Friday, February 1, 2013

"Slightly more optimistic ... it's feeling like there's business here ..."

Looking at the Grand Bahama real estate market over the past several years, as seen through the lens of the decreased amount of real estate legal work that's happened during that same time frame, was the focus of a January 31, 2013 article in The Tribune242 business section.

Acknowledging that the real estate market in Freeport was impacted significantly by the worldwide economic downturn, James Sarles, President of Coldwell Banker James Sarles Realty, is quoted in the article with his impression of the current market pulse:

"... A slightly more optimistic picture was painted by James Sarles, president of Coldwell Banker Sarles Realty, who told Tribune Business that while “it’s not boom time, it’s feeling like there’s business here”.
While Freeport real estate prices in general had fallen by “20 per cent or more” since the 2008 recession, Mr Sarles said buyer interest and call volumes had increased since just before end-2012 to levels not seen for three years.
Transactions were occurring below list prices, though, with Mr Sarles disclosing that “aggressive sellers” were required to close deals.
“The short end of it is that we are starting to get activity again,” he told Tribune Business.
“The phones are beginning to ring. There are buyers out there, but it’s a buyers market. Prices are down, and there are very aggressive sellers looking for deals. The transactions are there, but the numbers are off.
“It’s not a boom time, but it’s feeling like there’s a business there,” he added.
“For the first time in a long time there’s interest. The transactions happening are markedly less than list price, as the aggressive sellers are lowering their prices to realistic market values ...”
For full article in The Tribune's 242 Business section, click here.
For motivated buyers and sellers who understand that there's no time like the present to maximize the real estate opportunities and investment options in Grand Bahama, contact James Sarles at 242.351.9081 or view a full selection of properties available here.

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