Sunwing Announces New Direct Flights to Grand Bahama This Winter

TORONTO, ONTARIO--(Marketwired - Aug. 16, 2013) via marketwire.com

This winter, sun seekers, golfers and families can escape to Grand Bahama courtesy of Sunwing as the tour operator announces new direct service to this island paradise from 6 cities across Canada. Starting January 16^th, 2014, Sunwing will be offering weekly winter service from Halifax, Montreal, Ottawa, Winnipeg and Edmonton to Freeport, Grand Bahama, along with year round flights from Toronto. Customers booking their winter vacation by August 31^st can take advantage of price protection with Sunwing's Price Drop Guarantee and pay a reduced deposit of just $50 per person.

Sunwing offers a great selection of Grand Bahama hotels at introductory prices, including the brand new Memories Grand Bahama Beach and Casino Resort, a 4 1/2-star all inclusive family-friendly resort located on a pristine stretch of white sandy beach. Memories Grand Bahama offers an impressive array of all inclusive services and amenities including free unlimited green fees at the Reef Club Golf Course, designed by Robert Trent Jones (mandatory golf cart not included). Guests can also try their luck at the onsite casino, or stroll around the nearby shops and markets. Vacations to Memories Grand Bahama Beach and Casino Resort start from just $995 +$350 taxes for 7 days, departing from Toronto on January 18^th, 2014.

All Sunwing Vacations direct flights and packages to Grand Bahama include "Champagne Service", which features hot towel service, a choice of hot meals at lunch and dinner served with a choice of wine, and complimentary in-flight entertainment, including first run movies, as well as a generous 20kg baggage allowance. For just $40 more per flight segment, travellers can upgrade to Sunwing's Elite Plus service, which features advance seat selection, separate check-in at a majority of airports, advance boarding, 30 kg baggage allowance, and extra legroom seats.

For more information or to book your Grand Bahama vacation, visit www.sunwing.ca or contact your local travel agent.

The Emotional Side of Real Estate

Emotions play a big part in life—and that’s also very true in real estate transactions. It’s not always only about the number of bedrooms and the price. A real estate transaction can involve feelings of joy, anger, love, hate, sadness, disgust, surprise, expectation, anticipation, just to name a few. As real estate brokers, our job is part business consultant and part psychologist.

When you want to sell your property, you call a real estate agent who meets with you and “takes a listing”. The agent asks the Sellers to put their emotions about the value of the property on hold, and allow the agent to be objective in appraising their home and arriving at a realistic listing or selling price. Can you really put your emotions on hold? Probably not, but we ask you to try to look at the property with the fresh eyes and analysis the marketplace requires so we can all be objective. A competent agent will factor in the condition of the property, where it is located, what properties with similar features in the same area have sold for, and what other properties in the same area are listed for. Brokers will recommend that sellers spruce up their home and get it ready for market by making minor repairs, painting, and staging.

All of this work sometimes leave the Sellers emotionally drained, feeling they are no longer the King of their castle, and with it, a lot of emotions about selling their beautiful home arises. The house to be sold is not just bricks and mortar, but a sacred space where kids have grown up and many of life’s milestones and memories have been created.

On the flip side, the agent will begin marketing and promoting the home and look for a potential Buyer to connect with the property emotionally—someone who want to make an offer. A Buyer's response to finding their “Dream Home” is often an emotional one as well. If it is a “Sellers' market” there may be multiple offers, which can make the purchase an emotional roller coaster from the Buyer's perspective. If it’s a Buyers’ Market the buyer has a lot of choice, which can be a bit overwhelming as well. Part of the Buying process is a give-and-take with see-saw, balancing what you want, what you need, what you can afford, and what the banks will approve. So, to complicate matters a real estate transaction involves some aspect of negotiation with price, terms—or both­­­—which involves emotion again.

Some buyers and sellers love negotiation and see it as a game of winner-take-all. Some people dread it. And some just deal with it as a means to the end. Things can begin to go bad when people let their emotions enter into negotiations, which happens often in real estate sales. The worst situation possible is when the buyer and seller start negotiating like a sparring partner. They completely lose track of the goal (to buy or sell the home) and start to see themselves in a Rocky movie, trying to win the title fight. They overlook large items that should be important to them, and focus on smaller things that have gotten under their skin. They focus on the fact that the seller wants to take the curtains, or the built-in coffee maker or won’t fix the leaky sink. All of these items are a fraction of a percent of the purchase, but they can’t get beyond it. So, to help you through one aspect of the Emotional Roller Coaster here are 8 tips to take the emotion out of negotiating.

1) The most important thing you can do as buyer or seller is negotiate with YOURSELF, not the other side. Figure out the most you are willing to pay for a home including any repairs, replacing items the seller might want to take, and negotiate to that point. (And conversely, if you’re a seller, negotiate with yourself on the least you are willing to accept in selling the property, knowing which items you’re willing to sell, and which items are open for negotiation.) Ignore the perceived pettiness of the other side and don’t let your feelings for the other side’s behavior and negotiating tactics blow your deal. Keep coming back to negotiating with yourself.

