tennis and volleyball courts, swimming pools, kids
playgrounds and common areas. The Townhome fee also covers their landscaping
and garbage collection.”
The
expert realtor says creative marketing, and the developer’s willingness to
offer good buyer incentives, went a long way in ‘sealing the deal’ in a tight
economy. “The Marketing incentives included the offer to, ‘trade-in your
existing Lot’ for one at Turnberry,’ frequent day and evening Open House
occasions, and a two-day, high-profile, interactive ‘Street of Wonders’ sales
event that benefitted a number of local charities. “We know this business very
well and recognised the value of the Turnberry package. Our marketing message
was consistent
: the convenience of a
West location; lifestyle amenities of the Town Homes at Turnberry within
Charlotteville; the solid, well-constructed, low maintenance homes; a built-in
community and family lifestyle that would appreciate in value in the short and
long-term.”
“Over
the five–year period investors and investor groups looking for a return and a
safe place for their money also bought the Townhomes,” added the Bronstein.
“All are rented for the long term to primarily, corporate Bahamas. We’re
pleased with the outcome; it’s a sweet deal for everyone.”