Damianos Sotheby’s International Realty has recorded a 300 percent increase in sales volume year-to-date and record-breaking sales in the first half of 2021.
The company’s Chief Brokerage Officer Lana Rademaker said in a statement that ultra-luxury gated communities have been in high demand, noting that there has been an uptick in condo sales.
She added that the company has experienced a “history-making” $2.7 million average sales price.
“At the beginning of 2021, we were hopeful that our market would experience signs of recovery due to the easing of local restrictions and the reopening of international travel,” said Rademaker.
“However, the level of activity throughout The Bahamas since January has far exceeded our expectations and has broken all previous years’ sales records. Inventory is at a historical low and demand remains very strong, especially in the luxury markets.
“Properties in highest demand have been those located in top tier luxury gated communities like Lyford Cay, Old Fort Bay and Ocean Club Estates. We are also experiencing a surge in condo sales, vacation homes and vacant land investments from both local and international purchasers.”
According to Rademaker, Nassau was the first real estate market to turnaround after the start of the COVID-19 pandemic in The Bahamas shifted the economy into low gear. She said, though, that Abaco, Eleuthera and Exuma are now showing signs of improvement “with sales activity now at unprecedented levels”.
Rademaker credits the real estate boon at her company to a built up demand for high-end real estate in The Bahamas, the company’s improved digital marketing push and excellent customer service.
She said the vacation rental market growth is also trending sharply upward in 2021.
“Prior to 2020, our rental business was typically seasonal, with the bulk of inquiries coming in during winter and holidays like spring break,” said Rademaker.
“But we saw virtually no decline in inquiries throughout 2020, and 2021 is looking much the same. With the popularity and ease of working and attending school remotely these days, buyers are taking the option to rent for a few months to get a real feel for the communities where they’re considering purchasing.”
The company received another boost to its bottom line by becoming the exclusive representative of Baha Mar Residences, which brought Damianos Sotheby’s listings volume to $925 million.
“Working with Baha Mar has been the most impactful strategic move we’ve made in the 76-year history of our company, with the exception of becoming a Sotheby’s International Realty franchise in 2005,” Rademaker said.
“We cannot be more pleased to have been awarded the honor of exclusively representing these extraordinary residences.”