Columbus House Holiday Beach Day

Keenan and and Brittney Baldwin are members of the Rotary Club of GB Sunrise and mentors of the Big Brother Big Sister Youth Mentoring program. On Monday, May 20th (Whit Monday Holiday) 2013 they decided to give the Columbus House Boys and Girls a treat by organizing a beach picnic and Paddle Board afternoon. Thanks to Reef Tours bus and Paddle Boards, the Columbus House Boys and Girls and other friends of Columbus House had a great Beach day. On behalf of the Columbus House Boys and Girls... A Big Thank You to Keenan and Brittney Baldwin.

LET'S TALK REAL ESTATE by James Sarles

WILL THE BIG PROJECTS REALLY COME TO FREEPORT?

On Grand Bahama Island, we never believe any news about big projects coming on stream because we have been let down so many times with developments that have been talked about in the press, but never happen. We jealousy watch major projects unfold in Nassau, like Atlantis, Bahamar, Albany, and projects like Baker's Bay in Abaco. They even say that Sol Kerzner came to Freeport and met with Edward St. George about building hotels right here on our island, but ended up building the world famous Atlantis in Nassau—which has obviously had a major impact on the Nassau economy. 

Though talk is cheap, in last week's Nassau Guardian there was an announcement about a major Chinese-funded project in the East End called Blackwood Point Resort & Marina which would include a 1500 room casino hotel, and billion dollar power plant. This project sounds like it could be one of the shots in the arm that we need to turn Grand Bahama around. So, we all cross our fingers and hope that this project comes to be. "Wouldn't It Be Great" if this project comes on stream, along with the new water theme park, and Sunwing Travel leasing 500 rooms from Grand Lucayan?

I believe that it is only a matter of time before Grand Bahama Island with all of its infrastructure, beautiful beaches, proximity to the US, and  unlimited opportunity fulfills its destiny which was the vision of Wallace Groves over 58 years ago.  It seems that the government and the Port want to see Freeport prosper, but the proof will be in their actions.

Any of these projects coming on stream will help our sluggish real estate market. Our market remains flat but there are some positive signs coming from the United States and the other islands in The Bahamas that the real estate market could be improving.  Unfortunately, we are lagging behind Abaco and Nassau because they have new projects, new blood and new energy which means consumer confidence and economic activity. We need a good dose of that consumer confidence here. So I say to the powers that be: Please let Freeport prosper, and do whatever it takes to make Foreign Investors want to invest in our island so that we can all prosper.

So, we remain a buyers market—which means that this is a good time to buy.

For those who don't know what that means: A buyers market is a market which has more sellers than buyers, and low prices result from this excess supply over demand.

If you own a home or land in Grand Bahama and you who want to sell today in the middle of this buyers market and slow economy, you have a choice: You can sell in the current market at current market value or you can wait and wait and wait and wait until you get "your price."

Of course, the second option assumes that buyers will wait for you. If you really want to sell your property today, my recommendation is that you need to: forget about the real estate market of just a few years ago, forget what you paid for your house, forget what your friends think your property is worth, forget what the neighbors have listed their property for, forget what the house was appraised for three to four years ago, and face the new reality that Grand Bahama is a true buyers market and price your property at market value.

For those who don't know what that means: Market Value is the highest price a willing buyer would pay, and a willing seller would accept, both being fully informed, and the property being exposed for sale for a reasonable period of time.

We have a big problem on Grand Bahama. We have a lot of property for sale and very few buyers—and lots of stubborn sellers with unrealistic prices.

You may say... so what's the problem?

The problem is that when a buyer comes to the island from the U.S. or Europe and figures out that it is a buyers market they make aggressive offers and the sellers don't accept the offer or counter offer with reasonable prices.

So, the buyer goes away and says that Freeport prices are too high and the sellers keep their properties on the market and complain that the Freeport Real Estate Market is horrible and nothing is selling.

Now I am only speaking the truth. I believe that our prices are too high, and if you look at the properties that are selling they are way below market value.

This is not conjecture. This is based on actual sales vs. list price. If sellers would look at their homes like they do stocks they would sell at the market value, not what the stock price "could be or should be."