2) Remember, you only have to deal the buyer or seller for 30-60 days, after that the home is yours (or you have moved on) and you never have to deal with them again.

3) Stay focused on the property and your deal with yourself, and tune out the white noise of the other side.

4) See their demands and counters as pawns which are a means to get to the end of the negotiations. Some are disposable and will actually be used strategically to get you what you want in the end.

5) Stay focused on the property and the total deal.

6) Use your Realtor to run interference, this helps diffuse some of the emotion, and keep things moving forward.

7) Wait to respond. Sometimes people respond out of emotion and they think better of it later. If your contract gives you a deadline, don’t feel that you need to respond prior to then; let all the possible outcomes come to light before you answer. Don’t negotiate from emotion, but rather as a form of strategy.

8) Stay positive and visualize the outcome of a smooth closing.

Good Luck to all you buyers and sellers. Stay Calm and use the tips to keep you sane. Until next week …

James Sarles, President & BrokerColdwell Banker James Sarles Realty

Is This the Right Time to Buy Real Estate?

In William Shakespeare’s play, Hamlet, written in 1600, Hamlet asks the question TO BE OR NOT TO BE, as he questions the meaning of life. If Hamlet lived in Freeport, Grand Bahama, some 400 years after asking that famous soliloquy question, he might now ask a classic real estate question: TO BUY OR NOT TO BUY?

Many people have asked themselves this question, especially as the world economy slowly recovers.  While each option of renting or owning has its benefits, the decision to purchase a duplex, condominium, or house (as opposed to renting) is complex and based on a number of factors. Nearly everyone believes buying a home today is a good financial investment. The question that remains is whether or not NOW is the right time to purchase a home for YOU!

For most people, deciding to purchase a home is the largest financial decision of their lifetime. Before making the jump into home ownership, potential home buyers should consider the “soft” lifestyle issues as well as the “hard”  financial ones. In Rotary, we have the 4 way test. Is it the truth? Is it fair for all concerned? Will it build good will and better friendships? Will it be beneficial for all concerned?, and in Real estate we have four financial and lifestyle questions to consider when determining if buying a home is the right decision for you:

1. Do you have a steady income? At or near the top of every potential homebuyer’s mind is whether or not they can afford to buy a home right now. Buying a home remains a sound financial decision for those with documented income and a good credit history, and a steady income can provide a strong backbone for the initial down payment and future mortgage payments. Don’t hesitate to speak with your real estate broker to determine all the “other” costs of home ownership such as insurance, pool maintenance, power, cable, water, gardener, general upkeep etc etc. Your real estate broker can help you answer and uncover questions about the cost of home ownership. Make sure you are know what your monthly operating costs will be including your other living costs so you can budget properly. Don’t fool yourself.

2. Do you plan to stay in a home for an extended period of time? With proper planning, a home purchase has historically proven to be one of the strongest investments one can make. Along those lines, it’s imperative to understand that investing in a home is much different than investing in a stock portfolio. Homes typically appreciate in value over time while the owner builds his or her equity through monthly mortgage payments. If you anticipate staying in a home for only one or two years, it doesn’t necessarily mean buying is not for you, but you are less likely to see a significant financial return on your investment. Based on the current market and our closing costs you should be prepared for a long term investment otherwise it does not make sense. Remember that you will be responsible for ½ the government stamp tax ( 2% to 5% based on the price) and your legal fees of approximately 2.5%. So when you buy it could cost you 7.5% in closing costs and when you sell it can cost you up to 13% so you have to factor that in your calculations.

3. Do you plan to sell a house in order to buy a house? Your local real estate agents can help you understand current local market conditions and will help you make smart decisions when listing a home on the market. If you do not currently own a home that needs to be sold prior to purchasing a new one, now is a particularly smart time to buy. Even though local banks are more thorough in their approval process, mortgage financing is still widely available for those with a steady income and solid credit. High inventories and low interest rates give first-time homebuyers a tremendous amount of opportunity and flexibility in our market. Remember, 1st time Bahamian buyers can get an exemption on the government stamp tax. You still have to pay it but you will get it back from the government.

4. How do your other options compare? For renters, calculating month-to-month housing expenses is as easy as inquiring about the monthly rent and average utilities. The calculation gets a bit more complicated when considering the monthly cost of owning a home. A real estate professional can help you understand a range of financial considerations from annual service charges, to hurricane insurance, to property taxes if you buy out of the “bonded area”. And in 2015, we might be faced with property taxes like Nassau. And soon we have to see how VAT (Value Added Tax) factors into the Real Estate equation.

There is no one right decision when it comes to renting versus buying a home. Each individual should take the time to look at their personal and financial situation to decide what will work best for their needs and lifestyle.  To Buy or Not to Buy — that is the question.

Until next time,

James Sarles, President & Broker
Coldwell Banker James Sarles Realty

Was The Magic Back in Freeport for A Night?

Last Saturday night, thanks to the combined efforts of Rotary Club of GB Sunrise’s Cigar Nights at Pelican Bay, the Grand Lucayan Hotel’s Soca Concert with Alison Hinds, and Neptune’s Nightclub, the magic was back in Freeport for a night. Yes it was only a night, but it was an evening that found Freeport extra-alive, energized, and enthused—as if awakened from a long sleep.

