The Tribune

A Bahamian realtor is predicting an accelerated high-end property market recovery, sparked by new offerings such as Baha Mar and worsening financial conditions elsewhere.

Dana Pinder, who has more than seven years’ experience and recently joined Mario Carey Realty, believes the $3.5 billion Baha Mar resort and residential project has “amazing” untapped potential that has not yet begun to be realised.

“It is a common phenomenon that those farther away are quicker to appreciate what those close to home do not yet see in their own back yard,” said Ms Pinder.

“But our ‘back yard,’ so to speak, is bursting with one of the hottest property offerings anywhere on the globe - more than 200 income-generating residences at four hotels, ultra-luxurious with the most modern and sophisticated amenities available on the market.

“And it’s rising right before our eyes on Cable Beach, an area being transformed into the Bahamian Riviera, creating a package so attractive that when the offerings were first introduced in London, Dubai and Beijing, interest was instantaneous.”

Baha Mar has reported it took deposits on 50 million-dollar plus property offerings in the first go-round, reminiscent of the success of Ocean Club Estates, when Kerzner International placed the Paradise Island property on the market and it sold out on the first day.

Meantime, across the Atlantic, the European Union’s (EU) financial woes are driving more money to other destinations, and Ms Pinder thinks the Bahamas has never been better positioned.

“With several countries including Greece, Spain, Italy and France either on the brink of financial disaster or threatening to raise taxes to remain solvent, a tax neutral country like the Bahamas becomes even more attractive,” said Ms Pinder.

“Add to that the political stability, our accessibility and year-round warmth, and the Bahamas looks like heaven. Now with the newest, hottest construction project underway creating a new city, a new Riviera, the eyes of the world have more reason than ever to focus on the Bahamas.”

Ms Pinder, who has extensive experience in the high-end rental market and has broken into luxury sales, said she agreed with Mario Carey’s call for the creation of a four-mile economic stimulus zone around Baha Mar.

Mr Carey, who launched his firm the same year that the Lehman Brothers collapse set off a financial freefall stemming from the sub-prime housing market, has seen it grow steadily since. It is now considered among the leading five real estate companies in the country.

“I have known Dana Pinder for nearly 20 years,” said Mr Carey, “and admire her as a person as well as a professional. She brings dedication and a wealth of experience to the firm, and she shares our excitement about the potential for Baha Mar.

“It was Dana who made the first two local sales of Baha Mar residences, both at the high-end Rosewood, and we are very pleased that she has selected Mario Carey Realty as her firm of choice.”