So when a real estate agent tells you that your property is worth X based on comparative sales and market value, this is what the house will sell for. If you overprice a house it will take longer to sell and may not sell at all, which hurts the seller and the market in general.

If you want to sell your property today the most important advice I can give sellers is Price It Right. If you don't want to sell at market value, take your house off the market until the market value and your expectations match. Don't list high and see if someone bites at the offer. Use the right bait which is the right price!

So if you want to sell, Price It Right, and if you want to buy now is the absolute best time to buy because there are great buys in every category of property. Don't be afraid to make aggressive offers in this buyers market..... And lets all hope that the big projects really do come to Freeport!

James Sarles, President
Coldwell Banker James Sarles Realty

The Best Investment on Earth is still EARTH

 

The US housing slump is over, according to experts. I wish I could say the same for Freeport, but that would only be wishful thinking. From the local perspective, our housing market is still very slow, and the number of sales transactions are still very slow, with a surplus of inventory meaning that there are lots of houses for sale. This oversupply of property for sale makes this truly a Buyers Market: prices are down and buyers can make aggressive offers because there is so much to choose from.

It has been said that the best investment on Earth is Earth, which means the best investment is and always will be: Real Estate. It's hard to believe sitting here in Freeport that things will improve in the real estate market, but according to many top economists, the world economy is emerging from the worst recession in five decades and the future looks hopeful. The housing market in the US has made a big comeback over the past year and home prices in the US have surged some 8%. Home buyers can't seem to buy up properties fast enough.

 We are, of course, not the US, but we are greatly influenced by the US market, so the trends are moving in the right direction. Our neighbors in Abaco and Nassau are already feeling the movement with increased real estate activity. This is due to the world market recovery as well as the big projects like Albany, Bahamar, Atlantis, and Baker's Bay. We do not have any of those projects, which would change Freeport overnight, but the buyers are out there and they are interested in buying in The Bahamas. We don't have all the amenities as Nassau—or the beauty of Abaco—but Freeport is unique and is a perfect fit for many buyers.

So, we are in a Buyers Market in Freeport—and that is not great news for you sellers BUT—if you are selling your home this does not mean that you can’t or won’t sell your house. It does mean that you have to be smart and deal with the reality of this tough market.  There are houses selling and it appears that interest in real estate is coming alive again as the Freeport market is showing some signs of recovery.

BEING A SAVVY SELLER 

So if you are a seller in this market and you want to be one of the sellers whose house does sell, you have your work cut out for you because it’s a buyers market. Buyers have a lot of options in Freeport so it is very important to make sure your house  is ready for sale. Think of a potential buyer as going on a date with your house, and it’s your job to get your house ready for the first date.

What does it take to sell a home in a buyers’ market? … a fresh coat of paint or a kitchen overhaul? ,,, lowering the asking price or offering incentives? From cosmetic to strategic strategies, smart sellers can take advantage of a few simple tips to get the most out of their properties and help sell their house. Here are a few strategies to get your house from FOR SALE to SOLD!

Boost Curb Appeal.  Though these may be obvious things to look at, cosmetic upgrades, such as painting and planting, can truly go a long way to forming a fantastic first impression of a home. Also be sure to clean, clean, clean!

Make Big Fixes Where Possible, If budget allows, invest in bigger improvements. Focus on “make or break” rooms like bathrooms and kitchens, because nothing says “uninviting” like an unattractive cooking space. If budget is limited think about smaller home improvements in these areas which could help close the deal.

Transparency is Golden.  Getting a preliminary professional home inspection and sharing it with potential buyers may help them understand a home’s condition and reinforce that everything is being done in a trustworthy and responsible manner. Make sure to be clear about recent improvements that have been made, and provide estimates on other optional upgrades—especially ones that can be included as part of the agreement.

Go the Extra Mile. Do whatever you can to make your house stand out. You usually only have a few minutes to make the first impression so make it count! As they say...You only have one chance to make a first impression.

Be Realistic with Price. Selling in a buyer’s market takes skill and strategy. In Freeport, increased inventory has given buyers the opportunity to be selective in the home they want and the price they are willing to pay. Properly priced homes are selling, and a good agent will help determine what that price should be.

