New Providence | Grand Bahama | Abaco | The Out Islands WHAT-TO-DO - NASSAU, CABLE BEACH & PARADISE ISLAND - JAN 2004 When's the right time? A home in The Bahamas Originally published WHAT-TO-DO - NASSAU, CABLE BEACH & PARADISE ISLAND - 2005 © Etienne Dupuch Jr Publications Ltd You can make your Bahamas vacation last forever by purchasing a home or timeshare here. With so many homes and timeshares to choose from - in gated communities on canals, with docks, beaches, swimming pools and the most up-to-date amenities - you're sure to find a place to fit your lifestyle and budget. Read on to find out why it's always a good time to buy real estate in The Bahamas. Bahamian real estate developer Orjan Lindroth says he has never yet sold a home to a buyer who believed it was the best time to buy. Nevertheless, when buyers do buy - mainly because they have fallen in love with The Bahamas and can't help themselves - it always turns out that it was a great time to buy a second home in the tropics. " Real estate is a proven investment over the long term," says Lindroth, president of New Providence Development Co Ltd, owners of Old Fort, an upscale gated community at the western end of New Providence. At press time (late fall 2003), the market for second homes in The Bahamas ranged from "booming" to "stable" to "slow," depending on which of the 16 major islands and island groups one wished to buy a home or property. But these descriptors are always temporary. "The best time to buy is when you have the money and you've found a place that is right for you," says George Damianos, president of Damianos Realty and Lyford Cay Sales & Rentals. "People know what they want... something that fits with what they have envisioned and want to own." Peter Dupuch, president of ERA Dupuch Realty, which handles home and property sales throughout The Bahamas, agrees. " The best time is all the time but you have to be educated," cautions Dupuch. "You have to study the market for awhile, and see trends - you can't just jump into it." Mario Carey, a director of Bahamas Realty, as well as a broker and appraiser, says "The pulse of buying is getting stronger, although I would say the market is still slow" for properties in New Providence. " This is definitely a good time to buy," says Carey. "Right now, because we have a moderate buyer's market under way. Sellers are still somewhat reluctant to bring prices down but they will listen to offers now, more than they would before the 9/11 terrorist attacks in the United States." Whereas speculators base their buying decisions on unemotional research, "second home buyers tend to concentrate just on where and why," says Lanelle Phillips-Cole, district manager of the Grand Bahama office of H G Christie Ltd. "Why do they want a second home in The Bahamas? And where do they want the home?" While there is still an interest in the future value and liquidity of a house, "timing is less involved in the decision," says Phillips-Cole. Mistakes buyers make " When buyers contemplate a new purchase they have a short time horizon. They tend to look at what is available and shop for deals. Also they compare these prices to better deals that were recently available and are also focused on the possibility of the market going down. All of this creates conflict in the decision making process," she says. " They try to trade the market which is not very practical. Their fear is that they are making a bad investment as there was a better time to buy. Hence they tend to think that they have not optimized their decision-making." But in the end, "real estate is a consumption good that provides the benefit of use. That combination is hard to beat." Nevertheless, when you do buy, you have to "buy smart," says Carey. "You make your profit when you buy, not when you sell. So use a realtor who understands prices." To sum up, foreign buyers looking for a second home here should use a reputable realtor, buy the best property you can afford and that suits your needs. And don't worry too much about timing. Years from now, you'll realize this was a good time to buy real estate in The Bahamas.
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