New luxury condominium sales will dominate the real estate market this year, particularly with the introduction of several new developments coming on-stream, according to the latest industry report.
Data from the Engel & Völkers 2019 New Condominiums and Amenities Report compared value for investment out of the top seven luxury condominium communities on New Providence that are currently under development or near completion: Albany, Rosewood, SLS, One Marina (Palm Cay), GoldWynn, The Pointe and Hurricane Hole.
The top new luxury condo properties offering value for investment – based on Amenity Ratings Overview, which used a scale of 1 to 3, with three being the best – are Albany, which scored just above 2.5, and Rosewood and SLS at Baha Mar, which scored just above 2.
The score was based on whether a property had access to amenities including a golf course, marina, beach, spa, tennis court, theater, concierge, rental management, meeting rooms, restaurants, smart technology and location and exclusivity.
“The amenities at Albany, Rosewood, SLS and Palm Cay are completed and immediately available to buyers, where the remaining three are still in their pre-development stage. Also, the former are larger properties with expanded communities, thus creating the opportunity for additional amenities by having more land. The latter properties will be more boutique style and intimate to their buyers,” the report noted.
“The rating system does not represent that any particular property is better than the others. It is solely grading the amenities at each project and the relevance to the overall development.”
Pricing metrics were also used comparing the average cost per square foot for units and the average cost based on a rating amenity adjustment.
The report noted, “Our professional advisors have taken the time to visit the developments and investigate the details and advantages of each development.”
The report compiled data from developers and their agents, as well as price lists and website information as of February 1, 2019.
“The purpose of this report is to provide The Bahamas real estate industry comprising buyers, sellers, developers, lenders, agents and its associate professionals with a baseline study of new condos on the market in 2019,” the report stated.
Paige started working as a business reporter in August 2016.
Education: Palm Beach Atlantic University in 2006 with a BA in Radio and Television News