Also understand that it normally takes a bit longer to sell a home in buyer’s market than in a seller’s market. Sellers often take great pride in their homes, but it is important to set a priced based solely on factors like location, condition, size, and what other homes have sold for. A house in an exclusive area may be appealing to some buyers, while others will want to be closer to schools and shopping.

What is the physical condition of the home? Is it a fixer-upper? Does it make a good first impression (or have “curb appeal”)? Will it appeal to a growing family, or is it better suited for empty nesters? These are all things that need to be considered when pricing a home.

These are a few tips to help you sellers get prepared for this buyers market. So even though things may be looking pretty dismal in Freeport right now, hang in there, because I believe that we are on our road to recovery and your house can and will sell.

Until next time,

James Sarles, President
Coldwell Banker James Sarles Realty
242.351.9081

Grand Bahamian Waterfront Estate

A graceful and understated island elegance is everywhere you turn in this exquisitely detailed $3.5 million home on Scuttler's Way. With tranquil vistas overlooking the canal, a beautiful boat dock and built-in lift makes this an ideal retreat for anyone who enjoys time out on the sparkling clear Bahama seas. Views of the ocean are part of the master suite ambiance, with waterfront balconies and refreshing scenery at every window.

The home features 4 bedrooms and 5 bathrooms in the main house. Effortless entertaining is designed into this gorgeously landscaped property with an additional bedroom and bath in the adjoining guest house, which gives visitors an ideal combination of both proximity and privacy. Poolside gatherings enjoy lovely canal views, as well as an outdoor-access guest bath (giving the home a total of 5 bedrooms and 7 baths all together). The flowering lush tropical foliage and plantings on the property surround you with a sense of Eden on a daily basis—and well thought out touches bring ongoing joy. 

Throughout the 6,000 square feet of this deluxe residence, the highest end, top-of-the-line finish work has been crafted into the dwelling for an ease of living that exudes luxury and class. To see this incredibly beautiful home and fabulous amenities, contact Nikolai Sarles at Coldwell Banker James Sarles Realty: 242.351.9081 or 242.727.8887.

 For more photos and information, click here. 

Buying A Home Is A Sensible Investment

It's already April and the first quarter of the year has flown by. If one of your New Year goals was to get involved in Real Estate on Grand Bahama Island and build wealth, then it is time to make your move. Don’t let another year slip away and Be a Woulda Coulda Shoulda person but rather make your move now.   It is an economic historical fact that home and land ownership builds wealth in spite of fluctuating economic conditions. 

When there is uncertainty in the market people start questioning whether it is a good time to buy and sell real estate. We are all aware that our neighbours 60 miles away in Florida have started to see a recovery in their real estate market which means that we will start see more activity in our market in the future.   

Over the Easter weekend Freeport was looking very vibrant with busy hotels, busy restaurants, and a number of cruise ships at the Harbour making Port Lucaya come alive.  There were even a lot of Luxury Yachts in the Port Lucaya Marina, which transformed Port Lucaya Marketplace. Imagine a future with Sunwing filling the Grand Lucayan Hotel, and new business coming to Freeport--making everyday vibrant.  We still have a long way to go. We desperately need new foreign investment and more visitors to the island, but this could be the start of the rebuilding of Grand Bahama Island.

Like Aesop’s fable of The Hare and The Tortoise, Freeport may be the Tortoise, and slow and steady wins the race, as you know.  So if you are wondering: Is this the time to sell because you are not sure about the economy in Freeport?  If you ask yourself these questions and can’t make a decision then you are paralyzed like a deer caught in head lights. Uncertainty about economic trends can paralyze your ability to make a real estate decision.

Yet no matter what conditions exist in the marketplace, there is a fundamental rationale that makes buying a home a sensible investment.  Owning property is a way to build wealth. The longer you own a home, the more wealth you can accumulate. History has proven it time and time again.

Real estate builds wealth via equity.  Each time you make your monthly mortgage payment, you build up equity in your home as you pay down your debt. If you make even one or two extra mortgage payments per year, you also decrease the amount of mortgage interest you pay, potentially saving thousands of dollars over the term of the loan. At some point, the home will be worth more than what you owe on it.   