It all began when 400-plus people attended a wonderful vintage Havana-themed evening to benefit Rotary Club of GB Sunrise’s Big Brother/Big Sister and community projects. There was great food, a super jazz group with Ralph Munnings, Patrick Boston, Les Lewis, Clarence Green, and Mikki Gottlieb, salsa dancers, an expert Cuban cigar roller from Graycliff in Nassau, music video shows, salsa dancing, cigar smoking on the balcony, laughter, and just plain fun.

The crowd was dressed beautifully, with many in Guayabera Cuban shirts and Fedoras. Nikki Waugh from UNEXSO was so clever, she even brought in the Guayabera shirts and Fedoras to sell so people would not have to look far for these themed shirts. People from every walk of life in Grand Bahama came to support this charity event, and Pelican Bay’s Canal House was transformed into a very cool Latin hot spot. People mingled, laughed, danced and partied with a beautifully alive and sexy energy that was very today, and at the same time reminiscent of both old Havana and Freeport’s more glamorous days. The crowd, all local and part time residents, were having a great time partying—and the good times did not stop there. After a great event, and with midnight approaching, many joined other Grand Bahamians for a special concert by the Queen of Soca, Alison Hinds, and partied to the wee hours of the morning. Many continued and went for a nightcap to Club Neptune’s, where the dance floor was packed and people lined up at the door.

So, what does all this have to do with real estate? EVERYTHING. A vibrant nightlife and variety of places to gather, dine, and enjoy music and entertainment is a key factor—an integral part of the magnetism—that draws people from all over the world as both visitors, and, as residents.

In the good vibes of last Saturday night, it was wonderful to see a glimmer of what Grand Bahama’s magic could be again. The energy was there, and energy is what it takes to get the magic back. In the 70s, Freeport had 4 nightclubs, 2 casinos, and a wide range of activities and venues that supported the population of visitors and residents, and showcased the entrepreneurial spirit that built the island into a destination.

Sunwing International’s investment in creating a five-star all-inclusive resort, scheduled to open in November, could be the beginning of re-building Grand Bahama into a new hub. The 1,000 people their Blue Diamond service will bring to the island each week will be looking for places to have fun—places with well-thought-out service and imaginative themes that I know our local entrepreneurs can provide with equal parts flair and finesse.

The possibilities are there, and very real. It will take everyone’s best efforts for a new Grand Bahama magnetism to emerge: from the big players such as the hotels, to longtime and budding business owners who can bring bright new ideas forward for great clubs, restaurants, unique shops, and don’t-miss events.   

Grand Bahama will prosper. The economy is steadily improving in the US and new people will be slowly coming to Freeport again. It may be small numbers at first, but we need to make sure everyone who visits or explores our shores has a fabulous time and tells their friends and family about it so that we can grow. That’s all that it will take: a small, consistent, but powerful, domino effect. So let’s be especially kind to each guest, and give the best service we can so they will stay and return. Let’s create activities so people will want to be an ongoing part of Grand Bahama’s friendly party, and look to find a second home here.

No one will rebuild Grand Bahama magically. We will recreate and enhance our inherent magic by combining all our energies and doing it for ourselves, like Rosie and George at Neptune’s. They took a chance and built a nightclub to prepare for the future and to give our guests and locals something to do. 

Together, we can spread the word about the amazing opportunities Grand Bahama offers, and can do our best to prepare for a recovery—an economic upturn that many experts say is already happening in the U.S. Will you be ready? Tune in next week for some simple tips and strategies for getting a “sold” sign on your house.

And in the meantime, here’s to the magic Grand Bahama Island holds—and the practical energy we each can share in making that dream a reality.

Until next week.

James Sarles, President
Coldwell Banker James Sarles Realty

Rotary Club of GB Sunrise Presents 3rd Annual Cigar Nights

The Rotary Club of GB Sunrise will hold their 3rd Annual Cigar Nights Fundraiser on June 1, 2013 at the Pelican Bay Hotel Canal House in support of the club's Big Brother/Big Sister Youth Mentoring Program and community projects. 

Cigar Nights promises to be a fun filled evening. The event is a Cuban-themed event with Cigar Rollers from Graycliff in Nassau, Salsa Dancers, Jazz Band, Cuban food, DJ, and a Chinese Auction where guests can win prizes like Ipad2, Samsung S2 Tablet, Kindle Fire, iPod touch, iPod Nano, iPod Shuffle, Kuerig Coffee Maker and more through purchase of raffle tickets. The event is in its 3rd year and attracts a wide variety members of the community who come out have a great time and support a very worthy cause.

Drinks are very reasonably priced. Dress: Vintage Havana.

Tickets available at OBS Marine, VTrade, J.S.Johnson, James Sarles Realty, ParrisWhittaker or from any GB Sunrise Rotarian member. 

Here are some pictures from the previous years that you should check out

(click on first photo to see more): 

* 1st Annual Cigar Nights * 2nd Annual Cigar Night

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.