The Tribune

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Palm Cay, the developing residential community on New Providence’s southeastern coast, says it has sold 70 per cent of its single family residential lots to-date.

“We are very pleased to report that we have experienced a solid and steady increase in interest in home ownership in recent months, particularly among young professionals,” said its sales and marketing director, Zack Bonczek.

He added that more than 70 per cent of the single family residential lots have been sold, and there was considerable interest in the remaining 20 lots. Prices range from $155,000 to $220,000.

Mr Bonczek said the increase in buyer traffic through Palm Cay will translate into more construction jobs and activity at the 69-acre, family-oriented community.

“We have several families right now who are pouring over plans to decide which of the model homes - all designed by Bahamian architects - best suits their needs,” Mr Bonczek said.

“Of course, they are also free to choose their own architect, but what they all seem to share is a sense of excitement. The interesting thing is that the big push is on for single family residences, whereas a few years ago the trend was toward town homes.

“We are also seeing an increase in interest in the higher end town homes footsteps from the beach,m or the second row of town homes with a water view, though we look forward to the approaching season when we believe that interest will convert to closings.”

The three-bedroom town homes with balconies, granite counter tops and high-end appliances start at $649,000.

Palm Cay, which has a 194-slip marina - the closest marina to Exuma - also features less expensive town homes in its Garden Villas section. And its first pre-construction condominium offering at an area called The Anchorage was oversubscribed.

“Everything we do is geared toward creating a safe, secure, fun-filled family atmosphere,” said Mr Bonzcek.

Last month, Palm Cay unveiled its two new tennis courts, fenced and lighted for night play. Last week, it opened the first playground in the Bahamas built for the entire family.

In addition to three pools, it is converting a former clubhouse into a full-fledged restaurant with indoor and al fresco dining. A harbour master’s office is nearing completion.

“We hope that the surge in interest is partly because of what we are offering, but partly because it signals a real optimism about the economy,” said Mr Bonczek. “And the reality is that in the Bahamas, real estate has proven to be one of the smartest investments you can make.”