Real estate builds wealth via appreciation. The return on your initial down payment investment grows at an average of 6 percent per year in our market or even more based on the desirability of the property. Nice canal lots in Fortune Bay for example have doubled in price over the years and continue to appreciate. The average selling price for a canal lot in Fortune Bay today is between $130,000 and $200,000, if you knew that 10 years ago I know what you would have done. You would have made a substantial profit on that investment. But if you did nothing then you will have nothing to show for it. If you decide to stay in the home you live in and pay off the mortgage, eventually you will be able to live rent-free in a home that continues to appreciate over time. 

So do not be a Woulda Coulda Shoulda person and make that first step and start exploring the possibilities of being a property owner.  Start saving money today for a down payment, meet with your bank and find out about loans, and start looking at real estate web sites so you can begin to understand the market. My advice for you today is to make one step toward your goal today even if it is writing down your goal. Then tomorrow, start saving, and the next day start looking at property. Do anything that creates momentum in the right direction but do something today for your future.  If you want to build wealth then Property Ownership is the answer. Until next time ...

James Sarles

Beachfront Condo at Bahama Reef

Located on Royal Palm Way in Lucaya this elegant, 2 bedroom, 3 bath beachfront condo was designed with the executive in mind. It features an abundance of amenities including numerous picturesque gardens, tennis court, pool, backup generator, and backup water tank. The condo has a spacious deck positioned to take advantage of breathtaking sunrises over the southern shore of Grand Bahama. There is an additional room off the kitchen which could be converted into a small 3rd bedroom. This condo is a must see if you are looking for beachfront living at its finest.

For more photos and information, click here, or telephone James Sarles at Coldwell Banker James Sarles Realty: 242.351.9081.

Waterfront Condo Reduced for Quick Sale

This fully furnished 2 bedroom, 2 bath waterfront condo overlooks the beautiful Port Lucaya Marina with views of Bell Channel canal. With a large pool and exercise facility on site, and a fabulous bar and restaurant next door, there is not far to go for anything that you need. The unit has been reduced for a quick sale.

Make an offer today!

For more photos and information, click here, or contact Nikolai Sarles, 242.727.8887 or 242.351.9081 at

Coldwell Banker James Sarles Realty: #9 Regent Centre, Grand Bahama Island.

TODAY: Rotary Club of Grand Bahama Sunrise 2nd Annual Conch Festival – March 16, 2013

On this picture-perfect Saturday morning, the Rotary Club of GB Sunrise is hosting The 2nd Annual Conch Festival & Fair—a fun family day at Taino Beach with proceeds to benefit local community service projects.  Conch, in all its various forms: cracked, steamed, curried, hoagied, and conch salad will be available, as well as Bahamian music, a Junkanoo rush out, conch-cracking demonstrations, a Kids Playground and Bouncy Castle, Segway rides, Paddle Board rentals, and handmade souvenirs.

This is a great chance to enjoy a beautiful day with friends and family while helping others. Some of the many community projects Rotary of GB Sunrise supports will also be highlighted at the fair, including their Big Brother/Big Sister Youth Mentoring Program, their Safe Swim Zone program (a buoy system on the southern shore that protects swimmers from boating traffic lanes), and their Safety Vest program (donating vests in the community that make walkers more visible along the roadways).

Enjoy!

Good News for Grand Bahama

source: The Freeport News article by Lededra Marche · 26  February 2013

Grand Bahama to Get "Memories" Five-Star All Inclusive Resort

In a matter of weeks, construction work to renovate the Lucayan Reef Village into the Memories Grand Bahama Beach and Casino Resort is expected to begin now that an agreement has been reached between Sunwing Travel and Hutchison Whampoa, Prime Minister Perry Christie said Monday.

Government has partnered with Hutchison, owner of the Lucayan Resort property and Sunwing, the world's largest tour and travel company out of Canada and Blue Diamonds Hotels and Resorts to revive the island's struggling economy with the five star all-inclusive 460 suite resort. A letter of intent was signed back in November. A memorandum of understanding has since been signed, according to Prime Minister Christie.

"It is anticipated that the construction and refurbishment will be completed for the opening of the Blue Diamond Resort later this year," the prime minister announced in Parliament yesterday. The initiative is expected to create 300 construction jobs and 1,000 permanent jobs at the resort once it is complete.

