The Tribune

Developers of the $200 million Palm Cay community have promised to pay the full 10 per cent Stamp Duty on all sales contracts signed before month’s end, saying the move could generate buyer savings of up to $40,000.

The move is designed to stimulate buyer interest and sales activity at the eastern New Providence development by giving them a reason to ‘purchase now’.

“We’re taking a page from Benjamin Franklin,” said Zachary ‘Zack’ Bonczek, sales and marketing manager at Palm Cay, the 69-acre seaside community along Nassau’s southeastern shore.

“Those who act today instead of waiting until tomorrow will reap the benefit. In this case, those who sign a contract by April 30 will be rewarded by our paying the full government Stamp Tax on the transaction.”

The standard practice is for buyers and sellers to share the Stamp Tax, each paying 5 per cent.

“On a three-bedroom, two-storey beachfront townhome that is priced at $799,000, the savings will be $39,950,” said Mr Bonczek. “On a $499,000 garden townhome, the savings will be $24,950.”

He was frank about why Palm Cay is making the offer.

“In the past several weeks since we unveiled the new development plans, including the near-readiness of Nassau’s largest marina in number of slips, and the conversion of the clubhouse into a full restaurant later this year among other amenities, we have enjoyed tremendous interest from real estate agents, brokers and the public,” said Mr Bonczek.

“We want to convert interest into sales and there is nothing more inspirational than a substantial savings. The savings are great enough to allow someone to totally furnish their new home and have funds left over.”

Bahamas Real Estate Association (BREA) members will have an opportunity to tour the community on Wednesday, April 27, when Palm Cay hosts an open house, lunch and development master plan presentation for the industry.

More than 150 current lot and townhome owners turned out last month when Palm Cay’s team, under new leadership and local management, unveiled a new master plan for the community located on Nassau’s southeastern tip at Yamacraw, surrounded on two sides by water.

With plans for a four-year build-out completion and turning over to the home owners association, Palm Cay will include a 194-slip marina with fuel dock and other amenities; 1,400 feet of beach with 1,200 feet of pure white sand; a beach club; fitness centre; three acres of parks and recreation; tennis courts; a restaurant that seats about 160 with 96 inside, 70 outside; a gourmet market and deli; small boutique marina condo hotel and an array of residential choices ranging from a home site starting at $155,303 to a beachfront townhome priced between $499,000 and $850,000.

Single storey condos will range from $350,000 to $375,000. Palm Cay has completed many of the improvements already, including a $1.52 million investment in beach redevelopment that culminated in a 100-foot wide beach protected by three groins guarding against erosion.