The Bahamas’ real estate sector continues to boom, with the world’s largest auction firm set to handle the sale of an Eleuthera property and the Bahamas Real Estate Association (BREA) signing memorandums of understanding (MOUs) with New York and Sarasota realty associations, as people continue to flock to warm weather destinations like this country and Florida, according to two different press statements.
BREA’s historical MOUs are multi-purpose, the association’s President Christine Wallace-Whitfield contended in a statement.
The group is forging allies in the anticipation that The Bahamas’ real estate sector will continue to see growth from international buyers and expanding the network just makes sense.
BREA is also hoping the partnership ensures that foreign real estate agents follow The Bahamas’ laws when considering selling a property locally.
“The COVID-19 pandemic that forced people to work remotely unleashed a never-before-seen demand for property in warm climate markets, especially those like The Bahamas where the lifestyle is enviable,” said Wallace-Whitfield.
“While we were experiencing this explosive demand for residential, we were also seeing more agents coming in from abroad so we wanted to reach out, network, see how we could work together and make them formally aware of the law requiring foreign agents or brokers to co-broke with a BREA-licensed agency or member.
“At the same time, we wanted to share information about our market, useful insights into the processes around real estate transactions in The Bahamas and shed light on the Family Islands.”
Concierge Auctions, which is part of Sotheby’s and Realogy Holdings Corp., is set to list the 3.5-acre Sunset Cove and Rainbow Room for bidding on January 21.
“This is the third Eleuthera property in the Concierge book in less than one year,” the statement noted.
“The international auction house, that developed online bidding well before the pandemic made it a necessity, handled the successful sale of another Eleuthera property, Hut Pointe, just over a month ago.”
Concierge’s Director of Business Development Danny Prell in the statement called the current interest in The Bahamas and Eleuthera in particular, “phenomenal”.
“This property deserves the widest marketing we can bring. It has everything going for it and most especially its location,” said Prell.
“We are very excited about Sunset Cove and Rainbow Room, not just because the resort and its restaurants are favorites among locals and visitors, nor because the property has already undergone two major renovations, but because it still holds so much promise and potential.
“With much of the land overlooking the beautiful Caribbean Sea untouched, it is a blank canvas on which a new owner can preserve the historic and add the contemporary.”
According to the statement, the asking price on the property is $3.68 million.
Wallace-Whitfield said Florida’s resident numbers grew by more than 400,000 since the start of the pandemic in the US and explained that The Bahamas as become the number one relocation destination outside of the US for Americans.
“If Florida is the number one choice of Americans for relocating since the COVID-19 pandemic turned our worlds upside down, The Bahamas is the number one choice in this hemisphere outside the US,” she said.
She told the New York and Sarasota realtors that the geographical make-up of The Bahamas makes selling real estate a challenge.
“Like you, networking is the foundation on which we stand and trust is the pillar on which we depend. But, unlike you, we are spread out over 500 miles with 100,000 square miles of open ocean,” said Wallace-Whitfield.
“We are often asked ‘How do you sell real estate when property is scattered across so many islands?’
“I love that question because I get this picture of someone who does not realize how connected we are, imagining an agent putting on a bathing suit, holding up a sign saying ‘follow me’, and swimming to a nearby beach where drinks with paper umbrellas and a form that says ‘sign here’ are waiting.”
The post Booming Bahamas real estate draws top auction firm, spurs historic MOUs appeared first on The Nassau Guardian.
source https://thenassauguardian.com/booming-bahamas-real-estate-draws-top-auction-firm-spurs-historic-mous/
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