The Tribune

REALTOR Mario Carey has recorded the first Bahamian sale of one of Baha Mar’s 307 luxury residences.
 The private, freehold residences are available for sale and located within each of Baha Mar’s hotels, and Mr Carey reported the first local sale of a residential unit within the $3.5 billion resort campus one week after his firm hosted a formal presentation on them.

“We’re very excited about this sale,” said Mr Carey, “because all of the sales prior to this were made abroad, and this sale reflects a quick response to the appreciation of Baha Mar’s investment value for Bahamian citizens and residents”.
 Mario Carey Realty, one of seven real estate firms approved to handle Baha Mar residential transactions, hosted a presentation in conjunction with Baha Mar senior vice-president, Rick English, at Baha Mar’s offices on August 24.

The signed contract was presented within a few days, and several other persons submitted deposits, demonstrating interest and good faith intentions.
 “We knew that interest was keen when nearly every invited guest turned out for the event despite Tropical Storm Isaac bearing down on Nassau that evening with high winds and heavy rains,” said Mr Carey.

“Those must have been winds of good fortune. I think many of the guests remembered the impressive investment value of Kerzner International when Bahamians rushed in and bought up lots in Ocean Estates.

“By the end of the first day, values had increased. Baha Mar is an even larger project and, being the newest in the region and including such a wide variety of hotel accommodations and fine amenities, it is likely to attract tremendous attention. I am not sure that Bahamians fully grasp the sheer scope of the Baha Mar project and how it will transform our economy, our visitor base and a large section of New Providence.”

The residences at Baha Mar include 307 luxury residences and villas with starting prices of $1.2 million. Some 51 of those had already been sold following showings in Asia, the UK and in the Middle East, with the Mario Carey Realty sale representing the first to a Bahamian. 
 Prices for the residences start around $1.2 million and go up to $10 million. Buyers have the option of year-round personal use of their residence or they can take part in Baha Mar’s rental programme, which allows for up to 90 days of personal use per year.

The rental programme allows owners to convert a portion of their personal usage for credits that can be redeemed for accommodation at more than 300 luxury hotels and resorts.

Scheduled for opening in late 2014, Baha Mar will boast a total of 2,200 hotel rooms, spread across four major hotel brands including Rosewood Hotels & Resorts, Mondrian, a Morgans Hotel Group property, Hyatt Hotels and Resorts, as well as the centrepiece of Baha Mar, the Baha Mar Casino & Hotel.