We're moving into 2012 with some level of uncertainty, if you're to consider what Patty Birch, president of the Bahamas Real Estate Association (BREA) has said in assessing the Bahamas real estate market.
According to her, the year 2011 was, and I quote, similar to 2010 in terms of sales, with some companies doing better than others. She added that a "glut" in some areas may lead to some price corrections. Other realtors have mixed opinions on this - we'll just have to wait and see.
What does make sense, as Patty says, is that more realtors are "back to studying" and getting on the Internet.
Although the near-term outlook on the market may be mixed, we see this as an opportunity to scour the market for good deals, and not just within the area of New Providence. William Wong, a former BREA president suggests looking at long-term "legacy" investments - investments that your children or grandchildren will enjoy in twenty, maybe thirty years. That's one option.
Another option is looking at what works for investors who may not be living in the Bahamas. Partial or vacation ownership is one consideration. The $80 million Emerald Bay resort in Exuma is just one example of our world-class properties where this is possible.
Incidentally, take a look at the Lonely Planet Feature on CNN's website, "The 10 ultimate Bahamas experiences." If this does not generate excitement about living and vacationing in the Bahamas, we don't know what will! In terms of leisure activities alone, we offer a wealth of water-based activities, world-class golf courses, all-day entertainment, access to the freshest and most exotic seafood...a quality of life that is hard to beat anywhere.
Real estate offerings in the Bahamas islands offer an unparalleled investment. I am confident we will do better in 2012 than we have in 2010 or even 2011 if we are able to connect more effectively with potential buyers. We will be providing them with more timely and reliable information and convince them about the quality of their investment in the long-term.
A happy new year to all of you.