Developers of an upscale waterfront community in Nassau have found a way to fight procrastination.
“We’re taking a page from Benjamin Franklin,” says Zachary ‘Zack’ Bonczek, Sales & Marketing Manager at Palm Cay, the 69-acre seaside community along Nassau’s southeastern shore. “Those who act today instead of waiting until tomorrow will reap the benefit, in this case, those who sign a contract by April 30 will be rewarded by our paying the full government Stamp Tax on the transaction.” The standard practice is for buyers and sellers to share the Stamp Tax, each paying 5%.
Palm Cay’s promotion could save buyers tens of thousands of dollars, explained the broker who assumed the role of in-house sales and marketing director in January.
“On a 3-bedroom, two-storey beachfront townhome that is priced at $799,000, the savings will be $39,950,” said Bonczek. “On a $499,000 garden townhome, the savings will be $24,950.”
Bonczek was frank about why Palm Cay is making the offer.
“In the past several weeks since we unveiled the new development plans, including the near-readiness of Nassau’s largest marina in number of slips and the conversion of the clubhouse into a full restaurant later this year among other amenities, we have enjoyed tremendous interest from real estate agents, brokers and the public,” said Bonczek, who holds the real estate industry’s highest residential CRS certification. “We want to convert interest into sales and there is nothing more inspirational than a substantial savings. The savings are great enough to allow someone to totally furnish their new home and have funds left over.”
Bahamas Real Estate Association (BREA) members will have an opportunity to tour the community Wednesday, April 27 when Palm Cay hosts an open house, lunch and development master plan presentation for the industry.
More than 150 current owners of lots and townhomes turned out last month when Palm Cay’s team, under new visionary leadership and local management, unveiled a new master plan for the community located on Nassau’s southeastern tip at Yamacraw and surrounded on two sides by water.
With plans for a four-year build-out completion and turning over to the home owners association, Palm Cay will include a 194-slip marina with fuel dock and other amenities, 1400 feet of beach with 1200 feet of pure white sand, a beach club, fitness centre, three acres of parks and recreation, tennis courts, a restaurant that seats about 160 with 96 inside, 70 outside, a gourmet market and deli, small boutique marina condo hotel and an array of residential choices ranging from a home site starting at $155,303 to a beachfront townhome priced between $499,000 and $850,000.
Single storey condos will range from $350,000 to $375,000. Palm Cay has completed many of the improvements already, including a $1.52 million investment in beach redevelopment that culminated in a 100-foot wide beach protected by three groins guarding against erosion.
While the savings is serious, Bonczek says he didn’t mind injecting a little humour. “When we were thinking about this, I recalled the Benjamin Franklin line: You may delay, but time will not, and lost time is never found again. And if Benjamin Franklin is good enough to be the face of the US $100 bill, that was good enough to serve as a sign for us.”
By Diane Phillips and Associates
Caption: Picking up the tax tab — Palm Cay Sales & Marketing Director Zachary ‘Zack’ Bonczek announced this week that buyers who sign a contract for the purchase of a condo or home in the upscale waterfront community on Nassau’s southeastern shore by April 30 will get a special incentive — the developer will pay all stamp tax, a savings of up to $39,950 on a beachfront condo in the $200 million development. Bahamas Real Estate Association (BREA) members will have an opportunity to tour the community Wednesday, April 27 when Palm Cay hosts an open house, lunch and development master plan presentation for licensed agents and brokers.
