One of the country’s top real estate agents is predicting an accelerated luxury property market recovery spawned by new offerings locally, including Baha Mar, and worsening financial conditions elsewhere.
Dana Pinder, who has more than seven years experience, recently joined the quickly-growing, progressive firm of Mario Carey Realty, believes the $3.5 billion Baha Mar resort and residential project has “amazing” untapped potential that has not yet begun to be realized locally.
“It is a common phenomenon that those farther away are quicker to appreciate what those who close to home do not yet see in their own back yard,” said Pinder. “But our ‘back yard,’ so to speak is bursting with one of the hottest property offerings anywhere on the globe, more than 200 income-generating residences at four hotels, ultra-luxurious with the most modern and sophisticated amenities available on the market. And it’s rising right before our eyes on Cable Beach, an area being transformed into the Bahamian Riviera, creating a package so attractive that when the offerings were first introduced in London, Dubai and Beijing, interest was instantaneous.”
Baha Mar has reported that it took deposits on 50, million-dollar plus offering in the first go-round, reminiscent of the success of Ocean Club Estates when Kerzner placed the Paradise Island property on the market and it sold out on the first day.
Meantime, across the Atlantic, the European Union’s financial woes are driving more money to other destinations and Pinder thinks The Bahamas has never been better positioned.
“With several countries including Greece, Spain, Italy and France either on the brink of financial disaster or threatening to raise taxes to remain solvent, a tax neutral country like The Bahamas becomes even more attractive,” said Pinder. “Add to that the political stability, our accessibility and year-round warmth and The Bahamas looks like heaven. Now with the newest, hottest construction project underway creating a new city, a new Riviera, the eyes of the world have more reason than ever to focus on The Bahamas.”
Pinder, who has extensive experience in the high-end rental market and has broken into the luxury sales market, said she agreed with Mario Carey’s call for the creation of a 4-mile economic stimulus zone around Baha Mar. Carey, who launched his firm the same year the Lehman Bros. collapse set off a financial freefall stemming from the sub-prime housing market, has grown steadily since and is now considered among the leading five real estate companies in the country.
‘I have known Dana Pinder for nearly 20 years,” said Carey, “and admire her as a person as well as a professional. She brings dedication and a wealth of experience to the firm, and she shares our excitement about the potential for Baha Mar. It was Dana who made the first two local sales of Baha Mar residences, both at the high-end Rosewood, and we are very pleased that she has selected Mario Carey Realty as her firm of choice.”
Mario Carey Realty, headquartered on Bay Street with agents throughout The Bahamas, handles sales, rental and leasing, private islands and has separate divisions specializing in appraisals, property management and vacation properties. Its multi-lingual staff speak half a dozen languages.
Diane Phillips and Associates