"The Blue Diamond Resort brands have been very successful in Cancún, Cuba, Dominican Republic and Jamaica," Christie said.

Sunwing, which owns and operates a fleet of 737-800 airplanes, will operate several flights per week from Canada to Freeport, bringing with it additional airlift will be brought to the island. "These added flights and Sunwing tour packages will be beneficial to all participating Grand Bahama hotels and not only Sunwing's, Blue Diamond Reef Resort," he noted.

The beach front property is set to undergo a multi-million dollar transformation, inclusive of a modern sports bar, five unique dining experiences, a teen's club, kids club with a themed aqua park, golf and a casino, according to a Blue Diamond release.

"It is anticipated that the construction and refurbishment will be completed for the opening of the Blue Diamond Resort later this year," Christie said on Monday.

Tourism Minister Obie Wilchcombe told The Freeport News following the Prime Minister's announcement that the whole idea behind the partnership is to get Grand Bahama back to the point where there is sustained growth.

"So we expect refurbishment to begin almost immediately and we will move toward ensuring that the Reef reopens and the employment of 1,000 jobs," he said. "We're working diligently because Grand Bahama is a prioritized area and we believe that we're going to see a magnificent turn around in Grand Bahama.

"There has to be a good brand associated with this project and we have to ensure that there is a marketing in the place." Wilchcombe also pointed out that the renovation of the project is only the first stage as staff will need to be hired and training carried out.

"Don't forget that's a brand, and that brand has certain specifics that they demand–and you're talking pretty much brand new employees who will be coming to work at the Reef together with employees who are currently with the Grand Lucayan, so you have to figure out how this is going to work," he said.

"The Grand Lucayan will not be affected by the Reef; the Reef will become a different entity and new employees are going to be brought in, so you're going to be talking about training, you've got to put all of the pieces in place."

Wilchcombe said government also has a role to play to ensure that undertaking is a success. "While all of this is taking place, we're going to be working on the marketing and getting airlift and everything in place," he said.

A date for the reopening of the resort has not yet been released. Memories Grand Bahama Beach and Casino will be leased and operated by Blue Diamond Hotels and Resorts which owns nine hotels totaling 5,025 rooms inclusive of six in the Caribbean.

In addition to its Bahamas resort, the conglomerate would have added three more this year alone with the opening of Memories White Sands in Jamaica and Memories Punta Cana in the Dominican Republic.

James Sarles Speaks to Business Leaders from 27 Countries: 10 Great Reasons to Invest In Real Estate in The Bahamas

At the recent Bahamas International Investment & Business Forum (BIIBF)—a conference held February 20-21, 2013 at the Grand Lucayan Resort, showcasing The Bahamas as a global investment destination of choice—James Sarles, President of Coldwell Banker James Sarles Realty, presented to the assembled international investors, business leaders, Bahamas Cabinet, Ministers, and key government officials, an overview of Ten Great Reasons to Buy Real Estate in The Bahamas.

Well received, the presentation highlighted:

   • The Bahamas’ welcoming philosophy and no-red-tape approach toward international investors

   • The many tax-free advantages of no income tax, no personal tax, no sales tax, and in Grand Bahama: no property tax

   • Legal residency opportunities associated with becoming an investor of $500,000 or more in The Bahamas

   • The country’s longtime stable democracy

   • The wide variety of available and affordable real estate right now

   •  Financing opportunities and resources available in The Bahamas

   • The key geographical location and close proximity to the United States

   • The warm, welcoming people of The Bahamas

   •  Unprecedented opportunities for investing in single family homes, condominiums, and commercial real estate

   • The deep quality of life and natural abundance that the clear Bahamian waters and commitment to sustaining them holds.

Left To Right: Frank Comito, Executive VP, Bahamas Hotel and Tourism Association, Magnus Alnebeck, CEO Pelican Bay, The Hon. Obediah Wilchcombe, Minister Of Tourism, The Commonwealth of The Bahamas, James Sarles, Broker Coldwell Banker James Sarles Realty, Stuart Bowe Senior VP, Kerzner International, at The Bahamas International Investment and Business Forum February 21, 2013, at the Grand Lucayan Resort, Freeport. Grand Bahama Island.

