Will the big projects really come to Freeport, Grand Bahama?
By James Sarles
May 17, 2013 - 1:43:58 PM
On Grand Bahama Island
we never believe any news about big projects coming on stream because
we have been let down so many times with projects that are talked about
in the press but never happen. We jealousy watch major projects come on
stream in Nassau like Atlantis, Bahamar, Albany, and projects like
Bakers Bay in Abaco. They even say that Sol Kerzner came to Freeport
and met with Edward St. George about building hotels right here on our
island, but ended up building the world famous Atlantis in Nassau which
has had a major impact on the Nassau economy.
Though talk is
cheap… in yesterday's Nassau Guardian there was an announcement about a
major Chinese funded project in the East End called Blackwood Point
Resort and Marina which would be a 1500 room casino hotel and billion
dollar power plant. This project sounds like it could be one of the
shots in the arm that we need to turn Grand Bahama around. So we all
cross our fingers and hope that this project comes on stream.
"Wouldnt Be Great" if this project comes on stream along with the new
water theme park and Sunwing leasing 500 rooms from Grand Lucayan. I
believe that it is only a matter of time before Grand Bahama Island with
all of its infrastructure, beautiful beaches, proximity to the US,
and unlimited opportunity fulfills its destiny which was the vision of
Wallace Groves over 58 years ago. It seems that the government and the
Port want to see Freeport prosper but the proof will be in their
Any of these projects coming on stream will
help our sluggish real estate market. Our market remains flat but there
are some positive signs coming from the states and the other islands in
the Bahamas that the real estate market could be improving.
Unfortunately we are lagging behind Abaco and Nassau because they have
new projects, new blood and new energy which means consumer confidence
and economic activity. We need a good dose of that consumer confidence
here. So I say to the powers that be please let Freeport Propser and do
whatever it takes to make Foreign Investors want to invest in our island
so we can all prosper.
So we remain a buyers market which means that this is a good time to buy.
those who don't know what that means: A buyers market is a market which
has more sellers than buyers and low prices result from this excess
supply over demand.
If you own a home or land in Grand Bahama and
you who want to sell today in the middle of this buyers market and slow
economy you have a choice: You can sell in the current market at
current market value or you can wait and wait and wait and wait until
you get "your price."
Of course, the second option assumes that
buyers will wait for you. If you really want to sell your property
today, my recommendation is that you need to forget about the real
estate market of just a few years ago, forget what you paid for your
house, forget what your friends think your property is worth, forget
what the neighbors have listed their property for, forget what the house
was appraised for three to four years ago and face the new reality that
Grand Bahama is a true buyers market and price your property at market
For those who don't know what that means: Market Value is
The highest price a willing buyer would pay and a willing seller would
accept, both being fully informed, and the property being exposed for
sale for a reasonable period of time.
We have a big problem on
Grand Bahama. We have a lot of property for sale and very few buyers and
lots of stubborn sellers with unrealistic prices.
You may say... so what's the problem?
problem is that when a buyer comes to the island from the U.S. or
Europe and figures out that it is a buyers market they make aggressive
offers and the sellers don't accept the offer or counter offer with
So the buyer goes away and says that Freeport
prices are too high and the sellers keep their properties on the market
and complain that the Freeport Real Estate Market is horrible and
nothing is selling.
Now I am only speaking the truth. I believe
that our prices are too high and if you look at the properties that are
selling they are way below market value.
This is not conjecture
this is based on actual sales vs. list price. If sellers would look at
their homes like they do stocks they would sell at the market value not
what the stock price "could be or should be."
So when a real
estate agent tells you that your property is worth X based on comp sales
and market value this is what the house will sell for. If you overprice
a house it will take longer to sell and may not sell at all, which
hurts the seller and the market in general.
If you want to sell
your property today the most important advice I can give sellers is
Price It Right. If you don't want to sell at market value, take your
house off the market until the market value and your expectations match.
Don't list high and see if someone bites at the offer. Use the right
bait which is the right price!
So if you want to sell Price It
Right and if you want to buy now is the absolute best time to buy
because there are great buys in every category of property. Don't be
afraid to make aggressive offers in this buyers market..... And lets all
hope that the big projects really do come to Freeport!
Contact the author,
James Sarles at
Coldwell Banker - James Sarles Realty
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