Palm Cay, the upscale residential community on New Providence’s southeastern coast, is reporting a spike in sales with single family residential lots leading the way.
“We are very pleased to report that we have experienced a solid and steady increase in interest in home ownership in recent months, particularly among young professionals,” said Sales and Marketing Director Zack Bonczek.
“As of the first of this week (November 25), more than 70% of the single family residential lots have been sold and there is considerable interest in the remaining 20 lots.” Prices range from $155,000 to $220,000.
According to Bonczek, the jump in traffic through Palm Cay among persons wanting to own a home of their own will translate into more construction jobs and activity at the already bustling 69-acre family-oriented community.
“We have several families right now who are pouring over plans to decide which of the model homes – all designed by Bahamian architects – best suits their needs. Of course, they are also free to choose their own architect but what they all seem to share is a sense of excitement,” said Bonczek.
“The interesting thing is that the big push is on for single family residences whereas a few years ago the trend was toward townhomes. We are also seeing an increase in interest in the higher end townhomes footsteps from the beach or the second row of townhomes with a water view, though we look forward to the approaching season when we believe that interest will convert to closings.”
Those 3-bedroom townhomes with generous balconies, granite countertops and high-end appliances start at $649,000.
The nautical community with a 194-slip marina – the closest marina to Exuma – also features less expensive townhomes in its popular Garden Villas section. And its first pre-construction condominium offering at an area called The Anchorage was oversubscribed.
“Everything we do is geared toward creating a safe, secure, fun-filled family atmosphere,” said Bonzcek.
Last month, it unveiled its two new tennis courts, fenced and lighted for night play. Last week, it opened the first playground in The Bahamas built for the entire family with equipment in all sizes to suit the mom-pop-teen-‘tween and toddler market.
In addition to three pools, it is converting a former clubhouse into a full-fledged restaurant with indoor and al fresco dining. A harbour master’s office is nearing completion and the central beachside gardens are often the setting for everything from watching sailing to art exhibits, cocktails by sunset to competition among those who take beach volleyball as seriously as summer Olympics.
“We hope that the surge in interest is partly because of what we are offering, but partly because it signals a real optimism about the economy,” said Bonczek. “And the reality is that in The Bahamas, real estate has proven to be one of the smartest investments you can make.”
Diane Phillips and Associates
Captions: Harbour master’s office – At 29 miles from Exuma, Palm Cay’s 194-slip marina is helping to attract buyers to the waterfront nautical community on New Providence’s southeast coast.
On the beach — 1,200 feet of sandy beachfront is adding to the allure of Palm Cay which said today that more than 70% of its single family residential lots have been sold. The community on New Providence’s southeastern coast features a 194-slip marina, pools, lighted tennis courts, family playground and is converting a clubhouse into a full-fledged restaurant due to open soon. (Photo: Roland Rose)