Other executives at the conference spoke about the potential for development of maritime and logistics industries, opportunities in banking and financial services, tourism, business services, energy, agriculture, manufacturing, and the knowledge economy.

Business leaders from 27 countries were also reminded of what a natural and state-of-the-art gateway The Bahamas offers to the Eastern Seaboard of North, South, and Central America, and to the Caribbean.

James Sarles’ leadership in The Bahamas real estate market, and experience in both global connections and the local community brought a unique personal vision and insight into the potential opportunities for investment in The Bahamas. His presentation on the panel with Minister of Tourism Obediah Wilchombe underscored The Bahamas’ ideal platform for a wide variety of domestic and international businesses—and an unmatched location for second home ownership.

Joining Forces to Introduce The Bahamas to The Hamptons

Joining forces: James Sarles, broker, and Nikolai Sarles, estate agent for Coldwell Banker James Sarles Realty, along with Christine Matthäi—a U.S. sales associate with Dering Harbor Real Estate—are joining forces to introduce properties in The Bahamas that are an ideal warm-winter playground for Matthäi’s clients in Shelter Island, The Hamptons, and New York.
Photo by Adrianna Joskowiak

Shelter Island and The Hamptons residents will be discovering The Bahamas as a winter get away, thanks to a new partnership between Coldwell Banker James Sarles Realty Bahamas and premier Dering Harbor Real Estate Associate, Christine Matthäi, based in Shelter Island, New York. Together with her brokers, Angelo Piccozzi and John Catrambone, they will be introducing unique properties in The Bahamas to their clientele in The Hamptons and New York.

Matthäi, a Shelter Island & New York City resident for 25 years, sees an opportunity for her clients in Shelter Island and The Hamptons to take advantage of the quick two-hour flight from New York to The Bahamas to beat the cold weather blues. Hopping aboard a jet to the clear turquoise seas of Grand Bahama Island—and the nearly 700 islands and cays of The Bahamas—is a short trip to a world where the summer fun of The Hamptons keeps spinning in a tropical winter.

Matthäi first became acquainted with Grand Bahama when she followed friends from Manhattan who made the island their home. She fell in love with both the warmth of the community and all the warm-winter charms of the island’s sunny shores, white sandy beaches, unspoiled crystal clear aqua waters, and easy travel—finding that a flight from New York’s La Guardia airport to FPO (Grand Bahama) often takes less time than the several hours that can be spent on the iconic “Hampton Jitney” bus between New York and The Hamptons on an average weekend.

“I see the relaxed elegance of The Hamptons & Shelter Island in the summer beautifully reflected in The Bahamas in the winter”, says Matthäi, who enjoys boating, snorkeling, magnificent coral reefs and underwater bounty here in Grand Bahama. “Swimming here feels like being in “God’s Pool”, enjoying these amazing waters, naturally warmed and abundant, even in the winter.”

“The community here is also such a great plus for second home buyers and seasonal renters,” says Matthäi, who finds that “ …  it is easy to make new friends and enjoy feeling at home here right away. I love meeting new people from the island and around the world.”

“We’re so pleased to be combining our longtime experience and local knowledge of Grand Bahama with Dering Harbor Real Estate, notes James Sarles, President of Coldwell Banker James Sarles Realty Bahamas. Sarles will be working alongside his son, Nikolai Sarles on acquainting The Hamptons with The Bahamas.  Christine Matthäi looks forward to helping her clients find a Bahamas winter playground version of Shelter Island and The Hamptons in the winter, and to helping her clients with real estate rentals and sales in Shelter Island in the summer.

Behold: The Islands of The Bahamas

Behold: The Islands of The Bahamas

This new campaign (launched during last night's Super Bowl 2013) showcases the naturally exquisite turquoise waters, stunning beaches, friendly people, and relaxed lifestyle that compels both vacationers, warm-winter visitors,  and residents alike—including many celebrities associated with The Bahamas (who are featured in the spot)—to celebrate the glories of this diverse nation and its striking beauty.

If you are looking to find your own home in this paradise of 700 islands and cays, we'd love to help.

Contact James Sarles at Coldwell Banker James Sarles Realty, 242.351.9081, or view our complete property listings at sarlesrealty.com.

"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:

excerpt:

"... 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.