Freeport News Asst. Editor
Addressing members of the Rotary Club of Lucaya during their weekly meeting on Tuesday, Wong said the island is a beautiful place to invest in and that if it was possible to pull it closer to New Providence, it would be sold overnight. However, he does not understand why the rest of the country is not taking advantage of the attractive prices that exist here for land.
"I understand why a lot of people are not coming here right now because the economy is not that great, but more Bahamians should know how reasonable and downright inexpensive it is to buy land here," Wong said. "I think that the Government needs to provide some more economic packages to Grand Bahama to get those people from Nassau over here. I think that Government needs to bring some of its major ministries over here. To me, Governments just don't seem to have a plan."
Wong said Grand Bahama has so much potential. He said it has the infrastructure, and believes that there is no reason why half of the Bahamian population should not move here.
Taking an opportunity to express how she views such land matters, Rotarian Christine VanderLinde also noted that she saw no reason why residents should not take advantage of the appealing property sales in Grand Bahama.
She indicated that to purchase land at unbelievably cheap prices is a privilege. Furthermore, residents with a desire to own land can do so very easily by putting down a small amount on a piece of property and then make payments on it within a few short years. Yet, she does not understand why so many young people, especially those who are working, are not taking advantage of this valuable chance.
"I encourage all young people to pay down on a property. Pay down on it while they are young and by time they are about 27, they will be owners of land," she said. "We have so many young people who are buying cars and other material things, but they should concentrate on something that will give them long time value like a piece of land."
The sale of land has and continues to be a contentious issue for most local real estate firms in the country, with the main concern being the increasing number of American real estate agents who are being assisted with selling land in The Bahamas.
According to Wong, this issue has become their major focus and they will not stop until all persons engaging in this act are held accountable. He said in the midst of reduced tourism, reduced foreign investment, reduced employment and reduced Government revenue, it is necessary for his organization to underscore the point that only Bahamian realtors should really be selling land in the country.
"We are losing millions of dollars to persons from the United States selling property in The Bahamas and it is our Bahamian lawyers who are really facilitating this thing and this is wrong," he said.
BREA presently has a chapter in Grand Bahama and one of the things Wong said he wishes would happen for the chaper on the island is that the Grand Bahama Port Authority would recognise them as the only voice for real estate in the country. He revealed that he met with GBPA President Ian Rolle during a meeting that morning and is very encouraged by what was discussed.
The BREA President said Bahamian real estate agents cannot sell property in the United States, however, things have improved through a bilateral agreement with organizations such as NAR (National Association of Realtors) and FAR (Florida Association of Realtors) in that they will try and restrict their agents from coming to The Bahamas and selling properties.
"But no matter how you try, there will still be some dishonest realtors from the United States who will come and sell property in The Bahamas and that has to stop because they are taking bread from out of our mouths," he said.
Wong said he is impressed with how world leaders have finally worked together to ensure that everyone gets back on a prosperity track. He said the hope is that President Obama's plan and the trillion dollar injection into the world economy will lower mortgage rates, ease foreclosure rates, and that the optimism of a better economy will affect the stock market where investors will step from the sidelines to reinvest in the market, which Wong says could mean better business for The Bahamas.
"What we in The Bahamas always look forward to is a strong housing market worldwide because that is when prosperity in The Bahamas naturally gets stronger as well," he said. "The unique advantage that we have in The Bahamas is that we have never experienced the high rise and fall of prices. Based on the desire of a wonderful climate and a tax free environment, our prices have held well."
